Market View 05th April 2024

View on market: Volatility Prevails, Market is searching for better value

The Asia-Pacific region’s indexes were trading lower, after Wall Street’s overnight losses due to the uncertainty surrounding rate cuts and the strong increase in crude oil prices. At 06:24 a.m., the Nikkei 225 was down 699.03 points, or 1.76%, at 39,074.11, while the S&P ASX 200 was down 34.70 points, or 0.44%, at 7,782.60. Friday is Qingming Festival, which means that financial markets in Taiwan and Mainland China are closed. In the end, Wall Street stocks lost some of their early gains as traders shifted their attention to the release of the U.S. non-farm payroll data later today. Thursday’s closing prices for the Nasdaq Composite and S&P 500 index were 1.40% and 1.23% down, respectively. Lower by 1.36%, the Dow Jones Industrial Average closed.

Economic Calendar:

• USD : Unemployment Rate (Mar) on 05^th April, 2024
• USD : Nonfarm Payrolls (Mar) on 05^th April, 2024
• INR : Interest Rate Decision on 05^th April, 2024
• INR : FX Reserves, USD on 05^th April, 2024

Brokerage Radar:

JEFFERIES ON BAJAJ FIN: Buy Call, TP Rs.9,400; Q4FY24 Pre-qtr Update Shows Robust AUM Growth Of 34% Vs 35% In Q3; Q4FY24 Pre-quarter AUM Slightly Above Our Estimate Of 33% In FY24; Growth In Customer Base Was Healthy, At 21% YoY; Key Miss Was On New Loan Bookings, Where Growth Fell From 26% YoY (QoQ); New Loan Bookings Might Have Been 15% If Not For Restrictions On eCom & Insta EMI Card; Co Has Submitted Details To RBI, And Lifting Of Restrictions Is Key

MS ON HDFC BK: OW, TP Rs 1900; Deposit Growth Surprises +vely; Overall deposit growth accelerated to 7.5% (+17% YoY), vs. 2% in prior qtr; Retail deposit growth strong (+7% QoQ; increase of Rs1.3trn); Gross loan growth moderated to 2% QoQ, vs. 5% in the prior qtr

International Markets:

U.S & Europe:

*As per 05^th April.

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Bajaj Finance: The company reported AUM at Rs 3.3 lakh crore, up 34% YoY, in the fourth quarter, while deposits stood at Rs 60,100 crore, up 35%.

UltraTech Cement: The company has completed a 100 MW solar energy project under the Group captive scheme in Rajasthan. The company now has a capacity of 612 MW of renewable power and 278 MW of WHRS.

Nestle India: The National Consumer Dispute Redressal Commission dismissed a complaint filed by the Dept. of Consumer Affairs on MAGGI Noodles in 2015.

Hero MotoCorp: The company received income tax demand of Rs 310 crore and interest of Rs 296 crore for the AY 2013-14 to 2017-18 and 2019-20.

Prestige Estates: The company acquired 21 acres of prime land in Whitefield, Bengaluru for residential development spanning approximately 4 million sq ft of developable area, comprising around 1,800 apartments.

Sobha: The company reported sales value at Rs 6,644 crore, up 28% YoY for the end of FY 24, and average realisation at Rs 10,922 per sq ft, up 19% YoY. The total sales value stood at Rs 1,504 crore at the end of the fourth quarter and the average price realisation stood at Rs 1,123 crore.

IndusInd Bank: The company reported net advances at Rs 3.4 lakh crore, up 18% YoY for the end of the fourth quarter and deposits stood at Rs 3.81 lakh crore, up 14% YoY.

Grasim Industries: The company acquired a 26% stake in Clean Max Decimus, a special-purpose vehicle for the generation and transmission of renewable energy.

Aeroflex Industries: The company has acquired Hyd-Air Engineering for Rs 17.2 crore.

Rashi Peripherals: The company received new orders worth Rs 1,510 crore from Hinduja Group-backed NMDC Data Centre to supply ICT products.

Bandhan Bank: The company reported total deposits at Rs 1.35 lakh crore, up 25% YoY, for the quarter ending March, and total advances at Rs 1.3 lakh crore, up 18%.

ESAF Small Finance Bank: The company reported total deposits at Rs 19,868 crore, up 35% YoY, for the quarter ending March, gross advances at Rs 18.878 crore, up 34%, and AUM stood at Rs 19,765 crore, up 21%.

Canara Bank: The company has outstanding bonds of Rs 41,640 crore as of March 31.

United Spirits: The company bought a 15% stake in Inspired Hospitality for Rs 5.65 crore by subscribing to 3,494 compulsory convertible preference shares.

Source: Moneycontrol, Bloomberg Quint, Investing 

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