Vinod Nair, Head of Research at Geojit Financial Services:
The ongoing domestic rally is supported by falling crude & commodity prices uplifting corporates earnings outlook. However, the future medium-term performance is a point of concern due to supreme valuation. Falling raw material cost, better GDP growth and lower inflation are helping to sustain the current outperformance.
Ajit Mishra, VP – Technical Research, Religare Broking:
Markets extended gains for yet another session and rose nearly half a percent. After the flat start, the Nifty index gradually inched higher however profit taking in the latter half trimmed the gains. Finally, it ended at 18,618.05; up by 0.3%.
Meanwhile, the sectoral indices traded mixed wherein FMCG and metal posted healthy gains. The broader indices underperformed the benchmark and shed over half a percent each.
Markets have been maintaining a positive tone, thanks to rotational buying in index majors. However, mixed global cues and the existence of a hurdle around 18700 in Nifty may cap the upside and trigger some consolidation too. Apart from banking and IT, we’re seeing buying interest emerging in the defensive pack viz. FMCG and selectively in pharma. Traders should align their positions accordingly.
Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities
While the winning streak continued and key benchmarks scaled new highs, investors traded with caution in a slightly volatile market. There are worries about growing protests in China over the imposition of strict lockdowns, which markets fear could hurt the already slowing global economy. If the situation doesn’t improve, this could impact the market.
But since India is in a slightly better position compared to other major economies, investors are willing to bet big on us.
Technically, the market is consistently holding higher high and higher low formation which is broadly positive. Hence, the support has now shifted to 18,550 from 18,450. As long as the index is trading above 18,550, the uptrend wave is likely to continue. Above which, the market could move up to 18,750-18,800.
S Ranganathan, Head of Research at LKP securities:
As Oil dropped to its lowest level since December 2021, the BSE Sensex today almost touched 62,900 before profit taking pared gains in late afternoon trade. The market capitalization of BSE listed companies touched a new record high of Rs 287 trillion on the back of good support from FMCG stocks.
On a day when Indices defied opening trends in SGX Nifty, the Bulls truly made it look Motivational with several stocks hitting new one year highs.
Narendra Solanki – Head Fundamental Research- Investment Services, Anand Rathi Shares & Stock Brokers
Indian markets opened on positive note following positive overall Asian markets on back of news China encouraging vaccinations for elder which is seen crucial to reopening the economy post sporadic lockdowns.
During the afternoon session the markets continued their positive trend with heavy buying in FMCG and Consumer Durables stocks.
Sentiments remained optimistic as the data showed that foreign portfolio investors have infused funds worth Rs 32,344 crore in Indian stock markets so far in the month of November and became net buyers again.
During the closing session almost all the major sectoral indices were trading in green except Auto and Realty which were trading marginally in red.
Rupee Close:
Indian rupee closed marginally lower at 81.72 per dollar against previous close of 81.66.
Market Close: Benchmark indices ended higher on November 29 with Nifty around 18600.
At Close, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618. About 1653 shares have advanced, 1717 shares declined, and 147 shares are unchanged.
HUL, JSW Steel, Hero MotoCorp, Cipla and Britannia Industries were among the top Nifty gainers. The losers included IndusInd Bank, Coal India, Bajaj Finserv, Maruti Suzuki and Power Grid Corporation.
FMCG, Pharma and Metal indices rose 0.5-1 percent, while selling was seen in the auto, realty and capital good stocks.
BSE midcap and smallcap indices shed 0.3-0.4 percent each.
Morgan Stanley keeps ‘Overweight’ rating on Zomato, target at Rs 92 per share
-Overweight call, target at Rs 92 per share
-Potential exit of amazon from food delivery business in India has no material implication
-Exit of Amazon from food delivery biz highlights barriers to scale biz for new entrant
Zomato was quoting at Rs 63.50, down Rs 0.90, or 1.40 percent on the BSE.
Avinash Pathak, Research Analyst at LKP Securities view on Consumer durables
Demand in the current quarter generally remains soft for AC’s due to seasonality, however stocking for the same to happen in Q3FY23. However, in the longer run housing/ home improvement led demand for appliances/ consumer durables to continue. The demand being led by commodity softening, soft channel inventory, pick up in B-B and infra activities.
The primary demand for Fans might be impacted in Q3FY23 due to the imposition of BEE rating from Jan ’23; however, this demand should get shifted to Q4FY23.
The medium to long term macro continues to be strong, with B-C sustaining multiple growth drivers along with recovery in industrial Capex driving B-B/B-G demand. With RM pressure easing, margin expected to improve ahead.
TVS Motor launches new 2023 TVS Apache RTR 160 4V Special Edition
TVS Motor Company launched the new 2023 TVS Apache RTR 160 4V Special Edition today.
TVS Apache series built out of TVS Racing is based on the “Track to Road” philosophy. This philosophy manifests itself in each Apache through the best in segment performance, technology and unique stye.
TVS Motor Company was quoting at Rs 1,038.10, down Rs 22.60, or 2.13 percent.
Ethos signs a partnership with Swiss Watch Manufacturer Speake-Marin
Ethos Limited has signed a partnership with Swiss Watch Manufacturer Speake-Marin to be their exclusive retailer in the Indian market. The timepieces by Speake-Marin will be exclusively available with Ethos Watch Boutiques and will include timepieces such as One & Two Dual Time and City Ripples
Ethos was quoting at Rs 912.80, up Rs 14.55, or 1.62 percent on the BSE.
CLSA upgrade Bandhan Bank to Buy for Outperform, target at Rs 300-Upgrade to Buy for Outperform, target at Rs 300
-To benefit from the cyclical recovery in MFI collections/growth
-Non-MFI portfolio is now growing consistently
-Expect FY24/25CL ROEs at ~20%
-Multiples at 1.6x FY24 book look cheap
