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

After a selloff in American equities and bonds in response to hawkish remarks in the minutes of the Federal Reserve’s most recent meeting, shares in Asia are set to tumble. Benchmark equity futures for Japan, Australia, and Hong Kong all fell. Wednesday saw a 0.8% decline in the S&P 500 and a 1.1% decline in the Nasdaq 100, with heavyweights Tesla Inc., Inc., and Meta Platforms Inc. each falling more than 1.5%. Early Asian trade saw no change in US futures. West Texas Intermediate was trading below $80 a barrel, while Brent crude was trading around $84. A 10-year US bond’s yield was 4.25%, while the price of Bitcoin was below the 29,000 mark. At 5:25 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,574.5 points.

Economic Calendar:

  • USD : Initial Jobless Claims on 17th Aug, 2023
  • USD : Philadelphia Fed Manufacturing Index (Aug) on 17th Aug, 2023
  • INR : FX Reserves, USD on 18th Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JEFFERIES ON JK CEMENT: Hold, TP Rs 3310; Reported a stable EBITDA performance for 1Q driven by strong vols offsetting pricing weakness. Blended SA EBITDA/t at Rs890 improved Rs96 QoQ driven by costs easing.; Mgt commentary indicates +ve trend for pricing in 2Q

MS ON NBFCs: Valuations Are Reasonable To Attractive For Most Lenders; Overweight on Bajaj Fin, Target Rs 9,500; Overweight on Can Fin, Target Rs 1,000

Overweight on SBI Card, Target Rs 1,155; Overweight on Aptus Value, Target Rs 268

Overweight on Shriram Finance, Target Rs 2,200; Overweight on Home First, Target Rs 1,050; Equal-weight on LIC Housing, Target Rs 450; Equal-weight on M&M Fin, Target Rs 300; Equal-weight on Chola Invest, Target Rs 1,000; Underweight on L&T Finance, Target Rs 110

CLSA ON VODA IDEA: Sell, TP Rs 7; 1Q revenue up 1% QoQ to Rs106bn, below est.

Ebitda down 2% QoQ while net loss up 22% QoQ; ARPU was up 3% QoQ and VIdea has followed Bharti’s entry tariff hike; Has sought 30 days grace to pay a 5G spectrum instalment

International Markets

U.S & Europe:

Particulars 16th August Chg. Chg.(%)
Nasdaq 13474.63 -156.42 -1.15
Dow 34765.74 -180.65 -0.52
FTSE 7356.88 -32.76 -0.45
CAC 7260.25 -7.45 -0.10
DAX 15789.45 22.17 0.14
Dow Fut.* 34776.10 10.40 0.03

Asian markets:

Particulars 17th August Chg. Chg.(%)
GIFT Nifty 19405.50 -6.50 -0.03
Nikkei 31478.90 -287.92 -0.91
Straits Times 3194.94 -18.64 -0.58
Hang Seng 18173.53 -155.77 -0.85
Shanghai 3142.45 -7.68 -0.24

ADR Watch:

Particulars    16th August  Chg.       Chg.(%)
Dr. Reddy 71.00 -0.07 -0.10
HDFC Bank 63.57 -0.29 -0.45
ICICI Bank 22.93 0.11 0.48
Infosys 17.13 0.00 0.00
Wipro 5.00 0.02 0.40

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.18 -0.10
Brent 83.59 0.17
Gold 1923.15 -0.27
Silver 22.505 -0.13

FIIs & DIIs:

Particulars   16th August 14th August
FIIs                          722.76 -2324.23
DIIs 2406.19 1460.90

News Update:

Lupin: The drugmaker announced the launch of ‘Jeet’, its patient support program dedicated to heart-health. It also launched Tiotropium Dry Powder for inhaler for the treatment of chronic obstructive pulmonary disease in the U.S.

Aurobindo Pharma: The drugmaker will launch HIV triple combination product for children living with HIV in low-and middle-income countries under voluntary license from ViiV Healthcare.

Powergrid: The company’s assets under ‘North Eastern Region Strengthening Scheme-VI’ have received notification for commercial operation on Aug. 16.

One97 Communications: Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3% stake to the fintech firm’s founder and CEO Vijay Shekhar Sharma. The deal turns Paytm into a majorly Indian-owned company from being majorly owned by Chinese entities.

Cipla: The company received an order of suspension of FDA license issued to its manufacturing unit in Patalganga, Maharashtra for 10 days in December for non-conformance of good manufacturing practices. The company is in the process of appealing the order to the state government.

Nava: The company suspended silico manganese production at its Odisha plant after failure of raw material feeding infrastructure.

Adani Power: Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund has bought 10.3 crore equity shares in Adani Group company and GQG Partners Emerging Markets Equity Fund purchased 4.9 crore shares from open market transactions, at an average price of Rs 279.15 per share, which is equivalent to 3.94% of total equity and amounted to Rs 4,244.76 crore. However, promoters Worldwide Emerging Market Holding Limited sold 4.65 crore shares in Adani Power at an average price of Rs 279.16 per share, and Afro Asia Trade and Investments offloaded 26.54 crore shares at an average price of Rs 279.18 per share.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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