Morning Update : The Sensex and Nifty are trading in the red, while the smallcap index has set a new high. Nov-17

Morning Update :– Except for oil and gas and banks, all other sector indices are trading in the green. The NSE’s most active stocks include SBI, Bajaj Finance, HDFC Bank, Yes Bank, and Axis Bank.

Sensex –    Falls    -80          Points at      65900

Nifty 50 –    Falls     -4           Points at     19764

 Indian Market 

FII AND DII 

 Indian Market News

1. Asian markets are trading lower, with the Hang Seng down 1%.
2. Oil prices have fallen to a four-month low due to US and Chinese economic concerns.
3. Bitcoin loses 4.94% to $36,007
4. The RBI has increased the risk weighting of banks’ and NBFCs’ consumer credit exposure by 25%.
5. The RBI fines Axis Bank Rs 90 lakh for noncompliance.
6. The S&P 500 barely rises, while the Dow falls as Cisco and Walmart pull.
7. Tata Technologies’ initial public offering (IPO) will begin accepting subscriptions on November 22.
8. IDBI Bank’s equity sale may not be completed by March 2024: A government officer
9. Brigade Enterprises would develop 2 million square feet in Bengaluru at a cost of Rs 2,100 crore.
10. Softbank is planning to sell a $150 million share in Delhivery in a new block offer.
11. AGS Transact Technologies receives a Rs 1,100 crore order.

Global markets

Gift Nifty

With a gain of 19.5 points, the GIFT Nifty suggests a slightly good start for the whole index. After peaking at 19,843 points, GIFT Nifty futures were trading at 19,809 points.

US Markets

Stock futures remained near the flatline on Thursday evening as investors aimed to maintain gains this month. Dow Jones Industrial Average futures rose by 21 points, while S&P 500 futures advanced by 0.06 percent. Gap shares rose 15% after better-than-expected Q3 results, while ChargePoint fell 29% after a C-suite shake-up and reduced revenue forecast. The Dow ended the session lower by 0.13 percent, a four-session run of gains. The S&P 500 and Nasdaq Composite added 0.12 percent, and the Dow closed 0.07 percent higher. All three averages are on track for weekly gains, marking their third consecutive positive week. Soft readings for October’s consumer price index and producer price index carried stocks during the week.

European Markets

European markets closed lower on Thursday due to a cooling of positive sentiment following positive data from the U.S. and China. The pan-European Stoxx 600 index closed down 0.7%, with most sectors and major bourses ending the session in negative territory. Oil and gas stocks lost 2.7% due to weaker oil prices, while utilities added 1.1%. A soft US inflation reading on Tuesday boosted hopes that the Federal Reserve is nearing the end of its interest rate-hiking cycle. China reported better-than-expected retail sales and industrial data for October. US President Joe Biden and China’s President Xi Jinping met in person in San Francisco, agreeing to resume high-level military communication, but Taiwan remains a sticking point.

Asian Markets

Asia-Pacific markets experienced a dip on Friday due to a mid-week rally fueled by hopes of cooling US inflation. Hong Kong stocks led the declines in the region, while Wall Street stocks took a breather from a rally this month. Japan’s Nikkei 225 and Topix fell 0.21 percent and 0.11 percent, respectively. In South Korea, the Kospi declined 0.55 percent and the Kosdaq fell 0.71 percent. Futures for Hong Kong’s Hang Seng index stood at 17,654, indicating a weaker open.

Oil Prices

US crude prices fell over 4% on Thursday due to increased inventories and decreased industrial production. The West Texas Intermediate December contract fell by 4.72 percent to $73.04 a barrel, while the Brent January contract tumbled by 4.42 percent to $77.59 a barrel. US crude inventories rose by 3.6 million barrels last week, while production remained steady at 13.2 million barrels per day. US industrial production fell by 0.6% in October due to the United Auto Workers strike impacting motor vehicle output.

Dollar Index

The Dollar index traded 0.06 percent lower in futures at 104.40, whereas the value of one dollar hovered near Rs 83.23.

Gold Prices

Gold prices rose on Thursday as U.S. Treasury yields edged lower, suggesting the Federal Reserve is done with its rate hike cycle. Spot gold gained 1.3% to $1,984.46 per ounce, while US gold futures rose 1.1% to $1,985.60. Gold will sustain its recent gains as long as the price holds above $1,930. US producer prices fell the most in three-and-a-half years in October, while retail sales declined for the first time in seven months. Headline consumer prices remained unchanged in October

News updates

IDBI Bank stake sale may not be completed by March 2024: Govt official

The stake sale in IDBI Bank may not be completed by March 2024, according to Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey. The transaction is “on course” but requires compliance with RBI’s fit and proper criteria. The government and LIC have jointly decided to sell a 60.7% stake in the lender. The achievement of the divestment target depends on important transactions like the sale of majority ownership in IDBI Bank. There is uncertainty about the share sale of NMDC, which the department expects to generate over Rs 10,000 crore. The Maharashtra government recently issued an order exempting stamp duty on an asset transfer transaction before the sale. The government’s goal is to raise Rs 51,000 crore from disinvestments this fiscal.

