Stock Market Live Updates 26 November 2024: Sensex, Nifty trade flat, market volatility likely ahead of November contracts expiry

Nifty 50 seems to be struggling to get a strong follow-through buying. The bounce back move from the intraday low on Monday looks shallow. It also shows lack of strength.

Hyundai Motor India Limited has received show cause notice from Maharashtra State Tax Authority alleging “Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2B/8A of GSTR 9 & RCM tax paid by the company”.

Shares trade at ₹1,883.20 on the NSE, up 1.61%.

The nifty rose 1.3% yesterday, recording its second straight gain of more than a percent, a streak that was seen last December. The rally created a spinning top candle, representing bull-bear equilibrium. Yesterday’s gap-up means that 23,956 becomes critical support, a daily close below which will re-embolden bears. On the upside, 24,340 - 24,530 represents a pivotal hurdle area, followed by 24,700 - 24,800 where the 50-day and the 100-day averages are clustering.

Bank Nifty began today’s session with a gap-up at 52,555 versus previous session’s close of 52,208. The index is currently hovering around 52,180.

The advance/decline ratio stands at 5/7, showing a bearish bias. ICICI Bank, up 0.7 per cent, is the top performer whereas AU Small Finance Bank, down about 1.1 per cent, is the top loser.

Vedanta shares rise 1.18% on the NSE to ₹449.05. Company will launch its second dollar bond issuance in two months

Hindustan Unilever stocks trade flat on the NSE at ₹2,472.15 following the board’s approval for the demerger of the ice cream business.

Mahindra debuts Electric Origin SUVs Named XEV 9e and BE 6e World Premiere at UNLIMIT INDIA in Chennai today

Mahindra & Mahindra stock trades flat on the NSE at ₹3,046.55

Top gainers on the NSE as at 9.30 am:

BEL (2.29%), Infosys (1.82%), BPCL (1.26%), Tata Steel (1.10%), Tech Mahindra (1.05%)

Top losers:

Ultratech Cement (-0.99%), Eicher Motors (-0.64%), Bajaj Finserv (-0.42%), Bajaj Auto (-0.39%), Adani Ports (-0.33%)

Fitch Ratings has placed some Adani Group companies and securities issued by them on rating watch negative and revised the outlook on some to negative from stable.

It has put Adani Ports and Special Economic Zone’s long-term foreign-currency IDR of ‘BBB-’ and the ‘BBB-’ rating on its US dollar senior unsecured bonds on rating watch negative as also the the ‘BB+’ rating on North Queensland Export Terminal Pty’’s Australian dollar senior secured bonds, and the ‘BB+’ rating on Mumbai International Airport’s US dollar senior secured bonds.

Crude oil futures traded higher on Tuesday morning as Russia intensified its attack on Ukraine. At 9.24 am on Tuesday, February Brent oil futures were at $72.65, up by 0.23 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $691.6, up by 0.32 per cent. December crude oil futures were trading at ₹5841 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5826, up by 0.26 per cent, and January futures were trading at ₹5831 against the previous close of ₹5816, up by 0.26 per cent.

Fitch Ratings has taken the following rating actions on the Adani group’s entities rated under Fitch’s Infrastructure and Project Finance Rating Criteria listed below, following the bribery charges and indictment of certain board members of Adani Green Energy Limited (AGEL) by the US Securities and Exchange Commission and Department of Justice.

The following ratings have been placed on Rating Watch Negative (RWN):

- Adani Ports and Special Economic Zone Limited’s (APSEZ) Long-Term Foreign-Currency IDR of ‘BBB-’ and the ‘BBB-’ rating on its US dollar senior unsecured bonds;

- The ‘BB+’ rating on North Queensland Export Terminal Pty Ltd’s (NQXT) Australian dollar senior secured bonds; and

- The ‘BB+’ rating on Mumbai International Airport Limited’s (MIAL) US dollar senior secured bonds.

