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

Equity markets in Asia are poised for a mixed open as China’s growth concerns continued to weigh on markets even as stocks extended their rally in the U.S. Futures for benchmarks in Australia and Japan rose, while contracts for stocks in Hong Kong declined. The worst day in almost a month for U.S.-listed shares of Chinese companies also reflected souring sentiment. Markets in the U.S. closed near session highs on Tuesday, as results from Bank of America Corp. and Morgan Stanley bolstered bank shares and a rally in equities linked to artificial intelligence resumed. Brent crude was below $80 a barrel and West Texas Intermediate was around the $76-mark. The yield on the 10-year U.S. bond was trading at 3.79%, whereas Bitcoin was below 30,000-level. At 5:40 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,893.5.

Economic Calendar:

  • USD : Building Permits (Jun) on 19th July, 2023
  • USD : Initial Jobless Claims on 20th July, 2023
  • INR : FX Reserves, USD on 21st July, 2023
  • INR : Infrastructure Output (YoY) (Jun) on 31st July, 2023

Brokerage Radar:

MS ON L&T TECH: UW, TP Rs 3200; 1Q’s rev miss sharp on organic basis; Management provided balanced demand commentary & maintained rev guidance (10%+ organic growth in F24), which believe could be at risk; Maintain relative UW on val

JPM ON INDUSIND BK: Neutral, TP raised to Rs 1250; Reserve drawdown drives an in-line result; Loan growth at 21.5% y/y was broad-based; B/S growth at 14% y/y; Credit cost beat partly driven by contingent drawdown; NIMs flat Q/Q; Deposit rates expected to peak in 2Q

International Markets

U.S & Europe:

Particulars 18th July Chg. Chg.(%)
Nasdaq 14353.64 108.69 0.76
Dow 34951.93 366.58 1.06
FTSE 7453.69 47.27 0.63
CAC 7319.18 27.52 0.38
DAX 16125.49 56.84 0.35
Dow Fut.* 34960.10 8.20 0.02

Asian markets:

Particulars 19th July Chg. Chg.(%)
GIFT Nifty 19797.00 -6.50 -0.03
Nikkei 32810.30 316.41 0.96
Straits Times 3263.89 9.63 0.30
Hang Seng 18781.96 -233.76 -1.23
Shanghai 3191.91 -5.91 -0.18

ADR Watch:

Particulars   18th July  Chg.       Chg.(%)
Dr. Reddy 63.01 -0.17 -0.27
HDFC Bank 70.71 0.16 0.23
ICICI Bank 23.86 0.03 0.13
Infosys 17.88 0.59 3.41
Wipro 5.09 0.04 0.79

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.13 0.07
Brent 79.45 -0.23
Gold 1980.20 -0.03
Silver 25.242 -0.06

FIIs & DIIs:

Particulars 18th July 17th July
FIIs                          504.66 73.00
DIIs 195.80 64.34

News Update:

Vedanta: The company’s Semiconductors and Display’s Global Managing Director, Akarsh K. Hebbar, said that substantial progress has been made to tie up technology and equity partners in semiconductors. Vedanta will make an announcement soon.

Bank of India: The lender has appointed Yusuf H. Roopwalla as Chief Technology Officer for a period of three years. Roopwalla was earlier associated with Standard Chartered Bank.

L&T Technology Services: The company won a $50 million contract from a global technology company to enable new opportunities for digital media platforms. This agreement has a term of five years.

State Bank of India: The lender has agreed to set up a new trustee company as a wholly-owned subsidiary of the bank for managing corporate debt market development funds, for which SBI Funds Management Ltd. is identified as the Investment Manager and Sponsor of the Fund.

Ramkrishna Forgings: The company has started commercial production of 13,700 TPA of R A Shaft-Press Line and 10,100 TPA of 5″ Upsetter at its plant in Kharswan from July 18. This will enhance the output of the company by 23,800 tonnes per year, which will result in a total production capacity of 2,10,900 tonnes per year.

63 Moons Technologies: The company’s unit, Ticker Ltd., has incorporated its wholly-owned subsidiary, Ticker Data Ltd. Ticker will subscribe to the share capital of Rs 10 lakh of Ticker Data.

Hero MotoCorp: The automaker introduced the Xtreme 200S 4-Valve, to be priced at Rs 1,41,250 ex-showroom Delhi.

DB Realty: The company’s subsidiaries have inked share purchase agreements to acquire a stake in Siddhivinayak Realties. The company’s unit Horizontal Ventures will buy a 9.32% stake for Rs 62.09 crore, N.A. Estates will purchase a 10.45% stake for Rs 69.59 crore, and Vanita Infrastructure will acquire a 10.22% stake for Rs 68.07 crore.

Oil and Natural Gas Corporation: The company bought an additional 0.0035% stake in subsidiary Petronet MHB Ltd. for Rs 2.09 lakh, increasing its overall stake to 49.999%.

B.L. Kashyap and Sons: The company won a new order of Rs 369 crore from DLF Home Developers for civil structure and waterproofing works for DLF The Arbour, Sector 63 in Gurugram. The contract includes a free supply of steel. The company’s order book stands at Rs 3086 crore.

 Source: Moneycontrol, Bloomberg Quint, Investing

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