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

As optimism over the result of the U.S. Federal Reserve’s policy meeting continued to weigh on the benchmark 10-year Treasury yield, Asia markets climbed on Friday. Australia’s, South Korea’s, and Japan’s stocks all saw minor increases. In mainland China, share indexes fell, in contrast to markets in the Asia-Pacific area.  Per data from the U.S. Department of Treasuries, the yield on the benchmark 10-year Treasury note settled at 3.92% on Thursday, down from 4.04%. On Thursday, the Nasdaq 100 had a 0.15% decline and the S&P 500 index saw a 0.26% increase. By 0.43%, the Dow Jones Industrial Average increased. At $76.61 a barrel, Brent crude was up 3.16% from its last trade. An ounce of gold was trading at $2,031.45, up 0.24%.

Economic Calendar:

  • USD : Services PMI (Dec) on 15th December, 2023
  • USD : Existing Home Sales (Nov) on 20th December, 2023
  • INR : FX Reserves, USD on 15th December, 2023
  • INR : RBI MPC Meeting Minutes on 22nd December, 2023

Brokerage Radar:

UBS ON DIXON TECH: Initiate Buy, Target Rs 7,700; Co Well Diversified With Large Opportunity In Mobile And IT Hardware; Co Trades At 63x FY25 PE; Believe The Higher Valuation Is Justified By Strong 41% Earnings CAGR In FY24-26; Execution Is a Key Risk

MS ON BHARTI AIRTEL: Are already assuming an ARPU increase of >20% cumulatively over next 24-30 months, which think is well reflected in current stock price.

International Markets

U.S & Europe:

Particulars 14th December Chg. Chg.(%)
Nasdaq 14761.56 27.59 0.19
Dow 37248.35 158.11 0.43
FTSE 7648.98 100.54 1.31
CAC 7575.85 44.63 0.59
DAX 16752.23 -13.82 -0.08
Dow Fut.* 37661.00 412.65 1.11

Asian markets:

Particulars 15th  December Chg. Chg.(%)
GIFT Nifty 21416.50 76.50 0.36
Nikkei 33080.37 394.12 1.19
Straits Times 3108.43 -14.52 -0.46
Hang Seng 16930.90 528.71 3.22
Shanghai 2971.49 12.50 0.42

ADR Watch:

Particulars 14th December  Chg.       Chg.(%)
Dr. Reddy 66.64 -0.66 -0.98
HDFC Bank 66.85 0.93 1.41
ICICI Bank 24.69 0.00 0.00
Infosys 18.37 0.90 5.15
Wipro 5.20 0.16 3.08

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.31 0.01
Brent 77.00 0.51
Gold 2049.60 0.23
Silver 24.38 -0.01

FIIs & DIIs:

Particulars 14th December 13th December
FIIs                          3570.07 4710.86
DIIs 553.17 -958.49

News Update:

Adani Enterprises: Israel-based defence electronics company Elbit Systems Ltd. picked up a 44% stake in an Adani Defence Systems and Technologies Ltd. unit to develop and manufacture various autonomous aerial technologies and systems for defence applications.

Hero MotoCorp: The two-wheeler maker appointed Vivek Anand as chief financial officer. The company also approved the additional acquisition of a 3% stake in Ather Energy for Rs 140 crore.

State Bank of India: The public sector lender to acquire 3.7 lakh shares (6.35% stake) of Canpac Trends at Rs 1,349 apiece.

Dr. Reddy’s Laboratories: The company becomes the first Indian pharma company to debut on the Dow Jones Sustainability World Index.

Genus Power Infra: The company’s unit received a letter of intent worth Rs 1,026 crore for the appointment of advanced metering infrastructure service providers for the supply, installation, and commissioning of a million smart prepaid metres.

Jupiter Wagons: The company received an order worth Rs 1,617 crore from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.

Mahindra and Mahindra Finance: The company said that it will enter the life, health, and general insurance segments to diversify its sources of income away from its primary vehicle lending business.

Texmaco Rail Engineering: The company received an order worth Rs 1,374.41 crore from the Ministry of Railways to manufacture and supply 3,400 BOXNS wagons.

Vedanta: The board will meet on Dec. 19 to consider NCD issuance on a private placement basis.

Bharat Heavy Electricals: The company signed a MoU with the Central Manufacturing Technology Institute for hydrogen value chain development and IIOT solutions for predictive maintenance of machines and manufacturing processes.

Jammu and Kashmir Bank: The company approved the closure of qualified institutional placement after raising 750 crores at an issue price of Rs 107.60 per equity share, which indicates a discount of 4.49% to the floor price of 112.66 per share.

Religare Enterprises: The RBI has rejected the company’s proposal to buy an 87.5% stake in Religare Housing Development Finance Corp., a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application.

Exide Industries: The company invested 100 crores in its unit, Exide Energy Solutions. The company’s total investment in its unit is Rs 1,780 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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