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

As a result of the escalating Middle East tensions, Asian markets decline in tandem with their American counterparts. Markets in Australia, South Korea, and Japan all experienced losses at opening, while futures contracts in Hong Kong indicated losses. Following a session-long surge, oil prices stabilized. Early Asian trade on U.S. equity contracts showed little movement after the S&P 500 fell 1.3% on Wednesday. Following solid profits, Netflix surged, while the Golden Dragon index, a measure of Chinese companies listed in the U.S., fell 2.2%. The yield on the 10-year U.S. bond was 4.93% at the time, while Bitcoin was trading above the 28,000 mark. WTI Crude was trading above the $88 mark, while Brent Crude was trading above $91 a barrel.

Economic Calendar:

  • USD : Philadelphia Fed Manufacturing Index (Oct) on 19th Oct, 2023
  • USD : Initial Jobless Claims on 19th Oct, 2023
  • INR : FX Reserves, USD on 20th Oct, 2023
  • INR : RBI MPC Meeting Minutes on 20th Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier)

International Markets

 U.S & Europe:

Particulars 18th October Chg. Chg.(%)
Nasdaq 13314.30 -219.45 -1.62
Dow 33665.08 -332.57 -0.98
FTSE 7588.00 -87.21 -1.15
CAC 6965.99 -63.71 -0.91
DAX 15094.91 -156.78 -1.04
Dow Fut.* 33617.25 -47.83 -0.14

Asian markets:

Particulars 19th October Chg. Chg.(%)
GIFT Nifty 19568.50 -95.50 -0.49
Nikkei 31446.99 -595.26 -1.89
Straits Times 3098.13 -38.49 -1.24
Hang Seng 17434.19 -298.33 -1.71
Shanghai 3032.85 -25.86 -0.85

ADR Watch:

Particulars       18th October  Chg.       Chg.(%)
Dr. Reddy 67.75 1.43 2.16
HDFC Bank 57.40 -0.84 -1.44
ICICI Bank 22.37 -0.37 -1.63
Infosys 17.14 -0.21 -1.21
Wipro 4.72 -0.16 -3.28

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.26 -0.04
Brent 90.98 -0.57
Gold 1962.05 -0.32
Silver 23.060 -0.17

FIIs & DIIs:

Particulars   18th October     17th October
FIIs                          -1831.84 263.68
DIIs 1469.50 112.55

News Update:

Bandhan Bank: The lender’s head of finance & accounts, Abhijit Ghosh was appointed as the Interim CFO and Key Managerial Personnel of the Bank, with effect from Oct. 20 2023.

Wipro: The IT major’s board approved the merger of its five wholly owned subsidiaries into self.

GPT Infraprojects: The company received Rs 739 crore contract to construct Prayagraj Southern Bypass in Uttar Pradesh.

Infosys: The company inked pact with Google Cloud for providing enterprise solutions for AI-first organisations.

Mastek: The company signed digital service contracts with U.K. Government to deliver technical service desk for the One Login Programme.

 IIFL Finance: The NBFC approved raising funds up to Rs 3,000 crore via equity, convertible instruments.

Crompton Greaves: The company appointed D Sundaram as the Chairperson. It also appointed Anil Chaudhry and Sanjiv Kakkar as the Non-Executive Independent Directors w.e.f. Oct. 17.  

ITC: The company raised stake in Delectable Technologies to 39.32% by acquiring an additional 6% stake for Rs 3.5 crore.

RPG Lifesciences: The board of directors executed power delivery agreement with Sunpound Solar, a SPV for the supply of electricity by power producer to the company, by setting up a group captive solar power project in Maharashtra. The company will invest Rs 1.1 crore to subscribe to 26% share capital of Sunpound Solar.

Power Mech Projects: The company’s board approved and authorized the opening of the QIP issue on Oct. 18. The floor price is set at Rs 4,085.44 apiece.

Tata Steel: NCLT sanctioned the scheme of amalgamation amongst Tata Steel Long Products and Tata Steel.

PowerGrid: The electrical services company received notification for commercial operation for Eastern Region Strengthening Scheme – XVII (Part-B) project. The project had commissioned with effect from Aug. 8 2023.

Alkyl Amines: The newly set up plant at existing Kurkumbh site, Maharashtra for enhancing manufacturing capacity of Ethyl Amines has successfully commenced commercial production on Oct.

Uno Minda: Received a no-objection letter from NSE and BSE regarding the scheme of amalgamation with Kosei Minda Aluminium company and Kosei Minda Mould.

Source: Moneycontrol, Bloomberg Quint, Investing 

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