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

Following Wall Street’s lead and the Federal Reserve governors’ dovish remarks on rates, Asian equities opened higher. On the backlash from Hamas’ attack on Israel, oil and gold increased. After the S&P 500 reversed Monday’s losses, stocks started the day higher in Australia, Japan, and South Korea, and futures for Hong Kong also indicated gains. Energy companies helped drive the S&P 500 index higher on Monday as U.S. oil futures briefly rose above $87 a barrel. The yield on a 10-year US bond was 4.65%, and the price of Bitcoin was above the 27,000 mark. WTI Crude was trading above the $86 mark while Brent crude was trading below the $88 mark.

Economic Calendar:

  • USD : PPI (MoM) (Sep) on 11th Oct, 2023
  • USD : FOMC Meeting Minutes on 11th Oct, 2023
  • INR : Manufacturing Output (MoM) (Aug) on 12th Oct, 2023
  • INR : CPI (YoY) (Sep) on 12th Oct, 2023

Brokerage Radar:

JEFFERIES ON CONCORD BIOTECH: Initiate Buy, TP Rs 1260; A wide portfolio and adequate capacities should drive industry-leading revenue growth and operating leverage; Est. 30% PAT Cagr over FY23-26E; Maintain 1HFY24E should see order flow traction

MS ON TATA MOTORS: OW, TP Rs 711; JLR posted strong F2Q volumes, with wholesales up 29% YoY, & guided for FCF of £300mn for qtr; A strong mix should support 2Q margins, & forms upside risk to FY24 EBIT margin est. of 6.6%; A de-leveraging play in FY24 & India EV play in FY25

International Markets

 U.S & Europe:

Particulars 09th October Chg. Chg.(%)
Nasdaq 13484.24 52.90 0.39
Dow 33604.65 197.07 0.01
FTSE 7492.21 -2.37 -0.03
CAC 7021.40 -38.75 -0.55
DAX 15128.11 -101.66 -0.67
Dow Fut.* 33646.28 41.63 0.12

Asian markets:

Particulars 10th October Chg. Chg.(%)
GIFT Nifty 19609.50 99.50 0.51
Nikkei 31766.75 772.08 2.43
Straits Times 3199.34 32.83 1.04
Hang Seng 17738.13 220.73 1.26
Shanghai 3083.45 -13.47 -0.43

ADR Watch:

Particulars       09th October  Chg.       Chg.(%)
Dr. Reddy 66.65 0.33 0.50
HDFC Bank 58.87 -0.42 -0.71
ICICI Bank 22.76 -0.30 -1.30
Infosys 17.75 -0.04 -0.22
Wipro 4.88 -0.06 -1.21

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.19
Brent 87.86 -0.33
Gold 1877.20 0.69
Silver 21.988 0.29

FIIs & DIIs:

Particulars   09th October     06th October
FIIs                           -997.76 -90.29
DIIs 2661.27 783.25

News Update:

Adani Enterprises: The Adani Group has condemned the Financial Times for its “Malicious Campaign to Tarnish its Global Reputation.” The company said in a statement that the Financial Times is deliberately recycling old allegations to support vested interests.

Tata Steel: Fitch upgraded the steelmaker to BBB- from BB+ with a ‘Stable’ outlook. The upgrade follows a reduction in uncertainty and financial risk from its U.K. operations.

Indian Oil: The company has appointed Anuj Jain as the Director (Finance) as of Oct. 9, 2023. Consequently, Sanjay Kaushal has ceased to be the CFO of the company.

Dr Reddy’s Laboratories: The company was named in an antitrust complaint filed in California court by Mayo Clinic and Lifepoint Corporate Services. It alleges improper restraining of competition and a shared monopoly in the sale of Revlimid.

IDFC First Bank: The bank will sell its office premises in BKC, Mumbai, to NSDL for Rs 198 crore.

Cummins India: The company’s Pune unit in MIDC Phaltan will be excluded from the SEZ scheme from Oct. 11, 2023. The unit shall continue to operate as Domestic Tariff Area plant.

Container Corporation of India: Export-Import volumes rose 3.5% year on year to 9.7 lakh TEUs, and domestic volumes rose 26.13% to 2.61 lakh TEUs in the second quarter.

Mazagon Dock Shipbuilders: The company has signed a Letter of Intent with a European client for the construction of six firm and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices for the vessels would be decided after the signing of the contract.

Star Health: The co. gets a Rs 39 crore show cause cum demand notice from DGGI for for non-payment of GST on co-insurance premiums from July 2017 to March 2023.

Phoenix Mills: Total consumption in Q2 of FY24 rose 20% year on year to Rs 2,637 crore. Retail collections rose 23% year on year to Rs 638 crore in the second quarter.

Genus Power Infrastructures: The company’s unit received two LoAs worth Rs 3,115 crore for the design of advanced metering infrastructure systems with the supply, installation and commissioning of 34.8 lakh smart prepaid meters.

Dilip Buildcon: The company has received a LoA for an order worth Rs 396.9 crore from Water Resources Zone, Udaipur. The EPC turnkey order is expected to be completed within 44 months. The order includes the planning, design and construction of Dewas III and IV Dams in Tehsil-Gogunda Udaipur.

Source: Moneycontrol, Bloomberg Quint, Investing 

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