Share Market Highlights 23 November 2023: Sensex, Nifty end flat; auto stocks shine

The rupee slipped by 2 paise to settle at 83.34 (provisional) against the US dollar on Thursday due to FII outflows and weak local equities.

Oil prices sliding more than 1 per cent and the US currency trading lower against its major global rivals restricted the rupee’s fall, forex dealers said.

IDFC First Bank gained 1.26% to trade at Rs 84.25 on NSE.

Tilaknagar Industries Limited informed that its promoter, Amit Dahanukar, has informed the company regarding sale of 30 lakh equity shares of the company held by him, representing 1.56% of the total paid up capital of company, for the purpose of release of pledge on the equity shares of the promoters of the company.

Lupin is in receipt of USFDA’s ANDA approval for Bromfenac Ophthalmic Solution, 0.07%, to market a generic equivalent of Prolensa Ophthalmic Solution, 0.07%, of Bausch & Lomb Inc; and a tentative approval for Canagliflozin Tablets, 100 mg and 300 mg.

The NCLT-Mumbai bench has approved the Scheme of Amalgamation of Motherson Consultancies Service Limited and Motherson Invenzen Xlab Private Limited and Samvardhana Motherson Polymers Limited and MS Global India Automotive Private Limited (collectively referred to as transferor companies) with Samvardhana Motherson International Limited.

Equity benchmarks BSE Sensex and NSE Nifty closed on a flat note on Thursday. While auto majors such as Hero MotoCorp, Bajaj Auto and Eicher Motors gained, Cipla, Ultra Tech Cement and SBI Life Insurance remained laggards within the Nifty50 pack.

The Sensex closed 5.43 points lower at 66,017.81 and Nifty declined 9.85 points to 19,802.

The broader market ended in green. BSE SmallCap gained 0.44 per cent, BSE MidCap (0.15 per cent) and BSE 500 (0.07 per cent).

The board of Mphasis has approved allotment of 21,566 shares against exercise of Employee Stock Options (ESOPs) and 34,355 shares against Restricted Stock Units (RSUs), respectively. The stock is trading flat at Rs 2,351.40 on NSE.

Shoppers Stop has informed about the resignation of Ajay Chablani from the position of Customer Care Associate & President- Private Brands of the Company. The stock inches up by 0.47% on the NSE, trading at ₹666.65.

Sudarshan Chemical Industries has launched a new product - Sumica Bright Silver 41137 - in the domestic and international market. The stock trades at ₹461.80 on the NSE, down by 0.21%.

Gandhar Oil Refinery (India) IPO has been subscribed 12.60 times as of 3:03 pm on November 23, 2023. The QIB portion has been subscribed 3.05 times, NII 20.33 times, and retail 14.56 times. The issue closes tomorrow.

Fedbank Financial Services IPO has been subscribed 0.77 times as of 3pm on November 23, 2023. The QIB portion has been subscribed 0.56 times, NII 0.36 times, retail 1.06 times, and those reserved for employees at 0.69 times. The issue closes tomorrow.

Flair Writing Industries IPO has been subscribed 4.94 times as of 3 pm on November 23, 2023. The QIB portion has been subscribed 1.33 times, NII 7.34 times, and retail 5.97 times. The issue closes tomorrow.

IREDA IPO has been subscribed 30.55 times as of 3 pm on November 23, 2023. The QIB portion has been subscribed 77.95 times, NII 22.57 times, retail 7.05 times, and those reserved for employees at 8.72 times. The issue ends today.

Tata Technologies IPO has been subscribed 12.41 times as of 2:57 pm on November 23, 2023. The QIB portion has been subscribed 6.89 times, NII 24.75 times, retail 9.85 times, those reserved for employees at 2.09 times, and for shareholder at 17.16 times. The issue closes tomorrow.

Major gainers: Hero Motocorp (4.38%); Bajaj Auto (2.92%); BPCL (1.36%); Eicher Motors (1.23%); IndusInd (1.19%)

Major losers: Cipla (-7.87%); Ultratech (-1.65%); LTIMindtree (-1.51%); SBI Life (-1.46%); LT (-1.44%)

Life Insurance Corporation of India shareholding Engineers India Ltd. has decreased from 5.155% to 3.122% of the paid-up capital of the said Company.

Engineers India stock rises by 1.14% on the NSE, trading at ₹146.40.

Life Insurance Corporation of India has announced that its shareholding Dr Reddy’s Laboratories diluted from 7.627% to 5.593% of the paid-up capital of the said Company.

LICI stock trades at ₹610.40 on the NSE, up by 0.27%.

Dr Reddy’s stock trades at ₹5,633.45 on the NSE, down by 0.55%.

Easy Fincorp has decided to re-appoint Subir Das as Chief Financial Officer (CFO) of the Company for the period of One (1) year with effect from December 1, 2023. The stock is up by 4.66% on the BSE, trading at ₹938.90.

Mukta Arts stock surges by 4.99% on the BSE, trading at ₹82.68. Its Baharain-based subsidiary Mukta A2 Multiplex WLL entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia.

Crompton Greaves Consumer Electricals has informed about the launch of product - ACGRH INSTA GENIAL - under PTC room heater category. The stock is down by 0.42% on the NSE, trading at ₹287.95.

Varun Beverages has informed about the appointment of Rohit Vishal Gupta as Chief Human Resources Officer (CHRO) and Vishwas Agarwal as Chief Operating Officer (COO) for East & Central region.

The stock rises by 3.19% on the NSE, trading at ₹1,064.30.

The Reserve Bank of India’s recent moves requiring banks and non-bank financial institutions (NBFIs) to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, says Fitch Ratings. This should also reduce the potential for the rising appetite for such lending to weaken financial system stability.

