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

The majority of markets in the Asia-Pacific area saw increases, mirroring Wall Street’s overnight gains as investors maintained their bullish outlook for a 2024 interest rate decrease by the US Federal Reserve. Japan’s stocks increased after traders evaluated the outcome of the Bank of Japan’s policy meeting. In keeping with market expectations, the Japanese central bank kept its yield curve management policy in place and kept the rate at -0.1%. At 06:28 a.m., the KOSPI was up 0.92% at 2,592.28 and the S&P/ASX 200 was up 0.58% at 7,532.60. On Tuesday, the Nasdaq 100 and S&P 500 indexes increased by 0.49% and 0.59%, respectively. By 0.68%, the Dow Jones Industrial Average increased. As of 06:21 a.m., Brent crude was up 0.97% at $73.44 per barrel. Gold dropped to $2,039.56 (0.04%).

Economic Calendar:

  • USD : Existing Home Sales (Nov) on 20th December, 2023
  • USD : CB Consumer Confidence (Dec) on 20th December, 2023
  • INR : FX Reserves, USD on 22nd December, 2023
  • INR : RBI MPC Meeting Minutes on 22nd December, 2023

Brokerage Radar:

JEFFERIES ON ITC:Buy, TP Rs 53; (BAT) facing headwinds due to vol decline & high level of debt which has compressed val to 6x P/E, lowest among tobacco majors. Interestingly, strong momentum at ITC has allowed it to pip BAT’s market cap recently; recent communication shows BAT appears to be comfortable trimming c.4ppt stake in ITC to 25%; Also sees hotels as non-core signaling a potential stake sale once ITC Hotels is listed.

MS ON RELIANCE IND:Overweight Call, Target Rs 2,821; Reliance Jio Launched New Bundled Mobile Plans; Reliance Jio Launched OTT Subscriptions & Jio Cinema Premium Subscription For Prepaid Consumers; Jio Cinema Premium Is An Ad-Free Streaming Of Its Content Available At`999/Annual

International Markets

U.S & Europe:

Particulars 19th December Chg. Chg.(%)
Nasdaq 14989.13 84.31 0.57
Dow 37557.92 251.90 0.68
FTSE 7638.03 23.55 0.31
CAC 7574.67 5.81 0.08
DAX 16744.41 93.86 0.56
Dow Fut.* 37574.30 16.38 0.04

Asian markets:

Particulars 19th  December Chg. Chg.(%)
GIFT Nifty 21614.50 86.50 0.40
Nikkei 33799.41 580.02 1.72
Straits Times 3120.99 4.37 0.14
Hang Seng 16707.68 202.68 1.23
Shanghai 2929.51 -2.88 -0.10

ADR Watch:

Particulars 19th December  Chg.       Chg.(%)
Dr. Reddy 68.14 0.93 1.38
HDFC Bank 66.19 0.06 0.09
ICICI Bank 24.50 -0.04 -0.16
Infosys 18.78 -0.02 -0.11
Wipro 5.27 -0.05 -0.85

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.18 0.03
Brent 79.18 -0.06
Gold 2052.45 0.02
Silver 24.40 0.33

FIIs & DIIs:

Particulars 19th December 18th December
FIIs                          -601.52 -33.51
DIIs 294.35 413.88

News Update:

Bharat Petroleum Corp: The company approved a proposal for setting up 400 KTPA polypropylene unit at its Kochi refinery. The cost of the project is Rs 5,044 crore which will be funded in a debt-equity ratio of 65:35.

Glenmark Life Sciences: The Competition Commission of India has approved the acquisition of majority shareholding of Glenmark Life Sciences by Nirma.

Embassy Office Parks REIT: Blackstone is looking to sell its entire 23.5% stake in the company via a mega block deal on Wednesday. The floor price is set as Rs 310 per share.

Nippon Life India AMC: IndusInd Bank will sell a 2.86% stake in the company via a block deal on Wednesday. The floor size is set at Rs 426 per share, 5% discount to Tuesday’s closing price.

Transformers And Rectifiers: The company received an order worth of Rs 118 crore from Uttar Pradesh Power Transmission Corporation.

Rail Vikas Nigam: The company emerged as the lowest bidder for a project worth 123 crore in a 49: 51 Joint venture with KRDCL. The project is to upgrade Varkala Sivagiri railway station in Kerala.

Mining and metals stocks: Nearly 100 more blocks of critical minerals will be put on auction before February next year, Coal and Mines Minister Pralhad Joshi said on Tuesday. Offshore minerals will be put on sale in the auction that will take place in March and April.

JK Tyre and Industries: The company opened its QIP for raising up to Rs 500 crore, and has set the floor price of QIP at Rs 358.96 per share which indicates a discount of 5.2% to the stock’s previous close of Rs 378.70 on NSE.

Varun Beverages: The company will acquire South Africa’s ‘The Beverage Company’ and its subsidiaries for ZAR 3 billion or Rs 1,320 crore. The company signed a MoU with Jharkhand Government for the Patratu manufacturing plant with a total capital outlay of Rs 450 crore.

ITC: The company’s unit Infotech India incorporated a wholly owned subsidiary ITC Arabia for about Rs 35 crore.

Tech Mahindra: CP Gurnani ceases to be MD and CEO of the company on account of the completion of his tenure. Mohit Joshi to take over as CEO and MD effective Dec. 20.

Source: Moneycontrol, Bloomberg Quint, Investing 

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