Share Market Highlights 22 November 2023: Indices end marginally higher; Nifty settles above 19,800

Hindustan Composites has been imposed a fine of ₹1,62,000 (excluding GST) by each BSE and NSE for non-compliance of Regulation 17(1A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). The stock lost 0.6% to Rs 447 on NSE.

The rupee consolidated in a narrow range and settled lower by 3 paise at 83.31 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas.

Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.

At the interbank foreign exchange market, the local unit opened at 83.31 and touched a low of 83.34 against the greenback.

Tata Consultancy Services (TCS) has been ranked number two for customer satisfaction in Spain in an independent survey of 285 CXOs of top IT spending organizations by Whitelane Research. TCS stock gained 0.58% to Rs 3,530.50 on NSE.

Indian markets ended marginally higher on Wednesday. Equity benchmarks BSE Sensex and NSE Nifty gained around 0.1% each at the end of volatile session.

Infosys stock gained 1.22% to ₹1,457 on BSE.

The Sandu Pharmaceuticals’ stock rises by 5% on the BSE, trading at ₹70.35.

​Techno Electric & Engineering Company ​and Keppel Data Centres (India) Private Limited have signed an MoU for collaboration on a joint data centre campus development. Techno stock trades at ₹717 on the NSE, up by 0.27%.

Fedbank Financial Services IPO has been subscribed 0.27 times as of 2:33 pm on the opening day - November 22, 2023. The NII portion has been subscribed 0.14 times, retail 0.48 times, and those reserved for employees at 0.26 times. The issue closes on No. 24.

Gandhar Oil Refinery (India) IPO has been subscribed 3.73 times as of 2:33 pm on the opening day - November 22, 2023. The QIB portion has been subscribed 1.02 times, NII 4.93 times, and retail 4.72 times. The issue closes on Nov 24.

Shakti Pumps (India) Limited has been honoured with the Star Performer Award in the product group category of Miscellaneous Electrical Machinery and Apparatus (including Electricity Distribution and Control Apparatus), Large Enterprise at the 53rd EEPC India National Awards for the Financial Year 2020-21.

The stock is down by 1.26% on the NSE, trading at ₹1,018.10.

IREDA IPO has been subscribed 3.44 times as of 2:15 pm on November 22, 2023. The QIB portion has been subscribed 1.47 times, NII 5.76 times, retail 3.56 times, and those reserved for employees at 4.09 times. The issue closes tomorrow.

Tata Technologies IPO has been subscribed 4.02 times as of 2:12 pm on the opening day - November 22, 2023. The QIB portion has been subscribed 3.56 times, NII 6.94 times, retail 3.55 times, those reserved for employees at 0.72 times, and for shareholder at 3.56 times. The issue closes on Nov. 24

Lambodhara Textiles informed the exchange about the demise of Ramesh Shenoy Kalyanpur, Whole-Time Director and chief Financial officer of the Company. The stock is up by 2.49% on the BSE, trading at ₹154.35.

CFF Fluid Control Ltd has received a contract for heating, ventilation, air-conditioning & refrigeration systems for yard 1258 totalling to approx. ₹7.70 crore (including tax). The stock rises by 1.84% on the BSE, trading at ₹439.30.

Bondada Engineering Ltd has received work orders from Bharti Airtel, worth over ₹2 crore. The stock declines by 4.99% on the NSE, trading at ₹427.30.

The Income Tax Department is conducting a search at Stove Kraft’s premises / plants. The stock falls by 4.43 per cent on the NSE, trading at ₹495.

KPIT Technologies has received a notice of penalty from the California Franchise Tax Board, USA, for making advance tax payment through cheque instead of electronic payment. The company would be filing a penalty waiver request, which is at the discretion of FTB.

The stock declined by 4.07 per cent on the NSE, trading at ₹1,444.45.

As the upward momentum in US stocks comes to a halt, we foresee a day characterised by limited market movement. The Sensex has edged up by 31 points, reaching 65,961, while the Nifty remains relatively flat with a modest 20-point positive change at 19,800.

Nifty has sustained its positive momentum, reaching 19800 levels today. The Nifty 19800 Call strike has demonstrated significant open interest (OI), holding approximately 110 lakh shares. On the Put side, the 19700 strikes have maintained a substantial OI of approximately 80 lakh shares.

In Bank Nifty, the 43800 Call strike has sustained meaningful OI, accounting for about 45 lakh shares.

The country’s largest refractory solutions maker, RHI Magnestia India, part of Austria-based RHI Magnestia, will invest $40 million (Rs 333 crore) towards de-bottlenecking, capex, technology additions and for new offerings across its 13-odd manufacturing facilities over the next two years.

Crompton Greaves Consumer Electricals Limited has entered into a Memorandum of Understanding (MoU) with the Mahatma Phule Krishi Vidyapith (University) to provide technical training to the technical staff of the University who shall further educate the farmers, students, staff and officers of the other Universities and Government bodies.

Crompton Greaves stock is down by 0.96% on the NSE, trading at ₹288.50.

MRP Agro informed the exchange about setting up the new food processing unit -Dal Mill at Tikamgarh, Madhya Pradesh, with an investment of about ₹503.19 lakh. The stock is up by 0.38% on the BSE, trading at ₹40.15.

JSL (-3.75%); Welspun Corp (-2.79%); Vedanta (-2.33%); National Aluminium (-1.94%); Adani Enterprises (-1.89%)

Tech Mahindra Limited has informed the exchange regarding allotment of 1,20,110 shares on exercise of stock options. The stock inches up by 0.71% on the NSE, trading at ₹1,213.10.

AstraZeneca Pharma stock slides down by 0.57% on the NSE, trading at ₹4,655.05 following the receipt of permission to import pharmaceutical formulations of new drug for sale or for distribution in Form CT-20 from Central Drug Standard Control Organisation for the additional indication of Olaparib (Lynparza).

Major stocks that hit 52-week high on the NSE at this hour:

CG Power and Industrial Solutions (19.99%)

Compucom Software (15.98%)

Coral India Finance & Housing (12.73%)

Nitin Spinners (9.76%)

GMDC (9.63%)

Royal Orchid Hotels Limited has announced opening of “Regenta Place lgatpuri” in lgatpuri, Maharashtra. The stock declines by 1.50% on the NSE, trading at ₹288.80.

The Initial Public Offer (IPO) of Tata Technologies, which provides engineering and product development digital services, was fully subscribed within minutes of opening for subscription on Wednesday.

