Tale of the Tape 

Hiya everyone!

Markets rocketed in the second half of trading, with the Nifty and Sensex ending up +1% each. PS - investors don’t seem worried about the RBI policy meet tomorrow! Midcaps (+0.6%) and Smallcaps (+0.8%) extended their unbeaten streak to day 10. The advance-decline ratio was in favour of the bulls (3:2).

Most sectors ended in the green. IT (+2%) led the rally, Oil & Gas (+0.7%) and Auto (+0.7%) also saw healthy buying. Real Estate (-0.3%) stocks saw minor cuts.

Bitcoin and other crypto assets are ZOOMING. Read our top story on the reasons behind the rally and why Indians are missing out big time.

Anil Ambani's Reliance Power has been on a red, hot streak. High on hype or fundamentals? More details below.

Market intermediary stocks were on fire today. Check out their charts below to find out why.

Vodafone-Idea promoters will invest Rs 2,000 cr via preferential issue. PS - the stock closed down -4% on profit booking. 

Zomato (+5%) hit an all-time high and crossed the Rs 300 p/sh mark for the first time! PS - Swiggy was also up +4%; the stock has gained +33% since listing! 

IGL (+6%) will consider the proposal of a bonus issue on Dec 10. 

Bajaj Auto (-1%) was in focus amidst reports of price cuts. They later denied any pricing changes. 

Genus Power was locked in a -5% lower circuit after the ED raided its offices & Chairman’s home.

Here are the closing prints:

Crypto
Bitcoin Rips Past $100,000!!!

Bitcoin crossed $100k for the FIRST TIME EVER! It’s been an insane run for cryptos, with Litecoin, Tron and XRP up 2x-3x in the last month alone. The crazy demand has been driven by ETF inflows, Bitcoin’s April halving and hopes of easier regulation under Trump. PS - the incoming US Prez has even nominated Paul Atkins (a pro-crypto lawyer) to head the SEC! 

The big loser here (as always) is the Indian investor. ICYMI - India used to have great ways to easily buy crypto domestically. But in April 2022, the GOI taxed all crypto & virtual assets at a whopping 30%, with an additional 1% as TDS for every transaction above Rs 10k. Trading activity on Indian exchanges like WazirX saw a huge dip. Fun fact: Esya Centre’ estimated that Indian investors moved trade volumes of ~$4 million to foreign crypto exchanges between Feb and October 22 as a result.

Make no mistake: the high taxes were meant to be adversarial aka wanting to nuke the cryto ecosystem out of existence. This is a shame because what Indian investors need is regulation and GOI oversight 

The second issue is making it a LOT easier to invest. Yes, it's completely possible for Indians to send money out using the liberalised remittance route and invest using foreign exchanges & wallets. But this is unnecessarily complex. In the US, Blackstone and Fidelity have launched Bitcoin ETFs, probably the safest way to invest.

As Bernstein puts it: “Why should India not have a leading asset manager provide safe Bitcoin exposure via regulated products? The answer is not to prevent Indians from owning Bitcoin, but to offer them safe, regulated on-ramp”.

ICYMI - back in 2021, Invesco wanted to launch a blockchain fund, but withdrew it out of regulatory fears. The GOI needs to provide an environment where Indians can easily & safely invest in crypto and the broader blockchain ecosystem. PS - the party is just getting started. Bernstein estimates that Bitcoin may hit $200k by 2025-end!

Stocktwits Specials
Stocks To Buy In This Fall

Markets have seen a healthy correction from their all-time highs. Experts say this may be one of the best times to build your portfolio. Here are 5 midcap & smallcap stocks that you must absolutely not miss according to market experts.