Ashok Leyland betting big on e-LCVs, garners 10,000 orders, says Executive Chairman Dheeraj Hinduja

Ashok Leyland Ltd, a commercial vehicle maker, has announced that it will launch its own electric light commercial vehicles (e-LCVs) in Q4 of this financial year. The company has already received 10,000 bookings for the battery-driven light trucks and has a strong orderbook of over 10,000 vehicles. The company’s electric vehicle division, Switch Mobility, unveiled two new e-LCVs, IEV3 and IeV 4, which are designed to provide eco-friendly solutions for last-mile transportation needs. The vehicles, dubbed ‘twin brothers’, are equipped with a 330 V high voltage EV architecture and a cargo body up to 9.7 feet. The vehicles are designed to accommodate a container of 340 cubic feet and are built at Ashok Leyland’s Hosur facility.

RBI imposes monetary penalty of Rs 90 lakh on Axis Bank for non-compliances

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 90.93 lakh on Axis Bank for non-compliance with certain directions issued by the RBI. The penalties are based on the exercise of powers conferred under Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949. The RBI also conducted the Statutory Inspection for Supervisory Evaluation (ISE 2022) of the bank, referring to its financial position as of March 31, 2022. The penalty was imposed under the Banking Regulation Act, 1949.

Stock in News

SJVN: The state-owned hydroelectric power generation firm and Solar Energy Corporation of India (SECI) have inked a Power Purchase Agreement for a 200 MW grid-connected wind power project. In an open competitive tariff bidding process, its subsidiary SJVN Green Energy (SGEL) won 200 MW at a tariff of Rs 3.24 per unit on a construct own and operate (BOO) basis.

Delhivery: According to insiders who spoke with Moneycontrol, foreign investor SoftBank intends to sell a $150 million share in the company through a block deal. If the block deal goes through, SoftBank might sell about 4% of its shares.

TVS Motor Company: The Chennai-based manufacturer of two-and three-wheelers announced its arrival in Europe by partnering with Emil Frey, a European automotive importer and retailer, to handle import and distribution. TVS Motor Company has taken a big step towards its goal of becoming worldwide with this cooperation.

DCX Systems: The Board of Directors has approved the business’s plan to raise up to Rs 500 crore through public, preferential, rights, private, or institutional placements. The company manufactures cables and wire harness assemblies.

JSW Steel: The business has withdrawn its application for the final mine closure plan for the surrender of the Jajang iron ore block in Keonjhar, Odisha, after taking into account the demand and supply condition of iron ore in India.

JSW Infrastructure: The government of Karnataka has awarded the company a Letter of Award for the development of the port at Keni in Karnataka through a public-private partnership. The project is expected to cost Rs 4,119 crore and have a 30 MTPA starting capacity.

Procter & Gamble Hygiene & Health Care: The company’s dividend is Rs 105 per share, and as of November 17, it will trade ex-dividend. The following companies will trade ex-dividend on the same day: Man Infraconstruction, Archean Chemical Industries, Axita Cotton, Computer Age Management Services, Gabriel India, IFL Enterprises, Indian Railway Catering and Tourism Corporation, Jamna Auto Industries, KP Energy, Metropolis Healthcare, MRF, Info Edge (India), Nile, Nexus Select Trust, Page Industries, Panama Petrochem, Polyplex Corporation, Precision Wires India, Ram Ratna Wires, R R Kabel, Shradha AI Technologies

Axis Bank: For failing to comply with Know Your Customer (KYC) Guidelines, Loans and Advances—Statuary and Other Restrictions, Guidelines on Managing Risks and Code of Conduct in Outsourcing Financial Services by Banks, and Code of Conduct for Opening and Operating Current Accounts, the Reserve Bank of India (RBI) has levied a monetary penalty of Rs 90.92 lakh on Axis Bank.

Manappuram Finance: For violating some of the guidelines in the Non-Banking Financial Company—Systemically Important Non-Deposit-Taking Company and Deposit-Taking Company (Reserve Bank) Directions, Manappuram Finance has been fined Rs 42.78 lakh by the Reserve Bank of India (RBI).

Brigade Enterprises: Brigade Group and Krishna Priya Estates and Micro Labs have inked a Joint Development Agreement (JDA) for the development of about 2 million square feet of residential space in Bengaluru, with a gross development value (GDV) of Rs 2,100 crore. Approximately 13 million square feet in Bengaluru, Hyderabad, and Chennai are in the group’s robust pipeline for the upcoming year, of which 11 million square feet are from residential projects.

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