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

Asia markets dropped on Thursday, mirroring overnight declines in US stock indexes while investors awaited the release of U.S. statistics on GDP and personal consumption expenditure. Hong Kong’s share index increased, whereas those in Japan, Australia, and South Korea decreased. At 6:30 a.m., the S&P/ASX 200 dropped 0.36% to 7,511, while the Nikkei slid 1.31% to 33,233.35. At 6:30 a.m., the Hang Seng index was up 0.66% at 16,613.81. On Wednesday, the Nasdaq 100 and S&P 500 index fell 1.53% and 1.47%, respectively. The decline in the Dow Jones Industrial Average was 0.64%. Around $79.70 per barrel, Brent crude was up 0.59% on the market. An ounce of gold gained 0.12% to $2,033.77.

Economic Calendar:

  • USD : GDP (QoQ) (Q3) on 21st December, 2023
  • USD : Initial Jobless Claims on 21st December, 2023
  • INR : FX Reserves, USD on 22nd December, 2023
  • INR : RBI MPC Meeting Minutes on 22nd December, 2023

Brokerage Radar::

JEFFERIES ON BANKS: While banks offer higher rates, large banks are offering lower rates & in some cases termrates are lower savings rates of small banks. Among smaller bks, IIB has lower rates & wider sources. Lower NIMs may be risk to earnings, but expect some offsets

MS ON DLF: DLF expects to launch 1st 500 units of Arbour 2/Privana South at Sector 77 on Dec 21st; Project spans over 28 acres (5m sq. ft GFA) with ASP of Rs. 18K psf, potential sales of Rs 90bn; Assuming 50% pre-sales in Dec, it could contribute Rs 45bn to 3Qpre-sales

International Markets:

U.S & Europe:

Particulars 20th December Chg. Chg.(%)
Nasdaq 14834.37 -168.85 -1.13
Dow 37082.00 -475.92 -1.27
FTSE 7715.68 77.65 1.01
CAC 7583.43 8.76 0.12
DAX 16733.05 -11.36 -0.07
Dow Fut.* 37157.70 75.70 0.20

Asian markets:

Particulars 21st  December Chg. Chg.(%)
GIFT Nifty 21106.00 -111.00 -0.52
Nikkei 33171.43 -504.51 -1.52
Straits Times 3115.38 7.35 0.24
Hang Seng 16536.77 -77.04 -0.46
Shanghai 2901.82 -0.29 -0.01

ADR Watch:

Particulars 20th December  Chg.       Chg.(%)
Dr. Reddy 66.37 -1.81 -2.65
HDFC Bank 65.58 -0.61 -0.92
ICICI Bank 23.96 -0.53 -2.16
Infosys 18.42 -0.37 -1.97
Wipro 5.16 -0.10 -1.90

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.17 -0.11
Brent 79.52 -0.23
Gold 2049.45 0.09
Silver 24.55 -0.35

FIIs & DIIs:

Particulars 20th December 19th December
FIIs                          -1322.08 -601.52
DIIs 4754.34 294.35

News Update:

Mazagon Dock Shipbuilders: The company signed a contract worth Rs 1,615 crore with the Ministry of Defence for the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.

Cochin Shipyard: The company received an order worth Rs 488.25 crore from the Defense Ministry to repair and maintain equipment and systems onboard the naval vessel.

Zee Entertainment: Culver Max and Bangla Entertainment have agreed to discuss the extension of the merger date. The deadline for the completion of the merger was set for Dec. 21.

BSE: The company received approval from the Securities Exchange Board of India for appointing Pramod Agrawal as chairman effective from Jan. 17, 2024.

UltraTech Cement: The company will buy a stake in renewable energy company Clean Max Terra for Rs 20.25 crore.

Adani Green Energy: The company will consider a proposal to raise funds via multiple instruments on Dec. 26.

ICICI Bank: The company received the Reserve Bank of India’s nod for the re-appointment of Sandeep Batra as executive director.

Raymond: The company’s unit has incorporated the wholly owned subsidiary Ten X Realty East with the objective of undertaking real estate business.

Flair Writing: The company reported revenue of Rs 257 crore for Q2 FY24 and a net profit of Rs 33.15 crore for Q2 FY24.

REC: The company unit incorporated a wholly owned subsidiary, Kankani Power Transmission.

Sonata Software: The company signed a contract with AMMEGA Group, a global leader in conveyor belts and power transmission with manufacturing sites and customer solution centres around the world.

Tarsons Products: The company will acquire German medical distributor Nerbe for about €10–15 million.

Manali Petrochemical: The company has resumed its operations at the Chennai plant.

Source: Moneycontrol, Bloomberg Quint, Investing 

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