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

Equities look primed for early gains on Monday as markets open in Japan and Australia, before sentiment turns more cautious when trading gets underway in China. Futures for stocks in Tokyo indicate an advance of more than 1% following a report late Friday that Bank of Japan officials see little urgent need to address the side effects of their ultra-loose monetary policy. Futures for the S&P 500 were fractionally lower after the gauge closed little changed on Friday. Contracts for the Nasdaq 100 were marginally higher following continued selling in technology companies on Friday after a disappointing batch of results earlier in the week. Meanwhile, Brent crude was around $80 a barrel and West Texas Intermediate was around the $76-mark. The yield on the 10-year U.S. bond was trading at 3.84%, whereas Bitcoin was above 30,000-level. At 5:33 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 20,036.

Economic Calendar:

  • USD : Services PMI (Jul) on 24th July, 2023
  • USD : Building Permits on 26th July, 2023
  • INR : FX Reserves, USD on 28th July, 2023
  • INR : Infrastructure Output (YoY) (Jun) on 28th July, 2023

Brokerage Radar:

MS ON HUL: EW, TP Rs 2408; Earnings missed est. Headwinds from weaker vol growth environment, lower/nil pricing growth, & media investments could weigh on growth & margins; Management expects a gradual recovery in consumer demand

JEFFERIES ON COFORGE: Hold,TP Rs4550; 1Q missed est; However strong deal wins & healthy growth in executable order bk, along with unchanged growth & margin guidance is reassuring; Expect 20% EPS Cagr over FY23-26E; Rich val @27x; PE & promoter stake sale overhang should ltd upsides

MACQUARIE ON INFOSYS: Downgrade to U-P, TP Rs 1130; While 1Q rev & margin in line, disappointed by deal wins that imply that $1.5bn bp deal is at least partly a renewal; Think $2bn “framework” deal is not a “mega deal” as this is merely an est. by management

International Markets

U.S & Europe:

Particulars 21st July Chg. Chg.(%)
Nasdaq 14032.80 -30.50 -0.22
Dow 35227.69 2.51 0.01
FTSE 7663.73 17.68 0.23
CAC 7432.77 47.86 0.64
DAX 16177.22 -27.00 -0.17
Dow Fut.* 35229.30 1.60 0.00

Asian markets:

Particulars 24th July Chg. Chg.(%)
GIFT Nifty 19749.00 -17.50 -0.09
Nikkei 32700.71 396.46 1.21
Straits Times 3258.94 -19.36 -0.59
Hang Seng 18867.27 -207.99 -1.09
Shanghai 3175.16 7.41 0.23

ADR Watch:

Particulars   21st July  Chg.       Chg.(%)
Dr. Reddy 64.83 0.33 0.51
HDFC Bank 70.45 -0.56 -0.79
ICICI Bank 24.47 -0.01 -0.04
Infosys 16.30 0.08 0.49
Wipro 4.95 0.04 0.81

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.04 0.06
Brent 80.72 -0.20
Gold 1962.85 -0.19
Silver 24.773 -0.33

FIIs & DIIs:

Particulars 21st July 20th July
FIIs                          -1998.77 3370.90
DIIs 1290.73 -193.02

News Update:

SJVN: The company signed Power Purchase Agreements for 300 MW of renewable energy projects. The agreements were signed by the company’s wholly-owned subsidiary, SJVN Green Energy. The deal includes a 200-MW solar project in Maharashtra and 100-MW wind power capacity in Delhi. The development costs of Maharashtra and Delhi projects are Rs 1,200 crore and Rs 750 crore, respectively.

Biocon: The FDA has issued Form 483 with a total of eight observations after conducting two inspections in Malaysia facility.

Power Finance Corporation: The company has signed a memorandum of understanding worth Rs 2.37 lakh crore with 20 companies, both public and private, in the clean energy segment. The company inked these MoUs with Adani Group, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure, and Rajasthan Renewable Energy, among others.

Aarti Drugs: The company has approved the buyback of 6.65 lakh fully paid-up equity shares, representing 0.72%, at Rs 900 per share, aggregating up to Rs 59.85 crore, which is 5.44% and 5.10% of the fully paid-up equity share capital and free reserves.

BEML: The company has appointed Director (Mining & Construction Business) Shantanu Roy to the position of chairman and managing director with effect from August 1, 2023.

Godrej Properties: The company has incorporated a wholly-owned subsidiary, Godrej Real Estate Distribution Company, with an authorised capital of Rs 10,000. This unit will handle the business of real estate distribution and provide marketing, sales, and promotional services for real estate projects.

NHPC: The government of Arunachal Pradesh has allotted the Subansiri Upper HE Project of 2000 MW and the Kamala HE Project of 1800 MW to the company.

Aurobindo Pharma: The U.S. FDA has issued a Form 483 with three observations after inspecting the company’s facility in Bachupally Village in Telangana. These observations are procedural in nature, and the company said it will respond within the stipulated timelines.

Source: Moneycontrol, Bloomberg Quint, Investing 

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