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

The majority of Asian indices began trading higher, following Wall Street’s advances. Japan’s investors are waiting to hear the conclusion of the two-day meeting of the central bank. Based on rumors that the Bank of Japan would soon terminate the last negative-rate system in history, a Bloomberg survey of analysts indicates that April is the most likely month for a shift.  The Kospi was flat, Nikkei traded 0.1% higher, while Australia’s S&P/ASX 200 began 0.6% higher. According to Bloomberg, U.S. stocks began the week higher because to a flurry of agreements, despite efforts by Federal Reserve officials to cast doubt on the possibility of significant interest rate cuts occurring early in 2019. A barrel of Brent crude was trading 1.83% higher at $77.95. An ounce of gold cost a flat $2,027.36.

Economic Calendar:

  • USD : Building Permits (Nov) on 19th December, 2023
  • USD : Existing Home Sales (Nov) on 20th December, 2023
  • INR : FX Reserves, USD on 22nd December, 2023
  • INR : RBI MPC Meeting Minutes on 22nd December, 2023

Brokerage Radar:

JEFFERIES ON ITC: Buy, TP Rs 53; (BAT) facing headwinds due to vol decline & high level of debt which has compressed val to 6x P/E, lowest among tobacco majors. Interestingly, strong momentum at ITC has allowed it to pip BAT’s market cap recently; Recent communication shows BAT appears to be comfortable trimming c.4ppt stake in ITC to 25%; Also sees hotels as non-core signaling a potential stake sale once ITC Hotels is listed.

MS ON RELIANCE IND: Overweight Call, Target Rs 2,821; Reliance Jio Launched New Bundled Mobile Plans; Reliance Jio Launched OTT Subscriptions & Jio Cinema Premium Subscription For Prepaid Consumers; Jio Cinema Premium Is An Ad-Free Streaming Of Its Content Available At`999/Annual.

International Markets

U.S & Europe:

Particulars 18th December Chg. Chg.(%)
Nasdaq 14904.81 90.89 0.61
Dow 37306.02 0.86 0.00
FTSE 7614.48 38.12 0.50
CAC 7568.86 -28.05 -0.37
DAX 16650.55 -100.89 -0.61
Dow Fut.* 37312.76 6.74 0.02

Asian markets:

Particulars 19th  December Chg. Chg.(%)
GIFT Nifty 21485.00 1.00 0.00
Nikkei 32799.78 40.80 0.12
Straits Times 3118.06 4.83 0.16
Hang Seng 16521.89 -107.34 -0.65
Shanghai 2930.87 0.07 0.00

ADR Watch:

Particulars 18th December  Chg.       Chg.(%)
Dr. Reddy 67.23 0.61 0.92
HDFC Bank 66.15 0.07 0.11
ICICI Bank 24.53 -0.02 -0.08
Infosys 18.81 0.14 0.75
Wipro 5.31 0.03 0.57

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.11 -0.05
Brent 78.08 0.17
Gold 2038.30 -0.11
Silver 24.15 0.16

FIIs & DIIs:

Particulars 18th December 15th December
FIIs                          -33.51 9239.42
DIIs 413.88 -3077.43

News Update:

HDFC Bank: The private lender has raised Rs 7,425 crore through its maiden 10-year infrastructure bond issue on Monday, at a coupon rate of 7.71%, according to market participants with knowledge of the matter.

Vedanta: The company approved a second interim dividend of Rs 11 per share, amounting to Rs 4,089 crore. The record date for the payment of dividends is Dec. 27.

Apollo Tyres: An affiliate of Warburg Pincus is seeking about $100 million through a 3% stake sale, according to Bloomberg News. The floor price is set at Rs 440 apiece.

Sun Pharmaceutical Industries: The drugmaker will acquire a 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million.

Nestle India: The company has set Jan. 5 as the record date for determining shareholders’ entitlement for stock splits. It had approved a share split in the ratio of 1:10 on Oct. 19.

IDFC First Bank: The company received the RBI nod for the merger of IDFC and IDFC Financial Holding Co. with itself.

India Glycols: The company received an order from oil marketing and oil companies for the supply of 16.55 crore litres of ethanol with an estimated value aggregating to Rs 1,164 crore under the Ethanol Blended Petrol Programme.

Devyani International: The company has announced its foray into the Thailand market by acquiring 274 KFC outlets for Rs 1,066.10 crore, of which Devyani will shell out Rs 341.4 crore. It has also approved an investment of Rs 340 crore in its global arm, Devyani International DMCC, Dubai.

Marico: The company’s top brand, Parachute Advanced, launched a new hair oil, “Sampoorna.”  

Allcargo Gati: The board will meet on Dec. 21 to consider fundraising.

Kaynes Technology: The company opened its QIP for raising up to Rs 1,400 crore and set the floor price at Rs 2,449.96 per share, which indicates a discount of 5.8% to the stock’s previous close of Rs 2,601.65 on NSE.

JTL Industries: The company approved raising up to Rs 810 crore via issuance of warrants and raising up to Rs 500 crore via QIP.

Vakrangee: The company has entered into a share purchase agreement for the acquisition of 8.8% of the equity share capital of Vortex Engineering from International Finance Corp.

Source: Moneycontrol, Bloomberg Quint, Investing 

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