The following ratings have been affirmed and the Outlook revised to Negative from Stable:

- The ‘BBB-’ rating on Adani International Container Terminal Private Limited’s (AICTPL) US dollar senior secured bonds;

- The ‘BBB-’ rating on Adani Green Energy Limited Restricted Group 1’s (AGEL RG1) US dollar senior secured bonds;

- The ‘BBB-’ rating on Adani Green Energy Limited Restricted Group 2’s (AGEL RG2) US dollar senior secured bonds; and

- The ‘BBB-’ rating on Adani Energy Solutions Limited Restricted Group’s (AESL RG) US dollar senior secured bonds

Sensex traded marginally higher by 259.06 pts or 0.32% at 80,368.91 as at 9.15 am, and Nifty 50 at 24,297.00, up by 75.10 pts or 0.31%.

Adani Enterprises: Andhra Pradesh state is reviewing internal records, mulling next steps after Adani indictment. Andhra Pradesh state will examine if it is possible to cancel power supply contract linked to Adani-government official - RTRS.

Siemens: From Bloomberg | TPG likely in advanced talks for Siemens Gamesa’s India Assets, deal may value Siemens Gamesa’s India Assets at more than $300 m (Supportive for Siemens)

Issue Period:- 26- November-24 to 27- November -24

For Non- Retail ( QIB +HNI ) open & close date - 26- November-24 (Today) 

For Retail open & close date – 27- November -24

Floor Price: INR “1,550 ”

Closing Price on date of announcement: Rs. 1916.65 

Current Market Price: 1916.65

Base Issue size: 1.40 Crs Shares – 5.47% of O/S Capital

Green Shoe Issue size: 0.75 Crs Shares – 2.91% of O/S Capital

Total Issue Size: 2.15 Crs equity shares (INR 3325.00 Cr) – 8.38% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 26- November-24 (Today) 

Total Issue Size: 1.9306 Crs shares (INR 2992.44 Cr)

Retail Portion - 10% of Offer Size - Bidding on 27- November -24

Total Issue Size: 0.2145 Crs equity shares (INR 332.49 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

IT major Wipro on Monday announced the appointment of Omkar Nisal as Chief Executive Officer of its Europe Strategic Market Unit, effective immediately.

Omkar will succeed Pierre Bruno, who is stepping down, the company said in its filing.

The Dow Jones Industrial Average logged a record close on Monday, as U.S. Treasury bonds saw their biggest rally in nearly four months after President-elect Donald Trump selected Scott Bessent as his nominee for Treasury secretary.

President-elect Donald Trump is threatening to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his efforts to crack down on illegal immigration and drugs. The tariffs, if implemented, could dramatically raise prices on everything from gas to automobiles. U.S. President-elect Donald Trump said on Monday that on his first day in office he will impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China. The announcement sparked a dollar rally. It rose 1% against the Canadian dollar and 2% against the Mexican peso, while share markets in Asia fell, as did European equity futures ratcheting up concerns about his America First policies.

Crude oil prices on Monday settled sharply lower on the back of speculation over a cease-fire in Lebanon, combined with what appears to be restraint on the part of Iran. U.S. President Joe Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon between armed group Hezbollah and Israel imminently, four senior Lebanese sources said on Monday.

Asian shares were mostly lower on Tuesday on the back of Trump’s threat to impose tariffs on China, which could have an impact on other Asian economies.

Nifty rose again on Nov 25 adding nearly 4% in two consecutive sessions of gains to regain its losses on a month-on-month basis. At close, Nifty was up 1.32% or 314.7 points at 24221.9. A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicates an upside breakout for the Nifty with an unfilled opening upside gap. If this gap remains unfilled for the next few sessions, it may mean formation of an important bottom reversal for Nifty around 23263 levels. In the near term 24500 could still pose some resistance for the Nifty while 23900 could offer support.

Buy, TP Rs 221

Digital day takeaways

LTF aspires to double book size over next 3-4 yrs (20-25% AUM growth CAGR) with a steady state credit cost of 2.0-2.25% delivering sustainable ROA trajectory of 2.8-3.0%.

