Morning Update :– The top gainers on the Nifty are BPCL, Cipla, Power Grid Corporation, Hero MotoCorp, and Apollo Hospitals, while the top losers are IndusInd Bank, Adani Enterprises, Kotak Mahindra Bank, M&M, and Adani Ports. Except for power and pharmaceutical, all other sector indexes are in the red. The BSE Midcap index is trading flat, while the BSE Smallcap index is down 1%.
Sensex –  Falls  -114      Points at   65816
Nifty 50 – Falls   -34       Points at   19748
Indian Market
FII AND DII
| FII Sold | Â 455.59 Cr |
| DII Bought | 721.52 Cr |
Indian Market News
- BSE Realty Index down approximately 1%, led by Brigade Enterprises, Oberoi Realty, and Phoenix Mills
- Gold rises and Wall Street closes lower as Fed minutes show a cautious approach to policy.
- Before the Fed minutes, the dollar continues to decline while the yen rises.
- Caution causes oil to dwindle ahead of the OPEC+ summit.
- Ahead of the offer launching, anchor investors purchase shares in Flair Witing Industries for a total of Rs 178 crore.
- Opening day of Fedbank Financial Services’ IPO is November 22.
- On November 22, the Gandhar Oil Refinery IPO will begin.
- Tata Technologies IPO: Principal buyers select shares valued at Rs 791 crore
- The retail part of the IREDA IPO issuance was booked 1.97 times on Day 1 and subscribed 1.95 times.
- Anchor investors give Rs 325 crore to Fedbank Financial Services.
- Wipro and NVIDIA work together to provide healthcare insurance firms with generative AI.
- TCS will set aside $125 million in Q3FY24 earnings following the US Supreme Court’s denial of its case.
- Titan Company’s acquisition of a larger stake in CaratLane is approved by CCI.
- Maruti Suzuki India will give Suzuki Motor Corporation preference when allocating equity shares.
- Colgate Palmolive faces a penalty of Rs 1 lakh from the State GST Officer following search operations at the Chennai facility.
- Nifty Pharma index increased by 1%, driven by Alkem Lab, Biocon, and Cipla.
- Texmaco Rail issues a Rs 750-crore QIP; the stock could continue to rise
- Ritco Logistics will think about issuing warrants for convertible shares.
- The purchase of an extra interest in GMR Energy causes GMR Power’s stock to rise 5%.
Global Markets updates
Gift Nifty
With a gain of 15 points, the GIFT Nifty signals a slightly good start for the whole index. After peaking at 19,855 points, GIFT Nifty futures were trading at 19,850 points.
US Markets
Nasdaq 100 futures fell by 0.2% as Wall Street assessed Nvidia’s earnings results. Nvidia shares fell over 1% in extended trading, as the chip giant posted fiscal third-quarter adjusted earnings and revenue that beat expectations. However, export restrictions on China could impact its fiscal fourth quarter. The lackluster response to the quarterly beat suggests Nvidia’s stock may be overvalued, after its 200% rise this year. Nvidia shares crossed the $500 threshold for the first time this week and closed at $499.44, down 0.9%.
European Markets
European markets ended the day mixed, with the Stoxx 600 index closing down 0.1% after a muted trading session. Retail stocks saw gains of 0.7%, while autos stocks fell by 1.6%. Asia-Pacific markets rose, with tech and Chinese property stocks leading gains. U.S. stocks were lower in early deals. Investors are waiting for minutes from the Federal Reserve’s Oct. 31 to Nov. 1 policy meeting to gain insight into rate decisions. Fed funds futures pricing data suggests a nearly 100% probability that the Federal Open Market Committee will hold steady on rates at its upcoming December meeting.
