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

Japan’s benchmark index Nikkei 225 index hit a fresh high on Friday as data showed inflation in the region rose past the Bank of Japan’s inflation target of 2% in February. The Nikkei 225 was trading 0.40% higher at 40,978.26 as of 06:32 a.m. It rose to all-time high of 41,087.75. Japan’s headline consumer price rose to 2.8% on year in February, from 2.2% in January. Other markets in Asia-Pacific region were trading on a mixed note as investors assessed Federal Reserve’s policy outcome. The S&P ASX 200 was 0.30% down, and the KOSPI index was 0.22% higher as of 06:34 a.m. The relentless rally in U.S. stocks powered ahead on optimism that the Fed will be able to engineer a soft landing, which would bolster the outlook for corporate earnings. The S&P 500 Index touched a fresh high on Thursday and settled 0.32% higher. The Nasdaq Composite and Dow Jones Industrial Average settled 0.20% and 0.68% higher respectively.

Economic Calendar:

  • USD : Initial Jobless Claims on 21st March, 2024
  • USD : Manufacturing PMI (Mar) on 21st March, 2024
  • INR : Nikkei Services PMI on 21st March, 2024
  • INR : Nikkei S&P Global Manufacturing PMI on 21st March, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 21st March Chg. Chg.(%)
Nasdaq 16401.84 32.43 0.20
Dow 39781.37 269.24 0.68
FTSE 7882.55 145.17 1.84
CAC 8179.72 18.31 0.22
DAX 18179.25 164.12 0.90
Dow Fut.* 39792.81 11.44 0.03

Asian markets:

Particulars 22nd March Chg. Chg.(%)
GIFT Nifty 22048.00 -65.50 -0.30
Nikkei 40844.53 28.87 0.07
Straits Times 3211.42 -8.95 -0.28
Hang Seng 16441.76 -421.34 -2.56
Shanghai 3034.42 -42.69 -1.41

ADR Watch:

Particulars 21st March  Chg.       Chg.(%)
Dr. Reddy 72.99 0.18 0.25
HDFC Bank 55.61 -0.13 -0.23
ICICI Bank 25.97 -0.21 -0.80
Infosys 18.20 -0.73 -3.83
Wipro 5.85 -0.10 -1.68

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.29 0.07
Brent 85.21 -0.66
Gold 2174.95 -0.45
Silver 24.72 -1.15

FIIs & DIIs:

Particulars 21st March 20th March
FIIs                          -1826.97 -2599.19
DIIs 3208.87 2667.52

News Update:

IT Stocks: Indian information technology stocks are expected to fall, tracking lowered revenue outlook by Accenture Plc.

Muthoot Finance: The company acquired an additional 4.48% stake in unit Belstar Microfinance for Rs 300 crore. The shareholding now stands at stake to 63.50%.

Life Insurance Corp: The company increased its stake in LTIMindtree from 4.99% to 5.03%.

Wipro: The company incorporated a new entity, ‘SDVerse’, with General Motors and Magna International.

Bharat Dynamics: The company approved the appointment of G. Gayatri Prasad as chief financial officer and approved the split of each share into two.

Reliance Power: The company has settled its entire obligations with respect to its borrowings from DBS Bank India. As a result, the assets of the 45 MW wind power project are free from encumbrance.

Mazagon Dock: The company accepted the Mumbai Port Authority’s 29-year lease for the allotment of land and building on a long-term lease basis of 29 years. The total allotment costs Rs 354 crore.

Sarda Energy: The company’s unit received a letter of intent for a licence for an iron ore block in Maharashtra.

Tata Chemicals: The company received an order from the income tax department levying a penalty of Rs 103.6 crore.

Jindal Saw: NCLT-approved scheme of amalgamation among Jindal Quality Tubular, Jindal Tubular (India), Jindal Fittings and Company.

Tata Communications: The board approved an agreement to hive-off a new edged digital services business for Rs 458 crore.

Bank of India: The board will meet on March 27 to consider a proposal for fund raising through the issue of long-term (infra) bonds.

Crompton Greaves Consumer Electricals: The company received notice from the income tax department for a tax demand of Rs 68 crore for AY23.

Prestige Estates: The company’s unit acquired 62.5 acres of land for Rs 468 crore in the NCR for an integrated township.

Samhi Hotels: The company invested Rs 5.55 crore in its subsidiaries, Duet India Hotels (Pune), and Rs 1.31 crore in Duet India Hotels (Ahmedabad).

Source: Moneycontrol, Bloomberg Quint, Investing 

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