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

Following Wall Street’s overnight advances, Asia’s markets saw a rise on Friday as traders continued to predict rate cuts from the Federal Reserve in 2024 based on recent U.S. economic statistics. The U.S. GDP increased by 4.9% annually between July and September, below the Bloomberg Survey’s 5.2% estimate. As of 06:28 a.m., the Nikkei was up 87.67 points, or 0.26%, at 33,228.14. On Thursday, the S&P 500 index and the Nasdaq 100 both saw gains of 1.03% and 1.23%. By 0.87%, the Dow Jones Industrial Average increased. At $79.39 per barrel, Brent crude was down 0.39% on the market. Gold was up $0.05 per ounce, or $2,047.88.

Economic Calendar:

  • USD : Core Durable Goods Orders (MoM) (Nov) on 22nd December, 2023
  • USD : New Home Sales (Nov) on 22nd 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 21st December Chg. Chg.(%)
Nasdaq 14963.87 185.92 1.26
Dow 37404.35 322.35 0.87
FTSE 7694.73 -20.95 -0.27
CAC 7571.40 -12.03 -0.16
DAX 16687.42 -45.63 -0.27
Dow Fut.* 37287.91 -116.44 -0.31

Asian markets:

Particulars 22nd  December Chg. Chg.(%)
GIFT Nifty 21376.50 59.50 0.28
Nikkei 33204.89 64.42 0.19
Straits Times 3133.82 21.32 0.68
Hang Seng 16754.86 133.73 0.80
Shanghai 16754.86 133.73 0.80

ADR Watch:

Particulars 21st December  Chg.       Chg.(%)
Dr. Reddy 66.81 0.44 0.66
HDFC Bank 66.62 1.04 1.59
ICICI Bank 24.04 0.08 0.33
Infosys 18.41 -0.01 -0.05
Wipro 5.20 0.04 0.78

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.24 -0.03
Brent 80.21 1.03
Gold 2062.15 0.53
Silver 24.76 0.71

FIIs & DIIs:

Particulars 21st December 20th December
FIIs                          -1636.19 -1322.08
DIIs 1464.70 4754.34

News Update:

Tata Motors DVR, Tata Motors: The company received a no-objection certificate from the National Stock Exchange and Bombay Stock Exchange for the conversion of its differential voting rights shares to ordinary shares.

Life Insurance Company: The Department of Economic Affairs granted a one-time exemption to the company to achieve a 25% minimum public shareholding within 10 years from the date of listing, i.e., until May 2032.

GMR Airports: The National Investment and Infrastructure Fund will invest Rs 675 crore in the company’s upcoming greenfield airport at Bhogapuram, Andhra Pradesh.

Allcargo Gati: The company approved raising up to Rs 500 crore via multiple instruments and approved an amalgamation scheme between the company, Allcargo Logistics, and their subsidiaries.

WPIL: The company has received an order worth Rs 425.35 crore from PHED, Government of West Bengal for the execution of a turnkey project for package II of the surface-based water supply scheme.

Ceat: The company has invested Rs 3 crore in its unit, Tyresnmore Online. After the investment, the company will own a 100% stake in Tyresnmore Online.

Kaynes Technology: The company raised Rs 1,400 crore via qualified institutional placement and set an issue price for QIP at Rs 2,424 per share, which indicates a discount of 1.06% to the floor price of Rs 2,449.96 per share.

KPI Green: The company raises Rs 300 crore via qualified institutional placement and sets an issue price for QIP at Rs 1,183 per share, which indicates a discount of 4.98% to the floor price of Rs 1,245 per share.

Infosys: The IT major announced a 5-year collaboration with auto parts distributor LKQ Europe to provide IT-related business solutions.

Hindustan Unilever: The National Company Law Tribunal has given the nod to voluntarily liquidate the unit Bhavishya Alliance Child Nutrition Initiative.

Suven Pharma: The board has approved the appointment of Himanshu Agarwal as Chief Financial Officer effective from Jan. 2, 2024, and Subba Rao Purapalli to step down as CFO effective Jan. 2, 2024.

Paisalo Digital: The company will consider raising funds by issuing a non-convertible debenture on Dec. 28.

Lupin: Announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative.

Brigade Enterprises: The company leases 54,300 sq ft of office space to Sidvin Core-Tech India and signed a 10-year agreement for Grade A office space at Brigade Deccan Heights, Bangalore

Source: Moneycontrol, Bloomberg Quint, Investing 

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