This is despite tempering MFI proportion

Good start to busy season

Residential markets have seen a festive up- move with sales in October rising to a 6-month high

Value sales are trending 20%+ helped by mix and pricing

Large new launches are planned / ongoing by the listed developers in the H2

Expect a good offtake to help the listcos post -25% pre-sales growth for FY25, despite a weak Q2

Realty index is -11% from peak, with select stocks down more

Prefer Godrej Properties, Lodha and DLF

Microfinance Industry Network (a Self-Regulatory Organisation) announced further limits on MFI lending

This will likely lead to further slowdown in AUM growth, & high credit costs in near term as credit flows dry up further

While expect 3Q to provide clarity

Growth and valuation premium to IT has shrunk

Expect premium to widen next year

Believe Auto weakness is more cyclical and transient and growth should accelerate from next year

Premium won’t go back to the levels seen earlier due to persistent Telecom weakness

Continue to like growth heroes KPIT Tech and Persistent and recovery plays L&T Tech and Cyient

Pecking order in ER&D is: KPIT TECH > Persistent > L&T Tech > Cyient >Tata Elxsi >TaTa Tech

KPIT Tech - Maintain Overweight with target price of Rs 1900

Cyient - Maintain Overweight with target price of Rs 2250

L&T Tech - Maintain Overweight with target price of Rs 6300

Persistent - Maintain Overweight with target price of Rs 6100

Tata Elxsi - Maintain Underweight with target price of Rs 6400

Tata Tech - Maintain Underweight with target price of Rs 800

BEL - Initiate Overweight with target price of Rs 340

Hindustan Aeronautics - Initiate Overweight with target price of Rs 5135

Mazagon Dock - Initiate Neutral with target price of Rs 4248

Long Runway of Structural Growth

Recent Stock Price Correction is an Opportunity

Strong growth in defence production and exports

For exposure to structural growth, BEL is preferred pick

Maintain Buy with target price of Rs 1700

Compelling risk reward

Expect Sgp GRM to improve y/y in CY25 as refining demand-supply is turning favorable

Jio’s strong traction in home broadband sub addn positions it well for 5G monetization

See the likelihood of a public listing in CY25

Retail saw a strong Oct but sustained recovery cld be 2 qtrs away

Current valn imputes $57bn for Retail- pessimistic in our view

Sell, TP Rs 1600

GS APAC Healthcare Corporate Day 2024 takeaways

On costs, SUN noted its lowered R&D guidance to 7% to 8% of sales, due to delays in GL0034 clinical trials in FY25, pushing it into FY26.

Initiate buy, TP Rs 515

Well positioned for growth at 35% disc to Zomato

Online Food Delivery: Catching up on margins & scale

Quick com: Encouraging signs, but more work to do

Est Swiggy’s OFD GMV growth over FY24-27e to be broadly similar to Zomato’s

RBI Governor Shaktikanta Das has been admitted to a leading private hospital in the city following a health concern. Hospital sources have confirmed that it was not an emergency situation. More information is awaited.

Shashikant Ruia, Patriarch of the Ruia and Essar Family, has passed away. He was 81.

“Ruia, Chairman, Essar Group, played a significant role in redefining India’s corporate landscape. He laid the foundation of the Essar Group and made it a global conglomerate,” said a statement from the group. 

-US indices Dow and Russell2K hits new highs on optimism

-However, markets finished off day’s best levels as Trump vows to increase tariffs across the board

-More money shifting towards risky trades in small caps and cyclicals

-Bond yields, Gold and crude oil fell sharply

-Oil prices tumbled amid Israel-Hezbollah ceasefire news

-Deutsche Bank sets 2025 S&P500 target of 7000

-Barclays sets 2025 S&P500 target of 6600

Global-Market Insights Beat the Street 

-Bond yields fell sharply on US growth risks, with the US 10Y yield down 14 bps

-Gold finished 3.2% lower marking the worst day since 22-Jun

-Goldman Sachs sees biggest upside inflation risks as Trump plans 10% increase in tariffs across the board

-Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico

-Tariff would raise core prices by 1% and delay return to 2% inflation target

-Bank of America says that Trump tariffs and immigration restrictions to offset fiscal easing and deregulation, GDP growth to slow to 2.3% in 2025 and 2% in 2026

JPMorgan on Bharti Hexa: Maintain Overweight on Company, target price at Rs 1630/Sh (Positive) 

JPMorgan on KPIT Tech: Maintain Overweight on Company, target price at Rs 1900/Sh (Positive) 

JPMorgan on Cyient: Maintain Overweight on Company, target price at Rs 2250/Sh (Positive) 

JPMorgan on LTTS: Maintain Overweight on Company, target price at Rs 6300/Sh (Positive) 

JPMorgan on Persistent: Maintain Overweight on Company, target price at Rs 6100/Sh (Positive) 