Indian-owned Hexaware Technologies, a global provider of IT and digital solutions, has marked the next phase of its UK expansion by opening a new Birmingham-based facility, with plans to create 250 jobs. The facility at 3, Brindleyplace was officially opened by West Midlands Mayor, Andy Street, who took part in a ribbon cutting and traditional Indian lamp lighting ceremony.

State Bank of India has informed the exchange regarding ‘stake sell in SEPC Ltd’. SBI stock trades at ₹560.05 on the NSE, up by 0.20%.

South West Pinnacle Exploration Limited has received a work order from Hindustan Copper Limited for surface exploratory diamond core drilling & associated activities in the state of Rajasthan. The aggregate value of work is ₹38 crore.

South West Pinnacle stock trades at ₹179.60 on the BSE, down by 0.06%.

Meanwhile, Hindustan Copper stock rises by 1.64% on the NSE, trading at ₹160.70.

Genesys International stock trades at ₹362.40, up by 0.26% on the NSE, after it signed a pact with Survey of India to leverage its resources for building digital twins of major towns and cities in the country.

The United States Food and Drug Administration has recommended that drugmaker Cipla engage a consultant to assist in meeting the current Good Manufacturing Practices ( cGMP) requirements.

The recommendation is part of the USFDA’s warning letter to Cipla, following cGMP violations at its Pithampur plant in Indore (Madhya Pradesh). The regulator has raised multiple issues including data integrity, bacterial contamination, among other things, and this has industry analysts concerned on the possible escalation of the situation to an import alert. Cipla shares were down over 6.5 percent on the development, at ₹1188.20 on the BSE, at 12. 58.

Affle (India) Limited has additionally filed 10 new patents. The stock rises by 1.56% on the NSE, trading at ₹1,084.

Automotive (auto) dealers will see revenue accelerate 8-10% this fiscal, driven by 5-7% increase in sales volume, premiumisation and price hikes of 2-5% by original equipment manufacturers (OEMs), a CRISIL Ratings analysis of 150 auto dealers indicate.

Today, saw a positive start for the major indices, with the NSE Nifty 50 opening at 19,828, indicating a 0.08% increase, and the BSE Sensex kicking off at 66,084 , showing a gain of 61 points. Despite a relatively narrow range of movement, the market exhibited resilience.

The Nifty experienced a strong recovery in the latter half yesterday and closed above the 19,800 mark. Today, it is expected that the Nifty will trade in the range of 19,800 to 19,900 levels. In contrast to the Nifty, the Bank Nifty showed underperformance for the second consecutive day. It is anticipated that the Bank Nifty will consolidate around the current levels, considering the substantial open interest in both the 43,500 Call and Put options for the day.

360 ONE Wealth, one of India’s leading wealth management firms, announced the appointment of Satheesh Krishnamurthy as the CEO of the high net worth business, a digital-led wealth management proposition for the high net worth segment.

· Parinaz Vakil, who has been with 360 ONE Wealth for more than a decade, has been appointed as Head of Digital Products for the High Net Worth business led by Satheesh. She has vast experience in leading the Family Office & Client Analytics team besides developing digital programs focused on client and relationship manager journeys.

Prestige (3.47%); Sobha (2.39%); Oberoi Realty (2.34%); Brigade (1.54%

Fedbank Financial Services IPO has been subscribed 0.56 times as of 12:51 pm on November 23, 2023. The NII portion has been subscribed 0.32 times, retail 0.97 times, and those reserved for employees at 0.62 times. The issue closes tomorrow.

Honasa Consumer (19.99%) Nandan Denim (14.94%) 3i Infotech (13.93%) Man Infraconstruction (12.98%) Munjal Auto Industries (12.79%)

Among the relatively better-performing mutual fund categories, focused equity funds have demonstrated a reasonably robust record of delivering well across cycles.

In this regard, being large-cap oriented has in general helped focused funds in staying relatively moderate on the risk front. They have weathered market gyrations and many have beaten standard benchmarks over the years.

Akshar Spintex is in receipt of order from Beximcorp Textiles worth ₹171 crore.

The stock trades at ₹7.25 on the BSE, down by 1.49%.

The noon trade saw the Sensex and Nifty trading within a range. The BSE Sensex slid 5.76 points (0.01%) to 66,017.48, while the NSE index dropped 11.40 points (0.06%) to 19,800.45 post fresh U.S. data indicating an economic slowdown, fostering positive interest rate prospects.

Top gainers on the NSE at noon: Hero Motocorp (3.55%), Bajaj Auto (2.70%), Eicher Motors (1.59%), IndusInd (1.52%), Wipro (0.61%). Major losers: Cipla (-7.04%), Divi’s Lab (-1.64%), Ultratech (-1.32%), SBI Life (-1.16%), Hindalco(-0.94%).

At the same time, BSE witnessed 2,065 advancing stocks, 1,424 declines, and 178 stocks unchanged, with a total of 3,667 stocks traded. There were 224 stocks at a 52-week high and 20 at a 52-week low.

Major gainers on the NSE at 12:

Hero Motocorp (3.55%); Bajaj Auto (2.70%); Eicher Motors (1.59%); IndusInd (1.52%); Wipro (0.61%)

Major losers:

Cipla (-7.04%); Divi’s Lab (-1.64%); Ultratech (-1.32%); SBI Life (-1.16%); Hindalco(-0.94%)

Stocks advanced on BSE at 12 noon on November 23, 2023, were 2,065 against 1,424 stocks that declined; 178 stocks remain unchanged. Total stocks traded were 3,667. The number of stocks that recorded a 52-week high was 224, and those that hit a 52-week low was 20.

Alphalogic Industries has received in-principle approval from BSE for proposed bonus issue in the ratio of 1:1 at the face value of ₹10 each held. The stock tumbles by 5% on the BSE, trading at ₹319.30

Cosmo Ferrites has announced the appointment of Sanjay Gupta as Chief Financial Officer. The stock rises by 4.98% on the BSE, trading at ₹228.55.