This is the first company from Tata Group to float an initial public offer in nearly two decades. Tata Consultancy Services was the last IPO from the group in the year 2004.

The Rs 3,042.5 crore IPO received bid for 8,73,22,890 shares against 4,50,29,207 shares on offer, translating into 1.94 times subscription as per NSE data till 11:21 hrs.

The category for non-institutional investors was subscribed 2.72 times while the quota for Qualified Institutional Buyers (QIBs) received 1.98 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 1.63 times.

Tata Technologies, an arm of Tata Motors, on Tuesday said it has collected Rs 791 crore from anchor investors. - PTI

Arvind Fashions has allotted 5,300 Equity Shares of ₹4 each under AFL Employee Stock Option Scheme 2016 (ESOS 2016).

AlphaGrep Investment Management Pvt Ltd announced that its flagship fund – AlphaMine Absolute Return Fund - has raised more than USD 100 million (INR 930 crores) as of October 31, 2023. Launched in April 2022, this open-ended Category III AIF (Alternative Investment Fund) is led by industry veteran, Bhautik Ambani. The fund follows quant investment strategies that evaluate historical data and generate investment signals using a strictly rules-based framework.

AlphaGrep Investment Management Pvt Ltd is a unit of the quantitative trading and investment management firm – AlphaGrep.

Mahanagar Telephone Nigam Limited informed the exchange that Bank of New York Mellon (BNYM) has intimated to all ADR holders of MTNL that they are now entitled to receive the net cash proceeds from the sale of the MTNL ordinary shares on a pro-rata basis.

The stock is down by 1.09% on the NSE, trading at ₹27.30.

Techknowgreen Solutions Ltd. has received work order from STT Global Data Centres India Private Limited & Cipla Limited, amounting of ₹34.03 million.

The stock rises by 2.24% on the BSE, trading at ₹298.95.

During Wednesday’s afternoon trade, the blue-chip indexes displayed weakness, paralleling the fading global stock rally.

At 12:10 p.m., the NSE Nifty 50 index slipped by 0.08% to 19,768.55 points, while the S&P BSE Sensex saw a 0.10% decline, settling at 65,865.46 points.

By noon trade, advancing stocks on BSE totaled 1,688, outnumbering the declining stocks at 1,844, with 160 stocks remaining unchanged. Overall, 3,692 stocks were traded, with 266 reaching a 52-week high and 25 hitting a 52-week low.

Notable gainers at midday on the NSE included BPCL (3.03%), Cipla (1.36%), Power Grid (1.24%), Hero Motocorp (1.23%), and Dr Reddy (0.98%). Major decliners included IndusInd (-1.64%), Kotak Bank (-1.39%), Adani Enterprises (-1.38%), Adani Ports (-1.19%), and M&M (-1.05%).

Major gainers on the NSE at 12:

BPCL (3.03%); Cipla (1.36%); Power Grid (1.24%); Hero Motocorp (1.23%); Dr Reddy (0.98%)

Major losers:

IndusInd (-1.64%); Kotak Bank (-1.39%); Adani Enterprises (-1.38%); Adani Ports (-1.19%); M&M (-1.05%)

Stocks advanced on BSE at 12 noon on November 22, 2023, were 1,688 against 1,844 stocks that declined; 160 stocks remain unchanged. Total stocks traded were 3,692. The number of stocks that recorded a 52-week high was 266, and those that hit a 52-week low was 25.

Gandhar Oil Refinery (India) IPO has been subscribed 1.49 times as of 11:54 am on the opening day - November 22, 2023. The NII portion has been subscribed 1.96 times, retail 2.12 times. The issue closes on Nov 24.

▶️ Shareholders & DVR Holders of Tata Motors Limited are eligible to apply in Shareholder quota.

▶️ Record date for Shareholders quota was 13-Nov-23 i.e. RHP filing date

▶️ Investor can apply maximum upto Rs. 2 Lakhs in Shareholder quota

▶️ Eligible Shareholders can apply in Retail or HNI category along with shareholder quota.

▶️ Eligible Shareholder can apply two application i.e. one in Shareholder quota and 2nd in Retail or HNI quota

▶️ If Applicant is Employee then can also apply in Employee category with above 2 Categories subject to employee should not apply more than Rs. 2 Lakhs in employee category

▶️ Allotment in Shareholder Category will be on Proportionate basis

Fedbank Financial Services IPO has been subscribed 0.17 times as of 11:54 am on the opening day - November 22, 2023. The NII portion has been subscribed 0.07 times, retail 0.30 times, and those reserved for employees at 0.15 times. The issue closes on No. 24.

Edible oil industry body SEA has demanded that the government should increase the duty difference between crude and refined palm oil to 15 per cent from 7.5 per cent to curb imports of refined cooking oil and protect domestic players. “In light of this, SEA has once again appealed to the Government to raise the duty difference from 7.5 per cent to 15 per cent between crude and refined palm oil,” Jhunjhunwala said. The SEA President said that India’s imports of vegetable oils reached an all-time high of 167.1 lakh tonnes during the recently concluded 2022-23 oil year (November-October), with edible oils shipments hitting a record high of 164.7 lakh tonnes.

Tata Technologies IPO has been subscribed 2.16 times as of 11:51 am on the opening day - November 22, 2023. The QIB portion has been subscribed 1.98 times, NII 3.18 times, retail 1.97 times, those reserved for employees at 0.42 times, and for shareholder at 2.33 times. The issue closes on No. 24.

IREDA IPO has been subscribed 2.84 times as of 11:51 am on November 22, 2023. The QIB portion has been subscribed 1.35 times, NII 4.56 times, retail 2.94 times, and those reserved for employees at 3.34 times. The issue closes tomorrow.

Aditya Vision Ltd has opened two new showrooms in Uttar Pradesh and Jharkhand, respectively. The stock trades at ₹3,188 on the BSE, down by 0.35%.

IT major Tata Consultancy Services (TCS) on November 21 said it will make a provision of $125 million as an ‘exceptional item’ in its third-quarter results in relation to a trade secret lawsuit filed by US-based Epic Systems.

Epic Systems had filed the lawsuit against TCS and Tata America International Corp in 2014, accusing the Tata Group companies of stealing its intellectual properties to develop its own while it was contracted to implement Epic’s healthcare software.

