Stock Market Live Updates 29 November 2023: Mixed Asian market performance: Japan’s stocks dip with strengthening Yen

Stock Recommendations: Nykaa (Accumulate)

FSN E-Commerce Ventures (Nykaa) is on track to post healthy gross merchandise value (GMV) growth of 27 per cent y-o-y in Q3-FY24 in its online Beauty & Personal Care (BPC) segment, following: the positive impact of festival & wedding seasons, and the surge in November Pink Sale (about 30-35 per cent higher sales y-o-y). 

Basis above, Nykaa BPC could report GMV growth of 24.8 per cent for 9M-FY24, which is largely in line with our annual estimates of 25 per cent in FY24. Increasing number of transacting users would continue to be a growth driver for Nykaa online BPC GMV, as average order value (AOV) will see growth of a mere 2-3 per cent y-o-y, and frequency-led growth too would be low, as most brands (D2C and large brands) make high volume packages (500ml and above). 

Stock Recommendations: JSW Infra (Buy)

JSW Infrastructure, part of the ₹23 billion JSW Group, is India’s 2nd largest commercial port operator with 158 tpa (mnt) handling capacity and fastest-growing port (basis volume CAGR in FY20-23). 

In addition to operating nine ports/terminals in India, JSWIL operates two port terminals under O&M arrangement and recently acquired a liquid storage terminal in Fujairah (UAE). This coupled with acquisition of three terminals in FY21, bid for three major port terminal privatisation tenders and recent announcement on greenfield port (Keni) and potential greenfield port in Jatadhar (Odisha) demonstrates its intent to achieve its guidance of sustaining past volume growth performance (over 20 per cent CAGR since inception) over the long term, in our view. 

Stocks in Focus: Adani group stocks add ₹1-lakh-cr in m-cap on ‘favourable SC proceedings’

Riding on a favourable Supreme Court proceedings in the Hindenburg case last Friday, all the Adani Group companies gained ₹1 lakh crore in market capitalisation to ₹11.3 lakh crore from ₹10.26 lakh crore on Friday after most stocks rallied between 5-20 per cent intra-day.

The Adani Group’s market capitalisation had surged by over $15 billion with group stocks rallying on short-covering and bullish sentiments. Despite the wide-spread rally, market-capitalisation of billionaire Gautam Adani-controlled companies are trading below ₹18 lakh crore registered last December before the scathing US short-seller Hindenburg report hit the market in January.

Stock Market Live Updates: Actively managed equity funds beat benchmark on widespread market rally

Nearly 70-80 per cent of actively managed equity funds have outperformed their benchmarks over 10 years, while the share of equity funds beating benchmarks over five years and three years has improved to 55-60 per cent and 45-50 per cent

Stock Market Live Updates: Mixed Asian market performance: Japan’s stocks dip with strengthening Yen

Asian markets experienced a predominantly negative trend this Wednesday. 

In Japan, stocks commenced on a downward trajectory due to the yen’s strength against the dollar, exerting pressure on the market. The Nikkei 225 index declined by 0.40 per cent (135.06 points) to reach 33,273.33 in early trading, while the broader Topix index slipped by 0.49 per cent (11.61 points) to 2,365.10. Similarly, South Korea’s KOSPI fell by 0.32 per cent (8.08 points) to 2,513.68, contrasting with Australia’s S&P ASX 200 index, which gained 0.42 per cent (29.50 points) and reached 7,044.70.

During the initial Asian trading, the dollar stood at 146.78 yen.

Stock Market Live Updates: Conflicting Fed remarks keep U.S. stocks afloat despite intraday volatility

U.S. stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift.

All three major U.S. stock indexes lost momentum as the session progressed, but ended the range-bound session in the green.

Market participants are now scrutinizing remarks from monetary policymakers ahead of next month’s meeting of the Federal Open Market Committee (FOMC).

The Dow Jones Industrial Average rose 83.51 points, or 0.24%, to 35,416.98, the S&P 500 gained 4.46 points, or 0.10%, at 4,554.89 and the Nasdaq Composite added 40.73 points, or 0.29%, at 14,281.76. – Reuters