Thermal power plants (TPPs) imported 65 per cent more coal on a monthly basis during October 2023 as India’s power consumption surged aided by rising industrial and domestic use.

The scenario prompted the Power Ministry to mandate a higher level of blending with imported coal at 6 per cent from 4 per cent earlier.

TPPs with a cumulative capacity of more than 180 gigawatts (GW) imported 7.50 million tonnes (MT) of coal for blending last month against 4.54 MT in the year-ago period, a growth of 65 per cent Y-o-Y, government data showed.

Promoter entity of integrated sugar producer EID Parry (India) on Wednesday divested a 2.27 per cent stake in the company for ₹190 crore through an open market transaction.

EID Parry is a part of the Murugappa Group.

Bank Nifty opened today’s session 43,452.75 versus Wednesday’s close of 43,449.60. It is now at 43,580, up 0.3 per cent. The market breadth also paints a bullish picture – the advance/decline ratio of the index stands at 10/2.

The board of Edelweiss Financial Services Limited has allotted 88,750 equity shares of face value of ₹1 each in accordance with the provisions of Edelweiss Employees Stock Incentive Plan, 2011. The stock trades at ₹62.60 on the NSE, down by 0.32%.

Flair Writing Industries IPO has been subscribed 3 times as of 11:09 am on the November 23, 2023. The QIB portion has been subscribed 0.53 times, NII 4.11 times, and retail 3.93 times. The issue closes tomorrow

IREDA IPO has been subscribed 5.76 times as of 11:06 am on November 23, 2023. The QIB portion has been subscribed 2.71 times, NII 10.94 times, retail 5.28 times, and those reserved for employees at 6.14 times. The issue ends today.

The Nifty 50 (19,815) opened today’s session at 19,828.45 versus yesterday’s close of 19,811.85. It is now at 19,805.

Like the benchmark index, the mid-cap indices appear flat after the initial hour of trade. Interestingly, though, the small-cap indices are in the green. For instance, the Nifty Midcap 50 is flat, whereas the Nifty Smallcap 50 is up 0.8 per cent.

Tata Technologies IPO has been subscribed 8.73 times as of 11 AM on November 23, 2023. The QIB portion has been subscribed 4.11 times, NII 16.69 times, retail 7.47 times, those reserved for employees at 1.58 times, and for shareholder at 12.62 times. The issue closes on Nov. 24.

Today is the last Day to Purchase Shares to Participate in Tata Consultancy Services’ buyback, as the shares will turn ex-date for buyback tomorrow. Shareholders whose name is on its record book on November 25 can only participate in the mega buyback.

TCS on October 11 had announced to buyback up to 4.10 crore shares at ₹4,150 a share worth ₹17,000 crore.

Major gainers: PCBL (5.95%); Kiri Industries (5.89%); EID Parry (5.16%); SW Solar (4.99%); RattanIndia (4.93%)

Major losers: Rategain (-8.29%); Tube Investments (-7.29%); Cipla (-4.72%); Mas Financial (-3.44%); NIACL (-3.06%)

Teamo Productions HQ has announced wrapping up Vrindavan film shooting schedule. The stock is down by 0.83% on the NSE, trading at ₹10.81.

Crude oil futures traded lower on Thursday morning as the OPEC (Organisation of the Petroleum Exporting Countries) cartel, known as OPEC+, postponed its ministerial meeting that was originally scheduled for November 26 to the month-end. Official data from the US also showed an increase in crude oil inventories in that country.

At 9.53 am on Thursday, January Brent oil futures were at $80.88, down by 1.08 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $76.18, down by 1.19 per cent.

Lupin launches fixed-dose triple combination drug, Vilfuro-G for the effective management of chronic obstructive pulmonary disease. The stock declines by 2.21% on the NSE, trading at ₹1,191.70.

Prevest Denpro Limited has launched its oral care product segment, Oradox, at the World Dental Show. The stock rises by 1.63% on the BSE, trading at ₹429.

The Indian Rupee ended marginally stronger against the greenback on Wednesday aided by IPO-related inflows, but gains were capped amid importers U.S. dollar demand.

Additionally, Reuters reported that two large foreign banks were also seen bidding for dollars, likely on behalf of custodial clients and capped gains.

The rupee finally settled at 83.3200 against the U.S. dollar, marginally stronger than its close at 83.3550 in the previous session.

The Dollar and the benchmark bond yields also edged higher while most Asian currencies weakened and kept gains in check of the local currency this Wednesday.

From an intraday perspective, the Indian Rupee could start flat this Thursday morning and continue to witness lacklustre trade this Thursday’s session as holidays in Japan and U.S. will keep volumes muted.

Most Asian peers have started marginally stronger this early Thursday morning and aid sentiments.

But persistent dollar demand from importers and other market participants will cap gains for the local unit.

The NDF market is indicating that the Rupee could open around 83.3000 to 83.3200 against the Dollar compared with 83.3200 in the previous session and the range for the session is between 83.1800 to 83.4400.

Among other pairs, we expect GBPINR, the EURINR and the JPYINR spot pairs to remain range bound to higher this Thursday’s trade.

Moving onto the overseas markets, the U.S. Dollar gained on Wednesday despite mixed data.

U.S. durable goods fell more than expected but jobless claims fell sharply which suggests that the labour market is not cooling as quickly as markets, or the Fed might have been expecting.

The Dollar also gained after the University of Michigan’s survey of consumer sentiment showed U.S. consumers’ inflation expectations rose for a second straight month in November.

The Euro eased against the Dollar on Wednesday after ECB policymakers’ dovish comments on the rate cycle.

