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

Asian markets looked set to notch its biggest weekly advance since January amid a rebound in Chinese stocks and bets that the Federal Reserve is approaching an interest-rate peak. Futures for Hong Kong, Japan and Australia all pointed to gains on Friday that would extend the MSCI Asia Pacific Index’s rally of 3.9% this week. Tech megacaps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%. Yields on policy-sensitive two-year Treasuries dropped 12 basis points to 4.63%. Meanwhile, Brent crude rose above $81 a barrel and West Texas Intermediate was beyond $77-mark. The yield on the 10-year U.S. bond was trading at 3.76%, whereas Bitcoin was above 31,000-level. At 5:30 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,722.5.

Economic Calendar:

  • USD : Retail Sales (MoM) (Jun) on 18th July, 2023
  • USD : Building Permits (Jun) on 19th July, 2023
  • INR : WPI Inflation (YoY) (Jun) on 14th July, 2023
  • INR : Bank Loan Growth on 14th July, 2023

Brokerage Radar:

MS ON WIPRO: UW, TP Rs 352; Rev growth has decelerated more sharply vs peers, creating a growth gap; Weak outlook on discretionary spending & consulting biz is keeping 2Q growth outlook soft; Until growth gap narrows, expect P/E disc to remain high

UBS ON FEDERAL BK: Neutral, TP Rs 155; Margins decline 16bp QoQ; Lower provisions/high other income drove earnings; Loan growth healthy across segments; CASA ratio moderates 83bp sequentially; Management guided for NIM improvement in H2; RoA guidance intact at 1.3%

International Markets

U.S & Europe:

Particulars 13th July Chg. Chg.(%)
Nasdaq 13918.96 158.26 1.15
Dow 34347.43 86.01 0.25
FTSE 7416.11 133.59 1.80
CAC 7333.01 113.00 1.54
DAX 16023.00 232.66 1.45
Dow Fut.* 34392.00 44.60 0.13

Asian markets

Particulars 14th July Chg. Chg.(%)
GIFT Nifty 16023.00 232.66 1.45
Nikkei 32357.04 413.11 1.28
Straits Times 3226.87 51.51 1.62
Hang Seng 19348.97 488.02 2.52
Shanghai 3223.14 27.01 0.84

ADR Watch:

Particulars   13th July  Chg.       Chg.(%)
Dr. Reddy 62.70 0.03 0.0.5
HDFC Bank 67.00 -0.21 -0.31
ICICI Bank 23.17 0.12 0.52
Infosys 16.07 -0.17 -1.05
Wipro 4.74 0.04 0.85

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.02 0.03
Brent 80.42 0.39
Gold 1964.55 0.15
Silver 24.440 0.53

FIIs & DIIs:

Particulars 13th July 12th July
FIIs                          2237.93 -1242.44
DIIs -1196.68 436.71

News Update:

Adani Enterprises: The company fully repaid commercial paper worth Rs 30 crore on the date of maturity, i.e., July 13.

Tata Communications: The company will consider a proposal to issue unsecured, redeemable, and non-convertible debentures on a private placement basis on July 19.

JBM Auto: JBM Auto and its units will supply 5000 electric buses to state transport undertakings in Gujarat, Haryana, Delhi, Telangana, and Orissa, among others. It will also supply multiple Fortune 500 companies.

Aster DM Healthcare: The company’s unit, Aster DM Healthcare FZC, has acquired the remaining 20% stake in Premium Healthcare for Rs 5.18 crore.

Rail Vikas Nigam: Rail Vikas Nigam bagged a letter of award worth Rs 808 crore from the National Highways Authority of India for the rehabilitation and upgradation of some parts of National Highway 53 in Odisha. The project is to be executed in 24 months.

Samvardhana Motherson International: The company has completed the acquisition of a 51% stake in premium car upholstery maker Saddles International Automotive and Aviation Interiors.

Lloyds Metals and Energy: Lloyds Metals and Energy has received listing and trading approval from the NSE for the listing of its 50.48 crore equity shares as of July 17.

Patanjali Foods: The company will not exercise the oversubscription option in the offer for sale of an additional 2% stake. Promoter Patanjali Ayurved had announced a stake sale of 7%, or 2.53 crore shares.

Stove Kraft: Balaji AS has been relieved from the position of Chief Financial Officer with effect from the close of business hours on July 13, 2023.

GMR Power and Urban Infra: GMR Smart Electricity Distribution received an order from Purvanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal Vidyut Vitran Nigam Ltd. to install and maintain 75.69 lakh smart metres in the Purvanchal and Dakshinanchal areas of Uttar Pradesh.

Ahluwalia Contracts (India): The company received a project worth Rs 199.58 crore from Indian Financial Technology and Allied Services for civil structural, facade, and Related External Development Works for the Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Orrisa, to be executed in 20 months.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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