Asian Markets
Asia-Pacific markets experienced a dip following the U.S. Federal Reserve’s October 31 meeting, where policy officials emphasized the need for restrictive monetary policy to return inflation to the Committee’s 2% objective over time. The federal funds rate currently stands at 5.25%-5.5%. The S&P/ASX 200 in Australia rose 0.05%, while Japan’s Nikkei 225 opened 0.12% up. South Korea’s Kospi fell 0.56%, while the Kosdaq dipped 0.11%. Hong Kong’s Hang Seng index futures stood at 17,702, reflecting a weaker open compared to the HSI’s close of 17,733.89.
Oil Prices
Oil prices fell on Tuesday, reversing gains made in the past two sessions, as investors became cautious ahead of OPEC+’s meeting on Sunday. The producer group may discuss deepening supply cuts due to slowing global growth. Brent crude and West Texas Intermediate contracts for January dropped 32 cents and 42 cents, respectively, to $82 and $77.41 per barrel, respectively. OPEC+ sources said the group would consider additional oil supply cuts during its meeting on November 26.
Dollar Index
The Dollar index traded 0.06 percent lower in futures at 103.69, whereas the value of one dollar hovered near Rs 83.28.
Gold Prices
Tuesday’s surge in gold prices over the $2,000 per ounce threshold was driven by hopes that the Federal Reserve is finished raising interest rates, which put pressure on the dollar. Investors were also waiting for more clues about policy from the minutes of the U.S. central bank’s most recent meeting.
Spot gold hit $2,007.29, its highest level since November 3, earlier today, and climbed 1.05% to $1,997.99 per ounce. American gold futures increased by 1% to $2,000.20.
News Updates
Centre, RBI on high alert as inflation still a risk, says finance ministry
The Centre and the Reserve Bank of India (RBI) are on high alert due to inflationary risks, according to the finance ministry’s October economic report. However, the recent decline in international crude oil prices and moderate core inflation are expected to control inflationary pressures. The central bank has acknowledged this development and indicated that further tightening of monetary policy would likely occur when the transmission is closer to completion and if the situation warrants it. India’s crude oil basket averaged $83.93 a barrel in November, compared to $90.08 a barrel in October. India’s headline retail inflation rate fell to a five-month low of 4.87 percent in October.
TCS to take $125 million hit to Q3 earnings over US lawsuit
Tata Consultancy Services (TCS), India’s largest IT services company, will take a $125 million hit to its Q3 earnings due to a trade secret lawsuit filed by US-based Epic Systems. The lawsuit was filed in 2014 against TCS and Tata America International Corp, alleging that the companies stole its intellectual properties to develop their own software. The US Supreme Court rejected TCS’ appeal, upholding an order that includes $140 million in punitive damages, and the company will take the hit to Q3 earnings.
Tata Technologies IPO: Anchor investors pick Rs 791 crore worth of shares
Tata Technologies has raised Rs 791 crore from 67 investors through its anchor book, marking the company’s first IPO in almost 20 years. The funds were raised at the higher end of the Rs 475-500 price band. The initial public offering, which follows Tata Consultancy Services’ 2004 offering, will open for subscription on November 22 and close on November 24. The company finalized the allocation of 1,58,21,071 equity shares to anchor investors at a price of Rs 500 per share. Global investors including Goldman Sachs, Government Pension Fund Global, BNP Paribas Funds, Prudential Assurance Company, HSBC Global, Florida Retirement System, Oaktree Emerging Markets Equity Fund, Brinker Capital Destinations Trust, Great Eastern Life-Singapore Life Insurance Fund, RBC Asia Pacific Ex-Japan Equity Fund, and Copthall Mauritius Investment participated in the anchor book.
Toyota Kirloskar Motor to invest Rs 3,300 crore in Karnataka, generate 2,000 jobs
The Karnataka government has signed a Memorandum of Understanding (MoU) with Toyota Kirloskar Motor (TKM), an Indian subsidiary of Japan’s Toyota Motor Corporation, to expand its car manufacturing facility at Bidadi in Karnataka. TKM will invest Rs 3,300 crore to establish its third manufacturing facility with a capacity of 1 lakh units at Bidadi, approximately 35 km from Bengaluru. The new facility, set to commence production by 2026, will have an annual capacity of 1 lakh units in two shifts. The new facility will be set up at the company’s existing facility at Bidadi.
