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

After its greatest surge since April, oil slipped lower as Asian markets opened higher. Early trading on Wednesday saw an increase in Australian shares as well as those in South Korean and Japanese markets. The S&P 500 increased for a third day, getting close to 4,400 on Tuesday. PepsiCo Inc. increased on an optimistic prediction, and Inc. increased during its fall offer for Prime users. The CBOE Volatility Index, or VIX, a measure of anxiety on Wall Street, dropped to a two-week low. The yield on the 10-year U.S. bond was 4.64% at the time, while Bitcoin was trading above the 27,000 mark. WTI crude was trading above the $85 level, while Brent crude was trading above $87 a barrel.

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:

CITI ON BOB: Buy, TP Rs 245; Embargo on customer onboarding onto ‘bob World’ mobile application; Will moderate pace of new customer acquisition, as 43% of FDs/RDs & 44% PPF are being opened through bob World; Also 89% of PLs sanctioned digitally

MS ON PHOENIX MILLS: OW, TP Rs 2200; 2QFY24 Retail sales and rental growth accelerated; 1H24 consumption was 45% of FY24 target of Rs. 115 bn, but 2HFY is usually stronger. Preferred stock in India’s property sector as it can deliver more than 20% income growth

International Markets

 U.S & Europe:

Particulars 10th October Chg. Chg.(%)
Nasdaq 13562.84 78.60 0.58
Dow 33739.30 134.65 0.40
FTSE 7628.21 136.00 1.78
CAC 7162.43 141.03 1.97
DAX 15423.52 295.41 1.92
Dow Fut.* 33764.44 25.14 0.07

Asian markets:

Particulars 11th October Chg. Chg.(%)
GIFT Nifty 19791.00 54.00 0.27
Nikkei 31917.48 170.95 0.54
Straits Times 3191.13 -7.94 -0.25
Hang Seng 17949.95 285.22 1.59
Shanghai 3095.22 19.98 0.65

ADR Watch:

Particulars       10th October  Chg.       Chg.(%)
Dr. Reddy 66.76 0.11 0.17
HDFC Bank 59.02 0.15 0.25
ICICI Bank 22.92 0.16 0.70
Infosys 17.85 0.10 0.56
Wipro 4.90 0.02 0.41

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.18 0.01
Brent 87.94 0.33
Gold 1875.10 -0.01
Silver 22.038 0.39

FIIs & DIIs:

Particulars   10th October     09th October
FIIs                          -1005.49  -997.76
DIIs 1963.34 2661.27

News Update:

Titan Company: The company’s board will be meeting on Oct. 17 to consider the issuance of non-convertible debentures on a private placement basis within the permissible borrowing limits.

Wipro: The IT major has completed a subscription to the 9.95% equity share capital of FPEL Ujwal, which is engaged in the business of developing, building, and managing a portfolio of solar power assets.

Bank of Baroda: RBI had directed the lender to suspend the onboarding of new customers onto its ‘bob World’ app due to certain supervisory concerns. The bank has said it has initiated steps to plug in gaps in its app, and it will work closely with the RBI to address their concerns as soon as possible.

Samvardhana Motherson International: The company has incorporated Motherson Groups Investments USA Inc. as an indirect wholly owned subsidiary for the purpose of acquiring, investing and holding movable and immovable assets of the group.

PI Industries: Therachem Research Medilab (India) and Solis Pharmachem have been merged into parent company PI Health Sciences, a wholly owned subsidiary of PI Industries.

Thermax: The Bombay High Court granted stay of operation and execution of the arbitral award, subject to the company depositing Rs 218.45 crore, which is returnable with interest in the event the award is set aside by the Court.

Zee Entertainment: The company has been served with an appeal on behalf of IDBI Trusteeship Services against it before the NCLAT, Delhi. The appeal challenges the scheme of arrangement involving Zee Entertainment Enterprises, Bangla Entertainment, and Culver Max Entertainment.

Crompton Greaves Consumer Electricals: The company launched a new product named Acenza in the Storage Water Heater segment.

Fine Organic Industries: The company has incorporated a wholly owned subsidiary ‘Fine Organic Industries (SEZ) Private Limited’ with a share capital of Rs 1,00,000 for the purpose of carrying on the business of manufacturing specialty chemical products.

MCX: The Multi Commodity Exchange of India will go live with the new commodity derivatives platform on Oct. 16. The exchange will conduct mock trading on Oct. 15.

Birla Corporation: The Office of Collector, Satna (Madhya Pradesh), has imposed a penalty of Rs 8.43 crore on the company for excess production of limestone from captive mining without obtaining environment clearance for the period from 2000-01 to 2006-07.

Source: Moneycontrol, Bloomberg Quint, Investing 

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