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

Early trading saw lower trading on the markets in South Korea, Australia, and Japan as they followed Wall Street’s overnight losses. As of 06:52 a.m., the Nikkei 225 was down 146.92 points, or 0.38%, at 38,660.46, while the S&P ASX 200 was down 105.00 points, or 1.36%, at 7,608.60. In February, the U.S. Producer Price Index increased more than anticipated, mirroring the CPI report from earlier in the week. This fueled concerns that the Federal Reserve may not be in a rush to loosen monetary policy. The stronger dollar index and rapid increase in U.S. Treasury yields following the higher-than-expected inflation statistics put pressure on riskier assets like emerging market shares. The S&P 500 Index and Nasdaq Composite fell by 0.29% and 0.30%, respectively, on Thursday. The Dow Jones Industrial Average fell by 0.35%.

Economic Calendar:

  • USD : Building Permits (Feb) on 19th March, 2024
  • USD : Fed Interest Rate Decision on 20th 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 14th March Chg. Chg.(%)
Nasdaq 16128.53 -49.24 -0.30
Dow 38905.66 -137.66 -0.35
FTSE 7743.15 -29.02 -0.37
CAC 8161.42 23.84 0.29
DAX 17942.04 -19.34 -0.11
Dow Fut.* 38905.66 -137.66 -0.35

Asian markets:

Particulars 15th March Chg. Chg.(%)
GIFT Nifty 22153.00 -110.00 -0.49
Nikkei 38751.54 -55.84 -0.14
Straits Times 3177.13 -9.27 -0.29
Hang Seng 16624.51 -337.15 -1.99
Shanghai 3026.50 -11.73 -0.39

ADR Watch:

Particulars 14th March  Chg.       Chg.(%)
Dr. Reddy 75.47 0.20 0.27
HDFC Bank 55.40 -1.59 -2.79
ICICI Bank 25.84 -0.21 -0.82
Infosys 19.67 0.28 1.44
Wipro 6.12 0.11 1.75

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.97 0.00
Brent 85.20 -0.26
Gold 2166.65 -0.04
Silver 25.12 0.23

FIIs & DIIs:

Particulars 14th March 13th March
FIIs                          -1356.29 -4595.06
DIIs 139.47 9093.72

News Update:

FTSE and Sensex Rejig: Nuvama Institutional Equities expects that India will see an inflow of over $1.7 billion, mainly from the financial space. The FTSE rejig is set to happen on Friday.

Oil Marketing Companies: OMCs will cut petrol and diesel prices by Rs 2 per litre from Friday.

Wipro: The IT major has been selected by Desjardins to transform their credit solutions for members and clients.

One 97 Communication: The National Payments Corporation of India has granted approval to the company to participate in UPI as a third-party application provider under the multi-bank model.

NHPC: The company has received a letter of intent for a 200 MW solar power project at Khavda from Gujarat Urja Vikas Nigam.

TVS Motor: The company’s Singapore arm will invest $5.5 million in Ion Mobility.

Railtel Corp: The company received a work order worth Rs 113.5 crore from the Odisha Computer Application Centre to establish IP-MPLS network connectivity in Odisha.

Tata Steel: The board is meeting on March 19 to approve fundraising.

Dr.Reddy’s Laboratories: The Mexican arm was fined Rs 28.8 crore in a tax litigation case.

JSW Energy: The company received a letter of intent for 300 MW of solar capacity from Gujarat Urja Vikas Nigam at Khavda RE Park.

KPI Green Energy: The company received an order for a 50MW wind-solar hybrid power project from Gujarat Urja Vikas Nigam.

Ashok Leyland: The company arm Hinduja Tech signed a definitive agreement with Creador to invest $50 million and acquire a 19.6% stake in the arm.

Tata Consumer Products: The company will consider a share-based long-term incentive plan for the grant of performance share units to eligible employees.

Navin Fluorine International: The company approved an additional investment of Rs 250 crore in the arm of Navin Fluorine Advanced Sciences.

Shakti Pumps: The company received a Rs 93 crore order from the Maharashtra Energy Department to design, manufacture, install, and supply 3,500 solar photovoltaic water pumping systems.

Eris Lifesciences: The company entered into a pact to acquire 19% equity in Swiss Parenterals from the promoters of the company for Rs 238 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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