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

Strong economic data has stoked expectations that the Federal Reserve will be able to create a soft landing even if it maintains interest rates higher for longer, and Asian stocks are expected to follow suit. Australia, Japan, and Hong Kong all saw gains in their equity futures. Following advances on the S&P 500 and Nasdaq 100 on Thursday as retail sales and producer prices topped forecasts, contracts for U.S. equities also increased. After China’s central bank reduced the amount of cash lenders must maintain in reserve for the second time this year, investors in Asia will be closely monitoring a flood of economic data coming out of the country today. WTI Crude prices were above the $90 level, while Brent Crude prices were trading above $93 per barrel. The yield on the 10-year U.S. bond was trading at 4.29% and Bitcoin was below 27,000-level. At 5:19 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged 20,284.5.

Economic Calendar:

  • USD : Building Permits (Aug) on 19th Sep, 2023
  • USD : Fed Interest Rate Decision on 20th Sep, 2023
  • INR : FX Reserves, USD on 15th Sep, 2023
  • INR : Trade Balance 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 14th 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 15th 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       14th 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:

Particulars   14th September  13th September
FIIs                          294.69 -1631.63
DIIs -50.80 849.86

News Update:

Adani Enterprises: Adani New Industries’ wind energy solutions unit announced its 5.2 MW wind turbine generator has been enlisted in the revised list of models and manufacturers published by the Ministry of New and Renewable Energy. The listing enables the commercial availability of Adani Wind’s 5.2 MW wind turbines. NTPC: The state-run power producer has signed a supplementary joint venture deal with UPRVUNL to take up joint development of two thermal projects in Uttar Pradesh.

Tata Power: Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop a 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.

Alkem Laboratories: The Income Tax Department conducted a survey at some of the company’s offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and that there has been no impact on its operations.

Bharat Forge: The company and its unit, Kalyani Strategic Systems, signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4×4 and 6×6 infantry combat vehicles for global customers.

Godrej Properties: The developer plans to raise Rs 1,500 crore via two NCD issues. Bank of Maharashtra: The lender has received total bids of Rs 760 crore for its issue of Basel III-compliant Tier 2 bonds on a private placement basis. – It has accepted a bid of Rs 515 crore, including a base issue of Rs 250 crore and a green shoe option retained up to Rs 265 crore, at a coupon rate of 7.98%.

Sona BLW Precision Forgings: The board approved an investment of $1.6 million in one or more tranches in the form of share capital in its wholly owned subsidiary in Mexico.

United Spirits: The company has filed an appeal against an order passed by the Additional Commissioner of Commercial Taxes (Enforcement) in the matter of the applicability of the GST rate on royalty income for the period September 2017 to September 2021. The quantum of claims is Rs 57.8 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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