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

Following tech-driven losses on Wall Street on Friday, Asian stocks are destined to open lower as investors prepare for a week that includes meetings of the Federal Reserve and the Bank of Japan. A $4 trillion options maturity on Friday caused the equity-volatility VIX indicator to rise from its lowest point since 2020 as a result of the U.S. stock market’s decline. Nvidia Corp. and Meta Platforms Inc., which both plummeted more than 3.5%, led the way in significant tech losses. The Nasdaq 100 fell 1.8%, while the S&P 500 reversed its weekly gain. The Fed will make its policy decision on Wednesday. While WTI Crude was trading above the $90 barrier, Brent Crude prices were trading below the $94 mark. The yield on the 10-year U.S. bond was trading at 4.33% and Bitcoin was below 27,000-level. At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 20,368.

Economic Calendar:

  • USD : Building Permits (Aug) on 19th Sep, 2023
  • USD : Fed Interest Rate Decision on 20th Sep, 2023
  • INR : M3 Money Supply on 20th Sep, 2023
  • INR : FX Reserves, USD on 22nd Sep, 2023

Brokerage Radar:

JEFFREIES ON ZOMATO: Buy, TP Rs 130; US roadshow feedback; CFO sees food delivery as cash cow with 20-25% growth, while Q/C can grow at 60% Cagr in medium term; Food margins should expand to 5%gradually while Q/C will break-even in 4 qtrs

High focus is on preserving start-up culture

MS ON SBI CARDS: OW, TP Rs 1155; Management meet takeaways; Spending growth trending well ahead of festive season; Share of interest-bearing assets continues to rise; Expects NIM to be stable to slightly lower in 2QF24; Guides for F24 operating cost to income ratio of 58-60%

CITI ON TATA STEEL: Buy, TP Rs 140; UK Gov’t to Support TSL’s EAF Investment

Think it is maybe too soon to gauge the impact pending clarity around union consultations (reports suggest unions are opposed), eventual agreement with gov’t, & timelines

International Markets

U.S & Europe:

Particulars 15th September Chg. Chg.(%)
Nasdaq 13708.34 -217.72 -1.56
Dow 34618.24 -288.87 -0.01
FTSE 7711.38 38.30 0.50
CAC 7378.82 70.15 0.95
DAX 15893.53 88.24 0.56
Dow Fut.* 34641.52 23.28 0.07

Asian markets:

Particulars 15th September Chg. Chg.(%)
GIFT Nifty 20190.50 24.00 0.12
Nikkei 33533.09 364.99 1.09
Straits Times 3264.38 -16.31 -0.50
Hang Seng 18027.28 -155.61 -0.86
Shanghai 3118.28 0.54 0.02

ADR Watch:

Particulars       18th September  Chg.       Chg.(%)
Dr. Reddy 69.85 0.32 0.46
HDFC Bank 65.01 -1.19 -1.80
ICICI Bank 23.91 -0.06 -0.25
Infosys 17.78 -0.33 -1.82
Wipro 5.22 -0.07 -1.32

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.09 0.00
Brent 94.27 0.36
Gold 1949.20 0.15
Silver 23.435 0.21

FIIs & DIIs:

Particulars   15th September  14th September
FIIs                          164.42 294.69
DIIs 1938.57 -50.80

News Update:

Indian Oil Corp: The board approved an additional investment of Rs 903.52 in JV Hindustan Urvarak and Rasayan to be used for setting up fertiliser plants in Gorakhpur, Sindri, and Barauni.

Bharat Electronics: The company bagged multiple orders worth Rs 3,000 crore. The order worth Rs 2,119 crore is from Cochin Shipyard for the supply of various equipment and other orders worth Rs 886 crore.

Tata Steel: The company and the UK government jointly agree on a proposal for the largest investment in the UK steel industry for decades.

Dhanlaxmi Bank: Independent Director Sridhar Kalyanasundaram resigned from the board citing “belligerent attitude of the MD & CEO” on various issues including rights issue, capital enhancement, whistleblower issues by the directors and unethical conduct of the bank’s business.

Responsive Industries: The company confirms the order placed for the RVNL Rishikesh-Karam Prayag railway project.

Tata Elxsi: The company has partnered with INVIDI Technologies to transform addressable advertising for pay-TV operators.

Hindustan Aeronautics: The Defence Acquisition Council has approved the procurement of 12 Su-30MKI aircraft and the avionics upgrade of Dornier aircraft.

Zomato: Zomato Slovakia, a step-down subsidiary of the company, initiated the process of liquidation on Sept. 14, which is expected to be completed within 9–12 months.

Samvardhana Motherson International: Motherson Electroplating US LLC has been incorporated in Delaware, USA, as an indirect, wholly owned subsidiary of the company.

PVR Inox: The company opened a five-screen multiplex at Himalaya Mall in the city of Ahmedabad.

Gensol Engineering: The company acquired 58,779 equity shares of Scorpius Trackers, constituting 54.38% of the share capital and voting rights in Scorpius, for Rs 135 crore. The company proposes to acquire 100% of the share capital of Scorpius in the second tranche.

Source: Moneycontrol, Bloomberg Quint, Investing 

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