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

Asia markets are poised for muted gains after U.S. equities inched higher as the Federal Reserve paused interest rate hikes but warned further increases this year remain on the table. Futures for equity benchmarks in Japan, Australia and Hong Kong advanced. U.S. contracts were moderately higher in early Asian trading following the 0.1% rise for the S&P 500 on Wednesday, which closed at the highest level since April last year. The Nasdaq 100 rose 0.7%, bringing its gain since the start of the year to 37%. In Asia, investors will be focused on potential policy easing in China and retail and industrial data for May that is expected to show further slowing in the country’s sputtering recovery. Meanwhile, Brent crude fell to $73 a barrel and West Texas Intermediate was trading around $68. The yield on the 10-year U.S. bond was trading at 3.79%, whereas Bitcoin was below 26,000-level. At 05:26 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.06% at 18,823.5.

Economic Calendar:

  • USD : Initial Jobless Claims on 15th June, 2023
  • USD : Retail Sales (MoM) (May) on 15th June, 2023
  • INR : Trade Balance on 15th June, 2023
  • INR : Bank Loan Growth on 16th June, 2023

Brokerage Radar:

MOSL ON SUN PHARMA: Buy, TP Rs 1160; SUNP’s favorable position is complemented by its attractive valuation of 24.7x FY24 /21.8x FY25 earnings

MS ON INDIGO: OW, TP Rs 3126; All Key Earnings Drivers Are Moving Favorably

Near-term Profit Per Seat Could Hit A Cyclical High; On Normalised Earnings & Median Multiple, See 33% Upside; Stock Trades At FY25 EV/EBITDA Of 6.6x Vs Pre-COVID Median Of 8.5x

CITI ON HCL TECH: Neutral. TP Rs 1035; Co Sees 4 Big Potential Services Opportunities In Generative AI; Prompt Engg, Data Engg, Integration & Orchestration & Responsible AI; Co Has Partnered With AI Ecosystem & Working On AI Solutions With Over 150 Uses Cases

International Markets

U.S & Europe:

Particulars 14th June Chg. Chg.(%)
Nasdaq 13626.48 53.16 0.39
Dow 33979.33 -232.79 -0.68
FTSE 7602.74 7.96 0.10
CAC 7328.53 37.73 0.51
DAX 16310.79 80.11 0.49
Dow Fut.* 33938.80 -40.50 -0.12

Asian markets

Particulars 15th June Chg. Chg.(%)
SGX Nifty 18814.50 -20.50 -0.11
Nikkei 33615.57 113.15 0.34
Straits Times 3234.93 16.79 0.52
Hang Seng 19545.97 137.55 0.71
Shanghai 3235.83 6.84 0.21

ADR Watch:

Particulars 14th June  Chg.       Chg.(%)
Dr. Reddy 57.71 -0.07 -0.12
HDFC Bank 64.36 -0.55 -0.85
ICICI Bank 22.95 -0.15 -0.65
Infosys 15.56 -0.29 -1.83
Wipro 4.71 -0.02 -0.42

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.13 0.10
Brent 73.06 -0.19
Gold 1947.75 -1.07
Silver 23.512 -2.46

FIIs & DIIs:

Particulars 14th June 13th June
FIIs                          1714.72 1677.60
DIIs -654.77 -203.32

News Update:

HCL Technologies: HCL Tech and Google Cloud have expanded partnership to support enterprises leverage generative artificial intelligence (AI) and develop joint solutions powered by Google Cloud’s generative AI technologies.

SJVN: Company signed a memorandum of understanding with Maharashtra State Power Generation Company to develop 5,000 MW renewable energy projects in the state. The partnership will explore the feasibility of establishing various renewable projects including hydro, pumped storage, wind, solar, hybrid and green hydrogen projects.

PTC India Financial Services: PTC India named Mahendra Lodha as director (finance) and the chief financial officer of the company with effect from June. 14, replacing current Chief Financial Officer Sanjay Rustagi.

Reliance Communications: Delegate of the Australian Securities and Investments Commission notified regarding the deregistration of Reliance Communications (Australia) PTY Ltd. with effect from June 4.

Dilip Buildcon: The company received completion certificate for rehabilitation and upgradation work of Chandikhole-Bhadrak section of NH-5 in Odisha on Hybrid Annuity mode. The project cost was Rs 1,522 crore. DBL Chandikhole Bhadrak Highways Ltd. is now a subsidiary of the company.

DCW: Company will produce lower Soda Ash by an estimate of 6 KMT in first quarter of fiscal 2023-2024 due to unforeseen mechanical breakdown of carbon dioxide gas compressor in its Soda Ash Plant.

Reliance Industries, Panorama Studios: Panorama Studios entered into an agreement with Reliance Industries through its media and entertainment division Jio Studios for producing a movie.

Persistent Systems: Company further strengthened its strategic relationship with Zscaler and achieved Zenith partnership tier to assist in strengthening and modernizing security.

Source: Moneycontrol, Bloomberg Quint, Investing 

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