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

The Asia-Pacific region’s stock markets saw gains on Thursday, as Wall Street recorded new highs following the Federal Reserve’s decision to stick with its prediction of three quarter-basis-point rate reduction this year. In keeping with market expectations, the Federal Reserve kept its benchmark federal fund rates unchanged at the current range of 5.25 to 5.50% on Wednesday for the fifth consecutive month. The Fed’s forecast for rate reductions in 2025, meanwhile, has decreased from four to three times. Despite a considerable decline, Chair Jerome Powell stated that inflation is still too high and the central bank is dedicated to bringing it down to the target 2% rate. On Wednesday, the S&P 500 Index settled 0.89% higher after reaching a record high of 5,226.19.

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 20th March Chg. Chg.(%)
Nasdaq 16369.41 202.62 1.25
Dow 39618.73 106.60 0.27
FTSE 7737.38 -0.92 -0.01
CAC 8161.41 -39.64 -0.49
DAX 18015.13 27.64 0.15
Dow Fut.* 40044.00 104.00  0.26

Asian markets:

Particulars 21st March Chg. Chg.(%)
GIFT Nifty 22087.00 162.00 0.74
Nikkei 40670.52 666.92 1.64
Straits Times 3208.22 30.74 0.97
Hang Seng 16822.99 279.92 1.69
Shanghai 3071.63 -8.06 -0.26

ADR Watch:

Particulars 20th March  Chg.       Chg.(%)
Dr. Reddy 72.81 -0.23 -0.31
HDFC Bank 55.74 0.29 0.52
ICICI Bank 26.18 0.28 1.08
Infosys 18.93 0.08 0.42
Wipro 5.95 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.07 -0.02
Brent 86.46 0.59
Gold 2206.15 2.09
Silver 25.88 3.10

FIIs & DIIs:

Particulars 20th March 19th March
FIIs                          -2599.19 1421.48
DIIs 2667.52 7449.48

News Update:

Wockhardt: The company launched a QIP with floor price of Rs 544.02 per share.

Wipro: The company appointed Anne-Marie Rowland as CEO of Capco effective April 1.

Torrent Power: The company signed a share purchase agreement with Solapur Transmission for the acquisition of a 100% stake to establish a transmission system for the evacuation of power from renewable energy projects in Maharashtra.

TVS Motor: The company approved the issue of cumulative non-convertible redeemable preference shares up to Rs 1,900 crore via bonus. It appointed Vijay Sankar and Shailesh Haribhakt as independent directors, effective March 20 and April 1, respectively.

Power Finance Corp: The company transferred unit Solapur Transmission to Torrent Power for Rs 7 crore.

Rail Vikas Nigam: The company emerged as the lowest bidder for a railway project worth Rs 167 crore for Southeastern Railway.

JSW Infrastructure: The company achieved a significant milestone as total cargo handled on a consolidated basis crossed 100 MMT.

Jupiter Wagons: The company acquired Bonatrans India for Rs 271 crore, becoming the first Indian rolling stock manufacturer with its own wheel plant.

Prince Pipes and Fittings: The company signed an agreement with Klaus Waren Fixtures and NM Shah for the purchase of the ‘Aquel’ brand and other assets worth Rs 55 crore to set up an in-house manufacturing facility, resulting in building greater value in the bathware segment.

Kansai Nerolac Paints: The company opened a sales depot in Kannur, Kerala.

Aeroflex Industries: The company has increased its installed capacity to 13.5 million metres p.a. in phase 1 expansion and will increase to 16.5 million metres in phase 2 expansion with an investment of Rs 39 crore.

Himadri Specialty Chemical: The company acquired a 40% stake in Invati Creations for Rs 45.16 crore.

GE Power: The company received a purchase order worth Rs 8.95 crore from Bharat Aluminium and an order worth Rs 7.47 crore from Nuclear Power Corp.

Cyient: The company’s JV with HAL—Infotech HAL—filed an application initiating the corporate insolvency resolution process before NCLT, Bangalore Bench.

Crompton Greaves: The company received an order from HAREDA for a water pumping system.

Source: Moneycontrol, Bloomberg Quint, Investing 

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