JPMorgan on BEL: Initiate Overweight on Company, target price at Rs 340/Sh (Positive) 

JPMorgan on HAL: Initiate Overweight on Company, target price at Rs 5135/Sh (Positive) 

Jefferies on Reliance Ind: Maintain Buy on Company, target price at Rs 1700/Sh (Positive) 

UBS on Swiggy: Initiate Buy on Company, target price at Rs 515/Sh (Positive) 

Citi on Godrej CP: Maintain Buy on Company, target price at Rs 1550/Sh (Positive) 

Kotak on Emcure: Upgrade to Buy on Company, target price at Rs 1680/Sh (Positive) 

Jefferies on Real Estate: Residential markets have seen a festive up-move with sales in October rising to a 6-month high. (Positive) 

JPMorgan on Tata Elxsi: Maintain Underweight on Company, target price at Rs 6400/Sh (Neutral) 

JPMorgan on Tata Tech: Maintain Underweight on Company, target price at Rs 800/Sh (Neutral) 

JPMorgan on Mazdock: Initiate Neutral on Company, target price at Rs 4248/Sh (Neutral)

HUL: Board approves demerger of the ice cream business into an independent listed entity (Positive) 

KEC International: Company secures new orders worth Rs 1,114 crore across key businesses (Positive) 

Super Spinning Mills: Long-term bank facilities rating upgraded to CARE BB+; Stable from CARE BB-; Stable by CARE Ratings. (Positive) 

IndiGo: Company continues to dominate domestic airline market share in October with total of 63.3%. (Positive) 

Gulf Oil: Company and Piaggio India renewed their exclusive lubricant partnership until 2030 (Positive) 

Ashoka Buildcon: Company secures Rs 1,391 crore NHAI project for West Bengal economic corridor. (Positive) 

Afcons: President of Ghana Commissions $447 million railway line built by Company (Positive) 

Positron Energy: Company signed a 5-year master agreement with HPCL LNG Ltd. for regasification services at Chhara LNG Terminal, Gujarat. (Positive) 

Maruti Suzuki: Company achieves 30 lakh car export milestone. (Positive) 

Premier Energies: Company units got multiple orders worth Rs 10.87 Billion for supply of solar PV cells and modules. (Positive) 

Stove Kraft Ltd: Company commissioned a new automated Cast Iron Foundry at its Harohalli factory on November 25, 2024 (Positive) 

Hitachi Energy/BHEL: Companies secured a contract from Power Grid for a 6,000 MW HVDC link project. (Positive) 

Best Agrolife: Company received a 20-year patent from the Indian Patent Office for its ‘Stable Synergistic Insecticidal Composition’. (Positive) 

Crompton Greaves: Company launched LED Tab Light (Positive) 

Power Grid: Gets Letter of Intent to establish inter-state transmission system in Uttar Pradesh and Rajasthan (Positive) 

Allcargo: LCL Volume Up 5%, FCL Volume Up 7% MoM & Up 14% YoY (Positive) 

New India Assurance: Company received a cumulative income tax refund order of INR 1945.1 crore (Positive) 

LT Foods: Company expands its global footprint to the Kingdom of Saudi Arabia to tap the U.S. $ 2 billion rice and rice-based food market (Positive) 

Vodafone Idea/ Bharti Airtel: Cabinet approved a proposal to waive the bank guarantees (BG) that telecom operators were required to provide for spectrum purchases up to 2022. (Positive) 

Zen Technologies: Company gets 20th patent in the year 2024 (Positive) 

Wipro: Omkar Nisal replaces Pierre Bruno as Wipro’s CEO for Europe Strategic Market Unit, effective November 26. (Neutral) 

Genus Power Infrastructures: Company received CRISIL AA-/Stable rating for ₹3861.6 Cr bank loans and CRISIL A1+ for its Rs 100 Cr commercial paper program (Neutral) 

JBM Auto: Company proposes sub-dividing its Rs 2 FV equity shares into Rs 1 FV shares. (Neutral) 

Paushak Ltd: Company announces a planned shutdown of its manufacturing facilities from Nov 26th to Dec 6th, 2024, for annual maintenance. (Neutral) 

Jyoti Structures: Company to raise up to Rs 500 crore via rights issue. (Neutral) 

