Mohit Nigam, Fund Manager & Head - PMS, Hem Securities:
Benchmark indices broke a 3 days losing streak and closed in green with Nifty 50 closing +0.46% and Sensex closing +0.45% led by strong buying in PSU banks. Some selling pressure was witnessed in power and realty names.
IndusInd Bank and JSW steel were the top gainers while BPCL and Nestle were the top losers in Nifty 50 today. INR also edges up after 4 day continuous decline.
Overall we believe that Indian markets are trading in a positive trend backed by strong corporate earnings, easing supply constraints, cooling commodity prices and strong demand across various sectors. Investors should use any significant dip as a strong opportunity to buy in these markets.
On the technical front, immediate support and resistance in Nifty 50 are 18000 and 18400 respectively. Immediate support and resistance in Bank Nifty are 41950 and 43000 respectively.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty has stepped into a short term consolidation & the overall structure shows that the consolidation is here to stay for the next 1-2 weeks. Within this consolidation, the Nifty is expected to witness swings in both the directions.
In the last couple of sessions, it had formed the first leg on the downside & had reached near the 20 DMA. Consequently, the Nifty went for a bounce back today, which can take the Nifty to the hourly upper Bollinger Band, which is near 18300.
Over there, the index is likely to attract selling pressure again. Overall, short term consolidation is expected in the range of 18000-18450.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
Uncertainties in regard to tighter monetary policy in the US and rising COVID-19 cases in China have been weighing on our domestic Indices. Against such backdrop, the benchmark index opened the day with minor gains and in the process, Nifty reached the lower end of the gap area coinciding with the 20-DMA and yesterday’s low, witnessing buying interest and it closed the day with a gain of 0.46% at 18244.
Though the crucial support level for the market continues to remain at the psychological level of 18000-18040.
In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap Index shed 0.12%. On the BSE, 1,649 shares rose, and 1807 shares fell while a total of 152 shares were unchanged. PSU Banks, Metal, and IT stocks were in demand while Realty and Energy shares corrected.
Shrikant chouhan, Head of Equity Research ( Retail), Kotak Securities
Despite a sluggish start, indices recovered to end with smart gains, mainly aided by a recovery in European markets. With two days to go for the monthly expiry to end, short covering came into play which rescued the markets. Globally, Chinese lockdown, rising interest rates and slowing demand will continue to weigh on the markets in the near to medium term.
Technically, after a three days price correction, the Nifty found support around 18150 and also formed a small bullish candle on daily charts. The 10-day SMA (Simple Moving Average) of 18272 would be the immediate hurdle for bulls. Above the 10-day SMA level of 18272 the index could move to 18370 and further upside could lift it to 18420.
Vinod Nair, Head of Research at Geojit Financial Services:
After three days of risk aversion, the domestic market experienced a relief rally in response to a bullish trend in global markets.
The tight COVID lockdown in China, however, has negatively impacted the forecast for global growth. FII interest has also reduced significantly as a result of the increased likelihood of stricter Fed policies.
Rupak De, Senior Technical Analyst at LKP Securities:
Nifty started flat following global peers and moved up higher by the end of the session. On the higher end, it moved back above
18200.
A bullish harami pattern on the daily chart suggests a recovery in the term. The trend looks sideways to positive.
Going forward, 18200 may provide immediate support below which the index may drift down towards 18100. On the higher end, resistance is visible at 18300/18450.
Rupee Close:
Indian rupee closed 17 paise higher at 81.67 per dollar against previous close of 81.84.
Market Close
: Benchmark indices broke three-day losing streak and ended higher with Nifty around 18,250.
At Close, the Sensex was up 274.12 points or 0.45% at 61,418.96, and the Nifty was up 84.20 points or 0.46% at 18,244.20. About 1587 shares have advanced, 1772 shares declined, and 140 shares are unchanged.
IndusInd Bank, NTPC, JSW Steel, HDFC Life and UltraTech Cement were among the biggest Nifty gainers, while losers were BPCL, Nestle India, Bharti Airtel, Power Grid Corporation and Kotak Mahindra Bank.
PSU Bank index up 1.6 percent, while power, realty down 1 percent each.
The BSE midcap up 0.5 percent, while smallcap index ended flat.
CLSA keeps buy rating on NHPC, target Rs 54
-Buy rating, target at Rs 54 per share
-Solid regulatory regime protects company from rising costs
-Company allocated pumped storage projections of 23 GW in addition to its pipeline of 36 GW
-Forecast REE growth of 131% over FY22-27 against 15% growth past five years
-Forecast a 42% higher EPS, 215 bps RoE expansion & a dividend yield of 4.7% by FY25
NHPC was quoting at Rs 41.90, up Rs 0.15, or 0.36 percent on the BSE.
