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

Equities in the Asia-Pacific area surged higher, following the advances in the US market as investors braced for the Federal Reserve’s newest monetary policy announcement. As of 06:28 a.m., the S&P ASX 200 was trading 9.28 points, or 0.12% higher, at 7,712.5, while the KOSPI was trading 28.8 points, or 1.05% higher, at 2,684.6. The S&P 500 reached a fresh record high with the support of a surge in tech stocks in the United States. Nvidia Corp. increased as a result of predictions that its new chips will drive a surge that has already increased the company’s valuation by $1 trillion this year. As of Tuesday, the Nasdaq 100 and S&P 500 indexes had increased by 0.39% and 0.56%, respectively. In the meantime, the yield on the US 10-year bond was at 4.29%.

Economic Calendar:

  • USD : Initial Jobless Claims on 21st March, 2024
  • USD : Fed Interest Rate Decision on 20th March, 2024
  • INR : Nikkei Services PMI on 21st March, 2024
  • INR : Nikkei S&P Global Manufacturing PMI on 21st March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Particulars 19th March Chg. Chg.(%)
Nasdaq 16166.79 63.34 0.39
Dow 39110.76 320.33 0.83
FTSE 7738.30 15.75 0.20
CAC 8201.05 52.91 0.65
DAX 17987.49 54.81 0.30
Dow Fut.* 39524.00 -15.00 -0.04

Asian markets:

Particulars 20th March Chg. Chg.(%)
GIFT Nifty 21937.00 75.00 0.34
Nikkei 40003.60 263.16 0.66
Straits Times 3180.96 7.41 0.23
Hang Seng 16573.25 43.77 0.26
Shanghai 3061.54 -1.22 -0.04

ADR Watch:

Particulars 19th March  Chg.       Chg.(%)
Dr. Reddy 73.09 -2.40 -0.03
HDFC Bank 55.45 -0.56 -0.01
ICICI Bank 25.90 -0.05 0.00
Infosys 18.84 -0.32 -0.02
Wipro 5.94 -0.11 -0.02

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.01 -0.02
Brent 87.22 -0.18
Gold 2162.05 0.11
Silver 25.15 0.05

FIIs & DIIs:

Particulars 19th March 18th March
FIIs                          1421.48 -2051.09
DIIs 7449.48 2260.88

News Update:

Tata Consultancy Services: The U.S.-based Central Bank selected TCS BaNCS to update core technology infra.

UltraTech Cement: The composite scheme of arrangement between Kesoram Industries and UltraTech Cement has been successfully completed, marking a significant milestone for both companies.

Aditya Birla Capital: Promoter to exercise a green shoe option for shares of Aditya Birla Sun Life AMC.

GPT Healthcare: The company reported revenue of Rs 96.6 crore, up 4% YoY, and net profit of Rs 11.5 crore, up 37.4% YoY for Q3 FY24.

KIOCL: The company installed four vertical pressure filters in the pellet plant unit at Mangalore, with the capacity of each filter at 100 tn/hr.

Shakti Pumps: The board approved the QIP of up to Rs 200 crore at a floor price of Rs 1,272.09 per share. The board approved the re-appointment of Murugavel Janakiraman as managing director for three years, effective April 1.

Care Ratings: The board approved the incorporation of a wholly owned subsidiary in GIFT City, Gujarat.

Patanjali Foods: The company issued clarification that the Supreme Court order relates to ads for ayurvedic products and medicines from Patanjali Ayurved and has no bearing on the company.

Rushil Decor: The company incorporated the unit Rushil Modala Ply for the manufacturing and sale of plywood and allied products.

Aurobindo Pharma: The company received USFDA approval for Mometasone Furoate Monohydrate nasal spray.

Apollo Hospital: The company redesignated Madhu Sasidhar as President and CEO, Hospitals Division, effective April 1.

Narayan Hrudayalaya: The company approved an allotment of 30,000 NCDs worth Rs 300 crore on a private placement basis.

NBCC: The company’s subsidiary, HSCC (India), has secured a Rs 14 crore work order for lab equipment procurement for the Himachal Pharma Testing Lab.

Persistent System: Acquired a 100% shareholding of Persistent Systems U.K. from Aepona Group.

Samvardhana Motherson International: Announced the acquisition of an 81% stake in the Yachiyo 4W business and 100% equity capital in Yachiyo India manufacturing.

Source: Moneycontrol, Bloomberg Quint, Investing 

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