International Markets:

U.S & Europe

Particulars 1st  Jan Chg Chg(%)
Nasdaq 8972.60 26.61 0.30
Dow* 28538.44 -106.82 -0.37
FTSE 7542.44 -44.61 -0.59
CAC 5978.44 -4.16 -0.07
DAX 13249.01 -88.10 -0.66
Dow Fut.* 28585.50 77.50 0.27

*As per 2nd Jan

Asian markets:

Particulars 2nd  Jan. Chg Chg(%)
SGX Nifty* 12247.00 2.00 0.02
Nikkei 23656.62 -181.10 -0.76
Straits Times 3227.88 5.05 0.16
Hang Seng 28476.04 286.29 1.02
Shanghai 3080.53 34.26 1.12

 

ADR Watch:  

Particulars 1st Jan. Chg Chg(%)
Dr Reddy 40.58 0.00 0.00
HDFC Bank 63.37 0.00 0.00
ICICI Bank 15.09 0.00 0.00
Infosys 10.32 0.00 0.00
Tata Motor 12.93 0.00 0.00
Wipro 3.75 0.00 0.00

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.2250 -0.22
Brent 66.27 0.41
Gold 1522.15 -0.06
Silver 17.898 -0.13

 

FIIs & DIIs

Particulars 1st  Jan. 31st Dec.
FIIs -58.87 -1265.10
DIIs 208.47 585.07

 

View on market: Buy on dips

Traders eyed a cautious start on Today in Asia as they assessed the latest policy move by China’s central bank and awaited data on the country’s manufacturing sector. U.S. equity futures nudged higher. Activity is set to pick up as most global markets reopen from holiday closures on Jan. 1, though Japanese equities remain shut for the remainder of this week. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 12,250 as of 7:50 a.m.

Key Data/ Action and Board meeting to watch:

Can Fin Homes: Board meeting is scheduled on January 20 to consider October-December quarter earnings.

 

Fund View:

Citi on India Equity Strategy 2020 outlook still appears tough although central bank stimulus could continue to support. In 2020, continue to see a rather challenging environment for mid-caps overall. Top Overweight: Financials, Healthcare, Industrials. Top Underweights: Consumer staples, materials (ex-Cement), autos.

Mindtree Citi Maintained ‘Neutral’; hiked price target to Rs 860 from Rs 800. Hike FY20-21 EPS estimate by 2 percent to factor in the exchange rate and operational assumption. Raise valuation multiple given rerating in the sector and the broader Indian market.

JPMorgan on India Steel More steel price hikes on the way in January. Hikes should support steel stock performance. Expect very strong Q4 as coking coal prices are also weak. With likely price hikes, steel stocks will enter an upgrade cycle. Citi on Persistent Systems Maintained ‘Sell’; hiked price target to Rs 590 from Rs 540. Hike FY20-21 EPS estimate by 1-4 percent to factor in the exchange rate and operational assumption. Raise valuation multiple given rerating in the sector and the broader Indian market.

Emkay on Media Reduction in channel pricing cap will impact broadcasters only if a large proportion of subscribers shift to a-la-carte model and subscribe to fewer channels. Large broadcasters that have driver channels across the genres will have limited impact or risk of revenue loss due to the shift to a-la-carte. The impact could be in the form of lost advertisement and subscriber revenues due to non-subscription of non-driver channels. Believe that India will remain a bouquet subscription market.

 

News Update:

Gujarat Narmada Valley Fertilizers & Chemicals received a demand notice from Telecom Department directing the company to deposit 15,020 crore before Jan. 23 in connection with V-SAT and ISP Licenses held by the company.

Muthoot Capital Services completed securitisation transaction of Rs 145.37 crore on Dec. 31. The Company has so far raised funds of Rs 578.81 crore through securitisation/direct assignment transactions during the fiscal year 2020.

Prakash Industries secured long term coal linkages of 1.69 lakh metric tonnes per annum for the next five years for its 6th Sponge Iron Kiln. The total long-term Coal Linkages now stand at 17.04 lakh tonnes per annum. These linkages will result in substantial cost savings in Sponge Iron production at its Integrated Steel Plant at Champa, Chhattisgarh.

Asian Granito said that the Goods and Services Tax department conducted a search at the company’s registered office and plant offices on Dec. 31. The search operations were regarding the reversal of GST input tax credit of Rs 48 lakh for goods purchased from a vendor.

Sintex Industries: Punjab National Bank filed for initiating insolvency proceedings against the company for Rs 1,077.62 crore. The company said in a statement that it has cumulatively defaulted on payments of Rs 2,007 crore in loans, including facilities like cash credit from banks and financial institutions. The total financial indebtedness of the company stands at Rs 6,774.9 crore and total outstanding due from banks and financial institutions stand at Rs 6,101.54 crore.

Lemon Tree Hotels signed a license agreement for a 40 room Hotel in Dehradun.

SAIL: December sales jumped 47 percent to 1.68 million tonnes, according to a Bloomberg report.

Abans Enterprises completed the 100 percent acquisition in LifeSurge BioSciences.

Future Retail will consider raising funds on Jan. 4.

Care Ratings: LT Mutual Fund increased stake from 4.8 percent to 5.18 percent.

Bharat Gears promoters Ultra Consultants increased stake from 8.23 percent to 15.16 percent on Dec. 30.


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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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