Infosys in strategic collaboration with Envision AESC
Infosys announced a strategic collaboration with Envision AESC, a world-leading battery technology company.
Through this collaboration, Infosys will help develop a cloudbased platform to digitize and automate manual processes at Envision AESC’s Electric Vehicle (EV) battery manufacturing plants.
Infosys was quoting at Rs 1,586.85, up Rs 19.65, or 1.25 percent.
Nifty Information Technology index added 0.5 percent led by the Persistent Systems, Coforge, L&T Technology Services
Minda Corporation sins Technology License Agreement with LocoNav
Minda Corporation announced Technology License Agreement (TLA) with LocoNav for white-labelling of Telematics Software for both Web & Android/iOS platforms.
Spark Minda will integrate LocoNav developed software with its inhouse developed telematic devices to provide OEMs with a complete solution. This exclusive collaboration will enable Spark Minda to be ahead of technology curve with customised solutions to suit Indian OEM’s, Minda Corporation said in its release.
Minda Corporation was quoting at Rs 207.65, up Rs 2.90, or 1.42 percent on the BSE.
Oil rises as Saudi comments outweigh recession concerns
Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China's rising COVID-19 case numbers.
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5%.
Brent crude rose 37 cents, or 0.4%, to $87.82 by 0915 GMT. U.S. West Texas Intermediate (WTI) crude was up 46 cents, or 0.6%, at $80.50.
Market at 3 PM
Benchmark indices extended the gains and trading at day's high with Nifty above 18200.
The Sensex was up 232.05 points or 0.38% at 61376.89, and the Nifty was up 69.50 points or 0.38% at 18229.50. About 1472 shares have advanced, 1707 shares declined, and 144 shares are unchanged.
JUST IN | Balaji Amines’ arm Balaji Speciaity gets SEBI approval for IPO plan
Dr Reddy’s faces anti-trust suit in US over cancer drug
Hyderabad-based Dr Reddy’s Laboratories Ltd is among a clutch of pharma companies facing anti-trust suit in the United States over a cancer drug.
The Indian firm, along with US-based Celgene and Bristol Myers Squibb, is among the pharma companies named in a complaint filed in New Jersey, USA on November 18. Read More
Citi maintains Buy on Jubilant FoodWorks, target Rs 714
-Buy call, target at Rs 714 per share
-Remain positive on Domino’s & new formats opportunity in India
-Store expansion in Nepal will likely be slow and gradual
Jubilant FoodWorks was quoting at Rs 541.65, up Rs 5.05, or 0.94 percent.
Most active stocks on NSE in terms of volumes
European Markets Updates
KPR Mill large trade: 8.62 lakh shares (0.25% equity) worth Rs 46.71 crore change hands at an average price of Rs 542 per share
Aether Industries signs long-term agreement with Europe-based Polaroid for research and manufacturing
Market update at 2 PM: Sensex is up 212.81 points or 0.35% at 61357.65, and the Nifty added 60 points or 0.33% at 18220.
Lemon Tree Large Trade | 22.36 lakh share (0.28% Equity) worth Rs 20.81 crore change hands at an average of Rs 93.05 per share.
Lemon Tree Hotels Ltd. was quoting at Rs 93, down Rs 0.70, or 0.75 percent.
Anandrathi keeps buy rating on Aarti Industries, target Price of Rs 800
-Maintain 'Buy' rating at a revised Target Price of Rs 800
-Management guided to a muted H2 FY23 on the demand slowdown in the dye and pigment sectors, expected to continue for some time due to the inflationary trend and low offtake
-Company is positive about the long-term performance as multiple capex plans (+Rs30bn over FY23-FY25) are coming on stream in a phased manner to add capacity in the chloro-toluene value chain, set up multi-purpose plants, value-added and specialty products and custom manufacturing
Aarti Industries was quoting at Rs 673.85, up Rs 4.45, or 0.66 percent on the BSE.
UBS keeps 'Neutral' rating on Pidilite Industries, target at Rs 2,850
-Neutral call, target at Rs 2,850 per share
-High inflation and negative consumer sentiments impact demand
-Cut FY23 EPS estimates by 9% on elevated raw material costs & higher ad spends in H2
-Input costs have almost doubled in last 30 months
-Management remains optimistic; sees no structural issue
Pidilite Industries was quoting at Rs 2,697.00, up Rs 34.05, or 1.28 percent on the BSE.
