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

Asian equities were primed to rise Tuesday following gains on Wall Street and after China stepped up support for its struggling property market. Futures for benchmarks in Japan, Hong Kong and Australia climbed more than 0.5% while a gauge of U.S.-listed Chinese stocks jumped 1.2%. That suggests bigger moves in the region than Monday’s 0.2% increase for the S&P 500 Index and a marginal move higher for the Nasdaq 100. Meanwhile, Brent crude was below $78 a barrel and West Texas Intermediate was trading above to $73-mark. The yield on the 10-year U.S. bond was trading at 3.99%, whereas Bitcoin was above 30,000-level. At 5:25 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,650.

Economic Calendar:

  • USD : CPI (MoM) (Jun) on 12th July, 2023
  • USD : Initial Jobless Claims on 13th July, 2023
  • INR : CPI (YoY) (Jun) on 12th July, 2023
  • INR : Manufacturing Output (MoM) (May) on 12th July, 2023

Brokerage Radar:

CLSA ON BHARTI AIRTEL: Buy, TP Rs 1030; India’s cloud market of US$6bn is likely to triple in five years to US$17.8bn. Bharti Airtel has been boosting capabilities in cloud services with growing partnerships; Amazon, Google, Cisco, IBM, besides own Airtel-IQ. Also Bharti’s subsidiary Nxtra with pan-India 12 large and 120+ edge data centres targets to triple data centre capacity to over 400MW by 2025. Cloud & data centres will boost ‘Airtel Business’ growth & add upside potential

MACQUARIE ON CONCOR: Neutral. TP Rs 620; 1Q update: Vols tad weaker than expected+8% YoY (Macq est. of +10%), with weakness of export–import (EXIM) handling volume (+7% YoY; Macq est of +10%) only partially offset by an in line domestic biz performance (+10% YoY)

International Markets

U.S & Europe:

Particulars 10th July Chg. Chg.(%)
Nasdaq 13685.48 24.77 0.18
Dow 33944.40 209.52 0.62
FTSE 7273.79 16.85 0.23
CAC 7143.69 31.81 0.45
DAX 15673.16 69.76 0.45
Dow Fut.* 33955.30 10.90 0.03

Asian markets

Particulars 11th July Chg. Chg.(%)
GIFT Nifty 19486.50 30.00 0.15
Nikkei 32279.88 90.15 0.28
Straits Times 3156.14 6.82 0.22
Hang Seng 18732.30 252.58 1.37
Shanghai 3211.34 7.64 0.24

ADR Watch:

Particulars 10th July  Chg.       Chg.(%)
Dr. Reddy 62.53 0.13 0.21
HDFC Bank 66.18 -0.14 -0.21
ICICI Bank 22.96 -0.13 -0.56
Infosys 16.01 -0.04 -0.25
Wipro 4.68 -0.07 -1.47

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.47 -0.14
Brent 78.09 0.51
Gold 1933.30 0.12
Silver 23.407 0.27

FIIs & DIIs:

Particulars 10th July 07th July
FIIs                          588.48 790.40
DIIs 288.38 -2964.23

News Update:

Vedanta: The company said it is fully committed to semiconductor fab project. It has lined up other partners to set up a foundry. The company already has licence for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer. It plans to acquire a licence for production-grade 28 nm as well.

State Bank of India: The lender will divest 2% stake or 40 lakh equity shares at Rs 2 apiece held in National Securities Depositories in its initial public offering.  

SBI Cards and Payments Services: Rama Mohan Rao resigned as managing director and chief executive officer of SBI Card & Payments Services with effect from Aug. 11. Rao resigned as he has been transferred back to State Bank of India.

Nazara Technologies: The board of Nazara Technologies will raise up to Rs 750 crore via equity and equity linked instruments or securities. The fundraise will be either through one or more qualified institutional placements or preferential allotment or a mix of both.

Tata Communications: The company’s unit Tata Communications International has inked a share purchase agreement to acquire remaining stake in Oasis Smart Sim Europe SAS for $12 million (Rs 99.30 crore) in cash. Tata International currently holds a 58.1% stake in Oasis. The acquisition will be concluded within one month.

Gravita India: The company expects a loss of Rs 2.50 crore at its manufacturing unit at Mundra in Gujarat due to Cyclone Biparjoy which will be covered by insurance. The company is facing a partial production loss of about 20 days which includes reworking on finished goods.  

CarTrade Tech: The company has inked share purchase agreement to buy 100% stake in Sobek Auto India from its holding company, OLX India B.V., in a deal worth Rs 537 crore.

Mcleod Russel India: The company will exclusively discuss, negotiate and evaluate mechanism with Carbon Resources for monetizing identified assets of the company. This is for a one-time settlement of debt owed by the company to its lenders.  

 Source: Moneycontrol, Bloomberg Quint, Investing 


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