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

Asia-Pacific share indices saw significant early-morning losses on Wednesday as investors awaited the publication of China’s GDP data, which is expected later in the day. The Chinese economy is predicted to expand at an annual rate of 5.3%, down from the 4.9% growth rate seen in the previous quarter. The KOSPI was down 25.09 points, or 1.00%, at 2,472.50, while the S&P ASX 200 was down 16.00 points, or 0.22%, at 7,398.80. Nikkei 225 was trading 424.96 points, or 1.19%, higher at 36,044.14 as of 6:38 a.m., defying the trend. On speculation, U.S. bond yields increased and stock prices decreased. Bloomberg claims that Wall Street’s bets on dramatic rate reduction by the Federal Reserve have gone too far. On Tuesday, the Nasdaq 100 and S&P 500 indexes dropped 0.01% and 0.37%, respectively.

Economic Calendar:

  • USD : Retail Sales (MoM) (Dec) on 17th January, 2024
  • USD : Building Permits (Dec) on 18th January, 2024
  • INR : FX Reserves, USD on 19th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MOSL ON PNB HSG: Buy, TP Rs 1025; Set to deliver PAT CAGR of 25% over FY24E-FY26E & RoA/RoE of 2.5%/14% in FY26; Healthy loan growth to return in Retail while Corporate will be an enabler; Improvement in yields & lower CoF to boost NIM Trades @1.1x FY26E P/BV

CITI ON HFCs: HFC regulations harmonized with NBFC framework; LICHF & Can Fin has less than 2% of borrowings by ways of public deposits while PNBHF has almost one-third of borrowings through deposits

UBS ON ONE97COMM: Initiate Buy, TP Rs 900; Continued monetisation & EBITDA break-even to drive re-rating; Expect a moderating 21% top-line CAGR in FY24- 28, while operating leverage plays out as marketing expense ease & ESOP costs moderate; EBITDA margin to gradually reach 20%

International Markets:

U.S & Europe:

Particulars 16th January Chg. Chg.(%)
Nasdaq 14944.35 -28.41 -0.19
Dow 37361.12 -231.86 -0.62
FTSE 7558.34 -36.57 -0.48
CAC 7398.00 -13.68 -0.18
DAX 16571.68 -50.54 -0.30
Dow Fut.* 37305.78 -55.34 -0.15

Asian markets:

Particulars 17th January Chg. Chg.(%)
GIFT Nifty 21828.00 -198.00 -0.90
Nikkei 35810.35 191.17 0.53
Straits Times 3162.33 -22.66 -0.71
Hang Seng 15461.61 -404.31 -2.55
Shanghai 2872.76 -21.23 -0.73

ADR Watch:

Particulars 16th January  Chg.       Chg.(%)
Dr. Reddy 69.93 -0.45 -0.65
HDFC Bank 61.18 -4.40 -6.71
ICICI Bank 23.65 -0.42 -1.74
Infosys 19.47 -0.13 -0.66
Wipro 5.75 -0.53 -8.44

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.10 0.03
Brent 77.84 -0.57
Gold 2031.40 0.06
Silver 23.02 -0.30

FIIs & DIIs:

Particulars 16th January 15th January
FIIs                          656.57 1085.72
DIIs -369.29 -820.69

News Update:

Adani Energy Solutions: The company reported an over 14% jump in sales and a pipeline of 2.1 crore smart metres with a contract value of Rs 25,100 crore in the third quarter of FY24.

L&T Technology Services: The company approves the re-appointment of Amit Chadha as CEO and MD for 3 years w.e.f. April 1.

Indian Renewable Energy Development Agency: The company joined hands with Indian Overseas Bank for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.

Rail Vikas Nigam: The company has formed a 49:51 joint venture with Jakson Green for solar projects outside India. The company incorporated a new subsidiary company, RVNL Infra, in South Africa.

G R Infraprojects: The company, through its arm, executed the concession agreement with the National Highways Authority of India for highways in Uttar Pradesh. The project cost is Rs 1,085 crore.

UltraTech Cement: The company incorporated its Meghalaya unit, Letein Valley Cement for limestone mining.

Karnataka Bank: The company and Clix Capital entered into a strategic digital co-lending partnership through the Yubi Co-lending Platform to provide loans to the Indian MSME sector.

PNC Infratech: The company received a letter of award for a road construction project worth Rs. 1,174 crore in Bhopal from Madhya Pradesh Road Development Corp.

GMR Airports: The company reported total passenger traffic at airports at 1.1 crore, up 15.3% YoY and total aircraft movements at airports at 68,095, up 8.3% YoY for the month of December.  

EKI Energy Services: The company announced the successful launch of the ‘Suryotsava: Nutan Aarambh’ pilot project for distributing indoor solar cooking devices in Kandipura village, Madhya Pradesh.

Share India Securities: The company was informed about cyber fraud by some unknown persons by creating a fishing website and fishing mobile app for the company

Source: Moneycontrol, Bloomberg Quint, Investing 

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