DCB Bank Limited has informed the exchange regarding allotment of 1,41,300 securities pursuant to ESOP/ESPS. The stock trades at ₹112.55 on the NSE, down by 0.04%.

CG Power and Industrial Solutions Limited has filed an application with Ministry of Electronics and Information Technology (MeitY) seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project. The stock rises by 1.20% on the NSE, trading at ₹395.85.

Bank Nifty November futures (43,690)

The Bank Nifty index is trading lower at 43,540, down 0.35 per cent. The advances/ declines ratio is at 5:7, which indicates broad weakness in the index.

PNC Infratech informed that ‘four Laning of Jagdishpur - Faizabad Section’ project by PNC Gonrti Highways Private Limited has been provisionally completed. The stock inches up by 0.67% on the BSE, trading at ₹328.65.

Wipro Teams with NVIDIA to bring the power of Generative AI to Healthcare Insurance Companies. Wipro stock is down by 0.14% on the NSE, trading at ₹400.10.

VIP Industries informed about the resignation of Ajit Kolhe, Head- IT & Systems. The stock rises by 1.95% on the NSE, trading at ₹645.70.

Ircon International informed that the stock exchanges have levied fine of ₹5,42,800 each (incl. GST) on the Company for the non-compliance with Regulation-17(1) i.e., half of the Board was not independent, for the quarter ended 30th September, 2023.

Oracle Financial Services Software has allotted 4,176 equity shares of face value of ₹5 each to the eligible Employees of the Company who have exercised their stock options under the OFSS Stock Plan 2014. The stock trades at ₹4,119.75 on the BSE, down by 0.80%.

Ramkrishna Forgings has informed regarding an update on acquisition of ACIL Ltd. Supreme Court has directed the NCLT to decide on the approval of the successful resolution plan within a period of 3 weeks.

The stock is up by 0.36% on the NSE, trading at 772.50.

Major gainers on the BSE at 11:

GMDC (9.43%); VTL (7.99%); NIACL (6.09%); ICIL (5.76%); WABAG (5.31%)

Major losers:

Sonata Software (-5.17%); RattanIndia (-4.99%); KPI Tech (-4.85%); JSL (-4.28%); Motilal (-3.97%)

The Nifty 50 is trading higher. However, the struggle to get a sustained rise above 19,850 still remains. The index is trading around 19,803 now and is up 0.1 per cent. We reiterate that a sustained rise above 19,850 is needed for the Nifty to move up towards 20,000 levels. Until then the 19,600-19,850 range can continue to remain intact.

• Marquee investors including Varsu India Growth Story Scheme I (Persistent Growth Fund), Astorne Capital VCC Arven, Nova Global Opportunities Fund PCC-Touchstone, Next Orbit Ventures Fund and Xmultiplied Capital Advisors participated in the anchor book

• Raises Rs. 5.88 crore from the sale of 4.2 lakh equity shares with a face value of Rs. 10 at Rs. 140 per share

• IPO proceeds to be used for working capital requirements, brand positioning, marketing and advertising, and general corporate purposes

• Issue opens today, 22nd November 2023 and closes on 24th November 2023

• Corporate Capital Ventures Private Limited is the Book Running Lead Manager to the Issue

NIFTY has been flattish in past 6 weeks and gave just 1.6% return in past one quarter as strong DII flows neutralized FII outflows. Market has been taking all headwinds in its stride and the action has been very stock specific as Mid/small caps continue to outperform large caps. Sectoral rotation is clearly visible as Realty, Metals, Power and Healthcare have joined the party.

Festival season has seen high single digit growth in sales of 2W/PV, 40-50% growth for online platforms, robust sales of Jewellery (despite high prices) and economic boost coming from cricket world cup (Alas, Bharat could win the title). However, demand trends in December are critical as FY23 had seen sharp deterioration in demand post Diwali. Capex recovery is on track with strong performance from Capital Goods/ Infra segments and strong outlook while bank balance sheets remain healthy.

Odds are evenly balanced as headwinds emanating from firm US interest rates, El Nino impact on crops and inflation, volatile crude and geopolitical uncertainty still abound. NIFTY is not in a bubble zone as it is trading at 17.2% discount to 10-year average which provides comfort. India is on the verge of “Mother of all Elections” after having a stable Govt from past decade, however state election results will dictate market momentum in run upto Lok Sabha elections next year. We remain positive on Auto (PV), Banks, Capital goods, Hospitals, Discretionary consumption.

Equity benchmark indices climbed in early trade on Wednesday, helped by buying in index major Reliance Industries.

Gains were however restricted amid unabated foreign fund outflows from the equity markets and mixed trends in global markets.

The 30-share BSE Sensex climbed 74.43 points to 66,005.20 in early trade. The Nifty went up by 26.15 points to 19,809.55.

Among the Sensex firms, Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle and ITC were the biggest gainers.

Titan shares traded at 52-week high of Rs 3,429.20, fourth time in the last one week to hit the mark. Trading at Rs 3,425.00, up by 0.91 p.c.

Gandhar Oil Refinery (India) IPO has been subscribed 0.29 times as of 10:24 am on the opening day - November 22, 2023. The NII portion has been subscribed 0.42 times, retail 0.39 times. The issue closes on Nov 24.

​Tata Technologies IPO​ has been subscribed 0.16 times as of 10:18 am on the opening day - November 22, 2023. The NII portion has been subscribed 0.39 times, retail 0.19 times, those reserved for employees at 0.02 times, and for shareholder at 0.11 times. The issue closes on No. 24.

IREDA IPO has been subscribed 2.23 times as of 10:15 am on November 22, 2023. The QIB portion has been subscribed 1.34 times, NII 3.39 times, retail 2.31 times, and those reserved for employees at 2.36 times. The issue closes tomorrow.

The rupee was trading in a narrow range against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities.

Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.31 against the dollar and then touched a high of 83.30, and a low of 83.32 against the greenback.

​Bang Overseas​ stock falls by 4.29% on the NSE, trading at ₹68. The company’s board had approved the proposal of raising funds by way of an issuance of equity shares of face value of ₹10 each to its eligible equity shareholders on a rights basis for a value not exceeding ₹50 crore.

Tata Power informed that CRISIL Ratings Limited has upgraded its outlook on the Company from AA/Stable Outlook to AA/Positive Outlook. The stock trades at ₹262.95 on the NSE, up by 0.11%.

Ashoka Buildcon Limited informed about the receipt of Commercial Operations Date (CoD) for for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India (NHAI).

