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

National bourses have announced that on Saturday, the equity and derivatives markets will operate as usual from 9:15 a.m. to 3:30 p.m., with no scheduled disaster recovery movements. U.S. indexes rose on Friday as Wall Street risk-taking appeared to be supported by a decline in Treasury volatility, according to Bloomberg. The surge in technology stocks propelled the S&P 500 index to a new lifetime closing high of 4,839.81 points. As investors evaluated the European Central Bank’s commentary and Japan’s inflation figures, other Asian and European markets finished Friday’s trading session neutral. Japan’s core inflation rate, which deducts the cost of fresh food, dropped to 2.3% from 2.5% in November, while the country’s headline inflation rate decreased to 2.6% from 2.8%.

Economic Calendar:

  • USD : Manufacturing PMI (Jan) on 19th January, 2024
  • USD : Services PMI (Jan) on 24th January, 2024
  • INR : FX Reserves, USD on 26th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MOSL ON PNB HSG: Buy, TP Rs 1025; Set to deliver PAT CAGR of 25% over FY24E-FY26E & RoA/RoE of 2.5%/14% in FY26; Healthy loan growth to return in Retail while Corporate will be an enabler; Improvement in yields & lower CoF to boost NIM Trades @1.1x FY26E P/BV

CITI ON HFCs: HFC regulations harmonized with NBFC framework; LICHF & Can Fin has less than 2% of borrowings by ways of public deposits while PNBHF has almost one-third of borrowings through deposits

CLSA ON TATA COMM: O-P, TP Rs 2045; Data rev up 29%; Kaleyra is Ebitda +ve in 1st qtr. Revenue in line & Ebitda above est. High growth in digital portfolio services Comfortable gearing and Kaleyra added debt; Play on enterprise data growth

International Markets:

U.S & Europe:

Particulars 19th January Chg. Chg.(%)
Nasdaq 15293.84 238.19 1.58
Dow 37863.80 395.19 1.05
FTSE 7461.93 2.84 0.04
CAC 7371.64 -29.71 -0.40
DAX 16555.13 -12.22 -0.07
Dow Fut.* 37846.66 378.05 1.01

Asian markets:

Particulars 20th January Chg. Chg.(%)
GIFT Nifty 21673.50 202.00 0.94
Nikkei 35963.27 497.10 1.38
Straits Times 3152.29 12.51 0.40
Hang Seng 15308.69 -83.10 -0.54
Shanghai 2832.28 -13.50 -0.48

ADR Watch:

Particulars 19th January  Chg.       Chg.(%)
Dr. Reddy 67.90 -0.25 -0.37
HDFC Bank 55.83 -0.69 -1.22
ICICI Bank 23.88 0.44 1.88
Infosys 19.99 0.16 0.81
Wipro 5.79 0.01 0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.11 -0.06%
Brent 78.60 -0.63%
Gold 2031.80 0.50%
Silver 22.75 -0.25%

FIIs & DIIs:

Particulars 19th January 18th January
FIIs                          -3689.68 -9901.56
DIIs 2638.46 5977.12

News Update:

Tata Steel: The company will commence statutory consultation as part of its plan to transform and restructure its U.K. business.

HFCL: The company received a purchase order worth of Rs 623 crore from a telecom service provider for the supply of 5G telecom networking equipment.

Zee Entertainment: The company issued a clarification on media reports of Sony’s board to take a call on a $10 bn merger with Zee Entertainment on Friday. It said that it is not aware of any board meeting held or proposed to be held by Sony India and added that the company is committed to the merger with Sony.

KPI Green Energy: The company’s unit received an order for a 5.60 MW solar project from a domestic entity.

Hardwyn India: The company’s subsidiary Slim-X plans to generate -revenue of Rs 100 crore in the next two years.

One 97 Communication: The company approved joint development pact with ACE Builders for the development of the IT/ITES complex in Noida and approved the incorporation of one or more subsidiaries in GIFT City.

Shilpa Medicare: The company’s NDA Product PEMRYDI RTU (Pemetrexed Injection) received product-specific code J* from the U.S. Centers for Medicare & Medicaid Services. PEMRYDI RTU is used as a drug in the treatment of non-small cell lung cancer in combination with other chemotherapy agents.

Star Health and Allied Insurance: N. Chittibab resigned from the position of chief innovation officer and key managerial personnel.

Navkar Corp: The company said that there are no negotiations taking place that require disclosure under the SEBI.

Prataap Snacks: The company issued a clarification that it is not in negotiations with Haldiram’s for a stake sale.

Rico Auto Industries: The company unit signed a licensing agreement for the transfer of technology with DRDO.

Fortis Healthcare: The company’s unit Agilus Diagnostics received notice from Delhi’s anti-corruption bureau in the Mohalla Clinics’ case.

Life Insurance Corp: The company announced the new product launch of LIC’s Jeevan Dhara-II.

Source: Moneycontrol, Bloomberg Quint, Investing 

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