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

Share indices in Asia-Pacific region gained in early Thursday while investors braced themselves for U.S. CPI, scheduled for release later today. In Japan, Nikkei extended its three-decade high rally, and crossed 35,000 briefly, marking the highest level since February. The rally is Japanese stock is supported by a fall in Japanese yen against the dollar. The Nikkei was trading 1.35% higher at 34,897 as of 6:32 a.m. Share indices in South Korea rose as the Bank of Korea kept its benchmark interest rate unchanged at 3.50% on Thursday. The benchmark KOSPI was trading 0.30% or 7.64 points higher at 2,549.09 as of 6:38 a.m. U.S. stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook, The S&P 500 index and Nasdaq 100 settled 0.57% and 0.69% higher, respectively on Wednesday. The Dow Jones Industrial Average gained by 0.45%. Brent crude was trading 1.02% lower at $76.80 a barrel. Gold was up by 0.14% at $2,027.30 an ounce.

Economic Calendar:

  • USD : Core CPI (MoM) (Dec) on 11th January, 2024
  • USD : Initial Jobless Claims on 11th January, 2024
  • INR : CPI (YoY) (Dec) on 12th January, 2024
  • INR : FX Reserves, USD on 12th January, 2024

Brokerage Radar:

CLSA ON TATA POWER: Buy, TP Raised to Rs 955(on roll fwd); Europe, UK & China led significant vol growth in 3Q; CO raised JLR Ebit margin guidance to 8% from 6% for FY24 & expects Ebit margin to reach 10% by FY26; JLR expects to reduce net debt to £1bn by end of FY24

CITI ON ZEE ENT: Buy, TP Rs 340; News Flow Suggests Potential Uncertainty Around Merger Completion; However, assuming merger goes through (base case assumption), expect it to drive advt. & subscription revenue synergies along with potential cost synergies as well

UBS ON BAJAJ AUTO: Sell, TP Rs 5600; Buy-back announced at Rs10k/sh; promoters expected to participate; This means co will buy-back c1.41% of total equity& implies promoter group will potentially receive Rs22bn; Stk has already run-up c6% since news of a board meeting

International Markets:

U.S & Europe:

Particulars 10th January Chg. Chg.(%)
Nasdaq 14944.12 86.41 0.58
Dow 37695.73 170.57 0.45
FTSE 7651.76 -32.20 -0.42
CAC 7426.08 -0.54 -0.01
DAX 16689.81 1.45 0.01
Dow Fut.* 37741.51 45.78 0.12

Asian markets:

Particulars 11th January Chg. Chg.(%)
GIFT Nifty 21735.00 35.00 0.16
Nikkei 35110.52 668.80 1.94
Straits Times 3201.70 21.74 0.68
Hang Seng 16304.81 207.53 1.29
Shanghai 2878.54 0.84 0.03

ADR Watch:

Particulars 10th January  Chg.       Chg.(%)
Dr. Reddy 69.83 0.45 0.65
HDFC Bank 65.35 0.53 0.82
ICICI Bank 23.96 0.44 1.87
Infosys 18.10 -0.15 -0.82
Wipro 5.38 0.02 0.37

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.06 0.04
Brent 77.03 0.30
Gold 2033.20 0.27
Silver 23.13 0.28

FIIs & DIIs:

Particulars 10th January 09th January
FIIs                          -1721.35 -990.90
DIIs 2080.01 104.23

News Update:

Polycab India: The IT Department detected unaccounted cash sales of about Rs 1,000 crore after it initiated search and seizure operations against the company.

SpiceJet: The chairman and managing director unveiled the airline’s ambitious plans for growth and network expansion through a fund infusion of Rs 2,250 crore. The company has the exclusive rights for Lakshadweep and will launch flights to Agatti Island soon.

Jindal Steel and Power: The insolvency appellate tribunal NCLAT dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of the debt-ridden Tuticorin Coal Terminal.

Kalyani Steels: The company has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation. A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024.

Mahindra and Mahindra: The company’s stake in Sustainable Energy Infra Trust is diluted to 10.5% from 15.7% earlier and Mahindra Susten’s stake in Sustainable Energy Infra Trust is diluted to 15% from 73.9% earlier.

Bank of India: The company reported total global business at Rs 12.75 lakh crore, up 9.9% YoY, and global deposits at Rs 7.1 lakh crore, up 8.7% YoY. The lender’s domestic deposits stood at Rs 5.99 lakh crore, up 7.6% YoY, and global gross advances at Rs 5.66 lakh crore, up 11.5% YoY.

The Phoenix Mills: The company reported gross retail collections at Rs 700 crore up 30% YoY and total consumption at Rs 3,287 crore up 24% YoY.

Axiscades Technologies: The company launched its qualified institutional placement for raising up to Rs 500 crore. It sets the floor price at Rs 696.7 per share which indicates a discount of 9.9% to the stock’s current market price.

CESC: The company’s unit Noida Power Company received an order from the Uttar Pradesh Electricity Regulatory Commission for procurement of power of 95 MW RTC Power per annum for 5 years.

Source: Moneycontrol, Bloomberg Quint, Investing 

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