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

The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market. Mounting bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day. The Dow Jones Industrial Average extended its advance from a September low to almost 20%, while the Nasdaq 100 closed at its highest since March 2022. Meanwhile, Brent crude was trading around $75 a barrel and West Texas Intermediate rose to $70. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was around 25,000-level. At 05:23 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.42% at 18,838.5.

Economic Calendar:

  • USD : Building Permits (May) on 20th June, 2023
  • USD : Initial Jobless Claims on 22nd June, 2023
  • INR : Bank Loan Growth on 16th June, 2023
  • INR : FX Reserves, USD on 23rd June, 2023

Brokerage Radar:

NOMURA ON ITC: Buy Rating; Target Rs 485; Cigarettes Biz, Volume Trajectory Remains Strong; Growth Over Coming Quarters Will Optically Come Down To Mid-to-high Single Digits; FMCG Biz, Co Endeavours To Outpace Industry Growth Over The Medium Term; Hotels Biz, Divestment Is On Cards, Evaluating Alternatives To Ensure Cost & Tax Efficiency

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

JEFFERIES ON PIRAMAL PHARMA: Buy Rating; Target Rs 115; Started The Year On A Strong Note With Healthy Order Book In CDMO Division; See Rise In FTE Discovery Demand & Supply Normalisation In Complex Hospital Generics; Deep Dive Into NCE Contracts Gives Confidence In Significant Margin Expansion In FY24; Upside Risk To Our Est Could Come From Strong Demand In CHG Products

International Markets

U.S & Europe:

Particulars 15th June Chg. Chg.(%)
Nasdaq 13782.82 156.34 1.15
Dow 34408.06 428.73 1.26
FTSE 7628.26 25.52 0.33
CAC 7290.91 -37.62 -0.52
DAX 16290.12 -20.67 -0.13
Dow Fut.* 34362.20 -45.90 -0.13

Asian markets

Particulars 16th June Chg. Chg.(%)
SGX Nifty 18804.00 44.00 0.23
Nikkei 33305.96 -179.53 -0.54
Straits Times 3261.81 18.96 0.58
Hang Seng 19929.81 100.89 0.51
Shanghai 3262.00 9.02 0.28

ADR Watch:

Particulars 15th June  Chg.       Chg.(%)
Dr. Reddy 59.41 1.70 2.95
HDFC Bank 64.60 0.24 0.37
ICICI Bank 22.87 -0.08 -0.35
Infosys 15.62 0.06 0.39
Wipro 4.70 -0.01 -0.21

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.98 0.09
Brent 75.55 -0.16
Gold 1968.70 -0.10
Silver 23.995 0.20

FIIs & DIIs:

Particulars 15th June 14th June
FIIs                          3085.51 1714.72
DIIs -297.88 -654.77

News Update:

Tech Mahindra: Company appointed Mohit Joshi as managing director and chief executive officer of the company with effect from Dec. 20, 2023 to June 19,2028. Current MD and CEO CP Gurnani will retire on Dec. 19, 2023.

Titagarh Wagons, Ramakrishna Forgings: Titagarh Wagons, Ramakrishna Forgings won Rs 12,226.5 crore contract to manufacture and supply 15,40,000 forged wheels over a span of 20 years for Indian railways. As per the contract, 40,000 forged wheels will be delivered during the first year, 60,000 wheels in the second year and 80,000 wheels every subsequent year thereafter.

TVS Motor Company: The automaker sold its entire stake of 11.12 crore equity shares, or 43.54% stake, held in associate company Emerald Haven Realty for Rs 166.83 crore to TVS Holdings, a promoter group company.

Bharat Heavy Electricals, Eicher Motors: BHEL, Volvo Eicher Commercial Vehicles inked a memorandum of understanding to jointly develop and deploy Type-IV hydrogen, CNG cylinders in commercial vehicles segment.

Torrent Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting the drugmaker’s oral-oncology manufacturing facility at Bileshwarpura in Gujarat.

Natco Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting Natco’s drug formulations manufacturing facility at Visakhapatnam in Andhra Pradesh from Jan. 30 to Feb. 3.

Power Finance Corporation: Company’s wholly owned subsidiary PFC Consulting has been nominated as Bid Process Coordinator for development of Independent Transmission Projects by Power Ministry.  The company will take up the special purpose vehicle route to execute the tariff based competitive bidding process.

NLC India: Company has incorporated wholly-owned subsidiary, NLC India Renewables, to take over the existing renewable assets of the company.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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