The Sterling eased against the Dollar on Wednesday but were off session lows after British finance minister Jeremy Hunt announced tax cuts for workers before an expected 2024 election.

The Japanese Yen weakened against the Dollar on Wednesday on broad greenback recovery.

From an intraday perspective, the currency markets trading could be muted by holidays in Japan and the United States on Thursday.

Intraday, the Dollar Index could trade in the $103.50 to $104.25 range.

The Euro and the Sterling and the Yen started stronger against the greenback this early Thursday morning trading.

Intraday, the Euro could trade in the $1.0850 to $1.0925 range, while the Sterling could trade in the $1.2445 to $1.2545 range and the Yen could in the $148.40 to 150.20 range this Thursday.

International and domestic copper prices tumbled on Wednesday pressured by a stronger dollar as investors took profits ahead of the Thanksgiving break in the U.S.

Meanwhile, a slight pullback in the Yangshan copper premium suggested that manufacturers may have eased the purchasing activity from recent weeks, potentially offering some respite for inventories after the latest data pointed to shrinking stocks.

Most other metals on LME also fell on Wednesday, tracking copper.

From an intraday perspective, LME copper has started marginally stronger this early Thursday morning in Asian trade as the Dollar eased this Thursday morning.

Additionally, firm demand expectations supported by China stimulus could also keep downside capped.

Most other base metals on LME also started stronger this early Thursday morning in Asian trade.

Intraday, the range for LME copper is $8,325 to $8,455, while that for MCX copper December is 718 to 723.

International and domestic futures closed lower on Wednesday after a report showed another rise in US inventories.

Data from EIA showed U.S. oil inventories rose by 8.7-million barrels last week while US production stayed at a record 13.2-million bpd.

Meanwhile, Bloomberg news reported OPEC and its allies have postponed a meeting scheduled for Sunday to November 30 amid reports that disputes arose over output quotas for African members including Angola and Nigeria.

From an intraday perspective, Brent crude oil prices have started stronger but could witness lackluster trade this early Thursday morning in Asian trading due to the Thanksgiving holiday in the U.S.

The range for the ICE Brent January is $79.30 to $83.45, while that for MCX December crude futures is 6,185 to 6,525.

NYMEX and domestic gas futures gained on Wednesday after the EIA reported a 7 Bcf draw last week from natural gas storage to 3,826 Bcf, versus expectations of a small increase.

Prices have been pressured by high levels of supplies and near record US production, while mild weather has persisted across much of the US, limiting demand.

From an intraday perspective, NYMEX is shut for a Thanksgiving holiday in the U.S., but domestic gas prices could remain range bound this Thursday morning.

The range for MCX natural gas December contract is 249 to 256. -- Sriram Iyer, Senior Research Analyst at Reliance Securities for your reference

International gold and silver prices eased on Wednesday as the dollar and treasury yields rose ahead of the holiday.

Domestic MCX futures also closed lower on Wednesday, tracking overseas prices.

Expectations that the Federal Reserve will pause rate hikes limited the slide in bullion.

On the economic calendar front, data was mixed as durable goods orders fell more than expected, but jobless claims fell sharply on Thursday.

However, further evidence of a slowing economy strengthened calls for the Fed to loosen its monetary policy and capped downside in bullion.

From an intraday perspective, LBMA spot gold and silver started marginally stronger this early Thursday morning Asian trading but could witness lackluster trade this Thursday due to the Thanksgiving holiday in the U.S.

COMEX is shut today and no major triggers today, so markets could be range bound.

Intraday, the range for LBMA spot gold is between $1,983 to $2,002, while LBMA spot silver is $23.450 to $23.855.

Domestically, the range for MCX gold February is 61,250 to 61,635, while that for MCX silver March is 74,110 to 75,010. -- Sriram Iyer, Senior Research Analyst at Reliance Securities for your reference

Tata Steel Limited has approved the allotment of 7,58,00,309 fully paid-up equity shares of the Company of face value ₹1 each to eligible shareholders of Tata Steel Long Products Limited (TSLP). The stock is up by 0.12% on the NSE, trading at ₹126.25.

GE Power India informed that the ICRA Limited (Credit rating agency) has revised the Long-term rating for Line of Credit as [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), reaffirmed the outlook to Negative and short-term rating for Line of Credit as [ICRA]A3+ from [ICRA]A2.

The stock jumps by 8.52% on the NSE, trading at ₹239.40.

The domestic stock market will hit new highs in the next six months and rise over 10 per cent from here by end-2024, driven by a sustained expansion in the fastest-growing major economy, according to a Reuters poll of equity strategists.

Those same strategists also said in response to an extra question value stocks, which have trailed overall equity performance in recent years as investors chased technology and other shares, will outperform growth stocks.

The benchmark BSE Sensex index touched an all-time high of 67,927.23 in September, recording the longest streak of gains in 16 years. The index has since dropped around 3 per cent, but was still up almost 8 per cent for the year.

Servotech Power Systems stock rises by 3.52% on the NSE, trading at ₹78 after it bagged 2649 AC EV charger orders from Bharat Petroleum Corporation Limited (BPCL).

BPCL stock is up by 0.36% on the NSE, trading at ₹403.55.

TVS Motor stock inches up by 0.99% on the NSE, trading at ₹1,756.60 following its entry into Vietnam in collaboration with Minh Long Motors – its distribution partner.

Welspun Corp stock inches up by 0.65% on the NSE, trading at ₹541.40. Its wholly owned subsidiary, Sintex BAPL, had received Odisha Government’s nod for its proposal to invest ₹479.47 crore for establishing a manufacturing unit for CPVC, UPVC, SWR, Agri Pipes, PVC fittings and Plastic tanks with annual capacity of 37,520 MT in Sambalpur, Odisha.