Ministers' panel may recommend 28% GST on online gaming: Sources to PTI
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 percent on online gaming irrespective of whether it is a game of skill or game of chance, sources said.
However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied.
Currently, online gaming attracts 18 per cent GST.
Max Financial Services Large Trade | 53.45 lakh shares (1.55% Equity) worth Rs 347 crore change hands at Rs 649 per share.
Max Financial Services touched 52-week low of Rs 634.10 and quoting at Rs 657.70, down Rs 1.35, or 0.20 percent.
Lupin signs MoU with Rajasthan government to strengthen healthcare system
Lupin's subsidiary Lupin Human Welfare and Research Foundation has signed MoU with the Government of Rajasthan to strengthen healthcare system. It will address the prevalence of cardiovascular disease (CVD) and chronic obstructive pulmonary disease (COPD) in Alwar district.
Lupin was quoting at Rs 715.35, down Rs 5.55, or 0.77 percent on the BSE.
BSE Power index fell 1 percent dragged by the Adani Transmission, JSW Energy, Adani Power
Kotak Mahindra Mutual Fund raises stake in Blue Star
Kotak Mahindra Mutual Fund bought additional 63,179 equity shares in Blue Star via open market transactions on November 17. With this, Kotak AMC increased its stake in the company to 5.045%, from 4.979% earlier.
Blue Star was quoting at Rs 1,198.55, up Rs 14.35, or 1.21 percent on the BSE.
Power Finance Corporation incorporates 2 SPVs for development of independent transmission projects
Power Finance Corporation has incorporated 2 special purpose vehicles for development of independent transmission projects. Both will be wholly owned subsidiaries of PFC Consulting, a wholly owned subsidiary of Power Finance Corporation.
Subsidiaries - Raipur Pool Dhamtari Transmission Limited will develop Western Region Expansion Scheme - XXVII and Dharamjaigarh Transmission Limited will develop Western Region Expansion Scheme-XXVIII & XXIX.
Power Finance Corporation was quoting at Rs 124.70, down Rs 0.25, or 0.20 percent on the BSE.
Jio Financial Services can pose a significant growth & market-share risk for players like Bajaj Finance and Paytm: Macquarie
Jio Financial Services (JFS) plans to focus on consumer and merchant lending, which is the mainstay of NBFCs like Bajaj Finance and fintechs like Paytm.
According to a Macquarie report, "RIL has demonstrated its hunger for attaining scale in the past in other businesses, and in our view, can pose a significant growth and market-share risk for players like Bajaj Finance and Paytm with whom it could be competing head-on.
JFS could be the fifth-largest financial services company in India in terms of networth, it added.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Steel Strips signs MoU with Israel-based Redler Tech
The Board of Directors of the company, in their meeting held on November 22, 2022, has approved Memorandum of Understanding with Redler Technologies An Israel based company, to establish a Joint venture in India focused on development, Manufacture & Market Innovative motion control systems for 2, 3 & 4 wheel Electric vehicles.
EaseMyTrip and Assam Tourism Development Corporation inks MOU
EaseMyTrip has signed an agreement through a Memorandum of Understanding (MoU) with Assam Tourism Development Corporation (ATDC).
The objective of this MoU is to share resources and collectively collaborate to boost the growth of tourism in Assam. Binded by the MoU, EaseMyTrip will provide white label solutions to endorse ATDC properties on its website and mobile application.
Jubilant FoodWorks approves incorporation of a wholly owned subsidiary company in Nepal
The Board of Directors of Jubilant FoodWorks International Luxembourg, a step down wholly owned subsidiary of Jubilant FoodWorks has approved incorporation of a wholly owned subsidiary company in Nepal.
Jubilant FoodWorks was quoting at Rs 541.10, up Rs 4.50, or 0.84 percent on the BSE.
October Aviation Data:
-Domestic air passenger traffic up 27% YoY and up 10.2% MoM
-IndiGo market share at 56.7% against 57.7% MoM, lowest since May
-SpiceJet market share flat 7.3% MoM
-Vistara market share at 9.2% versus 9.6% MoM
-AirAsia market share at 7.6% versus 5.9% MoM
-Air India market share at 9.1% versus 9.2% MoM, reported CNBC-TV18
Asian shares recover but concerns over China resuming strict COVID curbs linger
Asian stock markets mostly recouped early losses on Tuesday, supported by improved sentiment for China shares, but concerns lingered that Beijing may reimpose strict COVID curbs that could cause supply chain disruptions.
