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

A week that will feature significant US inflation data and the Federal Reserve’s final rate decision of the year is approaching, and Asian markets opened largely higher today. Japan’s indexes increased by more than 1%, the S&P/ASX 200 in Australia increased by 0.3%, and the Kospi in South Korea remained unchanged. Those in Hong Kong and the Chinese mainland declined in the interim. Following a better-than-expected jobs report, traders reduced their expectations that the Federal Reserve would rapidly loosen monetary policy next year, which caused Treasury yields to spike, according to Bloomberg. On December 8, the Nasdaq 100 and S&P 500 Index increased by 0.45% and 0.41%, respectively. 0.36% more was added to the Dow Jones Industrial Average. A barrel of Brent crude ended 0.45% higher at $76.18. An ounce of gold dropped 1.26% to $2,003.41.

Economic Calendar:

  • USD : CPI (MoM) (Nov) on 12th December, 2023
  • USD : PPI (MoM) (Nov) on 13th December, 2023
  • INR : CPI (YoY) (Nov) on 12th December, 2023
  • INR : Manufacturing Output (MoM) (Oct) on 12th December, 2023

Brokerage Radar:

JEFFERIES ON COFORGE: Buy, TP Rs 6580; Management meet takeaways; Expects growth to be in lower end of their 13-16% guidance despite longer furloughs in 3Q, & expects similar growth in FY25; Coforge aims to improve margins by 150-300bps over next 3-4 years

MS ON WIPRO: UW. TP Rs 370; Announced resignation of its Chief Growth Officer

Senior management exits over the last 12 months has been a matter of concern for investors; Chief Growth Officer had a significant role managing the large deal team at Wipro

International Markets

U.S & Europe:

Particulars 08th December Chg. Chg.(%)
Nasdaq 14405.92 65.93 0.46
Dow 36247.87 130.49 0.36
FTSE 7554.47 40.75 0.54
CAC 7526.55 98.03 1.30
DAX 16759.22 130.23 0.78
Dow Fut.* 36234.84 -13.03 -0.04

Asian markets:

Particulars 11th  December Chg. Chg.(%)
GIFT Nifty 21071.00 -22.00 -0.10
Nikkei 32817.61 509.75 1.55
Straits Times 3089.17 -21.56 -0.69
Hang Seng 16040.35 -294.02 -1.80
Shanghai 2943.35 -26.21 -0.88

ADR Watch:

Particulars 08th December  Chg.       Chg.(%)
Dr. Reddy 68.85 -0.90 -1.29
HDFC Bank 64.52 1.15 1.82
ICICI Bank 24.12 0.25 1.05
Infosys 17.89 0.26 1.45
Wipro 5.02 0.04 0.70

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.42 -0.01
Brent 76.12 0.62
Gold 2013.95 -0.03
Silver 23.28 0.02

FIIs & DIIs:

Particulars 08th December 07th December
FIIs                          3632.30 -1564.03
DIIs -434.02 -9.66

News Update:

Mazagon Dock Shipbuilders: The company received an order worth Rs 1,145 crore from ONGC for laying approximately 44.4 km of subsea pipelines in 19 segments.

GMR Airports Infrastructure: Two key investors in the company have divested their stake, while the Rajiv Jain-backed GQG Partners has picked up a 4.7% stake for Rs 1,671 crore.

Bank of India: The company’s QIP worth of Rs 4,500 crore was oversubscribed by 4.11 times. The company received 104 bids, aggregating to 18,483.30 crore.

REC: The company signed a 200 million Euro loan agreement with the German Bank KfW in New Delhi today. This is the company’s sixth line of credit under Indo-German Development Cooperation.

JSW Steel: The company secured a coveted position in the DJSI World Index and the DJSI Index for Emerging Markets.

Adani Enterprise: The company acquired the remaining 51% stake in Quintillion Business Media. Post-acquisition, Quintillion Business Media becomes a wholly owned subsidiary of the company.

Ramco Cements: Kolimigundla clinker plant capacity increased to 3.15 MTPA from 2.5 MTPA.

IDFC First Bank: Cloverdell Investment reduced its stake in the company to 2.25% from 4.04%.

Dr Reddy Laboratories: The US FDA issued Form 483 with three observations in its inspection from Dec. 4 to Dec. 8.

HCL Tech: The leading global technology company, expands its footprint in Romania with a new global delivery centre in Iaşi, Romania.

Cipla: The company received the US FDA for ANDA for Vasopressin.

Lemon Tree Hotels: The company signed a licence pact for an 80-room hotel in Karnataka.

Lloyds Metals And Energy: The company approved the expansion of iron ore mining capacity up to 55 MTPA, the establishment of 45 MTPA BHQ beneficiation plants, the establishment of 3 MTPA integrated steel plants and the enhancement of 4 MTPA pellet plants to 8 MTPA pellet plants. The company’s board approved the issue of 6.35 crore shares by way of a rights issue for Rs 99.9 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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