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

As traders ignored a hotter-than-expected wholesale inflation report, equity markets in Asia opened higher after U.S. equities rose for a fourth day. Early trading saw gains in Australian, Japanese, and South Korean stocks while futures for the benchmark in Hong Kong increased. After the S&P 500 ended its longest winning streak since August on Wednesday, contracts for American stocks also increased as investors concentrated on less hawkish remarks from Federal Reserve speakers. The yield on the 10-year U.S. bond was 4.56% at the time, and Bitcoin was trading below the 27,000 mark. WTI crude was trading above the $83 level, while Brent crude was trading above $85 a barrel.

Economic Calendar:

  • USD : CPI (MoM) (Sep) on 12th Oct, 2023
  • USD : Initial Jobless Claims on 12th Oct, 2023
  • INR : Manufacturing Output (MoM) (Aug) on 12th Oct, 2023
  • INR : CPI (YoY) (Sep) on 12th Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier)

International Markets

 U.S & Europe:

Particulars 11th October Chg. Chg.(%)
Nasdaq 13659.68 96.83 0.71
Dow 33804.87 65.57 0.19
FTSE 7620.03 -8.18 -0.11
CAC 7131.21 -31.22 -0.44
DAX 15460.01 36.49 0.24
Dow Fut.* 33864.41 59.54 0.18

Asian markets:

Particulars 12th October Chg. Chg.(%)
GIFT Nifty 19852.00 -2.00 -0.01
Nikkei 32323.28 386.77 1.20
Straits Times 3223.24 30.37 0.95
Hang Seng 18226.34 333.24 1.86
Shanghai 3095.26 16.30 0.53

ADR Watch:

Particulars       11th October  Chg.       Chg.(%)
Dr. Reddy 67.39 0.63 0.94
HDFC Bank 59.09 0.07 0.11
ICICI Bank 22.78 -0.14 -0.61
Infosys 17.62 -0.23 -1.29
Wipro 5.03 0.13 2.55

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.16 -0.18
Brent 85.31 -0.59
Gold 1890.25 0.16
Silver 22.238 0.47

FIIs & DIIs:

Particulars   11th October     10th October
FIIs                          -421.77 -1005.49
DIIs 1032.02 1963.34

News Update:

TCS: The IT major’s board approves a buyback of 4.09 crore shares (1.12%) at Rs 4,150 apiece, aggregating to Rs 17,000 crore. An interim dividend of Rs 9 per share was also approved by the board, with Oct. 19 as the record date.

Larsen & Toubro: The company received a Rs 64.98 lakh penalty order from the GST authority for disallowance of the transitional credit claimed.

Maruti Suzuki: The company started exporting the Indian-manufactured off-roader Jimny 5-Door to Latin America, the Middle East, and Africa, among other destinations.

Adani Enterprises: The company raised Rs 700 crore through an allotment of 70,000 NCDs on a private placement basis.

JSW Steel: The company was declared the preferred bidder for the Jaisinghpura Iron Ore North Block in Karnataka with 17.66 million tonnes of reserves.

IndusInd Bank: SBI Mutual Fund gets RBI nod for acquiring up to a 9.99% stake in the company by Oct. 10, 2024.

LTIMindtree: The company initiated the Comprehensive Community Development Programme in Subir Block of Dang District in Gujarat to improve the socioeconomic condition of the region.

Cipla: The pharma major’s manufacturing unit, InvaGen Pharmaceuticals, gets an EIR from the U.S. FDA post-inspection of the Long Island facility as voluntary action indicated.

Vedanta: India Ratings downgraded the long-term bank and debt instruments of the company to ‘IND AA-‘ from ‘IND AA’ while placing them on ‘Rating Watch with Negative Implications’.

Timken India: Jamshedpur Plant’s operations will be trimmed down from Oct. 19–24 due to physical verification of inventory and the Durga Pooja festival.

Aurobindo Pharma: Company unit CuraTeQ Biologics signs a letter of intent with Singapore’s Merck Sharp & Dohme for contract manufacturing operations for biologicals.

RVNL: RVNL emerges as the lowest bidder for the supply, installation, testing and commissioning of tunnel communication systems in Assam. The order is worth Rs 28.73 crore for a period of one year.

Shree Renuka Sugars: Anamika Sugar Mills allots 2.32 crore shares for Rs 109.5 crore via rights issue.

Route Mobile: Company’s Bangladesh subsidiary has partnered with Robi Axiata in Bangladesh as a technical enabler and sales partner for Rich Communication Service Business Messaging.

Source: Moneycontrol, Bloomberg Quint, Investing 

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