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

Asian markets opened with mixed results after U.S. equities struggled following data that supported the Federal Reserve’s decision to maintain higher interest rates for longer. The price of oil increased as the Israel-Hamas conflict heated up. After the S&P 500 lost Tuesday’s gains, U.S. futures remained flat. Nvidia Corp. led a decline in technology stocks as the U.S. restricted the sale of processors the firm made for the Chinese market.The yield on the 10-year U.S. bond was 4.83% at the time, while Bitcoin was trading above the 28,000 mark. WTI Crude was trading above the $88 mark, while Brent Crude was trading above $91 a barrel.

Economic Calendar:

  • USD : Retail Sales (MoM) (Sep) on 17th Oct, 2023
  • USD : Building Permits (Sep) on 18th Oct, 2023
  • INR : M3 Money Supply on 18th Oct, 2023
  • INR : FX Reserves, USD on 20th Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier).

International Markets

 U.S & Europe:

Particulars 17th October Chg. Chg.(%)
Nasdaq 13533.75 -34.24 -0.25
Dow 33997.65 13.11 0.04
FTSE 7675.21 44.58 0.58
CAC 7029.70 7.51 0.11
DAX 15251.69 13.70 0.09
Dow Fut.* 33973.37 -24.28 -0.07

Asian markets:

Particulars 18th October Chg. Chg.(%)
GIFT Nifty 19799.00 -7.00 -0.04
Nikkei 31974.29 -66.00 -0.21
Straits Times 3152.86 -18.97 -0.60
Hang Seng 17758.22 -15.12 -0.09
Shanghai 3067.62 -15.88 -0.51

ADR Watch:

Particulars       17th October  Chg.       Chg.(%)
Dr. Reddy 66.32 -0.40 -0.60
HDFC Bank 58.24 -0.77 -1.30
ICICI Bank 22.74 -0.13 0.57
Infosys 17.35 0.14 0.81
Wipro 4.88 -0.03 -0.61

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.22 -0.10
Brent 91.69 1.99
Gold 1949.85 0.73
Silver 23.220 0.85

FIIs & DIIs:

Particulars   17th October     16th October
FIIs                          263.68 -593.66
DIIs 112.55 1184.24

News Update:

HPCL: The company updated on collaboration with Petromin Corp., Saudi Arabia, who will be setting up 1000 Petromin Express Stations (Quick Service Vehicle Care) at HPCL retail outlets across India in 5 years.

ICICI Bank, Kotak Mahindra Bank: The RBI imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance with certain regulatory norms.

Spandana Sphoorty Financial: Management is set to meet on Oct. 20 to consider and approve the issue and offer of non-convertible debentures on a private placement basis.

IDFC, IDFC First Bank: The Competition Commission of India approved the merger of IDFC with IDFC First Bank.

Tejas Networks: The company partnered with FIbreConnect to deploy an end-to-end optical network in Italy. It is the sole supplier of optical networking and broadband access products for FIbreConnect.

Grasim Industries: The cement maker restarted operations of carbon dioxide refining on Tuesday after obtaining approval from the Department of Industrial Safety and Health, Kalyan. The company also obtained other permissions and deposited a bank guarantee of Rs 2 lakh with Kalyan (MPCB), which shall be forfeited for re-starting the operations.

CIE Automotive: The company’s board appointed Shriprakash Shukla, a non-executive director, as the Chairperson of the Board of Directors with immediate effect.

Mazagon Dock Shipbuilders: The company signed a contract with the Ministry of Defence for the construction and delivery of one training ship for the Indian Coast Guard at a cost of Rs 310 crore.

Exide Industries: The company will invest Rs 100 crore in Exide Energy Solutions.

ITI: ITI’s Bangalore EMC lab gets NABL accreditation for electrical testing.

L&T Technology Services: The company’s board declared an interim dividend of Rs 17 per equity share.

HUDCO: The government will sell up to a 7% stake in HUDCO via an offer for sale. The OFS includes an optional 3.5% additional stake sale. The floor price of OFS was set at Rs 79 per share, at a discount of 12.17% from the previous close. Lemon Tree Hotels: The company signed an agreement for a 45-room hotel in Vadodara, Gujrat.

Bajaj Electricals: The company received a Rs 347.29 crore service contract from Power Grid Corp.

Mahanagar Gas: The company formed a 51:49 JV with Baidyanath LNG Private for LNG business.

Source: Moneycontrol, Bloomberg Quint, Investing 

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