The stock trades at ₹143.50 on the NSE, down by 0.86%.

Lupin stock inches up by 0.63% on the NSE, trading at ₹1,229.25 after it received approval from USFDA for its Abbreviated New Drug Application for Pitavastatin Tablets, 1 mg, 2 mg, and 4 mg.

Religare Enterprises Chairperson Rashmi Saluja, who is under attack from the promoters of Dabur Group, on Tuesday said she was a victim of corporate gender discrimination.

The accusations not only target Saluja, but also undermine the entire management and board, who have worked towards making Religare a debt-free organisation over the past five years, Religare Enterprises said in a statement.

Major gainers on the NSE:

BPCL (2.38%); Tata Consumers (1.24%); HDFC Life (1.06%); Cipla (0.84%); Titan (0.76%)

Major losers:

Hindalco (-1.11%); Kotak (-0.76%); ICICI (-0.54%); Adani Enterprises (-0.53%); IndusInd (-0.47%)

GMR Power and Urban Infra Limited has acquired 1,051,154,500 equity shares of GMR Energy Limited (GEL), a subsidiary of the company (representing 29.14% of the equity share capital of GEL), from Power and Energy International (Mauritius) Limited, a company incorporated in Mauritius and a subsidiary of Tenaga Nasional Berhad a company incorporated in Malaysia, for a negotiated consideration of $28.50 million.

Titan Company board approved the acquisition of the entire 91,90,327 equity shares held by the Founder of CaratLane Trading Private Limited and his family members (Sellers), representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, subject to receipt of approval from the Competition Commission of India (CCI) and other closing conditions as per the Share Price Agreement (SPA).

Jio Financial Services has submitted an application for conversion of the Company from NBFC to CIC.

Evive Biotech (Evive), a subsidiary of Yifan Pharmaceutical Co. Ltd., and Acrotech Biopharma (Acrotech), a New Jersey-based and wholly-owned subsidiary of Aurobindo Pharma USA Inc., announced that the USFDA approved Ryzneuta (Efbemalenograstim alfa).

Indian benchmark indexes, Sensex and Nifty, opened slightly higher on Wednesday amidst indications of a fading global stock rally. The BSE Sensex rose by 29.46 points to 65,960.23, and the NSE Nifty gained 1.85 points, reaching 19,785.25 early in the session.

Among the Nifty gainers were BPCL, Tata Consumer, CIL, Tata Motors, and Adani Enterprises. Meanwhile, TCS, Kotak Bank, Hindalco, ICICI Bank, and IndusInd Bank lagged behind.

Overnight, Wall Street closed lower, breaking a five-day winning streak, prompted by the U.S. Federal Reserve’s indication that interest rates would only rise if inflation control efforts stalled.

Asian markets started on a lower note, with the MSCI Asia ex-Japan index declining by 0.43%.

In a pre-opening market report, Prashanth Tapse of Mehta Equities noted Nifty’s surge driven by optimism about potential Chinese stimulus, global cues, a dovish Federal Reserve, and a weakened US Dollar. However, caution surfaced after the Federal Reserve’s revealed cautious stance post the hawkish November FOMC minutes. Technical support and bullish confirmation levels for Nifty were identified, while focus remained on IPOs and specific trades amid ongoing inflation risks.

Foreign institutional investors sold shares worth Rs 456 crore on Tuesday, contrasting with domestic institutional investors who purchased shares worth Rs 722 crore.

Crude oil futures traded lower on Wednesday morning as data by an industry body showed a massive increase in crude oil inventories in the US for the week ending November 17. At 9.09 am on Wednesday, January Brent oil futures were at $82.31, down by 0.17 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $77.63, down by 0.18 per cent. December crude oil futures were trading at ₹6480 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6468, up by 0.19 per cent; and January futures were trading at ₹6506 as against the previous close of ₹6497, up by 0.14 per cent.

Lead futures on the Multi Commodity Exchange (MCX) rallied 2.2 last week. On Monday, after witnessing a volatile session, the November and December series contracts closed at ₹190.8 and ₹192.35, respectively. Since the November series is nearing expiry, we can consider the December series for analysis.

Indian Hotels Company Ltd (IHCL), the largest hospitality company, has announced the signing of a new Vivanta hotel in Aluva.

Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL, said, “IHCL’s brand Vivanta debuts in Kochi with this signing. This will be our seventh hotel in the city – a testament to the city’s importance. We are delighted to further strengthen our association with KM Abdul Latheef with a second hotel.”

The three-day initial public offering of Flair Writing Industries opens today and closes on Friday. The Rs 593-crore IPO comes with a price band of Rs 288-304 a share and a market lot of 49 shares.

Issue details, quota

The IPO comprises a fresh issuance of shares worth Rs 292 crore by the company, and an offer-for-sale (OFS) of Rs 301 crore worth of shares by the Rathod family.

Samhi Hotels is a prominent branded hotel ownership and asset management platform with one of the largest inventories of operational keys (owned and leased) in India. Its portfolio comprises 4,801 keys across 31 operating hotels in 13 of India’s key consumption centres as on date. Through its acquisition and turnaround-led business model, Samhi has added 369 keys to its portfolio per year (since inception in FY11), making it the fastest-growing hotel owner.

Sunteck Realty is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), which is the largest micro-market in the country. MMR has reported 70 per cent higher absorption than pre-Covid levels.

Sunteck’s multi-micro-market presence, luxury offerings across price points, and proven execution track record have made it one of the biggest beneficiaries of the strong demand. Its three new project launches (out of the eight projects it acquired) resulted in 22 per cent pre-sales CAGR during FY18-23.

“In yesterday’s trading, Nifty surged on hopes of Chinese stimulus, positive global cues, a dovish Federal Reserve, and a weakened US Dollar. The Federal Reserve’s cautious stance, revealed as breaking news, prompts caution for Nifty bulls amid the aftermath of hawkish November FOMC minutes. Technical support is seen at 19,681, with victory for bulls above 19,889. Nifty’s likely trading range is 19,100-19,800. Wall Street is closed Thursday for Thanksgiving, with a half-day on Friday. Subscribe ratings are assigned to Tata Technologies, IREDA, and Fedbank Financial Services IPOs. Preferred trades involve Nifty, Bank Nifty, and bullish outlooks for select stocks. PI INDUSTRIES is recommended for immediate consideration. The finance ministry’s October report underscores ongoing inflationary risks.”

a leading EPC Company with presence in the Hydropower business, announced Q2 & H1FY24 Results.

