Morning Update : Sensex falls 300 points, Nifty hovers at 19,400; Coal India and BHEL are the most active. Nov-13

Morning Update :– Except for the Nifty Metal and Nifty Energy, all sectors are in the negative. The Nifty 50’s largest losers include Bajaj Finance, Infosys, and Grasim.

Sensex-    Falls    -353        Points at     64906

Nifty 50-   Falls     -100        Points at     19427

 Indian Market 

FII AND DII 

 Indian Market News

1. Even when Moody’s downgrades the US credit rating, US futures are little altered.
2. Protean eGov rises 3% following a flat start on the stock exchange.
3. Following the release of Q2 data, the BSE and Coal India were among the most active equities.
4. Eicher Motors soars as Q2 earnings beat expectations.
5. Oil prices are falling due to supply concerns.
6. Asian equities rise, bonds decline
7. After closing at 83.34/$ on Friday, the rupee starts at 83.30/$.
8. In the pre-open session, indices decline.

Global markets

Gift Nifty

With a rise of 21 points, the GIFT Nifty suggests a somewhat good start for the whole index. After peaking at 19,575 points, GIFT Nifty futures were trading at 19,561 points.

US Markets

U.S. stock futures inched down Sunday night after Moody’s Investors Service reduced its U.S. credit rating outlook to negative from stable. Dow Jones Industrial Average futures slid 54 points, or 0.1 percent. Futures related to the S&P 500 and Nasdaq-100 both fell 0.2 percent.

Moody’s on Friday underlined the U.S.′ “very large” fiscal deficits and party impasse in Washington as key causes for the downgrading. The ratings organisation confirmed America’s credit rating at AAA, the highest level. This comes three months after Fitch reduced the U.S. long-term foreign currency issuer default rating to AA+ from AAA, again citing predicted fiscal deterioration, an increased debt load and political standoffs on fiscal and debt concerns.

European Markets

European markets fell after US Federal Reserve Chair Jerome Powell expressed uncertainty about the central bank’s ability to curb inflation. The Stoxx 600 index closed 1% down, with food and beverage stocks leading losses. All sectors except oil and gas saw a 0.4% increase. Powell expressed satisfaction with the recent decrease in inflation rates but was unsure of adopting a monetary policy stance that could bring inflation down to 2% over time. The Fed, Bank of England, and European Central Bank have maintained steady rates, with markets now focusing on when rate reduction may begin next year. Shares in Asia-Pacific dipped after the S&P 500 ended an eight-day winning run, while equities gained on Wall Street.

Asian Markets

Asia-Pacific markets began to recover from dips in the previous session, as investors awaited additional economic data ahead of high-stakes negotiations between the US and China. US President Joe Biden and China’s President Xi Jinping are due for their first in-person encounter in over a year. Moody’s Investors Service reduced its ratings outlook on the US government to negative, citing mounting threats to the nation’s fiscal soundness. Japan’s Nikkei 225 jumped 0.96 percent, while the Topix added 0.50 percent at open. South Korea’s Kospi climbed 0.58 percent, and the Kosdaq added 0.50 percent. In Australia, the S&P/ASX 200 dipped 0.27 percent. US equities surged on Friday, with the Dow Jones Industrial Average and S&P 500 ending 1.15 percent higher and the Nasdaq Composite climbing 2.05 percent.

Oil Prices

Oil prices were up on Friday but are poised to decrease for a third week as concerns of supply disruptions from the Israel-Hamas war have ebbed enabling demand anxieties to reassert themselves.

Brent oil prices for January were up 73 cents at $80.74 a barrel, while the U.S. West Texas Intermediate crude futures for December were at $76.40, up 66 cents. Brent futures are down 4.9 percent this week while WTI has down 5.1 percent since last week. The three weeks of decreases are the longest weekly losing sequence for both contracts since a four-week dip from mid-April to early May.

Dollar Index

The Dollar index traded 0.06 percent down in futures at 105.82, but the value of one dollar stayed at Rs 83.30.

Gold Prices

Gold lost more than 1 percent on Friday and was heading for a second consecutive weekly fall as safe-haven demand declined as the aggressive posture from Federal Reserve Chair Jerome Powell contributed to the slide.

