TCS Buyback, LTIMindtree’s Quantum-Safe VPN, ADB Backs L&T Finance

Opening Bell:

Gift Nifty is down by 7.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific markets opened higher following Japan’s economic data release. Japan’s core inflation rose to 2.9% in October, surpassing September’s 2.8%. Headline inflation accelerated to 3.3% from the previous month’s 3%. The Nikkei 225 in Japan gained 0.87%, and the Topix rose 0.67%. In Australia, the S&P/ASX 200 opened up 0.27%, while South Korea’s Kospi increased by 0.2% and the Kosdaq by 0.3%. However, futures for Hong Kong’s Hang Seng index pointed to a weaker opening at 17,858 compared to its previous close of 17,910.84.

Stocks rose on Wednesday as yields briefly hit a two-month low, extending the November rally into the Thanksgiving holiday. The Dow Jones gained 0.53%, the S&P 500 climbed 0.41%, and the Nasdaq advanced 0.46%. Market breadth widened, with over half of NYSE stocks up, and the Nasdaq saw increased participation. Small- and mid-caps outperformed, rising 0.7% and 0.6%, respectively.

European stocks closed slightly higher on Thursday, with the Stoxx 600 up 0.3%. Oil and gas stocks gained 1.4% despite falling oil prices due to OPEC’s delayed meeting. However, travel stocks declined by 1%.

Stocks News:

👉 TCS: The IT services major’s stock is set to turn ex-buyback from today. It had approved a buyback of shares worth ₹17,000 crore at ₹4,150 each in October.

👉 LTIMindtree: The company has launched a quantum-safe virtual private network (VPN) link in London to secure data transmission for the quantum computing era. LTIMindtree collaborated with Quantum Xchange and Fortinet on the platform.

👉 Prestige Estates Projects: The firm has launched Prestige Glenbrook, a high-rise residential project in Bangalore’s IT hub. The project comprises 285 flats across two high-rises with a developable area of 0.7 million square feet and a revenue potential of ₹550 crore.

👉 L&T Finance: Asian Development Bank is set to provide a long-term loan worth $125 million to the company. L&T Finance plans to use the funds to support financing in rural and peri-urban areas in India, particularly for women.  

👉 Foreign institutional investors net bought shares worth Rs 255.53 crore, while domestic institutional investors purchased Rs 457.39 crore worth of stocks on November 23, provisional data from the National Stock Exchange showed.       

Domestic and International Events

• The government on Thursday clarified onion consignments that have been handed over to the customs authorities and are registered in their systems before October 29 can be exported till November 30. On October 28, the government imposed a minimum export price (MEP) of USD 800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and to contain prices.

• October saw Japan’s core consumer price growth inch up, reaching 2.9% year-on-year, just below economists expected 3.0%. This uptick, following a dip to 2.8% in September from 3.1% in August, indicates a possible shift in the Bank of Japan’s monetary stimulus approach. It’s the first time core inflation dipped below 3% since August 2022, suggesting a potential re-evaluation of Japan’s monetary policy.

• Oil prices dropped over 1% on Thursday, extending losses from the previous session, as OPEC+ postponed a meeting, raising concerns about potential production cuts. Brent futures fell 1.31% to $80.89 a barrel, and U.S. West Texas Intermediate crude declined 1.31% to $76.09. Trade remained subdued due to the Thanksgiving holiday in the United States.

• Gold prices rose on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker U.S. dollar and lower Treasury yields buoyed demand for bullion. Spot gold was up 0.4 percent at $1,997.39 per ounce, as of 0354 GMT, after hitting a three-week high of $2,007.29 on Tuesday. US gold futures gained 0.3 percent to $1,998.60.    

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	17,911	1.0 %
Shanghai Composite	3,062	0.6 %

DEVELOPED	LATEST	% 1D
Dow Jones	35,273	0.5 %
DAX	15,995	0.2 %
FTSE 100	7,484	0.2 %
Nikkei	33,452	0.3 %
Straits Times	3,112	(0.1) %