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

The Asia-Pacific region’s markets were trading negatively, following the downturn on Wall Street as investors evaluated Japan’s GDP data and anticipated the release of the US CPI report. As of 06:38 a.m., the Nikkei was down 878.75 points, or 2.21%, at 38,810.19, while the S&P ASX 200 was down 109.10 points, or 1.39%, at 7,737.90. In the lead-up to the U.S. jobs report, U.S. equities reached record highs as investors bet that some of the world’s biggest central banks would begin cutting interest rates as early as June, according to Bloomberg. As of 12.10 a.m. New York time, the S&P 500 Index and Nasdaq Composite had dropped 0.65% and 1.16%, respectively. On Friday, the Dow Jones Industrial Average ended the day 0.18% lower.

Economic Calendar:

  • USD : CPI (YoY) (Feb) on 12th March, 2024
  • USD : PPI (MoM) (Feb) on 14th March, 2024
  • INR : CPI (YoY) (Feb) on 12th March, 2024
  • INR : WPI Inflation (YoY) (Feb) on 14th March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Particulars 07th March Chg. Chg.(%)
Nasdaq 16085.11 -188.26 -1.16
Dow 38722.69 -68.66 -0.18
FTSE 7659.74 -32.72 -0.43
CAC 8028.01 11.79 0.15
DAX 17814.51 -28.34 -0.16
Dow Fut.* 38680.73 -41.96 -0.11

Asian markets:

Particulars 11th March Chg. Chg.(%)
GIFT Nifty 22625.00 -79.00 -0.35
Nikkei 38704.10 -984.84 -2.54
Straits Times 38704.10 -984.84 -2.54
Hang Seng 16526.05 172.66 1.04
Shanghai 3044.88 -1.14 -0.04

ADR Watch:

Particulars 07th March  Chg.       Chg.(%)
Dr. Reddy 76.62 0.28 0.36
HDFC Bank 55.90 -0.11 -0.20
ICICI Bank 26.18 -0.07 -0.29
Infosys 19.25 -0.14 -0.70
Wipro 6.16 -0.03 -0.48

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.76 0.01
Brent 81.53 -0.67
Gold 2185.15 -0.02
Silver 24.47 -0.32

FIIs & DIIs:

Particulars 07th March 06th March
FIIs                          7304.11 2766.75
DIIs 2601.81 2149.88

News Update:

Vedanta: The company received warning related to publishing information relating to unlisted ultimate holding company from SEBI.

InterGlobe Aviation: Promoter Rakesh Gangwal will sell up to a 3.3% stake in the company worth at least Rs 3,729 crore, at a floor price of Rs 2,925 apiece.

GAIL, ONGC: GAIL, Oil and Natural Gas Corp and Shell Energy India signed a tripartite Memorandum of Understanding to explore opportunities for importing ethane and other hydrocarbons, as well as developing evacuation infrastructure at Shell Energy Terminal, Hazira.

Torrent Power: The company received letter of award worth Rs 1,540 crore from Maharashtra state electricity distribution company for setting up 306 MW grid-connected solar PV projects.

Gujarat Gas: The company and Bharat Petroleum signed an MoU on various fronts to streamline operations and improve service delivery. This MoU includes offering liquid fuels and BPCL’s allied petroleum products at select outlets of the company.

Rail Vikas Nigam: The company received a letter of award from Madhya Pradesh Poorv Kshetra Vidyut Vitaran for a broad consideration of Rs 251 crore to supply, install, test and commission 11 KV Line associated works. The company received a LOA worth Rs 889 crore from the Himachal Pradesh state electricity board for the development of distribution infrastructure in the south zone of Himachal Pradesh.

Titagarh Rail Systems: The company received order worth of Rs 1,909 crore from the Railway Board for manufacture and supply of 4,463 BOSM wagons.

NBCC: The company signed an MoU with Bharat Heavy Electronics for redeveloping BHEL’s identified properties.

Shyam Metallics and Energy: The company sold 94,143 tonne sponge iron, up 122.9% YoY, and sold 2.34 lakh tonne, up 37.3% YoY, for the month of February.

Agro Tech Foods: The company announced a share subscription agreement with Zest Holding Investments, leading to the investor gaining control over the company.

Tata Communication: The company has opened a new world-class production and delivery facility in Los Angeles – an investment that will support the future development of its services and business growth.

Source: Moneycontrol, Bloomberg Quint, Investing 

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