BCPL Railway Infra stock inches up by 0.65% on the BSE, trading at ₹107.50 following the receipt of an electrification project under Gati Shakti Sealdah Division of Eastern Railway.

Garden Reach Shipbuilders & Engineers has signed an MoU with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) to develop Electric Tugs E-VOLT 50.

GRSE stock rises by 2.10% on the NSE, trading at ₹822.

Strides Pharma stock inches up by 0.73% on the NSE, trading at ₹490.40 following its approval for Sodium Sulphate, Potassium Sulphate and Magnesium Sulphate Oral Solution 17.5g/ 3.13g/ 1.6g per 6 ounces (Product) from USFDA.

Major gainers on the NSE at 9:30 am:

Bajaj Auto (2.54%); Hero Motocorp (1.40%); Eicher Motors (1.34%); Wipro (0.90%); UPL (0.82%)

Major losers:

Cipla (-1.35%); Ultratech Cement (-0.70%); Hindalco (-0.49%); ONGC (-0.34%); Dr Reddy (-0.26%)

DLF: Targeting 12-15% pre-sales CAGR over medium term; Exploring additional TOD potential in Gurugram and Chandigarh

We expect the pre-sales run-rate to recover in 2H driven by the launch of multiple projects in luxury/premium category in NCR with GDV potential of INR120b. It can clock bookings of INR155b in FY24, flat YoY and company is constantly evaluating its 147msf land bank with a target of sustaining 12-15% growth in pre-sales over the medium term.

Additionally, following our recent discussion with the management, the company is evaluating ~65msf of TOD potential available in Gurugram and Chandigarh.

It anticipates utilizing at least 20-25msf, thereby raising the total land potential to ~170msf. We’ve adjusted the increased land bank potential being explored by the management and thus our calculated land value has surged to INR790b from the earlier INR630b which is slightly higher than implied value of INR730b leaving little room for upside.

We maintain Neutral rating with an increased TP of INR650.

Expects market to open on a positive note on account of smart rally in the US market, fall in US 10-Year bond yield to nearly 3-month low at 4.36% and US Vix (Volatility Index) decline to over 2-month low at below 13 level. Better than expected consumer sentiment data, fall in US Jobless data and strong quarterly earnings by Chip maker Nivda lifted US market up to 0.5%.

Gift Nifty is flat to positive. Expects market will be range-bound due to lack of major events in the next few days. US Market will be shut on Thursday on account of Thanksgiving Day while US market will be half day on Friday. On the other hand, domestic markets will be closed on Monday on 27th Nov. Nifty November series expiry on next Thursday or 30th November. However, positive factor that the Nifty is holding above 19800 level.

Oil – Brent Crude declined 2% to $81/bbl for a second as US inventories expanded and discord within OPEC+ forced the group to delay its upcoming meeting, quelling speculation of further production cuts. OPEC+ meeting will be held on 30th November from earlier was 26th November.

Gold – Gold slipped 0.5% to $1992/ounce as bond yields gained after fresh US data showed a further increase in consumer year-ahead inflation expectations, with investors assessing a slew of reports this week to gauge the Federal Reserve’s next steps on interest rates.

NIFTY-50 OUTLOOK

· NIFTY-50 traded volatile with sharp pullback from the support of 19,700 levels and closed higher to close near the higher end of the range.

· We expect volatility to increase with respect to the expiry day and will extend the up move to 20,000 levels while on the downside support is placed at 19,700 levels.

· RSI is inching upwards holding its average line and other key technical indicators are in positive momentum.

· Highest call OI has moved to 19,900 strike while on the downside the highest put OI has moved higher to 19800 for the weekly expiry.

BANK NIFTY OUTLOOK

· BANK NIFTY opened lower on back of weakness in psu banking stocks and witnessed further decline to test the lower range of 200 day average.

· A either side move could be expected over the next days as near to long term support averages and crossover of 43,800 will give a up move.

· RSI is trending below the average line and other key technical indicators are oversold on short term frames.

· Bank Nifty 43,500 CE has the highest OI while on the downside it has the same strike for the put OI of 43,500.

-- Vikas Jain, Senior Research Analyst at Reliance Securities

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The distinctive near-term trend in the market is the narrowing range of the market. The market is exhibiting resilience within this narrow range movement. Within the range, the buy on dips strategy is working. The market is waiting for triggers for a breakout, which may come with the state election results. If the state election results confirm political stability after the General elections in 2024, a pre-election rally is likely to begin. The 10-year US bond yield hovering around 4.40 percent and the declining volume of FII selling augurs well for the market. Leading banking stocks weighed down by sustained FII selling and the recent RBI action increasing the risk weighting on unsecured loans are good long-term buys for patient investors.”

Indian benchmark indices, Sensex and Nifty, commenced higher on Thursday, mirroring gains in the US. This surge followed encouraging economic data, fostering hope that the Federal Reserve might cease interest rate hikes.

The BSE Sensex rose 102.49 points to 66,125.73, while the NSE Nifty climbed 33.05 points to 19,844.90 in early trade.

Among Nifty stocks, Bajaj Auto, Eicher Motors, Adani Ports, Asian Paints, and Tata Consumer saw gains, whereas Cipla, Hindustan Unilver, Kotak Mahindra Bank, UltraTech Cements, and Maruti lagged.

Wall Street closed with gains, driven by various economic indicators signaling a softening US economy due to the Fed’s policy tightening, yet exhibiting resilience against recession.

Asian markets had a flat opening today. Brent crude prices neared $81 per barrel after OPEC and allies postponed a crucial ministerial meeting, initially slated for Nov. 26, now rescheduled to Nov. 30, to discuss potential oil output cuts.

The drop in crude prices bodes well for import-reliant countries like India.

Foreign institutional investors offloaded Indian shares worth Rs 307 crore, while domestic institutional investors bought shares valued at Rs 721 crore on Wednesday.

