Opening Bell:
Gift Nifty is down by 1.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Thursday saw Asian markets trading within a tight range following gains in US stocks and a drop in Treasuries, sparked by data indicating that US consumers anticipate ongoing inflation. Japan’s markets were closed for a public holiday. South Korea’s Kospi edged up by 0.18%, and Kosdaq rose by 0.16%. Hong Kong’s Hang Seng index futures were slightly lower at 17,692 compared to the HSI’s prior close of 17,734.6. Australia’s S&P/ASX 200 declined by 0.58%.
On Wednesday, US stock market indices closed higher on optimism surrounding the possibility that the US Federal Reserve might refrain from further interest rate hikes, indicating resilience in the economy. The Dow Jones Industrial Average surged by 0.53%, the S&P 500 increased by 0.41%, and the Nasdaq Composite concluded 0.46% higher. The yield on the 10-year benchmark notes rose by 1.3 basis points to 4.431%, while the two-year yield, reflecting interest rate expectations, increased by 5.1 basis points to 4.934%.
European stocks rose on Wednesday, boosted by positive reactions to US Federal Reserve meeting minutes and fiscal announcements in the UK. The Stoxx 600 index closed 0.3% higher, with most sectors showing moderate gains. Travel and leisure stocks increased by 1.5%, while oil and gas stocks declined by 1.7%.
Stocks News:
👉 Honasa Consumer: The parent firm of beauty and personal care products brand Mamaearth has recorded a huge 94% year-on-year increase in consolidated net profit to ₹29 crore for the September quarter, with a healthy topline and operating performance. Revenue from operations during the quarter grew by 21% year-on-year to ₹496 crore with volume-led sales growth of 27%.
👉 TVS Motor Company: The two- and three-wheeler maker has entered Vietnam in collaboration with Minh Long Motors, its distribution partner. The company will offer a range of scooters and underbone motorcycles across multiple price points. Last week, the company announced its entry into Europe, starting with France.
👉 InterGlobe Aviation: The company has received orders for demand of Rs 739.68 crore and Rs 927.03 crore from the Commissioner of Income Tax Appeals for the assessment years 2016–17 and 2017–18. The company will contest the same and take appropriate legal remedies.
👉 Power Grid Corporation of India: The state-owned firm said the Committee of Directors on Investment on Projects has approved an investment of Rs 142.69 crore for the augmentation of transformation capacity at Maheshwaram (PG) substation in Telangana and Rs 224.41 crore for the transmission system for the evacuation of power from the potential RE zone in the Khavda area of Gujarat.
👉 Foreign institutional investors net sold shares worth Rs 306.56 crore, while domestic institutional investors bought Rs 721.24 crore worth of stocks on November 22, provisional data from the National Stock Exchange showed.
Domestic and International Events
- On November 22, Central Depository Services (CDSL) revealed that its demat accounts surpassed 10 crores. Operating since 1999, CDSL is the largest depository in India, facilitating electronic securities holding and transactions. The milestone was announced in a statement, emphasizing CDSL’s status as the country’s leading depository in terms of active demat accounts, enabling investors to deposit securities in electronic form.
- Reserve Bank of India (RBI) Governor Shaktikanta Das, speaking at FIBAC 2023, highlighted the vulnerability of headline inflation to both domestic and international factors. While household price rise expectations are stabilizing, headline inflation remains susceptible to recurring shocks. Das acknowledged the success of RBI’s Monetary Policy Committee (MPC) actions in softening headline inflation and noted the moderation in core inflation.
- Crude oil prices plunged 4% on Wednesday after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) unexpectedly delayed the policy meeting planned for Sunday, raising questions about the future course of crude production cuts. Brent crude was trading 0.59% lower at $81.96 a barrel, while US West Texas Intermediate crude fell 0.56% to $76.67 a barrel.
- Gold prices fell below the key $2,000 per ounce level on Wednesday as the US dollar rebounded from lows and Treasury yields pared earlier losses, while expectations that the Federal Reserve will pause rate hikes capped further gains in bullion. Spot gold was down 0.2 percent at $1,994.29 per ounce as of 10:43 am ET (1543 GMT) U.S. gold futures fell 0.3 percent to $1,996.40.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,735 | 0.0 % |
| Shanghai Composite | 3,044 | (0.8) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,273 | 0.5 % |
| DAX | 15,958 | 0.4 % |
| FTSE 100 | 7,470 | (0.2) % |
| Nikkei | 33,452 | 0.3 % |
| Straits Times | 3,115 | 0.6 % |
