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

Asian markets are likely to open higher on Tuesday with support from a rally on Wall Street amid optimism that the Federal Reserve will pause its most-aggressive tightening campaign in decades. Futures for Japanese and Australian shares rose while those for Hong Kong fell slightly. Contracts for U.S. benchmarks rose slightly in Asia after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022. On Monday, Tesla Inc. climbed for a 12th straight session — a record winning run — and Apple Inc. hit an all-time high. All eyes are on the Federal Open Market Committee, which is expected to keep interest rates in the 5%-5.25% range on Wednesday. Meanwhile, Brent crude traded below $72 a barrel and West Texas Intermediate was below $68. The yield on the 10-year U.S. bond was trading at 3.74%, whereas Bitcoin was below 26,000-level. At 05:33 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.11% at 18,719.

Economic Calendar:

  • USD : CPI (MoM) (May) on 13th June, 2023
  • USD : PPI (MoM) (May) on 14th June, 2023
  • INR : WPI Inflation (YoY) (May) on 13th June, 2023
  • INR : M3 Money Supply on 14th June, 2023

Brokerage Radar:

MS ON TATA MOTORS: Overweight Rating; Target Rs 617; JLR’s Business Appears To Be Moving On The Right Track; FCF Turn, ‘House Of Brands’ strategy Should Support Sustainable Turnaround For JLR; Tata-supported EV Transition Should Support A Sustainable Turnaround For JLR

NOMURA ON KEC INT.: Buy, TP Rs. 598; Focus on improving EBITDA margin & cash flows; part of pending Afghanistan receivables to flow in 1QFY24F; ordering outlook robust; KECI to witness a gradual trajectory of EBITDA margin improvement in FY24E

JEFFERIES ON SPECIALITY CHEMICAL: New project investments announced reached $91bn in FY23; Gross block/rev/EBITDA rose 2.7x/2.8x/3x over FY17-23. Prefer NFIL on 35% EPS CAGR over FY23-25E with upside optionality; Await pullback in SRF to potentially turn more constructive

International Markets

U.S & Europe:

Particulars 12th June Chg. Chg.(%)
Nasdaq 13461.92 202.78 1.53
Dow 34066.33 189.55 0.56
FTSE 7570.69 8.33 0.11
CAC 7250.35 37.21 0.51
DAX 16097.87 148.03 0.92
Dow Fut.* 34071.50 5.20 0.02

Asian markets

Particulars 13th June Chg. Chg.(%)
SGX Nifty 18757.50 59.00 0.32
Nikkei 32946.49 512.49 1.56
Straits Times 3176.89 -19.18 -0.60
Hang Seng 19335.73 -68.58 -0.35
Shanghai 3225.57 -3.26 -0.10

ADR Watch:

Particulars 12th June  Chg.       Chg.(%)
Dr. Reddy 56.97 -0.26 -0.45
HDFC Bank 63.94 -1.71 -2.60
ICICI Bank 22.73 -0.25 -1.09
Infosys 15.81 0.36 2.33
Wipro 4.76 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.39 0.06
Brent 72.19 0.49
Gold 1972.85 0.16
Silver 24.192 0.55

FIIs & DIIs:

Particulars 12th June 09th June
FIIs                          -626.62 -308.97
DIIs 1793.85 1245.51

News Update:

Inox Wind Energy: The company will merge with parent Inox Wind via a share swap. For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued. This consolidation aims to simplify and streamline the group’s structure by reducing the number of listed entities. For every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind with an issue price of Rs 54 will be issued.

Adani Ports and SEZ: The company has suspended vessel operations in Mundra and Tuna Port in light of an advisory issued by the Indian Metrological Department on the expected cyclone storm ‘Biparjoy’.

Zee Entertainment Enterprises: SEBI has barred the company’s Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company’s board.

PC Jeweller, State Bank of India: PC Jeweller has filed a suit against State Bank of India in district court in New Delhi for declaration and injunction and has requested to declare the action of the lender in classifying the loan account of the company as non-performing assets with effect from June 29, 2021, and April 24, 2019, as illegal, null, void, arbitrary, discriminatory, and against the RBI circulars and guidelines issued in this regard. The District Court has ruled that until any further orders, SBI must maintain the status quo regarding any further action to be taken against the company as a consequence of the NPA decision.

Tata Motors: The company said $111.94 million in aggregate principle amount of external commercial borrowing bonds of $250 million with 5.75% senior notes for 2024 were validly tendered as of June 9.

Housing Development Finance Corporation: The company inked a share purchase agreement to sell the entire stake held in HDFC Ventures Trustee Company for an aggregate consideration of Rs 7.60 lakh.

Source: Moneycontrol, Bloomberg Quint, Investing 

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