🌊Earnings Call Details:

🔹 Wednesday, 22 November 2023 at 03:00 PM (IST)

🔹 Dial-in Nos: +91 22 6280 1247 / +91 22 7115 8097

🔹 Express Pass: https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=5887808&linkSecurityString=220b9cc5c0

🌊 Key Highlights:

🔹 Revenue grew 184% YoY to Rs 280 Cr in Q2FY24 and 125% YoY to Rs 547 Cr in H1FY24

🔹 Profitability enhanced further with EBITDA margin at 14.8% in Q2FY24 and 11.3% in H1FY24 versus 5% in FY23

🔹 PAT at Rs 24 Cr in Q2FY24 and Rs 38 Cr in H1FY24

🔹 Robust Order Book of Rs 2,805 Cr, forming 3.5x of FY23 Revenue

🔹 Execution of Jal Jeevan Mission (JJM) projects progressing at a good pace

🔹 Filed claims under Vivaad Se Vishwas II for 65% of the arbitration award amount (Rs 50 Cr) for NTPC Tapovan Project

Fairfax-backed IIFL Finance Limited, which is one of India’s largest non-banking financial companies, today said that leading rating agency CRISIL has upward revised its outlook to ‘Positive’ from ‘Stable’. The agency has also reaffirmed the long-term rating at ‘CRISIL AA’ and short-term rating at ‘CRISIL A1+’.

In the rating rationale dated November 20th 2023 released by CRISIL Ratings on the subject its mentioned among other things that “The outlook revision reflects the strengthening market position of IIFL Finance group and the expected sustained improvement in its profitability. The ratings continue to be supported by the group’s comfortable capitalization with improved gearing, and its diversified portfolio with majority contribution from inherently less risky asset classes.”

In-line earnings despite topline miss

Earnings growth continue to be fueled by domestic cyclicals

Aggregate topline performance of Elara coverage universe (235 stocks) disappointed, up just 3.6% YoY, falling short by 2.6% versus our expectations. Earnings growth of 65.8%, however, was in-line, led by Energy. Ex-Financials EBITDA margin stood at 17%, expanding 609bps YoY and 10bps sequentially.

A 6.3x profit surge for Energy, led by oil marketing companies (OMCs), spiked earnings of Elara coverage universe by 66% for Q2FY24. Excluding Energy, earnings growth was healthy at ~32%, primarily led by domestic cyclicals sectors such as Auto and BFSI.

Earnings for Auto, ex-Tata Motors, grew 57.4%, led by a combination of better product mix, lower commodity costs and operating leverage. Earnings growth for BFSI was broadly in line, owing to steady loan growth and robust asset quality even as margins compressed further. Elara Cement universe reported double-digit YoY volume growth for the second quarter. A YoY uptick in realization and a YoY drop in operating cost (due to normalization of fuel cost post the spike during the Russian-Ukraine war) sharply improved YoY margin.

Elara Securities on RITES

Rating: SELL

Target Price : INR 370

Downside : 22%

CMP : INR 470 (as on 20 November 2023)

Win some, lose some in Mozambique

Gets LOA on diesel locos but loses wagons order to competitor

RITES (RITE IN) has received a Letter of Award (LOA) to supply 10 diesel locomotives worth USD 37.7mn or INR 3.13bn to CFM, Mozambique (Ports & Railways). The company is likely to procure diesel locomotives from the Integral Coach Factory (ICF). However, an order for 300 high-sided wagons was awarded to a competitor where RITE was earlier declared L1. Estimated order size for wagons was INR 2bn.

In July, CFM shortlisted RITE as L1 for locos and wagons order

In July 2023, RITE was declared as L1 bidder to supply 10 diesel locomotives and 300 high-sided wagons by CFM. The order was subject to award after due process of CFM scrutiny and evaluation as per the requisite requirements. Total order size was estimated at INR 5bn.

Two exports orders worth INR 16bn likely to remain with RITE

In June 2023, RITE signed a contract worth INR 6.7bn with the National Railways of Zimbabwe (NRZ) to supply rolling stock (3,000HP diesel electric locomotives and high-sided open wagons). It is subject to approval by the funding agency. In October, RITE stood L1 bidder for the tender floated by Bangladesh Railway for procurement of 200 broad-gauge passenger carriages worth INR 9.1bn. We expect these orders to flow to RITE as they would be funded by international agencies.

Valuation: reiterate Sell with a lower TP of INR 370

Lloyds Metals an Energy Ltd said that NSE & MSE have imposed a fine on the Company w.r.t. to certain non-compliance under Reg. 17(1A) of the SEBI (LODR) Regulations, 2015. The Company is in process of making applications to NSE & MSEI with detailed justification highlighting that the Company is in due-compliance of Reg. 17(1A) of the SEBI (LODR) Regulations, 2015 and requesting waiver of fines imposed

All FOMC participants agreed that the Fed was in a position to proceed carefully and that policy decisions at every meeting would continue to be based on the totality of incoming information and its implications for the economic outlook as well as the balance of risks, minutes from the last FOMC meeting on October 31-November 1, 2023 showed. Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the inflation objective was insufficient. The minutes also showed that despite the moderation, inflation remained well above the 2% longer-run objective, and that the Fed would need to see more data indicating that inflation pressures were abating to be more confident that inflation was on course to return to the target. The Fed kept the target range for the federal funds rate at its 22-year high of 5.25%-5.5% for a second consecutive time in November.

We recently hosted the management of JK Cement (JKCE) for investor meetings in Mumbai. Key takeaways: i) Company has adequate limestone reserves to achieve 40mt grey-cement capacity (vs 20.7mt currently) in the medium term (likely by FY30E). Post its ongoing expansion (3.5mt in central India), Company’s next leg of growth includes a second line in Panna (central India), brownfield expansion at its Muddapur plant (South) and greenfield expansion in Jaisalmer (North). ii) Net debt (Rs30bn, as of Sep-23) has likely peaked, and upcoming capex would be funded via internal accruals, in our view. iii) The recent sustenance of price-hikes (3-4% QoQ) should improve profitability by Rs200-250/t in Q3FY24. iv) White cement/putty EBITDA margin is likely to have stabilized at 17-18%. v) In Paints, target revenue is Rs1.5-2bn/Rs3.5bn in FY24E/FY25E, resp., with EBITDA break-even by FY25-end. We remain structurally positive on JKCE, given that its growth visibility, controlled leverage and return ratios are above its cost of capital. However, we maintain HOLD (on limited upside), with Sep-24E TP of Rs3,500/sh, based on 12x EV/E.

