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

As it is New Year’s Day, the majority of Asian markets are closed today. After a surge that left the market on track for its ninth straight week of gains—the biggest winning streak since 2004—stocks on Wall Street took a break during the final session of 2023. On Friday, the S&P 500 dropped 0.28% and the Nasdaq 100 dropped 0.43%. On Friday, the Dow Jones Industrial Average finished 0.05% down. At $77.04 per barrel, Brent crude was down 0.11% on the market. Gold was trading at $2,062.98 an ounce, down 0.13%. India’s major indices ended a record-breaking four-day rise on Friday, closing the final session of 2023 down.

Economic Calendar:

  • USD : Manufacturing PMI (Dec) on 02nd January, 2024
  • USD : JOLTs Job Openings (Nov) on 03rd January, 2024
  • INR : FX Reserves, USD on 29th December, 2023
  • INR : RBI Monetary and Credit Information Review on 29th December, 2023

Brokerage Radar:

MOSL ON DALMIA: Buy Call, Target Rs 2,800; Top Pick For 2024; Ambitious Growth Plans, Execution In Focus; Optimistic About Co’s Long-Term Outlook; Co Plans To Increase Capacity To 110-130 Mtpa At A 14-17% CAGR By 2031; Strong B/S With Target To Maintain A Net Debt-To-EBITDA Ratio Of Less Than 2x

JEFFERIES ON CEMENT SECTOR: Cement Px Decline In All Regions In Dec-23 In Range Of 1-2%; Q3FY24 Growth Pegged At 3% QoQ Which Is In-line With Initial Expectations; For Q3, Highest Growth In South, & Flat To 3% In Other Regions

Demand Trend Mixed In Dec After Sub-10% YoY Growth Seen In Combined Oct-Nov-23; Many Dealers Expect Px To Improve From 3rd Week Of Jan; Easing Energy Costs Is Positive For Sector

International Markets:

U.S & Europe:

Particulars 29th December Chg. Chg.(%)
Nasdaq 15026.49 -68.64 -0.45
Dow 37689.54 -20.56 -0.05
FTSE 7733.24 10.50 0.14
CAC 7543.18 8.02 0.11
DAX 16751.64 50.09 0.30
Dow Fut.* 37673.27 -36.83 -0.10

Asian markets:

Particulars 01st  January Chg. Chg.(%)
GIFT Nifty 21828.00 -20.50 -0.09
Nikkei 33464.17 -75.45 -0.23
Straits Times 3240.27 25.87 0.80
Hang Seng 17047.39 3.86 0.02
Shanghai 2974.93 20.23 0.68

ADR Watch:

Particulars 29th December  Chg.       Chg.(%)
Dr. Reddy 69.60 -0.16 -0.23
HDFC Bank 67.11 -0.12 -0.17
ICICI Bank 23.84 -0.38 -1.57
Infosys 18.39 -0.17 -0.94
Wipro 5.58 0.01 0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.22 -0.04
Brent 77.07 -0.10
Gold 2071.80 -0.56
Silver 24.03 -1.42

FIIs & DIIs:

Particulars 29th December 28th December
FIIs                          554.39 4358.99
DIIs 1459.12 136.64

News Update:

Grasim Industries: The company commissioned an additional 1.23 lakh tonnes of annual advanced materials capacity at the Bharuch plant in Gujarat. The total capacity of advanced materials is 2,46,000 tonnes per annum. The expansion will facilitate the growth of the specialty chemical business.

Dr. Reddy’s Laboratories: The company’s global arm acquired 6.46% of Israel-based biotechnology company Edity Therapeutics for $1.97 per share to further develop its technology platform.

ACC: The company successfully commissioned a cement manufacturing unit with a capacity of 1.0 MTPA at Ametha, Madhya Pradesh.

Torrent Power: The company incorporated a wholly owned subsidiary for generating electricity from renewable sources in Gujarat.

Hikal: The Gujarat Pollution Control Board imposed a fine worth Rs 17.45 crore for alleged violations of environmental laws.

SKF India: The company has successfully acquired 26.74% of Sun Strength Renewables for Rs 2.31 crore.

Edelweiss Financial Services: The company’s unit Zuno General Insurance received a GST demand worth Rs 32.39 crore and penal interest of Rs 3.23 crore.

Aditya Birla Capital: The timeline for the completion of the sale of a 50% stake in Aditya Birla Insurance Brokers has been extended till March 31, 2024, subject to receipt of the approval of the Insurance Regulatory and Development Authority of Insurance Regulatory and Development Authority of India.

Nazara Technologies: The company’s arm signed agreements for subscribing to a convertible note of Freaks 4U Gaming GmbH at a consideration of Rs 33.26 crore to be paid in cash.

Oil India: The company appointed Anfor Ali Haque as resident chief executive effective Jan. 1.

Nippon Life India AMC: CFO Prateek Jain resigned from the position due to personal reasons.

Source: Moneycontrol, Bloomberg Quint, Investing 

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