The dollar pulled back from strong overnight gains while oil took a pause from Monday's retreat.
European stock futures indicated a sluggish open with Eurostoxx 50 futures up 0.15%, German DAX futures up 0.09% and FTSE futures up 0.30%
The broad Asia-Pacific index ex-Japan recovered earlier losses to inch 0.07% higher in the afternoon.
The biggest driver for the recovery was China, with its benchmark up 0.43%. Losses on Hong Kong's benchmark index narrowed to 0.7%.
Market at 12 PM
Indian benchmark indices were trading at day's high with Nifty above 18200.
The Sensex was up 192.59 points or 0.31% at 61337.43, and the Nifty was up 58.80 points or 0.32% at 18218.80. About 1537 shares have advanced, 1533 shares declined, and 158 shares are unchanged.
BSE Metal index added 0.5 percent led by the APL Apollo Tubes, Hindalco Industries, JSW Steel
MIC Electronics bags annual maintenance contract
MIC Electronics has received tender for supply, installation, testing, commissioning and comprehensive annual maintenance contract of telecom material at railway stations in Madhya Pradesh. The value of the said tender is Rs 2.02 crore.
September Telecom Data:
Vodafone Idea loses 40.11 lakh subscribers against loss of 19.58 lakh. Reliance Jio added 7.24 lakh subscribers against 32.81 lakh and Bharti Airtel added 4.12 lakh subscribers versus 3.26 lakh, MoM
Cement Stocks Continue to Be In Focus:
Cement stocks like ACC, Ambuja Cements, India Cement and Ramco Cement have gathered some gains. Market chatter suggests some big names expressing interest in a leading manufacturer.
Fundamentally, most of the cement players have undertaken a price hike with effect from November 15, 2022, while energy cost has receded in the second half of the financial year
Here are the stocks that are locked on the upper circuit or have only buyers in the stocks. Click to View More
Bernstein on Indian financial sector
Bernstein has assigned HDFC Bank, Axis Bank, SBI to “outperform” rating. Meanwhile, it has assigned “market-perform” rating for ICICI Bank and Kotak Mahindra Bank.
The brokerage is long on Indian banks because the trinity of value creation - healthy credit demand, rising margins and benign credit costs - have been aligning and setting the stage for a period of healthy growth and profitability.
Gas Stocks In Focus
The gas regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has notified amendments to gas pipeline tariff regulations that it had proposed in August, 2022. Citi believes this should have meaningful positive implications (vis-à-vis expectations as well as the earlier proposal) for tariffs of Gujarat State Petronet (GSPL) & GAIL.
Between the two, Citi favours GSPL as tariff uncertainty has been one key overhang for the stock, which it believes should now lift in coming months. The introduction of integrated tariffs is positive for GAIL, though it still faces earnings headwinds in its three commodity-linked businesses. The brokerage has opened a positive catalyst watch for Gujarat State Petronet (GSPL). It has also upgraded GAIL to Neutral from Sell and has raised target price to Rs 90 from Rs 80 per share.
Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays
The economy has now fully recovered from the effects of COVID and is showing signs of returning to normal, in terms of both sector growth rates and their share of GDP. We see signs of strength in services, but expect manufacturing and exports to slow in coming months.
We expect the MPC to deliver a 35 basis point rate hike at the December meeting,bringing the repo rate to 6.25 percentbefore it shifts to a neutral stance. While inflation is moderating, in our view, 10 consecutive months of above-target inflation warrant caution from the policymakers. We will continue to watch the evolution of prices and growth to gauge the need for further hikes beyond December.
New listing Kaynes Technology in focus
Savitha Ramesh & Ramesh Kunhikannan, Kaynes Tech On CNBC-TV18
-Expecting revenue ofRs 1,200 cr this year
-Plants for backward integrationwill be ready in 12-18 months
-Targeting to improve marginto 14.5 percent by 2025
-Turnover in other segments has been higher compared to aerospace
-Aerospace will be 10 percentof total revenue vs current levels of 2-3 percent
-10 percent of total imports come from China
Markets At 11 AM
Sensex is up 139.97 points or 0.23 percent at 61,284.81, and the Nifty up 42.40 points or 0.23 percentat 18,202.40. About 1529 shares have advanced, 1469 shares declined, and 138 shares are unchanged.
Lokesh Machines enters into MoU with AMTDC, IIT Madras
Lokesh Machines has entered into a Memorandum of Understanding with Advanced Manufacturing Technology Development Centre, IIT Madras.
