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

Asian markets were poised to climb as traders bet that a slowdown in U.S. inflation had minimised any risk of the Federal Reserve hiking interest rates later on Wednesday. Big tech led equity gains, with the Nasdaq 100 up almost 2% and the S&P 500 topping its closely watched 4,325 mark. Both gauges closed at the highest levels since April 2022, on Tuesday. Futures for Japan pointed to a gain of more than 1% while contracts for Australia and Hong Hong Kong were also higher. Investors in Asia are also taking positive cues from the outlook from the Bank of Japan, which is expected to keep its ultra-easy policy unchanged Friday, and the People’s Bank of China, which is seen as a chance of cutting its medium-term lending facility rate on Thursday. Meanwhile, Brent crude traded above $74 a barrel and West Texas Intermediate was below $70. The yield on the 10-year U.S. bond was trading at 3.82%, whereas Bitcoin was below 26,000-level. At 05:37 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.26% at 18,833.5.

Economic Calendar:

  • USD : PPI (MoM) (May) on 14th June, 2023
  • USD : Fed Interest Rate Decision on 14th June, 2023
  • INR : M3 Money Supply on 14th June, 2023
  • INR : Trade Balance on 15th 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 13th June Chg. Chg.(%)
Nasdaq 13573.32 111.40 0.83
Dow 34212.12 145.79 0.43
FTSE 7594.78 24.09 0.32
CAC 7290.80 40.45 0.55
DAX 16230.68 132.81 0.82
Dow Fut.* 34123.50 -88.60 -0.26

Asian markets

Particulars 14th June Chg. Chg.(%)
SGX Nifty 18829.00 44.00 0.23
Nikkei 33307.43 288.78 0.87
Straits Times 3212.85 23.45 0.73
Hang Seng 19487.41 -34.01 -0.17
Shanghai 3234.33 0.66 0.02

ADR Watch:

Particulars 14th June  Chg.       Chg.(%)
Dr. Reddy 57.78 0.81 1.42
HDFC Bank 64.91 0.97 1.52
ICICI Bank 23.10 0.37 1.63
Infosys 15.85 0.04 0.25
Wipro 4.73 -0.03 -0.63

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.26 -0.04
Brent 74.31 0.03
Gold 1960.45 0.09
Silver 23.872 0.21

FIIs & DIIs:

Particulars 14th June 13th June
FIIs                          1677.60 -626.62
DIIs -203.32 1793.85

News Update:

Balkrishna Industries: The company said it will suspend operations at the Bhuj plant from the late evening of June 13, 2023, due to Cyclone Biparjoy. It will halt operations for three to four days.

Kotak Mahindra Bank: Lender to meet on June 16 to consider raising funds by issuing non-convertible debentures or bonds in one or more tranches on a private placement basis during fiscal 2023–2024.

Zydus Lifesciences: The company said the U.S. FDA inspection at the injectables manufacturing facility at Zydus Biotech Park in Changodar concluded with nil observations. The U.S. drug regulator conducted a current good manufacturing practices inspection at the facility from June 5 to June 13.

Anupam Rasayan India: The company signed a letter of intent worth $256 million (Rs 2,186 crore) for the next five years with a leading Japanese specialty chemical company. It will supply a new-age patented life science active ingredient starting in the calendar year 2025. The product will be in the validation phase for the next eighteen months.

GAIL (India): The Ministry of Petroleum and Natural Gas has nominated Executive Director (Marketing) Sanjay Kumar as a director (marketing) on the board of he company. Presently, he is the Managing Director of Indraprastha Gas Ltd. (IGL), the largest CNG distribution company in India.

LTIMindtree: The company said it has joined the Microsoft Intelligent Security Association, which is an ecosystem of independent software vendors and managed security service providers. This collaboration will allow the company to enhance its MDR platform and help enterprises prevent, detect, and respond to cyberattacks.

Source: Moneycontrol, Bloomberg Quint, Investing 

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