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

Ahead of the U.S. Federal Reserve’s policy announcement, which is expected after market hours today, the majority of Asian share indices were trading in the green, after Wall Street’s overnight gains. After today’s policy meeting, the U.S. central bank is anticipated to maintain the benchmark federal fund rate at 5.25–5.50%. The largest economy in the world’s consumer price index came in at 3.1% in November, according to data released by the U.S. Labor Department on Wednesday. November’s core CPI, which does not include energy and food prices, was 4.0%.  As of Tuesday, the Nasdaq 100 and S&P 500 indexes had increased by 0.82% and 0.46%, respectively. By 0.48%, the Dow Jones Industrial Average increased. At $73.24 per barrel, Brent crude was down 3.67% on the market. Gold was up by 0.06% at $1,980.78 an ounce.

Economic Calendar:

  • USD : PPI (MoM) (Nov) on 13th December, 2023
  • USD : Fed Interest Rate Decision on 14th December, 2023
  • INR : M3 Money Supply on 13th December, 2023
  • INR : WPI Inflation (YoY) (Nov) on 14th December, 2023

Brokerage Radar:

CLSA ON ITC: O-p, TP Rs 482; Hosting its annual investor/analyst meet Today; Seek to get answers to following 1) An update on Next Strategy 2) Medium term margin aspirations  3) FMCG-cig growth outlook  4) Update on timeline for Hotels’ listing?

MS ON INFOSYS: OW, TP Rs 1600; Resignation of CFO unanticipated & could weigh on sentiment in light of past senior exits; Although expect transition to be a smooth; Co appointed Jayesh Sanghrajka (currently Executive VP  & Deputy CFO) as CFO, effective April 1, 2024

International Markets

U.S & Europe:

Particulars 12th December Chg. Chg.(%)
Nasdaq 14525.35 92.87 0.64
Dow 36577.94 173.01 0.48
FTSE 7542.77 -2.12 -0.03
CAC 7543.55 -7.98 -0.11
DAX 16791.74 -2.69 -0.02
Dow Fut.* 36623.41 45.47 0.12

Asian markets:

Particulars 13th  December Chg. Chg.(%)
GIFT Nifty 21066.50 41.50 0.20
Nikkei 32987.69 143.99 0.44
Straits Times 3096.48 -5.83 -0.19
Hang Seng 16233.47 -141.03 -0.87
Shanghai 2985.15 -18.29 -0.61

ADR Watch:

Particulars 12th December  Chg.       Chg.(%)
Dr. Reddy 66.19 1.33 2.05
HDFC Bank 64.65 -0.44 -0.68
ICICI Bank 24.47 0.08 0.33
Infosys 17.56 0.15 0.86
Wipro 5.00 0.05 0.91

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.41 0.02
Brent 73.25 0.01
Gold 1993.95 0.04
Silver 22.99 -0.11

FIIs & DIIs:

Particulars 12th December 11th December
FIIs                          76.86 12161.13
DIIs 1923.32 -1032.92

News Update:

Indian Bank: The bank opened its qualified institutional placement to raise up to Rs 4,000 crore. The floor price for the QIP is set at Rs 414.44 per share, which indicates a discount of 5.28% to the stock’s previous close of Rs 437.55 on the NSE.

Reliance Industries: The company invested Rs 418 crore in five subsidiaries of Mercury Holdings. Mercury Holdings is a joint venture between Brookfield Infrastructure and Digital Realty.

Shilpa Medicare: Received approval from TGA, Australia, for the manufacturing, labelling, packaging, and testing of medicinal oral mouth-dissolving films.

UNO Minda: The National Company Law Tribunal has sanctioned the scheme of amalgamation of Minda iConnect Private with itself, formerly known as Minda Industries Ltd.

Cummins India: The company collaborated with Repos Energy and launched DATUM, an innovative fuel management system for diesel applications.

Bank of Baroda: The bank’s capital-raising committee will be meeting on Dec. 15 to discuss fundraising.

Laurus Labs: The U.S. FDA inspection at the Andhra Pradesh plant between Dec. 4 and Dec. 12 ended with five observations.

Wipro: The IT major and RSA signed a new multi-year contract to accelerate RSA’s cloud migration.

KIOCL: The company has temporarily suspended Mangalore plant operations due to the non-availability of iron-ore fines.

Shalby: The company is availing of an enhanced and renewed SBLC facility of Rs 1,700 million from ICICI Bank to guarantee the scheduled principal and interest payments of the step-down subsidiary of the company under the working capital facility arrangement sanctioned by IBG‐ New York Branch.

Zydus Wellness: The company’s arm, Heinz India, gets an assessment order worth Rs 5.66 crore from the Punjab Tax Authority for FY2016–17.

Life Insurance Corporation of India: The company increased its stake in Atul from 4.997% to 5.117%.

Allcargo Terminals: The company’s November CFS volume stood at 47.1 TEUs, up 2% year-on-year.

Infibeam Avenues: The company announced that its flagship payment gateway brand, CCAvenue, is gearing up to introduce Bandhan Bank’s EMI facilities to over 10 million merchants.

Source: Moneycontrol, Bloomberg Quint, Investing 

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