Gujarat Investa: Yashvi Shah resigned as Company’s Company Secretary and Compliance Officer on November 25, 2024. (Neutral) 

MedPlus Health: SBI Mutual Fund decreased its MedPlus Health Services shareholding by 2% (Neutral) 

Spectrum Food: Company appointed Mr. Nakul Sharma as Company Secretary and Compliance Officer, effective November 25, 2024. (Neutral) 

Jyoti Structures: Company board approved a rights issue of up to Rs 500 crore. (Neutral) 

Greaves Cotton: Company appointed Mr. Jaganmohan Rao Medisetti as Head R&D ePowertrain on Nov 25, 2024. (Neutral) 

Vedanta: Company is going ahead with its second dollar bond offering in two months, testing investor appetite for Indian offshore debt: Bloomberg. (Neutral) 

GPIL: Company acquired 21.46% equity stake in Jammu Pigments Ltd for Rs 69.54 Cr and subscribed Rs 175 Cr in CCPS, aiming for 51% stake post conversion. (Neutral) 

Axis Bank: ICICIPru MF acquired 3474965 (0.11% equity) shares on 22nd Nov’24 in the bank (Neutral) 

Zomato: Company announced QIP and sets floor price at Rs 265.9/Sh versus previous close 273.3/Sh. (Neutral) 

Adani Group: Fitch places Adani Energy, Adani Ports and Adani Electricity Mumbai on ‘watch negative’ (Neutral) 

IDFC First: Neeraj Naidu resigns as ‘Chief Information Security Officer’ of IDFC First Bank w.e.f. November 25, 2024 (Neutral) 

GE Vernova: Grid Equipments will sell up to (8.38% stake) via OFS on NSE & BSE. (Negative) 

ACME Solar: Net profit at Rs 15.2 cr vs Rs 38.6 cr, Revenue at Rs 259 cr vs Rs 323 cr (YoY) (Negative) 

Adani Green: Fitch revised outlook for Adani Green to Negative from Stable. (Negative)

* AARTIIND

* GRANULES

* GNFC

Buzzing stocks: GE Vernova, HUL, HDFC Life, New India Assurance, PowerGrid, Allcargo Gati, Wipro, BHEL, Vedanta, and Ashoka Buildcon

NSE Indices Limited, the NSE’s index services subsidiary, launched a new thematic index, Nifty India Railways PSU, today.

The Nifty India Railways PSU index tracks the performance of PSUs from the Nifty 500, which are either owned by the Ministry of Railways (classified as core group) or cater to the Indian Railways (classified as non-core group). The weight of each stock in the index is based on its free-float market capitalization. The aggregate weight of stocks belonging to the core group is capped at 80 per cent, and the aggregate weight of stocks belonging to the non-core group is capped at 20%. The weight of each stock is capped at 20%

The index’s base date is April 1, 2021, and its base value is 1,000. It will be reconstituted semi-annually and rebalanced quarterly.

The new index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds, such as Exchange Traded Funds (ETFs), index funds, and structured products.

SIEMENS

* Revenue expected at Rs 6454 crore versus Rs 5807 crore

* EBITDA expected to be seen at Rs 919 crore versus Rs 700 crore

* EBITDA margin expected to be seen at 14.24% versus 12.06%

* Net profit expected to be seen at Rs 717 crore versus Rs 571 crore

Q2FY25 EARNING CALENDAR 27.11.2024

AHLWEST

J.P. Morgan

India Defence Sector Initiate coverage of Bharat Electronics at Overweight with a PT of Rs340 and Hindustan Aeronautics at Overweight with PT of Rs5,135 and Mazagon Dock Shipbuilders at Neutral, PT of Rs4,248.

UBS

Swiggy Ltd | Plenty of Room at the Table; Initiate at Buy with a PT of Rs515, CMP is 35-40% discount to Zomato

Fast-Moving Consumer Goods (FMCG) maker Hindustan Unilever Limited (HUL) board has accorded in-principle approval to demerge the ice cream business into an independent listed entity.

The company has proposed that the shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL.

​Here are the intraday supports and resistances​ for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Here’s an interesting stock idea: The stock that we have today is NLC India.Backed by good volumes, the stock has appreciated well over the past few sessions. Although there is a resistance nearby, the momentum looks good, and the price can rise further.Check out the latest episode of bl.Today’s Pick to learn more.