Wipro, NVIDIA partner for AI in healthcare
Wipro has partnered with NVIDIA to accelerate the adoption of generative artificial intelligence (AI) in healthcare. The partnership will use NVIDIA’s AI software for enterprises to produce AI across Wipro’s healthcare solutions under the Affordable Care Act (ACA), Medicare, and Medicaid. The collaboration will enable the delivery of AI-enabled innovation and advanced computing capabilities in the healthcare industry. The integration of these technologies with Wipro’s Enterprise Generative AI framework will enable custom models for speech and translation AI, as well as other LLMs.
Stocks in news
Maruti Suzuki India: The major automotive manufacturer said that the board of directors will convene on November 24 to discuss the preferential allocation of 1,23,22,514 equity shares of the firm to Suzuki Motor Corporation (SMC).
Titan Company: The Competition Commission of India (CCI) has given its approval for Titan Company to purchase an additional 27.18 percent of CaratLane Trading’s shares. Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti will sell Titan a further stake in CaratLane.
Wipro: Through AI-driven strategies, products, and services, the technology services and consulting firm established a partnership with NVIDIA to assist healthcare organisations in expediting the deployment of generative artificial intelligence (gen AI).
Tata Consultancy Services: The US Supreme Court denied TCS’s request to appeal the rulings made by the US Court of Appeals, 7th Circuit, in the EPIC Systems Corporation case. The $140 million punitive damages award made by the District Court of Wisconsin has been validated by the court order. With this, the business plans to record the remaining amount of about $125 million as an extraordinary item in its financial statements for the third quarter and nine months that conclude in December 2023.
Bank of Baroda: The Life Insurance Corporation of India now owns more than 5% of the public sector bank. LIC increased its total interest in the bank to 5.031 percent by purchasing 24.39 lakh shares, up from 4.984 percent previously.
Texmaco Rail & Engineering: On November 21, the business announced the availability of its qualified institutions placement (QIP) issuance. A floor price of Rs 135.90 per share has been set for the issuance.
Colgate Palmolive: On November 16–17, the State Goods and Service Tax Officer searched the dental care company’s warehouse in Chennai. The company’s regular business operations persisted. Section 125 of the CGST Act and the SGST Act imposed a penalty of Rs 1 lakh for minor procedural non-compliance, which does not relate specifically to any suppression or deliberate falsification by the corporation.
Genus Power Infrastructures: To carry out an advanced metering infrastructure service provider (AMISP) contract, the business has established two wholly-owned step-down subsidiaries as special purpose vehicles (SPVs), Himachal Pradesh C Zone Smart Metering and Garhwal Smart Metering.
Power Finance Corporation: Ramakanali B Panagarh Transmission is a wholly owned subsidiary of PFC Consulting, a state-owned PFC, which is responsible for developing the intra-state transmission system at Ramakanali and Panagarh as well as the related transmission line.
Stocks to trade ex-dividend: The following stocks will trade ex-dividend as of November 22: TD Power Systems, Oil India, Ipca Laboratories, National Aluminium Company, CRISIL, Ingersoll-Rand (India), Pearl Global Industries, and Ingersoll-Rand (India).
Veerhealth Care: In the Moroccan oral care market, the company has introduced a new brand of toothpaste called CALORAL. F & G Branding Co., Casablanca, Morocco, and North West Africa has placed an order for CALORAL toothpaste worth Rs 17 lakh with it. With this new order, it anticipates further rise in turnover.
Techknowgreen Solutions: Two orders totaling Rs 3.39 crore have been received by the company; the first is worth Rs 1.16 crore and comes from STT Global Data Centres India. The second order is worth Rs 2.23 crore from Cipla.
Must read book about investing – check here
Read more Check the latest news
Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update