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

Asian markets were poised to open lower on Wednesday following declines in the U.S., with investors growing cautious ahead of the Federal Reserve chief’s congressional testimony. Futures declined for benchmarks in Japan, Hong Kong and Australia. The S&P 500 notched its first back-to-back losses in nearly four weeks Tuesday as trading resumed after a long holiday weekend. Bonds gained in early Asia trading, with the yield on the 10-year Australian security dropping six basis points to 3.96%. Fed Chair Jerome Powell is scheduled to give his semi-annual report to Congress on Wednesday, with Bloomberg Intelligence expecting a hawkish tone. Meanwhile, Brent crude was trading below $76 a barrel and West Texas Intermediate slip to $70-mark. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was above to 28,000-level. At 05:31 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.01% at 18,883.

Economic Calendar:

  • USD : Initial Jobless Claims on 22nd June, 2023
  • USD : Existing Home Sales (May) on 22nd June, 2023
  • INR : FX Reserves, USD on 23rd June, 2023
  • INR : Foreign Debt (USD) (Q1) on 30th June, 2023

Brokerage Radar:

MS ON MANNAPURAM FIN: OW, TP Rs 160; Asirvad MFI rights issue approved; MD & CEO reappointed; Capital infusion approved in Asirvad MFI is Rs1.5bn versus the Rs5bn capital infusion indicated by management at the 4QF23 analyst call; await further details

CITI ON IGL: Buy, TP Rs 560; In a new development, Delhi gov’t stated that validity of permits held by taxis running on CNG will now uniformly be 15 yrs; Interesting given aforementioned draft scheme had sought to mandate aggregators switch to all-electric cab fleets within 7yrs

JEFFERIES ON RIL: Buy, TP Rs 3125; UK Roadshow Feedback; Investors are focused on earnings growth & returns on incremental capex in RIL; See faster rev growth with op lev in Retail, accelerated broadband traction in Jio, steady Ebitda growth in O2C &commissioning of New Energy inCY24

International Markets

U.S & Europe:

Particulars 20th June Chg. Chg.(%)
Nasdaq 13667.29 -22.28 -0.16
Dow 34053.87 -245.25 -0.72
FTSE 7569.31 -19.17 -0.25
CAC 7294.17 -19.88 -0.27
DAX 16111.32 -89.88 -0.56
Dow Fut.* 34060.80 6.90 0.02

Asian markets

Particulars 20th June Chg. Chg.(%)
SGX Nifty 18864.50 -16.50 -0.09
Nikkei 33523.53 134.62 0.40
Straits Times 3223.38 3.15 0.10
Hang Seng 19257.71 -349.37 -1.78
Shanghai 3233.73 -6.63 -0.20

ADR Watch:

Particulars 21th June  Chg.       Chg.(%)
Dr. Reddy 60.41 0.14 0.23
HDFC Bank 66.20 -0.25 -0.38
ICICI Bank 22.62 -0.25 -1.09
Infosys 15.64 -0.19 -1.20
Wipro 4.63 -0.04 -0.86

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.04 0.06
Brent 76.26 0.47
Gold 1948.10 0.02
Silver 23.185 -0.21

FIIs & DIIs:

Particulars 20th June 19th June
FIIs                          -1942.62 -1030.90
DIIs 1972.51 -365.20

News Update:

HDFC/HDFC Life Insurance: The Competition Commission of India approved HDFC Ltd.’s acquisition of additional shareholding in HDFC Life. The acquisition of additional shareholding will be done via one or more market purchases on stock exchanges. Following the merger of HDFC Ltd. and HDFC Bank, the merged HDFC Bank entity will hold over 50% shares in HDFC Life.

Shilpa Medicare: The company will consider proposal of fund raising by way of rights issue of equity shares on June 23.

Aptech: Company’s Managing Director and CEO Anil Pant has taken an indefinite leave on account of sudden deterioration of his health. the Board has constituted an Interim Committee to ensure smooth functioning and continuity of operations of the company.

GR Infraprojects: The company has bagged hybrid annuity mode order for four laning of NH 530B in Uttar Pradesh from National Highway Authority of India with project cost of Rs 1,085.47. It has also executed with National Highways Logistics Management for designing, building, financing and operating and transfer for logistics park in Indore for project cost of Rs 758.1 crore.

Pidilite Industries: The company launched its manufacturing facilities under its two joint ventures, Pidilite Litokol and Tenax Pidilite in Amod, Gujarat. Litokol SPA Italy and Tenax SPA Italy have transferred technology to Pidilite as part of the joint venture. Pidilite will be leveraging its distribution network to market and sell epoxy, urethane grout and certain epoxy adhesives for tile application in case of Pidilite Litokol and stone care range products in case of Tenax Pidilite India.

Gujarat Gujarat Alkalies and Chemicals: Ex-Finance Secretary Hasmukh Adhia takes over as Chairman from Raj Kumar.

Source: Moneycontrol, Bloomberg Quint, Investing 

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