India Ratings and Research (Ind-Ra) has revised the Outlook on Dilip Buildcon Limited (DBL) to Positive from Negative while affirming its Long-Term Issuer Rating at ‘IND A’

This is with reference to the circular dated 16th November 2023 issued by the Reserve Bank of India with respect to consumer credit by Banks/NBFCs and bank credit to NBFCs.

We would like to inform you that the debt equity ratio and the capital adequacy of the Company as on 30th September’2023 was 2.8x, and 24.8% respectively. UGRO is a DataTech driven dedicated MSME lender, we have a diversified portfolio managed under our branch led channel for secured and unsecured business, ecosystem channel, partnership and alliances and direct digital channel.

Increase of Risk Weight for Consumer & Personal Loans

UGRO’s customer base is registered Micro, Small and Medium Enterprises (MSMEs), having Udyam registrations, for both secured and unsecured loans with 100% Priority Sector Lending (“PSL”) loan book. Hence, UGRO would not have any additional risk weight on the underlying portfolio and the impact of the increased risk weights mentioned in the above referred circular on capital adequacy ratio, Return on Equity and Return on Asset would be NIL.

UltraTech Cement: Scaling new heights!

- UltraTech Cement (UTCEM) is breaking new ground with a target to increase its domestic grey cement capacity to ~182mtpa by FY27E. The company’s capacity CAGR of 9.5% over FY23-27E is considered encouraging given the higher base. With these expansions, UTCEM maintains its leadership position in the industry.

- Cement demand remained strong post Covid-19, reporting a CAGR of ~9% over FY21-23. We believe demand momentum would remain robust and estimate a 7-8% CAGR during FY23-28 to 575mt by FY28 (1.5x from 390mt in FY23).

- The company is also focusing on improving and prioritizing its ESG goals. It is continuously increasing its use of alternative raw materials and renewable energy. It is increasing its WHRS/other renewable (Solar and Wind) capacities to 465MW/1.5GW by FY27E. The aim is to increase the share of green energy to over 60% by end-FY27, from around 22% currently.

- The stock trades at 15.5x/13.0x FY25E/FY26E EV/EBITDA. We value UTCEM at 16x Sep’25E EV/EBITDA to arrive at our TP of INR10,100. We maintain our BUY rating on the stock.

Federal Bank, subsidiary Fedbank Financial Services will launch its Initial public offering on Wednesday. The public issue, with a price band of Rs 133-140 a share, will close on Friday (November 24).

The Rs 1,092-crore issue consists of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an offer for sale (OFS) of 3.52 crore shares to the tune of Rs 492.26 crore.

The initial public offering of Indian Renewable Energy Development Agency Ltd saw a strong response on Day 1 itself of issue opening on Tuesday by subscribing nearly two times.

The issue comes out with a price band of ₹30-32 and closes on November 23 (Thursday). The size of the IPO is ₹2,150.21 crore - a fresh issue of 40.32 crore shares aggregating to ₹1,290.13 crore and an offer for sale (OFS) of 26.88 crore shares worth ₹860.08 crore. The lot size is 460 shares.

The ₹3,043-crore IPO of Tata Technologies opens of public subscription today. Tata Technologies is first company to hit the capital market in 20 years from Tata Group after TCS. The company has fixed the price band as ₹475-500. The entire issue is an offer-for-sale and the market lot is 30 shares.

Promoter Tata Motors will offload 4.62 crore equity shares, which is worth ₹2,314 crore in the offer-for-sale. Investors Alpha TC Holdings Pte Ltd will be selling 97.17 lakh shares worth ₹486 crore. Tata Capital Growth Fund I will sell 49 lakh shares worth ₹243 crore.

The IPO of Gandhar Oil Refinery (India) Ltd opens today at a price band of ₹160-169. The public issue closes on Friday (November 24).

The issue comprises a fresh issue of shares worth ₹302 crore and an Offer for Sale (OFS) of 1.17 crore shares worth ₹198.69 crore by promoters and existing shareholders. Those offering shares in the OFS include promoters -- Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh -- and other shareholders, Fleet Line Shipping Services LLC, Denver Bldg Mat & Décor TR LLC, and Green Desert Real Estate Brokers.

CLSA on Tata Motors

Buy Call

Target Rs 841

Bernstein on Divi’s Labs

Underperform Call

Target Rs 3,064

Jefferies on Coal India

Buy Call

Target Rs 334

HSBC on Tractor Cos

Buy Call on M&M, Target Rs 1,800

Reduce Call on Escorts, Target Rs 2,500

MS on IndiGo

Overweight Call

Target Rs 3,217

MS on IGL

Underweight Call

Target Rs 432

MOSL on UltraTech

Buy Call

Target Rs 10,100

BoFA Sec on Varun Beverages

Buy, TP Raised to Rs 1170

Reliance Industries: Chairman and managing director Mukesh Ambani said the company plans to invest Rs 20,000 crore in West Bengal in the next three years.

TCS: The U.S. Supreme Court rejected the company’s petition to appeal an earlier court verdict. The company will make a $125 million provision in its third-quarter earnings related to a case involving Epic Systems Corp.

Maruti Suzuki India: The company will consider the allotment of 1.23 crore equity shares of the company to Suzuki Motor Corp. on a preferential basis on Nov. 24.

SBI Bank: The government named Vinay M. Tonse as Managing Director until Nov. 30, 2025.

Jio Financial Services: The company denied news reports that it is planning its maiden bond issue. It has no plans to raise money by way of bond issuance or otherwise, and the news circulated is “speculative”, it said.

Adani Enterprise: Unit Adani Defence Systems and Technologies signed a shareholders’ agreement and share subscription agreement with Israel-based Elbit Systems. Pursuant to this, ESL will be subscribing to a 44% stake in Atharva Advanced Systems and Technologies.

KEC International: The company bagged multiple new orders worth Rs 1,005 crore.

Lupin: The pharma major received tentative U.S. FDA approval for its Dapagliflozin tablets. Dapagliflozin is a generic of Farxiga tablets.

