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

As investors await the publication of U.S. PPI data, the majority of markets in the Asia-Pacific region were trading lower, taking cues from overnight losses on Wall Street. At 06:33 a.m., the Nikkei 225 was down 242.02 points, or 0.63%, at 38,453.95, while the S&P ASX 200 was down 6.60 points, or 0.9%, at 7,722.80. Contrary to expectations, as of 06:34 a.m., the KOSPI index was trading 5.66 points, or 0.21%, higher at 2,699.23. According to Bloomberg, U.S. equities declined from their all-time highs as investors awaited the $22 billion sale of long-term Treasury securities and a few large tech companies experienced losses. On Wednesday, the S&P 500 Index and Nasdaq Composite ended the day lower by 0.19% and 0.54%, respectively. At the close, the Dow Jones Industrial Average was up 0.10%.

Economic Calendar:

  • USD : Retail Sales (MoM) (Feb) on 14th March, 2024
  • USD : PPI (MoM) (Feb) on 14th March, 2024
  • INR : Trade Balance on 15th March, 2024
  • INR : FX Reserves, USD on 15th March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Particulars 13th March Chg. Chg.(%)
Nasdaq 16177.77 -87.87 -0.54
Dow 39043.32 37.83 0.10
FTSE 7772.17 24.36 0.31
CAC 8137.58 50.10 0.62
DAX 17961.38 -3.73 -0.02
Dow Fut.* 39096.77 53.45 0.14

Asian markets:

Particulars 14th March Chg. Chg.(%)
GIFT Nifty 22081.00 -14.50 -0.07
Nikkei 38625.22 -70.75 -0.18
Straits Times 3184.88 24.16 0.76
Hang Seng 17061.45 -20.66 -0.12
Shanghai 3050.92 7.09 0.23

ADR Watch:

Particulars 13th March  Chg.       Chg.(%)
Dr. Reddy 75.30 -1.02 -1.34
HDFC Bank 56.99 -0.01 -0.02
ICICI Bank 26.06 -0.07 -0.27
Infosys 19.39 -0.03 -0.15
Wipro 6.02 -0.16 -2.51

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.84 -0.01
Brent 84.17 0.17
Gold 2178.05 -0.13
Silver 25.27 0.44

FIIs & DIIs:

Particulars 13th March 12th March
FIIs                          -4595.06 73.12
DIIs 9093.72 2358.18

News Update:

Tata Motors: The company signed an MoU with Tamil Nadu government to set-up vehicle manufacturing facility. This MoU requires investment of Rs 9,000 crore over 5-year period.

Hindustan Aeronautics: The defence ministry signed two contracts with a combined value of Rs 8,073 crore with HAL for acquisition of 34 advanced light helicopters and associated equipment for the Indian Army and the Coast Guard.

KEC International: The company received new order worth Rs 2,257 crore across various business verticals.

Auto Stocks: The central government has announced a new scheme to promote the adoption of electric mobility in India, ahead of the expiration of a previous scheme that’s lasted for five years. The Electric Mobility Promotion Scheme 2024 has an outlay of Rs 500 crore over four months for electric two-wheelers and three-wheelers.

Rail Vikas Nigam: The company and Salasar JV has received Letter of Award from Madhya Pradesh Power Transmission for construction of transmission lines and associated feeder bays in eastern MP.

Adani Enterprises: Adani ConneX’s Hyderabad site gets five-star grading from the British Safety Council.

IIFL Finance: The company approved raising up to Rs 1,500 crore via issue of shares and up to Rs 500 crore via NCDs on a private placement basis.

Vedanta: The company will appeal against the SEBI order directing it to pay Rs 77.6 crore to Cairn UK before the appropriate forum.

DLF: The company’s unit to raised up to Rs 600 crore via NCDs on private placement basis.

Balkrishna Industries: The Income Tax department is conducting search at office premises and manufacturing units since March 11. The company is fully cooperating with the authorities and providing all necessary information and support.

Azad Engineering: The company signed a $35 million, seven year strategic contract with the steam power business of GE Vernova for the supply of high-complex rotating airfoils for nuclear, industrial and thermal power industry.

Sanofi India: The company has approved distribution and promotion agreement with Emcure Pharmaceuticals to distribute cardiovascular products.

PC Jeweller: The State Bank of India has accepted company’s proposal for one time settlement of outstanding dues.

Source: Moneycontrol, Bloomberg Quint, Investing 

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