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Stocks in News

* BHARAT FORGE: Kalyani Strategic Systems, a subsidiary of the company, received defence orders worth over Rs.250 crore from the Ministry of Defence for supplying underwater systems.

* HEXAWARE TECH: The company expanded its Google Cloud partnership by launching advanced insurance solutions, including two offerings developed exclusively for Google Cloud.

* RELIANCE POWER: Reliance NU Energies, a subsidiary of the company, received a Letter of Award from SJV for a 750 MW / 3000 MWh renewable energy project at Rs.6.74/kWh, while the Board approved plans to seek shareholder approval to raise up to $600 million through bonds.

* TATA POWER: The company plans to acquire a 40% stake in an SPV for Rs.1,572 crore and another stake in an SPV developing a hydropower project worth about Rs.13,100 crore.

* BIOCON: The company acquired 1.06 crore CCDs of its subsidiary Biocon Biologics from Edelweiss Alternative for Rs.300 crore and approved issuing commercial papers of up to Rs.550 crore on a private placement basis.

* BASF INDIA: The company signed a share purchase agreement with Clean Max Enviro Energy Solutions to acquire a 26% stake in Clean Max Amalfi.

* PANACEA BIOTECH: The company received an order worth about Rs.41 crore for supplying the Easyfive-TT vaccine.

* PREMIER EXPLOSIVES: The company received an order worth Rs.16.4 crore for the supply of commercial explosives.

* VODAFONE: The company will acquire a 26% stake in the SPV operating a captive power plant, investing Rs.4.3 crore in one or more tranches

Economic News

* Centre to dissolve Gati Shakti’s Network Planning Group, set up unified transport planning body: The idea is to have a structured framework for master planning of transport development in the country and have a data repository that can help in future planning and policy interventions. To be created on the lines of similar unified institutions in the US, UK and Germany, the Indian entity will come up with comprehensive, long-term strategies for transport-related sectors to reduce costs, increase efficiency, and promote integrated multimodal corridors.

Global News

* ADP data shows U.S. firms cutting 11,000 jobs weekly, signaling labor market weakness and bolstering Fed rate-cut expectations: U.S. firms have been cutting over 11,000 jobs weekly through late October, according to ADP’s latest real-time payroll data, highlighting growing labor market weakness. While ADP’s earlier report showed a net gain of 42,000 jobs in October, the new weekly estimates suggest inconsistent hiring in the latter half of the month. Chief Economist Nela Richardson noted that the labor market “struggled to produce jobs consistently.” The data may strengthen the case for further Fed rate cuts, following two consecutive 25-bps reductions, with markets expecting another cut at the December 9–10 meeting. ADP’s weekly estimates, introduced to complement its monthly report, are serving as a key reference amid the ongoing U.S. government shutdown that has paused official labor statistics. However, data flow from the Bureau of Labor Statistics could resume soon if the Senate-approved temporary funding bill is enacted.

Technical Snapshot

Key Highlights : 

NIFTY SPOT: 25694.95 (0.79%)

TRADING ZONE:

Resistance: 25800 (Multiple Touches) and 25950 (Key Resistance).

Support: 25500 (Pivot Level) and 25300 (Key Support).

BROADER MARKET: Inline MIDCAP 150: 60427 (0.98%),

SMALLCAP 250: 18101.4 (0.14%)

VIEW: Bullish Till Above 25300 (Key Support).

BANKNIFTY SPOT: 58138.15 (0.45%)

TRADING ZONE:

Resistance:58250 (Pivot Level) / 58600 (Key Resistance)

Support: 57900 (Pivot Level) / 57500 (Key Support)

VIEW: BULLISH TILL ABOVE 57500 (Key Support)

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.85%- 5.40% on Tuesday ended at 4.90%.

* The 10 year benchmark (6.48% GS 2035) closed at 6.4747% on Tuesday Vs 6.4530% on Monday .

Global Debt Market:US Treasuries fell as investors weighed expectations for Federal Reserve interest-rate cuts against the prospect of an end to the longest US government shutdown in history. Yields ended the session about two basis points higher across most tenors, with the 10 year’s rising to 4.11%. The Senate Sunday evening voted to approve a procedural step to advance a bill to end the shutdown. Reopening the government will restart the flow of official economic data and potentially clarify the outlook for Fed rate cuts. While the odds of a third consecutive rate cut in December have slipped, the outlook for lower rates over the next year remains intact, reinforcing this year’s broad trend toward lower Treasury yields. Several buyer-initiated block trades in futures and a drop in oil prices contributed, even as investors face the first of three Treasury auctions this week. Yields gapped higher when the trading day began in Asia and peaked in early European trading. The 30-year bond’s yield rose as much as five basis points to the highest level since Oct. 7, while shorter-term yields remained inside last week’s ranges. “I thought people would wait until we get to the other side of the long-duration auctions this week before we would see dip- buying, but it’s showing up a little bit earlier than anticipated,” said Michael Cloherty, head of US rates strategy at CIBC Capital Markets. For liability-driven investors like insurance companies, long-maturity zero-coupon Treasuries with yields near 5% “starts to be an attractive entry point.”

10 Year Benchmark Technical View :

The 10 year Benchmark (6.48% GS 2035) yield likely to move in the range of 6.47% to 6.4825% level on Wednesday.

SEBI Registration number is INH000000081.

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