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

After American equities saw their largest decline in six months, equity markets in Asia are expected to gap lower. Futures for the Australian, Hong Kong, and Japanese indexes also indicated drops, adding to weekly losses. On Thursday, all significant U.S. market benchmarks went below their crucial 100-day moving averages as the S&P 500 dropped 1.6%, the biggest since March. Brent crude is currently trading at $93.25 per barrel. As of 6:10 am, the Gift Nifty was down 0.31% at 19,711.5.

Economic Calendar:

  • USD : Services PMI (Sep) on 22nd Sep, 2023
  • USD : Building Permits on 26th Sep, 2023
  • INR : FX Reserves, USD on 22nd Sep, 2023
  • INR : Infrastructure Output (YoY) (Aug) on 29th Sep, 2023

Brokerage Radar:

UBS ON INDUSIND BANK: Buy, TP Rs 1800; CEO meet takeaways; Focus remains on liability mix change and retail loans growth; Business growth on track (~18-22%); Margin to remain stable ~4.2-4.3%; Fall in specific credit cost likely needed for next leg of re-rating

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 MARUTI: Buy, TP raised to Rs 13600; Even As Car Sales Remain Sluggish, An Improving Mix (Higher Proportion of UVs) Augurs Well for Earnings; Recent trends in product-mix bolster +ve stance

International Markets

U.S & Europe:

Particulars 21st September Chg. Chg.(%)
Nasdaq 13223.99 -245.14 -1.82
Dow 34070.42 -370.46 -0.01
FTSE 7678.62 -53.03 -0.69
CAC 7213.90 -116.89 -1.62
DAX 15571.86 -209.73 -1.35
Dow Fut.* 34072.13 1.71 0.01

Asian markets:

Particulars 22nd September Chg. Chg.(%)
GIFT Nifty 19717.50 -55.00 -0.28%
Nikkei 32287.46 -283.57 -0.88
Straits Times 3196.39 -6.42 -0.20
Hang Seng 17776.03 120.62 0.68
Shanghai 3103.20 18.50 0.60

ADR Watch:

Particulars       21st September  Chg.       Chg.(%)
Dr. Reddy 67.91 -0.29 -0.43
HDFC Bank 59.39 0.23 0.39
ICICI Bank 22.76 -0.77 -3.27
Infosys 17.74 -0.15 -0.84
Wipro 5.08 -0.10 -1.93

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.77 -0.44
Brent 93.83 0.57
Gold 1943.70 0.21
Silver 23.773 0.36

FIIs & DIIs:

Particulars   21st September  20th September
FIIs                          -3007.36 -3110.69
DIIs 1158.14 -573.02

News Update:

Glenmark Pharmaceuticals: The global pharmaceutical company has entered into a definitive agreement with Nirma to divest a 75% stake in its subsidiary, Glenmark Life Sciences (GLS). The firm will sell the stake for Rs 5,651.5 crore, at the price of Rs 615 per share. Post the stake sale, Glenmark Pharma will own a 7.84% share in GLS and Nirma will then make a mandatory open offer to all public shareholders of GLS.

ICICI Bank: The country’s second-largest private sector lender has entered into an agreement for the investment of nearly Rs 5 crore in Quantum CorpHealth, which is a healthcare services platform. The transaction will be executed through equity shares and compulsorily convertible preference shares (CCPS). Post investment, the bank will hold 9.99% shareholding in Quantum CorpHealth through the subscription of 100 equity shares and 3,33,200 CCPS.

Vedanta: The mining company has received board approval for raising upto Rs 2,500 crore via non-convertible debentures (NCDs), in one or more tranche(s), on a private placement basis.

Zuari Industries: The company announced that its board of directors would consider the proposal of raising of funds on September 26. The fund raising will take place via the issuance of non-convertible debentures (NCDs), on a private placement basis.

InterGlobe Aviation: IndiGo and British Airways have signed a codeshare agreement to further boost the connections between India and the UK. With this codeshare partnership with IndiGo, British Airways will now be able to add three additional routes to their existing network.

Tech Mahindra: The IT solutions company has approved the merger of Tech Mahindra Credit Solutions Inc with its parent company Tech Mahindra (Americas) Inc. Tech Mahindra (Americas) Inc. is a wholly owned material subsidiary of Tech Mahindra. This merger of the two entities will optimise operational cost and reduce the compliance risk.

SJVN: The Government of India will exercise its greenshoe option of 2.46% stake or 9,66,72,961 shares for the offer-for-sale of the hydroelectric power generation company on September 22. This comes given the oversubscription in the issue, which is in addition to the base issue size of 9,66,72,961 shares or 2.46% stake. Hence, the total offer size will be up to 19,33,45,923 equity shares, representing 4.92% of the total paid up equity.

Infosys: The company will offer its Finacle Digital Banking Suite- Infosys Finacle, a part of EdgeVerve Systems, to Nigeria’s Guaranty Trust Bank which is the banking subsidiary of Guaranty Trust Holding Company Plc. Guaranty Trust Bank will use Infosys Finacle for its multi-country digital transformation program

Source: Moneycontrol, Bloomberg Quint, Investing 

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