Prashanth Tapse’s market outlook: Despite GIFT Nifty hovering near critical levels, our forecast remains bullish. Two major factors driving this are a 4% fall in WTI Oil prices to $74.50/barrel due to a delayed OPEC+ meeting and Wall Street’s resilience post-hawkish FOMC minutes. Bullish sentiment strengthens if Nifty closes above 19,889, potentially signaling a positive trend for Dalal Street and global markets. Anticipated support at 19,681 offsets corrective declines. Options data suggests a trading range of 19,300-19,800 for Nifty. Recommended trades involve buying at current levels for Nifty and Bank Nifty, with set stops and targets. Notably, our chart analysis favours Indigo, Muthooth Finance, Tata Consumer, and Titan on intraday dips. Immediate action could involve buying NTPC at CMP 254, setting a stop at 247, and targeting 261/266, with an aggressive target of 277, following an intermonth strategy due to its momentum.

Crude oil futures traded lower on Thursday morning as OPEC (Organisation of the Petroleum Exporting Countries) and its allies, known as OPEC+, postponed its ministerial meeting that was originally scheduled for November 26 to the month-end. Official data from the US also showed an increase in crude oil inventories in that country. At 9.09 am on Thursday, January Brent oil futures were at $80.78, down by 1.44 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $76.09, down by 1.39 per cent. December crude oil futures were trading at ₹6347 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6363, down by 0.25 per cent; and January futures were trading at ₹6382 as against the previous close of ₹6396, down by 0.22 per cent.

Honsa TGT by Jef 530 from 520. Bajaj Auto TGT by Morgan Stanley at 6229 and JP Morgan TGT at 6409. Adani Port TGT by Goldman Sachs at 855. CLSA TGT on Tata Motor at 841. TVS Motor TGT by JP Morgan at 1830. CLSA TGT on Tata Steel at 145.

Bank Nifty Technical Levels – Banking index has been underperforming from the past few sessions and ended with losses of around 240 points below 43500 zones. Now till it holds below 43650 zones some weakness could be seen towards 43333 then 43000 level while on the upside hurdle is seen at 43750 then 44044 zones.

Nifty Technical Levels – Nifty formed a Bullish Hammer candle on daily scale with long lower shadow indicating support based buying but broke its higher lows formation of the last five sessions. Now it has to hold above 19800 zones, for an up move towards 19950 then 20000 zones whereas supports are placed at 19750 then 19650 zones.

Gold – Gold slipped 0.5% to $1992/ounce as bond yields gained after fresh US data showed a further increase in consumer year-ahead inflation expectations, with investors assessing a slew of reports this week to gauge the Federal Reserve’s next steps on interest rates.

Oil – Brent Crude declined 2% to $81/bbl for a second as US inventories expanded and discord within OPEC+ forced the group to delay its upcoming meeting, quelling speculation of further production cuts. OPEC+ meeting will be held on 30th November from earlier was 26th November.

Gold prices edged higher on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion.

* Spot gold was up 0.1% at $1,992.59 per ounce, as of 0143 GMT, after hitting a three-week high of $2,007.29 on Tuesday.

* Spot silver was flat at $23.63 per ounce, while platinum was little changed at $922.73. Palladium eased 0.1% to $1,056.63 per ounce. - Reuters

Strides Pharma: Company receives USFDA approval for generic Suprep® Bowel Prep Kit || It has US sales of $143M

The initial public offering of Federal Bank’s subsidiary, Fedbank Financial Services, was subscribed 38 per cent at the end of Day 1 on Wednesday. The IPO received bids for 2.14 crore shares, against 5.59 crore shares on offer, according to BSE data.

The public issue, with a price band of Rs 133-140 a share, will close on Friday.

“Gift Nifty teeters near dotted lines, but our prediction signals robust gains for Nifty. Two key catalysts include a 4% drop in WTI Oil prices to $74.50/barrel due to a delayed OPEC+ meeting and Wall Street’s resilient climb despite hawkish FOMC minutes. Technically, victory for bulls looms as Nifty eyes closure above the critical 19,889 level. Notably, breaching 19,889 could usher in a bullish Christmas for Dalal Street and global markets. Any corrective declines to Nifty at 19,681 are anticipated to find substantial support. Options data suggests a likely Nifty trading range of 19,300-19,800. The preferred trades for Nifty and Bank Nifty involve buying at current levels with specified stops and targets. Also, our chart of the day favours INDIGO, MUTHOOTH FINANCE, TATA CONSUMER, and TITAN on intraday weakness. For immediate action, consider buying NTPC at CMP 254 with a stop at 247 and targets at 261/266, including aggressive targets at 277, employing an intermonth strategy due to its momentum play.” -- Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

KMB’s stock price dropped c4% in the past three years, over which its 1-year forward core P/B has de-rated from 4.8x to 2.7x despite core RoE recorded in FY23 being 80bps higher than the 13.4% reported in FY20. Core RoA improved from 1.7% in FY20 to 2.3% in FY23, as leverage dropped from 7.7x to 6.1x. We noted in our Jun-22 IC, “…an increasing concern among investors about sub-par ROEs as it is clear that dilutions alone cannot deliver compounding”. We also noted at that point that core RoE of 18% remains very possible, with core leverage at c8x and sustainable core RoA of 2.1-2.3%. We also think that some dilution of its CASA% edge over most other large banks has not helped either with market verdict on valuations.

