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

The Asia-Pacific share indices saw early gains on Friday, helped by Wall Street’s overnight gains in tech equities after businesses released their earnings results that were encouraging.  The Nikkei 225 was trading 461.22 points or 1.30% higher at 35,927.39 as of 7:04 a.m. Japan reported its core consumer price at 2.3% year-on-year in December 2023, from 2.5% in November, marking lowest level since July 2022. The KOSPI and S&P ASX 200 were trading 1.23% or 0.84% higher respectively as of 7:04 a.m. Taiwan Semiconductor Manufacturing Co posted better-than-expected profit and revenue for Oct-Dec period, and guided for robust growth in 2024, which sparked hopes for tech stocks recovery, according to media reports. TSMC’s biggest client, Nvidia Corp, a index-heavy stock, gained 1.9% on Friday, supporting the tech stocks’ rally. On Friday, the Nasdaq 100 index reached an all-time high, rising 1.47%. The Dow Jones Industrial Average dropped by 0.54%, but the S&P 500 index ended the day up by 0.88%. According to Bloomberg, expectations that the Federal Reserve won’t be in a rush to lower interest rates given the economy’s resiliency caused U.S. bond yields to rise. At $79.06 per barrel, Brent crude was down 0.05% on the market.

Economic Calendar:

  • USD : Existing Home Sales (Dec) on 19th January, 2024
  • USD : Manufacturing PMI (Jan) on 19th 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

CLSA ON TATA COMM: O-P, TP Rs 2045; Data rev up 29%; Kaleyra is Ebitda +ve in 1st qtr. Revenue in line & Ebitda above est. High growth in digital portfolio services \Comfortable gearing and Kaleyra added debt; Play on enterprise data growth.

International Markets:

U.S & Europe:

Particulars 18th January Chg. Chg.(%)
Nasdaq 15055.65 200.03 1.35
Dow 37468.61 201.94 0.54
FTSE 7459.09 12.80 0.17
CAC 7401.35 82.66 1.12
DAX 16567.35 135.66 0.82
Dow Fut.* 37460.13 -8.48 -0.02

Asian markets:

Particulars 19th January Chg. Chg.(%)
GIFT Nifty 21586.00 114.50 0.53
Nikkei 36027.41 561.24 1.56
Straits Times 3159.93 20.15 0.64
Hang Seng 15489.51 97.72 0.63
Shanghai 2840.88 -4.90 -0.17

ADR Watch:

Particulars 18th January  Chg.       Chg.(%)
Dr. Reddy 68.17 0.80 1.19
HDFC Bank 56.48 0.89 1.60
ICICI Bank 23.45 0.29 1.25
Infosys 19.83 0.29 1.48
Wipro 5.78 0.09 1.49

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.15 -0.01%
Brent 78.88 -0.28%
Gold 2025.10 0.17%
Silver 22.88 0.31%

FIIs & DIIs:

Particulars 18th January 17th January
FIIs                          -9901.56 -10578.13
DIIs 5977.12 4006.44

News Update:

State Bank of India: The company raised Rs 5,000 crore through 10-year AT-1 bonds.

REC: The company has been designated as the overall implementation agency for the rooftop solar programme of the Renewable Energy Ministry. The company aims to achieve a cumulative capacity of 40,000 MW from rooftop solar panels by 2026.

JSW Infrastructure: The company clarified on media reports that it is leading the race to acquire Navkar Corp. The company said there are no specific proposals underway regarding the matter in the news.

Shalby: The company will acquire an 87.26% stake in PK Healthcare for Rs 102 crore.

Lupin: The company receives USFDA approval for Febuxostat tablets.

Bandhan Bank: The lender received an RBI nod, appointing Rajinder Kumar Babbar as executive director for 3 years.

Wipro: The company will acquire a 14% stake in Huoban Energy 11 to enhance renewable energy usage.

Power Finance Corp: The company incorporated two special-purpose vehicles for developing transmission projects in Gujarat and Rajasthan.

Indian Bank: The company received approval from the RBI for setting up a new unit for operations support.

Dhunseri Ventures: The company made an investment of $1 million in DYL USA. The company’s total investment stands at $3 million in DYL USA for a 79.68% stake.

Source: Moneycontrol, Bloomberg Quint, Investing 

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