Texmaco Rail & Engineering: The board approved the opening of QIP on Nov 21. The floor price of QIP is set at Rs 135.9 apiece.

Life Insurance Corp: The company’s has increased shareholding in Bank of Baroda. The current stake stands at 5.031%.

Bharti Airtel: The Department of Telecommunications, Madhya Pradesh, imposed a penalty of Rs 1.31 lakh for an alleged violation of subscriber verification norms. The company’s OneWeb also received a regulatory nod to launch its commercial satellite broadband services in the country.

Aurobindo Pharma: The company’s chief operating officer, Sanjeev I. Dani, died on Nov. 21.

AstraZeneca Pharma: The Central Drugs Standard Control Organisation gave permission to import pharmaceutical formulations of new drugs and permission for the additional indication of Olaparib film-coated tablets.

JK Tyre: The tyre manufacturer appointed Dr. Jorg Nohl as an additional director in the category of independent director for a term of five consecutive years w.e.f. Nov. 21, 2023.

NHPC: The company resumed head-race tunnel works at the Teesta-VI project in Sikkim.

Wipro: The IT Major announced a collaboration with NVIDIA to help healthcare companies accelerate the adoption of generative artificial intelligence through AI-driven strategies, products, and services.

Power Finance Corporation: PFC Consulting has incorporated a wholly owned subsidiary as Ramakanali B. Panagarh.

Genus Power: The company incorporated two wholly owned step-down subsidiaries, namely “Himachal Pradesh C Zone Smart Metering Pvt.” and “Garhwal Smart Metering Pvt.” on Nov. 21, 2023.

Sical Logistics: The company’s arm, DSPL Mining, received an order worth Rs 135 crore from the Coal India unit.

JK Paper: The company received an income tax and penalty demand worth Rs 65.6 crore for AY 2020–21.

Titan: The Competition Commission of India approved the acquisition of an additional stake in CaratLane Trading by Titan.

IndusInd Bank: The bank denied the news report ‘Hindujas raise Rs 8,000 crore by pledging IndusInd stake’ factually incorrect. Promoter entities’ current pledge of 6.87% of the paid-up share capital of the bank has remained unchanged.

GMR Power and Urban Infra: The company acquired an additional 29.14% stake in subsidiary GMR Energy for $28.5 million. It raised the total stake in the subsidiary to 86.90%.

Auto Ancillaries Stocks: India is closing in on an agreement with Tesla that would allow the U.S. automaker to ship its electric cars to the country starting next year and set up a factory within two years, according to Bloomberg.

JP Morgan on Reliance Ind: Maintain Overweight on Company, target price at Rs 2810

MS on Kaynes Tech: Maintain Overweight on Company, target price at Rs 2440

MS on Indigo: Maintain Overweight on Company, target price at Rs 3217

Jefferies on Coal India: Maintain Buy on Company, target price at Rs 334

Jefferies on NTPC: Maintain Buy on Company, target price at Rs 300

MOSL on Ultratech: Maintain Buy on Company, target price at Rs 10100

CLSA on Tata Motors: Maintain Buy on Company, target price at Rs 841

HSBC on M&M: Maintain Buy on Company, target price at Rs 1800

GS on Polycab: Initiate Buy on Company, target price at Rs 5750

GS on KEI Ind: Initiate Buy on Company, target price at Rs 2730

MS on IGL: Maintain Underweight on Company, target price at Rs 432

Incred on Coal India: Maintain Reduce on Company, target price at Rs 209

HSBC on Escorts: Maintain Reduce on Company, target price at Rs 2500

Bernstein on Divis Lab: Maintain Underperform on Company, target price at Rs 3064

Deere & Company. (Pre market) (Sector- Construction)

SK Telecom Co., Ltd.. (TENT) (Sector- Technology)

HONASA

14:30 EURO ECB Financial Stability Review

TENT U.K. Autumn Forecast Statement

19:00 U.S. Unemployment Claims (Expected: 226K versus Previous: 231K)

19:00 U.S. Durable Goods Orders m/m (Expected: -3.2% versus Previous: 4.7%)

20:30 U.S. Revised UoM Consumer Sentiment (Expected: 61.1 versus Previous: 60.4)

Participants emphasized the necessity for more data indicating a decrease in inflation pressures to regain confidence in achieving 2% price increases. They highlighted limited progress in reducing core services inflation, excluding housing. Many participants attributed long-term Treasury yield increases to a rise in term premium. Following the Fed minutes, Fed rate expectations remained largely steady, with the first rate cut anticipated in May 2024 and fully priced in for June 2024 according to FedWatch.

Goldman Sachs: India Cables & Wires | Domestic upcycle & exports share gain to sustain premium valuation; initiate Polycab/KEI at Buy/Neutral

Goldman Sachs Initiate on the top 2 players in the C&W industry, Polycab India (Buy, 12m TP Rs 5,750) and KEI Industries (Neutral, 12m TP Rs 2,730), and see ~8% upside and -2% downside, respectively.

Easy Trip Plann: Prashant Pitti, Whole time Director

Demand Will Continue To Grow As We Head Towards End Of FY24: EaseMyTrip

https://www.youtube.com/watch?v=GQfSxwzl2VU

IndiaMART InterMESH : Dinesh Agarwal, Founder & MD

We Aim For 5,000 Quarterly Paying Subscriber Addition FY25 Onwards: IndiaMART,CEO

https://www.youtube.com/watch?v=xhB6dsdrB2k

KAYNES TECHNOLO: Jairam Sampath, Whole Time Director & CFO

Kaynes: Semiconductor Tie-Up With Globetronics | Jairam Sampath & Ramesh Kannan

https://www.youtube.com/watch?v=88L7v4YMBD8

KEC Intl: Vimal Kejriwal, MD and CEO

L1 Orders Are At Approx ? 7,000 Cr Vs ?4,000 Cr As Of Q2 End: KEC International

https://www.youtube.com/watch?v=qqHauT3Csa0

NMDC: Amitava Mukherjee, Chairman

Domestic Current Net Realisations Are More Lucrative Than Exporting: NMDC

https://www.youtube.com/watch?v=dCKU_5aeSGI

Rhi Magnesita India: Stefan Borgas, CEO

RHI Magnesita India Q2 Results Review: Robust Topline Growth | Parmod Sagar & Stefan Borgas