At 18% core RoE or with visibility of achieving the same in short order, we would have been happy to value KMB at 3.8-4x given CASA strength-driven low cost of equity profile. However, with this still a few years away from appearing, the proviso of continued growth commitment from management is an important one. With RBI raising risk weights on some of the growth-driving segments, the reaction of arguably the most risk-averse management is by no means a foregone conclusion. We revise our target multiple down to 3x from 3.6x to adjust for time value and higher uncertainty. This when applied to unaltered 1QFY26E core BVPS yields a new TP of INR2,140 (INR2,480 earlier). Asset growth trajectory remains key to our target multiple prognosis. Maintain BUY

This is the first note in our new series Corner Office View, which offers interviews/meeting notes with CEOs, founders, and leaders of our coverage companies. We will bring you curated views from companies across multiple sectors. We recently met Jairam Sridharan, MD - Piramal Capital & Housing Finance, for an update on the developments in the company as well as in the NBFC sector amid the recent regulatory changes by the RBI in unsecured retail lending. Key views: i) The branch-led retail lending business is on track to deliver operating leverage, leading to OpEx-to-AUM reducing to ~3.5% in the next three years from ~6% now and retail RoA inching up, to ~3%. ii) The Wholesale 1.0 rundown remains in acceleration mode, with no negative surprise on credit costs. iii) Given the strong capital position (CRAR: 31% as of H1FY24) and the company’s proactive approach of slowing unsecured retail loans for the last 3 quarters, impact of the recent move by the RBI is likely to be negligible. iv) Considering the high capital base and the large Wholesale 1.0 book running down, RoE

DLF: Targeting 12-15% pre-sales CAGR over medium term; Exploring additional TOD potential in Gurugram and Chandigarh

- We expect the pre-sales run-rate to recover in 2H driven by the launch of multiple projects in luxury/premium category in NCR with GDV potential of INR120b. It can clock bookings of INR155b in FY24, flat YoY and company is constantly evaluating its 147msf land bank with a target of sustaining 12-15% growth in pre-sales over the medium term.

- Additionally, following our recent discussion with the management, the company is evaluating ~65msf of TOD potential available in Gurugram and Chandigarh.

- It anticipates utilizing at least 20-25msf, thereby raising the total land potential to ~170msf. We’ve adjusted the increased land bank potential being explored by the management and thus our calculated land value has surged to INR790b from the earlier INR630b which is slightly higher than implied value of INR730b leaving little room for upside.

- We maintain Neutral rating with an increased TP of INR650

National Bank for Agriculture and Rural Development has withdrawn its first bond offering for the current financial year as the bids for coupon were higher than what it was willing to pay, according to media reports.

State-owned NABARD had invited bids today for bonds maturing in three years. The issue had a base size of 20 bln rupees and a greenshoe option of 30 bln rupees.

The issuer received bids in the range of 7.00-7.75%, compared with 7.10% expected by bond dealers.

Central Depository Services, one of the leading depository service providers, has reported that it crossed handling over 10 crore demat accounts. As of September-end, it had 9.62 crore demat accounts.

CDSL received its certificate of commencement of business from SEBI in February 1999 and it facilitates holding and transacting securities in the electronic form and facilitates settlement of trades on stock exchanges.

Avantel Ltd.

Bonus issue 2:1

Previous day Closing Price – Rs. 351.05

Ex Bonus 24 November 2023 (Monday)

Last date Trade for Before Bonus Today

Ravalgaon Sugar Farm Ltd.

Stock Split Rs.Rs.50/- to Rs.10/-

Previous day Closing Price – Rs. 5510.7

Ex - Stock Split 24 November 2023 (Tomorrow)

Last day trade for before split Today

Rajkot-based ethnic snack co., Gopal Snacks Limited, a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).

The shares are offered at a face value of Re 1 and is entirely an offer for sale of equity shares worth up to Rs 650 crore by Promoters and other selling shareholders with no fresh issue of shares.

The offer for sale comprises up to Rs 100 crore by Bipinbhai Vithalbhai Hadvani, up to Rs 540 crore by Gopal Agriproducts Private Limited (Promoter Selling Shareholders), and up to Rs 10 crore by Harsh Sureshkumar Shah (Other Selling Shareholder). The offer also includes a reservation for subscription by eligible employees.

The offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual investors.

Warburg and True North is likely to sell shares worth Rs 1,000 crores today through Block Deal at a discount of about 4.9% to market price

The initial public offering of Federal Bank’s subsidiary Fedbank Financial Services was subscribed 38 per cent at end of Day 1 on Wednesday. The IPO received bids for 2.14 crore shares against the 5.59 crore shares on offer, as per BSE data.

The public issue, with a price band of Rs 133-140 a share, will close on Friday.

Buzzing Stocks: Tata Steel, Adani Green Energy, Genesys International, CE Info Systems, Shelby, BCPL Railway, GSPL, Cipla, CDSL, CG Power, Servotech Power, Welspun Corp, PowerGrid, Mukta Arts

The initial public offering of Indian Renewable Energy Development Agency Ltd will close for public today. The IPO has witnessed a strong response in the first two days itself. on Day 1 itself of issue by subscribing nearly 4.56 times.

Theissue comes out with a price band of ₹30-32. 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.

Tata Technologies was the most sought after issues among the five IPOs that are currently on. The ₹3,043-crore IPO was subscribed 6.54 times. Tata Technologies is the 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. Tata Technologies has reserved 20.28 lakh shares for its employees and 60.85 lakh shares for Tata Motors shareholders.

The IPO of Gandhar Oil Refinery (India) Ltd was grabbed by investors immediately, as the issue was subscribed over 5.5 times at the end of Day 1. The initial public offering of the company, which comes at a price band of ₹160-169., receiving bids for 11.73 crore shares as against 2.12 crore shares on offer.

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. The IPO closes for public subscription on Friday.

The initial public offering of Flair Writing Industries saw robust response from investors The Rs 593-crore IPO, which comes with a price band of Rs 288-304 a share and a market lot of 49 shares, was subscribed 2.18 times. The issue received bids for 2.32 crore equity shares as against 1.44 crore shares on the offer, as per data available on the exchanges.

