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

Asian stock markets are expected to open with moderate gains after U.S. stocks reported minor losses prior to the Federal Reserve’s announcement of its policy. Traders are betting that interest rates will remain higher for longer in order to combat inflation. Benchmark futures for Australia and Hong Kong decreased, while those for Japan barely changed. Additionally stable in early Wednesday trading in Asia were contracts for American stocks. Chinese stocks that are listed in the United States plunged the most on Tuesday in over two weeks, a harbinger of more challenges to come for Asian markets. Concerns about inflation increased as Brent oil briefly reached $95 per barrel. Wednesday’s rate decision by Fed Chair Jerome Powell and his colleagues is highly anticipated. Meanwhile, Brent Crude prices were trading above $94 a barrel, and WTI Crude was above $91-mark. The yield on the 10-year U.S. bond was trading at 4.36% and Bitcoin was above 27,000-level. At 5:21 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 36 points or 0.18% at 20,101.5.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 20th Sep, 2023
  • USD : Initial Jobless Claims on 21st Sep, 2023
  • INR : M3 Money Supply on 20th Sep, 2023
  • INR : FX Reserves, USD on 22nd Sep, 2023

Brokerage Radar:

JEFFREIES ON ZOMATO: Buy, TP Rs 130; US roadshow feedback; CFO sees food delivery as cash cow with 20-25% growth, while Q/C can grow at 60% Cagr in medium term; Food margins should expand to 5%gradually while Q/C will break-even in 4 qtrs

High focus is on preserving start-up culture

MS ON SBI CARDS: OW, TP Rs 1155; Management meet takeaways; Spending growth trending well ahead of festive season; Share of interest-bearing assets continues to rise; Expects NIM to be stable to slightly lower in 2QF24; Guides for F24 operating cost to income ratio of 58-60%

CITI ON TATA STEEL: Buy, TP Rs 140; UK Gov’t to Support TSL’s EAF Investment

Think it is maybe too soon to gauge the impact pending clarity around union consultations (reports suggest unions are opposed), eventual agreement with gov’t, & timelines

International Markets

U.S & Europe:

Particulars 18th September Chg. Chg.(%)
Nasdaq 13678.19 -32.05 -0.23
Dow 34517.73 -106.57 0.00
FTSE 7660.20 7.26 0.09
CAC 7282.12 5.98 0.08
DAX 15664.48 -62.64 -0.40
Dow Fut.* 34482.27 -35.46 -0.10

Asian markets:

Particulars 20th September Chg. Chg.(%)
GIFT Nifty 20076.00 -61.50 -0.31%
Nikkei 33122.21 -120.38 -0.36
Straits Times 3230.39 -10.36 -0.32
Hang Seng 17926.27 -70.90 -0.39
Shanghai 3114.69 -10.27 -0.33

ADR Watch:

Particulars       18th September  Chg.       Chg.(%)
Dr. Reddy 68.63 -0.04 -0.06
HDFC Bank 62.94 -0.46 -0.73
ICICI Bank 23.83 -0.06 -0.25
Infosys 17.79 0.03 0.17
Wipro 5.20 -0.02 -0.38

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.26 -0.05
Brent 93.49 -0.90
Gold 1951.60 -0.11
Silver 23.340 -0.49

FIIs & DIIs:

Particulars   18th September  15th September
FIIs                          -1236.51 164.42
DIIs 552.55 1938.57

News Update:

Tata Motors: The automaker will increase the prices of commercial vehicles by up to 3% w.e.f. October 1. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.

Union Bank Of India: The government extended Nitesh Ranjan’s term as the bank’s executive director by two years. His current term expires on March 9, 2024.

Jindal Steel and Power: Naveen Jindal to retire as executive director on Sept. 30 and continue as non-executive director w.e.f. October 1.

Biocon: The drugmaker appointed Peter Bains as Biocon Group CEO with immediate effect. He will be reporting directly to Group Chairperson Kiran Mazumdar-Shaw.

Bank of Maharashtra: The lender has signed an MoU with the Indian Renewable Energy Development Agency to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the country.

NBCC: The company has won a Rs 150 crore order from the Khadi and Village Industries Commission to construct office buildings, residential campuses, and redevelop, repair, and renovate KVIC properties across India.

Blue Star: The QIP to raise up to Rs 1,000 crore opened on Sept. 18. The floor price for QIP is set at Rs 784.55 per share.

JK Lakshmi Cement: The company will acquire a 20.8% stake in Amplus Helios for Rs 21.6 crore to source 40 MWAC of solar power for its Durg unit under the captive power plant mode.

Amber Enterprises: The company’s unit, Iljin Electronics India, entered into a joint venture with Nexxbase Marketing, owner of the ‘Noise’ brand, to design, manufacture, and sell electronic wearables, including smartwatches and earphones.

Prakash Industries: The company received environmental clearance for its Chhattisgarh commercial coal mine from the government. The development of the mine is fast in progress, and the mining lease is likely to be executed by the next quarter. 

Source: Moneycontrol, Bloomberg Quint, Investing 

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