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Calm waters

Blog | Market Recap

Nifty50: 18,267 23 (+0.1%)
Sensex: 61,510 91 (+0.1%)


Hey there, folks!

Sometimes, all of us need a bear hug (we can safely say this today, considering the bulls are in action). And a US-based company has literally taken this to great lengths. They are selling a human-size emotional support bear not only to snuggle but also to support your back, neck and knees! Now, that’s a ‘bear hug’ we can sign up for!

Meanwhile, in the markets, the bears stayed away and the bulls came out to play.


  • After a gap-up opening, benchmark indices closed higher for the second straight day.
  • In all, 25 of the Nifty50 stocks closed in the green.
  • New Zealand hiked interest rates by 0.75% to 4.25%, the highest increase since 2009.

Among the Nifty sectoral indices, Media (+1.1%) and PSU Bank (+1.0%) saw maximum gains, while Metal (-0.4%) and IT (-0.1%) logged miniscule losses.

Top gainers Today's change
Apollo Hospitals 4,610 ▲ 140 (+3.1%)
HDFC Life 548 ▲ 8.0 (+1.4%)
JSW Steel 718 ▲ 10 (+1.4%)

 

Top losers Today's change
Adani Enterprises 3,897 ▼ 137 (-3.4%)
Adani Ports 870 ▼ 12 (-1.4%)
Hero MotoCorp 2,652 ▼ 33 (-1.2%)

What’s trending

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⭐ Reliance’s ‘blue seas’ plan

RELIANCE (NSE): 2,557 ▼ 7.5 (-0.2%)

If you are Mukesh Ambani, you don’t do ‘small’. Ambani’s company Reliance Industries will set up the world’s largest submarine cable. The company has got the mandatory green nod for the project. Called India-Europe-Xpress and India-Asia-Xpress, the cable will provide high-capacity and high-speed internet connectivity. To be built at high speed as well, it is expected to be ready by 2023-2024. The cable will originate from Mumbai’s Versova and Silver beaches (Juhu, ICYDK).

 

⭐ Adani Enterprises plans to raise funds

ADANIENT (NSE): 3,897 ▼ 137 (-3.4%)

Meanwhile, Gautam Adani is planning an expansion. He plans to raise funds through a public offering or preferential allotment issue (including a Qualified Institutional Placement) for Adani Enterprises. Reports peg the share issue at about nearly ₹14,000 crore and could be launched next year. The company’s board will discuss the proposal on 25 November.

 

Siemens net profit rises

SIEMENS (NSE): 2,764 ▼ 38 (-1.3%)

Siemens reported a 23% year-on-year (YoY) rise in its net profit at ₹392 crore, on the back of higher revenues. The company registered a 11% YoY jump in its revenue from operations at ₹4,237 crore. New orders stood at ₹4,009 crore, an increase  of  25% YoY. The management said they continue to see fresh tenders from public and private companies for digital and sustainability solutions. The board also approved a dividend of ₹10 per equity share.

 

 ⭐ Mazagon Dock: Fair winds ahead

MAZDOCK (NSE): 872 ▲ 5.2 (+0.6%)

Mazagon Dock Shipbuilders expects revenue to further increase by the year-end. The company expects revenue of over ₹7,000 crore in FY23 supported by its strong order book and increased focus of the government on domestic manufacturing of arms and defence equipment. The current order book of the shipbuilder stands at ₹42,000 crore, while it reported total revenue of ₹5,733 crore in FY22.


In Focus


Construction cos. sees traction

Shares of leading highway construction companies are seeing strong traction in November. Shares of IRB Infrastructure, KNR Constructions and PNC Infratech have gone up by 5-7% so far in November. Compare this with the 1.4% return from the Nifty 50 index. Wondering what’s behind this ‘build-up’ of investor interest? Let’s find out. 

With the end of the monsoon, construction work is expected to pick up pace. Additionally, experts expect contracts for more new projects will be awarded towards the end of the fiscal year.  

According to a report by Crisil, the National Highways Authority of India (NHAI) could only contract out  777 km of road projects in the first half of FY23 due  to slow pace of execution and highly inflated prices of key input materials.

However, with the 2024 general elections looming, government-run NHAI could ramp-up and award contracts to build another 4,800-5,200 kilometres of roads. Such a pickup in tender allocation could benefit the construction sector.

In fact, the sector already has a robust order book. IRB Infra has a total order book of ₹20,075 crore, while it ranges from ₹3,200 to ₹4,900 crore in case of PNC Infratech and KNR Constructions. An increase in new orders along with timely execution of current projects can further boost revenue and profitability.

However, a sharp rise in commodity prices or out-of-hand inflation in the domestic market might deter the industry outlook.


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Good to know

What is a long call?

A long call is an options strategy that traders use when they expect the price of the underlying (stock or index) to rise in the short term. While deploying the long call strategy, a trader places only one order and buys a call option. If the underlying moves up as expected by the trader, the trade will turn profitable. This strategy has limited risk and unlimited profit potential, as the maximum loss a buyer will incur is the amount of premium paid.

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