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.

KEC International (KEC) posted revenue of Rs 17,282 crore in FY23, reporting a growth of 26 per cent. The growth was delivered by both T&D and Non-T&D businesses.

The order intake for the FY23 was at a record level of ₹22,378 crore, with a robust growth of 30 per cent y-o-y. The order intake has been contributed primarily by T&D, Civil, Railways, Cables, and Oil & Gas operations. The traction in order intake has significantly expanded the company’s closing order book to an all-time high of ₹30,553 crore. Additionally, It has an L1 position of over ₹3,500 crore, which is diversified across various businesses.

Finolex Cables’ (FCL) Q2-FY24 consol. revenue/EBITDA/PAT stood at ₹1,180 crore/₹150 crore/₹140 crore, +9/48/156 per cent y-o-y, respectively, albeit on an eroded base quarter. EBITDA beat our estimate by 10 per cent owing to better gross margin. Electrical cable/communication cable revenue stood at ₹980 crore/₹140 crore, +13 per cent/(14 per cent) y-o-y, respectively.

We increase our revenue/EBITDA/PAT estimates by 1-5 per cent over FY24F-25F and introduce FY26F estimates.

The International Spirits & Wines Association of India, a representative body of the national and international premium spirits and wine brands in the country, is talking to different State governments on adopting GI-tagging of products, including beverages, fruits and grains, used as the raw materials for the alcoholic beverages industry.

“More and more GI tagging of products will help get better prices in exports markets,” Nita Kapoor, Chief Executive Officer, International Spirits and Wines Association of India (ISWAI) told businessline.

InterGlobe Aviation, the company which operates IndiGo, said it will contest the orders and take appropriate legal remedies

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

BHEL

HINDCOPPER

IBULHSGFIN

INDIACEM

MANAPPURAM

MCX

NMDC

RBLBANK

ZEEL

The short-term outlook is bullish for FDC. The stock surged over 5 per cent on Wednesday and has closed on a strong note. This rise has taken the stock very well above the key intermediate resistance level of ₹400. The region between ₹402 and ₹396 will be a very strong support for now.

📌 Market Levels

BSE Sensex: 66023.24 (+92.47)

Nifty 50: 19811.85 (+28.45)

NIFTY MID CAP 100: 42027.10 (+143.60)

NIFTY SMALL CAP 100: 13689.95 (-167.85)

📌 Index PE & PBV

SENSEX PE / PBV : 23.39 / 3.40

NIFTY 50 PE / PBV :

21.17 / 3.47

NIFTY MIDCAP 100 PE / PBV : 22.51 / 3.37

NIFTY SMALLCAP 100 PE / PBV : 25.90 / 3.36

📌 Inflow/Outflow (Daily/MTD)

FII / FPI Activity: (306.56 crs) / (6764.05 crs)

DII Activity: 721.24 crs / 9925.95 crs

📌 Volatility Index

India VIX - 11.86

📌 Commodities

Brent Crude: $79.00

Gold USD Oz/10 gm: $1999.81 = INR 61224

Silver: INR 73233

📌 Currency

Rs/$: 83.32

US Dollar Index (DXY) - 103.94

📌 10 Year Yield

7.26% GOI 2033: 7.29% (Old)

7.18% GOI 2033: 7.24% (New)

US 10 Yr Yield - 4.39%

U.S. @ Market Holiday

14:00 EURO German Manufacturing PMI (Expected: 41.1 versus Previous: 40.8)

15:00 U.K. Flash Manufacturing PMI (Expected: 45.0 versus Previous: 44.8)

Futu Holdings Limited (Pre market) (Sector- Financial)

Johnson Controls International plc (TENT) (Sector- Construction)

Aegon Ltd. (TENT) (Sector- Financial)

NIO Inc. (TENT) (Sector- Automobiles)

*Researchbytes Analyst App *

https://play.google.com/store/apps/details?id=com.intelegain.rb

Bajaj Auto: Rajiv Bajaj, MD

Bajaj Auto’s Rajiv Bajaj On Are CNG Motorcycle Soon?

https://www.youtube.com/watch?v=gGnrtmm8bt4

Ugro Capital: Shachindra Nath, Executive CMD

U Gro Capital: Risk Management Strategy | Shachindra Nath

https://www.youtube.com/watch?v=xBonRmYljI4

IIFL Finance: Kapish Jain, CFO

RBI Tightens Lending Norms: Tier-1 Impact; IIFL Finance | Kapish Jain

https://www.youtube.com/watch?v=YD2rt0MDSy4

Thomas Cook: Madhavan Menon, MD

Thomas Cook’s Growth Engines Firing Up; Robust Travel Trends To Sustain? | Madhavan Menon

https://www.youtube.com/watch?v=PYOXnUH7UIs

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

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

At the opening of Asia’s markets on Thursday, there was cautious activity following a slight rise in US stocks and a decline in Treasuries, triggered by data indicating a sustained expectation of inflation among US consumers.

Japanese markets remained closed due to a holiday, while South Korea’s KOSPI index traded with a minimal change of 0.19% or 4.84 points at 2,516.54. Additionally, Australia’s S&P ASX200 index experienced a 0.46% drop, down by 32.50 points at 7,040.90.

The previous day, the Dow Jones Industrial Average climbed by 184.74 points (0.53%) to 35,273.03, the S&P 500 increased by 18.43 points (0.41%) to 4,556.62, and the Nasdaq Composite saw a rise of 65.88 points (0.46%) to 14,265.86.

U.S. stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient.

Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession.

The Dow Jones Industrial Average rose 184.74 points, or 0.53%, to 35,273.03, the S&P 500 gained 18.43 points, or 0.41%, at 4,556.62 and the Nasdaq Composite added 65.88 points, or 0.46%, at 14,265.86. - Reuters