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

After Wall Street mostly ignored a U.S. inflation report, Asian stocks point to a mixed opening, supporting wagers that the Federal Reserve may pause its rate hikes but warn it’s not yet finished. The U.S. core consumer price index, which does not include the cost of food or energy, up 0.3% from July, the first increase in six months. It grew 4.3% from a year ago, which was in line with expectations and represented the smallest growth in almost two years. It still exceeds the Fed’s 2% target. The S&P 500 showed no movement on Wednesday, while the Dow Jones Industrial Average performed poorly. While WTI Crude was trading above the $88 level, Brent Crude prices were trading below $92 per barrel. The yield on the 10-year U.S. bond was trading at 4.25% and Bitcoin was below 27,000-level. At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 23 points or 0.11% at 20,160.5.

Economic Calendar:

  • USD : Retail Sales (MoM) (Aug) on 14th Sep, 2023
  • USD : PPI (MoM) (Aug) on 14th Sep, 2023
  • INR : WPI Inflation (YoY) (Aug) on 14th Sep, 2023
  • INR : FX Reserves, USD on 15th Sep, 2023

Brokerage Radar:

JEFFREIES ON CONCOR: Buy, TP raised to Rs 825; Management meet takeaways

Road to rail cargo shift seeing traction as Dadri-Rewari stretch completed in 1Q; Faster turnaround time &15%+cost differential helping rail; FY24 guidance remains at least 10% YoY EXIM & 15% domestic vol growth

UBS ON INTERGLOBE AVIAVTION: Buy, TP Rs 3300; P&W issue larger than expected; c3k engines to be recalled vs 1.2k; Turnaround time of c300 days vs 60 earlier

For Indigo, additional 26% of its fleet getting grounded for c300days,however impact should ideally be spread over next 3 yrs

CLSA ON CEMENT: Strength in demand continued in July & Aug; There has been an unseasonal price increase in Sept.  However, that is partly offset by a sharp jump in fuel costs; As such, don’t see a case for upward revision in earnings yet while val remains elevated

International Markets

 U.S & Europe:

Particulars 13th September Chg. Chg.(%)
Nasdaq 13813.59 39.97 0.29
Dow 34575.53 -70.46 -0.20
FTSE 7525.99 -1.54 -0.02
CAC 7222.57 -30.31 -0.42
DAX 15654.03 -61.50 -0.39
Dow Fut.* 34646.77 71.24 0.21

Asian markets:

Particulars 14th September Chg. Chg.(%)
GIFT Nifty 20184.00 38.00 0.19
Nikkei 33049.01 342.49 1.04
Straits Times 3234.19 15.26 0.47
Hang Seng 17976.71 -32.51 -0.18
Shanghai 3122.48 -0.59 -0.02

ADR Watch:

Particulars       13th September  Chg.       Chg.(%)
Dr. Reddy 69.55 0.81 1.18
HDFC Bank 65.53 -0.03 -0.05
ICICI Bank 23.95 -0.08 -0.33
Infosys 18.00 -0.07 -0.36
Wipro 5.24 0.03 0.48

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.95 -0.07
Brent 92.24 0.39
Gold 1931.55 -0.05
Silver 23.060 -0.52

FIIs & DIIs:

FIIs & DIIs: FIIs & DIIs: FIIs & DIIs:
FIIs & DIIs: FIIs & DIIs: FIIs & DIIs:
FIIs & DIIs: FIIs & DIIs: FIIs & DIIs:

News Update:

Adani Enterprises: Adani Wind’s 5.2 MW wind turbine generator, which is India’s largest turbine, has received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets. Wipro: The IT major has launched a cyber defense center in Dusseldorf, Germany, that will use Microsoft’s portfolio of cybersecurity products for IOT solutions.

Bank of India: The state-run lender has come out with an issue of Basel III-compliant Tier II bonds amounting to Rs 2,000 crore. The base size is Rs 1,000 crore, and the green shoe option is Rs 1,000 crore. It received a total bid of Rs 3,770 crore in response from investors, and the issue was oversubscribed by 3.77 times against the base issue size.

Bombay Dyeing: The Wadia Group-owned company has agreed to sell 22 acres in Mumbai’s Worli to Goisu Realty for Rs 5,200 crore in a bid to repay debt and fund future projects. Upon shareholders’ approval, the transaction will happen in two phases. Goisu Realty is a subsidiary of Japan-based developer Sumitomo Realty & Development Co.

IRCTC: The company signed an MoU with Maharashtra State Road Transport Corp. to enable MSRTC’s online bus booking services via its bus booking portal.

Suven Pharmaceuticals: The government has approved up to Rs 9,589 crore in foreign investment in the drugmaker. The approval is for the acquisition of up to 76.1% of the company by Cyprus-based Berhyanda. The aggregate foreign investment in the company will increase by 90.1%.

NBCC: The company secured an order worth Rs 180 crore for project management services at SAIL’s Bokaro plant. Further, the builder signed a quadripartite MoU with the Ministry of Steel, Rashtriya Ispat Nigam, and National Land Monetization Corp. for monetisation of RINL’s non-core assets at Vishakhapatnam.

KPI Green Energy: The company has commissioned the 7.80 MW wind-solar hybrid power project, comprising 4.20 MW of wind and 3.60 MWdc solar capacity, through its wholly owned subsidiary KPIG Energia for Mono Steel India.

Source: Moneycontrol, Bloomberg Quint, Investing 

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