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

Australian dollar and U.S. equity futures rose in early Asian trading on Monday amid signs of improving ties between the U.S. and China, while contracts for benchmarks in Asia showed muted moves. Futures contracts for Australian and Hong Kong equities were slightly lower, mirroring the decline in U.S. stocks on Friday, while Japanese contracts made a small advance. The small advance on Monday follows positive signs that Sino-U.S. relations will thaw, and also ongoing optimism that China will unleash fresh stimulus to boost its flagging recovery. U.S. stock and bond markets will be closed for the Juneteenth holiday Monday. The S&P 500 declined 0.4% on Friday to end a six-session streak of advances as investors look for more insight on Federal Reserve interest rate decisions. Meanwhile, Brent crude was trading around $76 a barrel and West Texas Intermediate was around $71. The yield on the 10-year U.S. bond was trading at 3.76%, whereas Bitcoin was below 27,000-level. At 5:40 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.01% at 18900.5.

Economic Calendar:

  • USD : Building Permits (May) on 20th June, 2023
  • USD : Initial Jobless Claims on 22nd June, 2023
  • INR : FX Reserves, USD on 23rd June, 2023
  • INR : Foreign Debt (USD) (Q1) on 30th June, 2023

Brokerage Radar:

CITI ON GATEWAY DISTRIPARKS: Buy, TP Rs 90; Continue To Maintain Its Market Share In Key Markets; Faridabad Terminal Will Also Start Double Stacking In 4-5 Months; Focus Will Remain On The Western DFC; Valuation Looks Attractive

JEFFERIES ON NYKAA: Buy Call; Target Rs 200; Mgmt Sounded Positive On Its Industry Outlook; Premiumisation Trend Plays Well In Favour Of Co; Outlook On Profitability Is Also Positive

JEFFERIES ON ASHOK LEYLAND: Buy, TP raised to Rs 195; M&HCF Medium-term Target At 35%, 25% In 2-3.5t LCVs; Medium-term EBITDA Margin Target Is Mid-teen; Other Focus Areas Include Expanding Export & Defence Footprint; Building EV & Alternate Powertrains Will Also Be Focus Areas

International Markets

U.S & Europe:

Particulars 16th June Chg. Chg.(%)
Nasdaq 13689.57 -93.25 -0.68
Dow 34299.12 -108.94 -0.32
FTSE 7642.72 14.46 0.19
CAC 7388.65 97.74 1.32
DAX 16357.63 67.51 0.41
Dow Fut.* 34262.00 -37.10 -0.11

Asian markets

Particulars 19th June Chg. Chg.(%)
SGX Nifty 18919.50 21.50 0.11
Nikkei 33724.60 18.52 0.05
Straits Times 3242.41 -17.62 -0.54
Hang Seng 19855.18 -185.19 -0.92
Shanghai 3258.29 -15.04 -0.46

ADR Watch:

Particulars 16th June  Chg.       Chg.(%)
Dr. Reddy 60.27 0.86 1.45
HDFC Bank 66.45 1.85 2.86
ICICI Bank 22.87 0.00 0.00
Infosys 15.83 0.21 1.34
Wipro 4.67 -0.03 -0.64

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.97 0.07
Brent 75.42 -1.55
Gold 1967.75 -0.18
Silver 24.170 0.18

FIIs & DIIs:

Particulars 16th June 15th June
FIIs                          794.78 3085.51
DIIs 681.33 -297.88

News Update:

Adani Enterprises: Company’s unit, Adani Digital Labs, has signed a share purchase agreement to acquire a 100% stake in Stark Enterprises. Stark Enterprises, also known as Trainman, is an online train booking and information platform.

Axis Bank: Axis Bank appointed former RBI Deputy Governor N.S. Vishwanathan as Non-Executive Part-Time Chairman with effect from Oct. 27, 2023.

Castrol India: Castrol and Mahindra Insurance Brokers have signed an agreement to distribute insurance policies. The deal will allow Castrol Auto Service workshops to distribute eligible insurance policies, and these workshops will be able to register as cashless claim sites with insurance companies.

Trident: The company’s unit, Trident Home Textiles, incorporated a wholly-owned subsidiary, Trident Global B.V., in the Netherlands. Trident Global will carry out the wholesale business of textiles, paper, non-food consumer goods, and clothing accessories.

Axiscades Technologies: The company agreed to acquire a 100% stake in Add Solution GmbH for 5.5 million euros (Rs 49.27 crore).

Dr Reddy’s Laboratories: The US Food and Drug Administration (USFDA) completed a good manufacturing practice (GMP) inspection at company’s API manufacturing facility in Bollaram, Hyderabad. The inspection was conducted during June 12 and June 16, and closed with zero observations. After inspection by the USFDA of the formulations facility in Srikakulam in May 2023, the company had received the Establishment Inspection Report (EIR). The USFDA has classified the said inspection as Voluntary Action Indicated (VAI).

HDFC Bank: Pursuant to the request by HDFC Bank, the Reserve Bank of India (RBI) has advised the lender that it may hold the commercial papers that were issued till date by HDFC, till their maturity. The bank should not roll over or reissue any commercial paper after the effective date of the proposed amalgamation. The bank will also approach the RBI with the crystalized amounts of all the liabilities of HDFC as of the effective date.

Source: Moneycontrol, Bloomberg Quint, Investing 

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