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

The Federal Reserve’s announcement that interest rates will be higher for longer has worsened risk sentiment, which has driven U.S. stocks to session lows. As a result, equity markets in Asia are likely to experience selling pressure. Wall Street losses were driven by big tech, with the Nasdaq 100 down 1.5% and the S&P 500 down over 1%. Updated quarterly predictions revealed that 12 of the Fed’s 19 officials supported another rate hike in 2023, but the Fed maintained its goal range of 5.25% to 5.5%. Officials, according to Jerome Powell, are “prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objective.” The central bank’s first priority is a “soft landing” for the American economy, he said. Meanwhile, Brent Crude prices were trading above $93 a barrel, and WTI Crude was above $90-mark. The yield on the 10-year U.S. bond was trading at 4.41% and Bitcoin was above 27,000-level. At 5:04 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 8 points or 0.04% at 19,958.

Economic Calendar:

  • USD : Existing Home Sales (Aug) on 21st Sep, 2023
  • USD : Initial Jobless Claims on 21st Sep, 2023
  • INR : FX Reserves, USD on 22nd Sep, 2023
  • INR : Infrastructure Output (YoY) (Aug) on 29th 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 20th September Chg. Chg.(%)
Nasdaq 13469.13 -209.06 -1.53
Dow 34440.88 -76.85 -0.22%
FTSE 7731.65 71.45 0.92
CAC 7330.79 48.67 0.66
DAX 15781.59 117.11 0.74
Dow Fut.* 34351.16 -88.73 -0.26

Asian markets:

Particulars 21st September Chg. Chg.(%)
GIFT Nifty 19845.00 105.50 -0.01
Nikkei 32647.72 -376.06 -1.15
Straits Times 3210.94 -31.06 -0.96
Hang Seng 17676.98 -208.62 -1.17
Shanghai 3095.29 -13.28 -0.43

ADR Watch:

Particulars       20th September  Chg.       Chg.(%)
Dr. Reddy 68.20 -0.43 -0.63
HDFC Bank 59.16 -3.78 -6.01
ICICI Bank 23.53 -0.30 -1.26
Infosys 17.89 0.10 0.56
Wipro 5.18 -0.02 -0.38

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.20 0.17
Brent 92.80 -0.78
Gold 1946.10 -1.07
Silver 23.383 -1.90

FIIs & DIIs:

Particulars   20th September  18th September
FIIs                          -3110.69 -1236.51
DIIs -573.02 552.55

News Update:

Infosys: The IT major has tied up with NVIDIA to develop generative AI applications and solutions. The broadened alliance brings together Nvidia AI Enterprise and Infosys Topaz, an AI suite of services that was introduced earlier this year. The companies will collaborate to train 50,000 Infosys employees on NVIDIA AI.

SBI, KFin Technologies: The state-run lender has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments. The formalities for the change of RTA relating to documentation, shifting of electronic connectivity, and transition of data are in process.

REC: Kallam Transco has been incorporated as a wholly-owned subsidiary of REC Power Development and Consultancy. The company also announced the sale of Beawar Transmission to Sterlite Grid 27, comprising 50,000 equity shares. Sterlite was the successful bidder selected through a tariff-based competitive bidding process to establish an inter-state transmission system for REZ in Rajasthan under Phase III, Part F.

Cipla: An inspection was conducted by the USFDA at the manufacturing facility of unit InvaGen Pharmaceuticals Inc. in New York from Sept. 11 to 13. InvaGen has received five inspectional observations in Form 483. There are no repeat or data integrity (DI) observations.

InterGlobe Aviation: Rival Akasa Air was forced to thin out its schedule after some pilots left and joined bigger competitors, reported Bloomberg. The market share of Akasa dropped to 4.2% in August from 5.2% the month before.

Zydus Lifesciences: The drugmaker received final approval from the USFDA for Clindamycin Phosphate Gel USP, 1%. Clindamycin Phosphate Gel USP, 1%, had annual sales of $37 million in the U.S. The group now has 381 approvals.

SJVN: The Power Ministry will sell up to 2.46% of the stake, or 9.66 crore shares, via OFS. The floor price of OFS is set at Rs. 69 per share. OFS is to open on Sept. 21 for non-retail investors and Sept. 22 for retail investors.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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