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

Asian stocks face downward pressure on Thursday after U.S. equities extended declines, with Federal Reserve Chair Jerome Powell sticking to the script of higher rates to combat inflation. Contracts for benchmarks in Australia and Japan posted modest losses after both the S&P 500 and Nasdaq 100 fell for a third day Wednesday, with the tech-heavy benchmark bearing the brunt of the selloff, dropping more than 1%. Markets in Hong Kong and mainland China are closed Thursday for holidays. Powell renewed his warning that higher rates were needed, telling Congress during his semi-annual report that two more rate hikes this year was “a pretty good guess.” Meanwhile, Brent crude was trading above $77 a barrel and West Texas Intermediate slip below $73-mark. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin rose to 30,000-level. At 05:28 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 0.16% at 18,878.

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 IT: View risk to F24 consensus est. as greatest for Tech M, TCS, & MphasiS & relatively lower for HCLT, & LTIM Downgrade Cyient to EW – TP Rs 1500 following strong outperformance, have ltd comfort on vals; Prefer large-caps over midcaps; Preferred picks- INFY, HCLT & LTIM

CLSA ON IDFC FIRST BK: Downgrade to U-P from Buy, TP raised to Rs 85 from Rs 80; has been 1 of best performers on a YTD basis; while like bank’s compelling growth story, think val, at 1.8x 1-yr forward PB, do not fully reflect unfinished journey on ROE improvement

JEFFERIES ON SHREERAM FIN: Upgrade to buy, TP raised to Rs 2130; Upgrade as stakes sale by PIEL& TPG removes a key equity supply overhang; Favourable used-CV outlook & growth in SCUF’s loan products by leveraging SHTF’s wider distribution should drive a 15% loan CAGR in FY23-26E

International Markets

U.S & Europe:

Particulars 21st June Chg. Chg.(%)
Nasdaq 13502.20 -165.09 -1.21
Dow 33951.52 -102.35 -0.30
FTSE 7559.18 -10.13 -0.13
CAC 7260.97 -33.20 -0.46
DAX 16023.13 -88.19 -0.55
Dow Fut.* 33929.50 -22.00 -0.06

Asian markets

Particulars 21st June Chg. Chg.(%)
SGX Nifty 18862.00 -47.00 -0.25
Nikkei 33532.83 -42.31 -0.13
Straits Times 3213.58 -10.08 -0.31
Hang Seng 19218.35 -388.73 -2.02
Shanghai 3197.90 -42.46 -1.33

ADR Watch:

Particulars 22nd June  Chg.       Chg.(%)
Dr. Reddy 60.68 0.27 0.45
HDFC Bank 67.83 1.63 2.46
ICICI Bank 22.60 -0.02 -0.09
Infosys 15.39 -0.25 -1.60
Wipro 4.62 -0.01 -0.22

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.96 0.03
Brent 76.91 -0.27
Gold 1942.95 -0.10
Silver 22.657 -0.67

FIIs & DIIs:

Particulars 21st June 20th June
FIIs                          4013.10 -1942.62
DIIs 550.36  1972.51

News Update:

Tata Consultancy Services: Tata Consultancy Services and the U.K.’s Nest Pension expand their strategic partnership to provide an enhanced member experience. That, in turn, will provide better retirement outcomes for Nest’s 12 million members.

Bharti Airtel: Bharti Airtel picks up a 12.07% stake in Egan Solar Power to seek a captive power plant for Rs 1.3 crore. The telecom giant aims to own and operate the captive power plant to comply with electricity laws.

Sansera Engineering: Client Ebene and CVCIGP II Employee Ebene to sell 47.8 lakh shares (9%) and 26.8 lakh shares (5.1%), respectively. Shares are offered in the price range of Rs 799.85 to Rs 841.95 apiece, representing a discount of up to 5% to Wednesday’s closing price.

NTPC: The company to consider raising Rs 12,000 via bonds on June 24.

Kalpataru Projects International: The board approved raising Rs 300 crore via the issuance of unsecured, rated, listed, redeemable, and non-convertible debentures.

Glenmark: The U.S. FDA has issued a warning letter to the Monroe facility in North Carolina. The company did a voluntary recall of all its products from this site in August 2021, and since then it has not been commercialising any products from this site. Hence, the warning letter will have no impact on the existing revenues, it said.

Krishna Institute Of Medical Science: SBI Mutual Funds, under its various schemes, has acquired 52,08,276 shares of the company, which is 6.5% of the paid-up share capital of the company.

LTIMindtree: The technology consulting and digital solutions company launched, an enterprise-ready generative AI platform designed to accelerate the concept-to-value journey for businesses using mindful AI principles. The platform enables clients to build, manage and consume generative AI solutions responsibly.

Source: Moneycontrol, Bloomberg Quint, Investing 


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