Palladium plummeted to five-year lows below $1,000 an ounce, hastening a decline initiated by projections of surpluses due to the fast expansion of electric vehicles and automakers selecting cheaper platinum for their auto catalysts. Spot gold slid 1.1 percent to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8 percent in its worst week in six. U.S. gold futures finished down 1.6 percent at $1,937.70. Silver declined 1.8 percent to $22.21.

News updates 

Muhurat Trading: Investor wealth increases by Rs 2.22 lakh crore as the Sensex soars 355 points.

On November 12, on the auspicious occasion of Diwali, buyers flocked to Dalal Street, driving benchmark indexes higher amid decreased volume. The overall market capitalization of firms listed on the BSE indicates a surge in investor wealth of over Rs 2.22 lakh crore.

To reach 65,259.45, the BSE Sensex gained 354.77 points, or 0.55 percent. At 19,525.55, the wider NSE Nifty 50 index increased by 0.52 percent, or 100.20 points. With just 60 minutes of trading, the overall market capitalization of BSE-listed companies surged to Rs 322.52 lakh crore, adding an additional Rs 2.22 lakh crore to investor wealth. This indicates that throughout the trade, investors’ wealth increased by Rs 62 crore every second.

Larger markets did better. While the Nifty Midcap increased by 0.61 percent, the Nifty Smallcap 100 gained 1.14 percent. The broadest NSE index, the Nifty 500, increased by 0.61 percent.

Will there be a double-digit listing premium for Protean eGov Technologies today?

Protean eGov Technologies, an e-governance solutions firm located in Mumbai, is anticipated to begin trading on November 13 with gains of about 10%, according to analysts. They credited its robust subscription base, industry-leading position in e-governance, seasoned senior leadership, and consistent profitability growth over the previous fiscal years for the anticipated respectable listing.

November 6–8, saw 23.86 subscriptions for the Rs 490 crore public offering. Qualified institutional buyers and high net worth individuals contributed significantly, purchasing 46.94 and 31.62 times the permitted quota, respectively. 8.93 times the amount allotted to retail investors was bid by them. With a market capitalization of Rs 3,203 crore, it is valued at a PE (price-to-earnings ratio) of 29.9 times its FY23 figures, at the top half of the price band of Rs 752-792 per share.

Stock in News

Oil & Natural Gas Corporation: For the quarter that ended in September of FY24, the state-run oil and gas exploration business reported a standalone profit of Rs 10,216 crore, a decrease of 20.3 percent from the same time the previous year. In Q2FY24, gross sales fell 8.2 percent year over year to Rs 35,162 crore.

Coal India: The largest coal mining firm in the nation reported a 12.7 percent year-over-year increase in consolidated profit for the quarter ended September FY24, totaling Rs 6,813.5 crore. The company’s operating revenue increased by 9.8 percent to Rs 32,776.4 crore during the same period.

Eicher Motors: For the quarter that concluded in September of FY24, the manufacturer of Royal Enfield reported its highest-ever quarterly profit, sales, and EBITDA. In Q2FY24, net profit rose by 55% YoY to Rs 1,016 crore, supported by strong operating results. To Rs 4,115 crore, the revenue from operations increased by 17% year over year.

Biocon: Supported by robust topline and operating metrics, the biopharmaceuticals firm recorded a staggering 168 percent year-over-year jump in consolidated profit at Rs 126 crore for the quarter ended September FY24. Operating revenue increased by 49% year over year to Rs 3,462 crore.

Steel Authority of India: Supported by strong operating results and a decline in input costs, the state-owned steel manufacturing business reported consolidated profit of Rs 1,305.6 crore for the July–September period of FY24, compared to a loss of Rs 330 crore in the same period last year. In Q2FY24, consolidated revenue from operations reached Rs 29,712 crore, up 13.2% YoY.

Sun TV Network: Driven by robust topline and operating figures, the media conglomerate reported a 14% year-over-year increase in consolidated profit at Rs 464.5 crore for the quarter that concluded in September of FY24. During the quarter, operating revenue increased by 27% YoY to Rs 1,048.5 crore.

Protean eGov Technologies: On November 13, the Mumbai-based provider of population-scale and citizen-centric e-governance solutions is scheduled to float its shares on the stock exchanges. Each share is being issued for Rs 792.

REC: On November 13, the Navratna corporation will trade ex-dividend. For the current fiscal year, an interim dividend of Rs. 3.5 per share is payable.

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