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

Early on Wednesday, as traders assessed the nation’s trade figures, the Japanese markets saw a dip. Japan’s exports increased 9.8% year over year in December; as of 6:32 a.m., the Nikkei 225 was down 193.56 points, or 0.53%, at 36,324.01. As of 6:33 a.m., the KOSPI index was down 14.61 points, or 0.59%, at 2,463.72, while the S&P ASX 200 and KOSPI were trading 0.05% or 2.36 points higher at 7,518.50. Wall Street share indices closed at all-time highs following a limited range of trading in front of a plethora of company results that should provide clues about the status of the world economy. Tuesday saw an all-time high for the S&P 500 index and the Nasdaq 100, which increased by 0.29% and 0.43%, respectively.

Economic Calendar:

  • USD : Manufacturing PMI (Jan) on 24th January, 2024
  • USD : Services PMI (Jan) on 24th January, 2024
  • INR : FX Reserves, USD on 26th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Announces part prepayment of deferred liability for spectrum acquired in 2015 auctions; Believe this will be positive on an NPV basis over tenure of spectrum.; Assuming yield on cash of 6-7%, est. this prepayment could help earnings by 1% for F25

CITI ON AXIS BANK: Buy, TP Rs 1370; Deposit growth (at 4% QoQ) outpaced peers but was dominated by non-retail TDs (up 12% QoQ). Management signaled its focus on containing LDR & anchoring loan growth to deposit accretion. Amidst deposit challenges, tone down advances growth est.

CLSA ON REC: Buy, TP Rs 510; 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income; Loan growth of 21% YoY strong; Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower 36bp QoQ decline in GNPA is healthy

International Markets:

U.S & Europe:

Particulars 23rd January Chg. Chg.(%)
Nasdaq 15425.94 65.66 0.43
Dow 37905.45 -96.36 -0.25
FTSE 37937.99 32.54 0.09
CAC 7388.04 -25.21 -0.34
DAX 16627.09 -56.27 -0.34
Dow Fut.* 37937.99 32.54 0.09

Asian markets:

Particulars 24th January Chg. Chg.(%)
GIFT Nifty 21229.50 39.50 0.19
Nikkei 36268.15 -249.42 -0.69
Straits Times 3144.69 9.44 0.30
Hang Seng 15582.03 228.05 1.49
Shanghai 2774.23 3.25 0.12

ADR Watch:

Particulars 23rd January  Chg.       Chg.(%)
Dr. Reddy 68.20 0.84 1.25
HDFC Bank 53.96 -2.14 -3.81
ICICI Bank 24.33 -0.14 -0.57
Infosys 19.80 -0.07 -0.35
Wipro 5.69 -0.05 -0.92

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.17 0.03
Brent 79.51 -0.05
Gold 2024.90 -0.04
Silver 22.48 0.09

FIIs & DIIs:

Particulars 23rd January 20th January
FIIs                          -3115.39 -545.58
DIIs 214.40 -719.31

News Update:

Religare Enterprise: The Competition Commission of India approved the acquisition of 5.27% of a total issued and outstanding stake through open market purchases by the Burman Family. The acquisition includes an open offer for up to 26% of the total expanded voting stake.

AU Small Finance Bank: The CCI gave the nod for the proposed amalgamation of Fincare SFB into itself. Amalgamation remains subject to receipt of RBI approval.

Lupin: The pharma major received tentative approval from the USFDA for its abbreviated new drug application for Rivaroxaban Tablets.

Responsive Industries: The company has been selected as a key partner for several prestigious hospitality and projects in the holy city of Ayodhya.

Rallis India: The company approved proposal for a capacity addition of 2000 MT per annum of the existing Pendimethalin Plant at Dahej SEZ unit which is expected to be completed in a phased manner by FY25.

ICRA: The company approved to join the Association of Indian Rating Agencies by way of subscribing to their shares up to 20% of the paid-up share capital of the Association of Indian Rating Agencies.

Bharti Airtel: The company prepaid Rs 8,325 crore to the Department of Telecom towards part prepayment of the deferred liabilities pertaining to spectrum acquired in the auction of the year 2015.

Oberoi Realty: The company achieved gross bookings of Rs 882 crore during the launch of its new tower in Elysian at Oberoi Garden City, Mumbai.

KEI Industries: The company approved the voluntary liquidation of unit KEI Cables Australia.

Sandhar Technologies: The company has proposed to acquire a 20.08% stake in Sandhar Tooling in one or more tranches. Post-acquisition, the company can focus on the growth and the expansion plans, to be a market leader in the business.

Godrej Properties: Jamshyd Godrej resigned as non-independent director of the company after attaining the age of 75.

Source: Moneycontrol, Bloomberg Quint, Investing 

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