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

Markets in Australia traded lower as investors await for the unemployment number, scheduled for release later today, for further cues about the Reserve Bank of Australia’s monetary policy going forward. Share indices in Japan, and South Korea edged higher. The Nikkei 225 0.29% higher at 35,579.21, and the KOSPI was 0.23% up at 2,441.46 as of 6:28 a.m. S&P ASX 200 was 0.51% down at 7,355.30. Meanwhile, investors pulled back their rate cut expectation from the U.S. Federal Reserve after world’s largest economy reported better-than-expected retail sales number for December, which weighed on risk-appetite. CME FedWatch Tool showed, about 57% of Fed fund future traders are expecting the first rate cut in March 2024, compared to 63.1% traders on Wednesday. Retail sales in U.S. increased 0.6% in December 2023, from 0.3% increase recorded in November. The numbers are higher than 0.4% estimated by economists. U.S. stocks joined losses in risk assets as bond yields climbed on bets the Federal Reserve will be in no rush to cut rates as the economy shows signs of strength, reported Bloomberg. Both the S&P 500 index and Nasdaq 100 fell 0.56% each , as of Wednesday. The Dow Jones Industrial Average declined by 0.25%.

Economic Calendar:

  • USD : Initial Jobless Claims on 18th 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

International Markets:

U.S & Europe:

Particulars 17th January Chg. Chg.(%)
Nasdaq 14855.62 -88.72 -0.59
Dow 37266.67 -94.45 -0.25
FTSE 7446.29 -112.05 -1.50
CAC 7318.69 -79.31 -1.08
DAX 16431.69 -139.99 -0.85
Dow Fut.* 37259.17 -7.50 -0.02

Asian markets:

Particulars 18th January Chg. Chg.(%)
GIFT Nifty 21422.00 -156.00 -0.72
Nikkei 35637.01 159.26 0.45
Straits Times 3147.56 5.34 0.17
Hang Seng 15292.78 15.88 0.10
Shanghai 2772.88 -60.74 -2.14

ADR Watch:

Particulars 17th January  Chg.       Chg.(%)
Dr. Reddy 67.37 -1.56 -2.26
HDFC Bank 55.59 -5.59 -9.14
ICICI Bank 23.16 -0.49 -2.07
Infosys 19.54 0.07 0.36
Wipro 5.69 -0.06 -1.04

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.16 -0.05%
Brent 77.97 0.12%
Gold 2008.55 0.10%
Silver 22.70 0.13%

FIIs & DIIs:

Particulars 17th January 16th January
FIIs                          -10578.13 656.57
DIIs 4006.44 -369.29

News Update:

NHPC: The government to sell up to 3.5% stake via offer for sale on Jan. 18 and 19. The floor price of the offer for sale was set at Rs 66 per share, indicating a discount of 9.6% to the current market price.  

Adani Enterprises: The company has signed a Memorandum of Understanding with the Maharashtra government to set up a 1-gigawatt hyperscale data centre at an investment of Rs 50,000 crore over the next 10 years.

Shriram Finance: The company raised $750 million through social bonds from international bond markets.

Nazara Tech: The company plans to raise up to Rs 250 crore via a preferential issue of shares at Rs 872.15 apiece. The company acquired a 10.77% stake in social influencer platform Kofluence Tech Pvt. for Rs 32.41 crore.

Indiabulls Housing Finance: Approved raising up to Rs 5,000 crore via an equity issue.

Natco Pharma: The company invested $2 million in the Delhi-based biotech startup Cellogen Therapeutics.

Zaggle Prepaid Ocean Services: The company signed a contract worth Rs 200 crore with Torrent Gas — for implementing close loop fleet program.

Sundaram Finance: The company has exposure to alternate investment funds of Rs 270.28 crore as of Jan. 18.

RailTel Corp: The company received an order worth Rs 82.41 crore from South Central Railway in the Secunderabad Division.

Balaji Amines: The company received BIS certification for the product Morpholine from the Bureau of Indian Standards.

Intellect Design Arena: The company received approval to set up its branch office at GIFT City.

Manali Petrochemicals: The company has resumed operations at its Manali Plant.

OnMobile Technologies: The company has appointed Sreejith Chandrasekharan as Chief Technology Officer.

Avenue Supermarts: The company has opened two new stores in Tirupur (Tamil Nadu) and Sehore (Madhya Pradesh). The total number of stores as of today stands at 344.


Source: Moneycontrol, Bloomberg Quint, Investing 

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