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

Asian stock futures made small advances as global investors await a U.S. inflation report later Wednesday that will help shape the outlook for interest rates in the world’s biggest economy. Contracts for benchmarks in Japan and Australia rose 0.3% and 0.5%, respectively, suggesting a mildly positive tone as markets in the region open. Futures for Hong Kong climbed 0.6% and an index of U.S.-listed Chinese shares advanced 1.6% as traders warmed to government measures to bolster the nation’s struggling property sector. Meanwhile, Brent crude was below $80 a barrel and West Texas Intermediate was trading above to $74-mark. The yield on the 10-year U.S. bond was trading at 3.97%, whereas Bitcoin was above 30,000-level. At 05:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,591.5.

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 11th July Chg. Chg.(%)
Nasdaq 13760.70 75.22 0.55
Dow 34261.42 317.02 0.93
FTSE 7282.52 8.73 0.12
CAC 7220.01 76.32 1.06
DAX 15790.34 117.18 0.74
Dow Fut.* 34245.20 -16.20 -0.05

Asian markets

Particulars 12th July Chg. Chg.(%)
GIFT Nifty 19543.00 6.00 0.03
Nikkei 31957.86 -245.71 -0.77
Straits Times 3174.01 10.17 0.32
Hang Seng 18894.96 235.13 1.26
Shanghai 3217.05 -4.32 -0.13

ADR Watch:

Particulars 11th July  Chg.       Chg.(%)
Dr. Reddy 62.67 0.14 0.22
HDFC Bank 67.21 1.03 1.56
ICICI Bank 23.05 0.09 0.39
Infosys 16.24 0.23 1.44
Wipro 4.70 0.02 0.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.31 -0.13
Brent 79.59 0.24
Gold 1944.35 0.37
Silver 23.440 0.68

FIIs & DIIs:

Particulars 11th July 10th July
FIIs                          1197.38 588.48
DIIs -7.25 288.38

News Update:

Adani Enterprises: The company raised Rs 1,250 crore via bonds. It allotted 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures of a face value of Rs 1,00,000 each on private placement.

Delta Corp., Nazara Technologies, and online gaming stocks: The GST Council has levied a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform.

PVR-Inox, cinema stocks: The GST Council agreed to reduce GST on food and beverages at cinema halls to 5% from the previous 18%.

Happiest Minds Technologies: The company fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.

Lupin: The drugmaker received an Establishment Inspection Report from the U.S. FDA for its Pithampur Unit-2 manufacturing unit. This unit makes oral solids and ophthalmic dosage forms. The U.S. drug regulator issued the EIR after inspecting the facility from March 21 to March 29, 2023. The inspection classification, according to the U.S. FDA, is voluntary action indicated.

Sterlite Technologies: The company has partnered with communications and software company Windstream to support the latter’s large-scale fibre expansion projects.

Tatva Chintam Pharma Chem: The company has agreed to raise more capital, not exceeding Rs 200 crore, by issuing equity shares and/or equity-linked instruments through a public or private offering, qualified institutional placement, or any mix thereof.

Bhansali Engineering Polymers: The company approved the allotment of 8.29 crore equity shares as fully paid-up bonus shares in the ratio of 1:2. Post the bonus issue, the paid-up equity share capital will stand at Rs 24.88 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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