https://www.youtube.com/watch?v=zjWV8Z_nb_s

Talbros Auto: Naveen Juneja, CFO

Muti-Year Orders for Talbros Auto & More | Navin Juneja

https://www.youtube.com/watch?v=icM9Yh-NUhM

VST Tillers: Antony Cherukara, CEO

Expect Low Single-Digit Growth In Tractors Vs 10-15% Growth Earlier In FY24: VST Tillers Tractors

https://www.youtube.com/watch?v=bIwmm_0tGM8

eClerx Services: Srinivasan Nadadhur, CFO

eCLERX Services Q2FY24: Revenue, Profit Rises

https://www.youtube.com/watch?v=RNEQIPbaRQ4

Garden Reach Sh: PR Hari, CMD

GRSE: FY24 Orderbook Check, Growth, Revenue & More

https://www.youtube.com/watch?v=Fxz-gTAiX10

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

BHEL

CHAMBLFERT

DELTACORP

HINDCOPPER

IBULHSGFIN

INDIACEM

MANAPPURAM

MCX

NMDC

RBLBANK

ZEEL

Ex/record date interim dividend: Crisil, Ingersoll-Rand, IPCA Laboratories, National Aluminium, Oil India, Pearl Global Industries, and T D Power Systems.

Move into short-term ASM framework: Manoj Vaibhav Gems N Jewellers, Tata Investment Corp, Techno Electric & Engineering Co.

Move Out of short-term ASM framework: Orient Green Power

Cressanda Solutions: Satyanarayan Jagannath Kabra bought 21.5 lakh shares (0.5%) at Rs 24 apiece.

Fiem Industries: Divya Mahesh Vaghela bought 75,489 shares (0.57%) at Rs 2012.79 apiece.

Insider Trades

Linc: Promoter Ekta Jalan bought 5,000 shares on Nov. 20.

Paisalo Digital: Promoter Equilibrated Venture Cflow bought 60,000 shares on Nov. 21.

IREDA: The IPO was subscribed 1.96 times on day one. The bids were led by non-institutional investors (2.73 times), portion reserved for employees (2.11 times), retail investors (1.97 times), and institutional investors (1.34 times).

*Tata Technologies:*The IPO will open for bids on Wednesday. It will comprise a fresh issue of Rs 3,042 crore and an offer for sale of 6.08 crore shares. The price band is fixed at Rs 475–500 apiece. The company has raised Rs 791 crore from anchor investors.

Gandhar Oil Refinery: The IPO will open for bids on Wednesday. It will comprise a fresh issue worth Rs 302 crore and an offer for the sale of 1.18 crore shares, worth up to Rs 198.69 crore. The price band is fixed at Rs 160–169 per share. The company has raised Rs 150.2 crore from anchor investors.

Fedbank Financials: The IPO will open for bids on Wednesday. The offer has a fresh issue of Rs 600 crore, and the rest of it is an offer for sale. The price band is fixed at Rs 133–140 apiece. The company has raised Rs 330 crore from anchor investors.

Flair Writing Industries: The IPO will open for bids on Wednesday. The price band is fixed at Rs 288–304 apiece. It will comprise a fresh issue of Rs 292 crore and an offer for sale of Rs 301 crore. The company has raised Rs 178 crore from anchor investors.

Buzzing Stocks: TCS, Wipro, Titan Company, AstraZeneca, Adani Enterprises, Aurobindo Pharma, Colgare-Palmolive, Tata Power, Maruti Suzuki. BPCL, Texmaco Rail, BoB

Israel’s government approved a deal to release 50 women and children held by Hamas in exchange for a four-day ceasefire. Mediated by Qatar, the agreement aims to pause the conflict, extending the truce with the release of more hostages.

The Competition Commission of India (CCI) has approved acquisition of additional shareholding in CaratLane Trading Private Ltd (CaratLane) by Titan Company Ltd (Titan).

The proposed combination relates to the acquisition by Titan of 27.18 per cent share capital of CaratLane (a subsidiary of Titan), on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti.

Tata Technologies has raised ₹791.05 crore, ahead of its IPO, on Tuesday. The public issue from Tata Group company opens on Wednesday and closes on Friday at a price band of ₹475-500.

The board of Tata Technologies has finalised the allocation of 1.58 crore shares to anchor investors at ₹500 a share, it said in a notice to the stock exchanges.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

The short-term outlook is bullish for The New India Assurance Company. The stock had surged over 6 per cent on Tuesday has taken the share price above the crucial resistance level of ₹160. The region between ₹160 and ₹159 act as a very good support and limit the downside. Moving Average cross-over on the weekly chart also strengthens the bullish case.

Gold surged to a two-week high, and briefly broke through the $2,000 per ounce level on expectations that the Fed has reached the end of its tightening cycle.

Spot gold added 1.1% to $1,998.42 an ounce.

Stocks across Asia are largely unchanged following the decline in US benchmarks overnight, reflecting the cautious stance reiterated by the Federal Reserve in their meeting minutes.

The Japanese Nikkei 225 index is trading flat, up 0.20% or 65.08 points at 33,420.56, while the broader TOPIX has seen a gain of 0.42% or 9.95 points at 2,377.74. South Korea’s KOSPI has declined by 0.72%, dropping 18.17 points to 2,492.25, and Australia’s S&P ASX200 remains unchanged at 7,077.70 points.

On Tuesday, US stocks slipped after the Federal Reserve’s meeting minutes indicated the bank’s cautious approach. The Dow Jones Industrial Average fell 62.75 points (0.18%) to 35,088.29, the S&P 500 lost 9.19 points (0.20%) to 4,538.19, and the Nasdaq Composite dropped 84.55 points (0.59%) to 14,199.98.

U.S. stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve’s most recent meeting showed the central bank is “in a position to proceed carefully.”

All three major U.S. stock indexes ended slightly lower, with the tech-laden Nasdaq down the most ahead of Nvidia’s results after the closing bell. The chipmaker forecast fourth-quarter revenue above estimates. Its shares were last slightly lower in extended trading.

The S&P 500 and the Nasdaq both snapped five-day winning streaks.

On the economic front, existing home sales tumbled to their lowest level in more than 13 years as rising mortgage rates and low inventories kept potential homebuyers on the sidelines.

The Dow Jones Industrial Average fell 62.75 points, or 0.18%, to 35,088.29, the S&P 500 lost 9.19 points, or 0.20%, to 4,538.19 and the Nasdaq Composite dropped 84.55 points, or 0.59%, to 14,199.98. - Reuters