International Markets:

U.S & Europe

Particulars 28thFeb Chg Chg(%)
Nasdaq 8567.37 0.89 0.01
Dow 25409.36 -357.28 -1.39
FTSE 6580.61 -215.79 -3.18
CAC 5309.90 -185.70 -3.38
DAX 11890.35 -477.11 -3.86
Dow Fut.* 25598.00 234.00 0.92

*As per 2nd March

Asian markets:

Particulars 2nd March Chg Chg(%)
SGX Nifty* 11279.50 112.50 1.01
Nikkei 21377.87 234.91 1.11
Straits Times 3008.87 -2.21 -0.07
Hang Seng 26289.12 159.19 0.61
Shanghai 2923.83 43.53 1.51

 

ADR Watch:

Particulars 28th Feb Chg Chg(%)
Dr Reddy 40.16 -1.93 -4.59
HDFC Bank 54.85 -0.14 -0.25
ICICI Bank 13.87 -0.21 -1.49
Infosys 10.07 -0.55 -5.18
Tata Motor 9.16 -0.56 -5.76
Wipro 3.45 -0.11 -3.09

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.1750 0.86
Brent 50.87 2.42
Gold 1594.05 1.75
Silver 16.885  2.60

 

FIIs & DIIs

Particulars 28th  Feb. 27th  Feb.
FIIs -1428.74 -3127.36
DIIs 7621.16 3497.50

 

View on market: Buy on dips

 

Another painful session for global markets began Monday with a slump in equities and a slide in sovereign bond yields, as investors reacted to a much deeper decline in China’s manufacturing than expected, and the continued spread of the coronavirus. Japanese stocks opened 1.3 percent lower, and S&P 500 futures slumped over 1 percent, with a signal from the Federal Reserve Friday that it’s open to easing policy providing little comfort. South Korean shares edged higher at the open. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 11,279.50 as of 8:00 am.

Key Data/ Action, Result and Board meeting to watch:

 

Markit India manufacturing PMI data for February to be released

RBI to hold third long-term repo auction.
Fund View:

 

Vedanta IIFL Maintained ‘Buy’ with a price target at Rs 177 Focus on operations; high dividends to sustain Focus on ramp up of zinc/oil business Improving visibility of turnaround at aluminum operations High dividends to sustain, to service parent entity debt Downgrade FY20-22 EBITDA by 20-22 percent to factor in lower commodity prices.

Kajaria ceramics HSBC Maintained ‘Buy’ with a price target at Rs 640. Lower crude prices to lower input costs which would offset pricing pressures. Organized tile players to benefit from Coronavirus impact but limited benefit for Kajaria.

Crompton Greaves Consumer Goldman sachs Maintained ‘Buy’; raised price target to 320 from 300. Steady and structured growth to continue. Management philosophy of focusing on products where it can be a market leader.

BEL JPMorgan Upgraded to ‘Overweight’; maintain price target at Rs 97. Phase of earnings decline is behind us. Earnings miss already priced in. Defense a defensive play against Coronavirus. Divestment overhang behind us.

 

News Update:

Bharti Airtel on Saturday said that it has made an additional payment of Rs 8,004 crore towards adjusted gross revenue dues to the Department of Telecom, according to a PTI report. The payment of Rs 8,004 crore is in addition to Rs 10,000 crore the company paid on Feb. 17, 2020 in compliance with the Supreme Court judgment, it said in a regulatory filing. The company said it calculated the liabilities on a self-assessment basis till Dec. 31, 2019 and the payment includes interest up to Feb. 29, 2020, the report added.

Dr. Reddy’s Laboratories said that the U.S. Food and Drug Administrator Investigator has revised Form 483 with just one observation, in place of two observations intimated earlier for the Formulations Manufacturing Plant – 3 at Bachupally, Hyderabad.

Adani Gas said that Total Holdings SA has acquired 41.1 crore shares in the company representing 37.4 percent stake. The sellers included SV Adani Family Trust, Afro Asia Trade Investments, Worldwide Emerging Market Holding, Universal Trade and Investment and Adani Tradeline.

NTPC said that 800 MW Unit 1 of Darlipalli Super Thermal Power Station Stage-I is declared open for commercial operation. The commercial capacity of NTPC and NTPC group will become 49,695 MW and 58,156 MW respectively.
JPSL said that BlackRock’s stake in the company fell to 3.29 percent from 3.38 percent after the fund disposed 8.7 lakh shares on Feb. 27.

Affle India acquired mobile advertising technology company Mediasmart and Calle García de Paredes for a cash consideration of €5.12 million.

Coal India: February production up 14.2 percent (YoY) to 66.26 million tonnes. February sales up 6.8 percent (YoY) to 54.97 million tonnes.

MOIL: Prices of various types of Manganese ores reduced by 5-10 percent.

Oil extended losses into a seventh day as the accelerating spread of coronavirus across the globe further intensified demand concerns, while Chinese data underscored the hit already taken by Asia’s largest economy.

European stocks are nearing a correction and Thursday’s slew of negative company news is partly to blame as investors fret over the impact on businesses of the coronavirus.

 


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Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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