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

Bond yields increased as traders went over statements made by a plethora of Federal Reserve officials, while Asian markets were expected to decline after a selloff on Wall Street. Investors anticipate Jerome Powell’s speech for hints on the direction of interest rates. Losses on the Nasdaq 100 exceeded 2%, while equity futures for Japan, Hong Kong, and Australia indicated drops as the S&P 500 nearly erased its weekly gain. Early Asian trade saw no change in U.S. futures. While everything was going on, West Texas Intermediate and Brent crude were both selling for less than $79 a barrel. The yield on a 10-year US bond was 4.24%, and the price of Bitcoin was above the 26,000 mark. At 5:28 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 76 points or 0.39% at 19,317.

Economic Calendar:

  • USD : Fed Chair Powell Speaks on 25th Aug, 2023
  • USD : JOLTs Job Openings (Jul) on 29th Aug, 2023
  • INR : FX Reserves, USD on 25th Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JEFFERIES ON GRAPHITES ELECTRODES: HEG – Buy, TP Rs 2170; Graphite – Buy, TP Rs 515; HEG/GRIL are export-oriented plays (70%/50% of sales), benefiting from rising adoption of EAF. HEG’s Q1 beat JEFe, but GRIL missed due to impact of inventory write-down on EBITDA

CLSA ON RIL: Buy, TP Rs 3050; QIA picks up 1% stake for US$1bn, valuing retail biz @ $100bn; Val almost doubled in 3 yrs; More investors, if this is a wider second round of stake sale, will validate this valuation & act as a soft floor for RIL stock

NOMURA ON SUN PHARMA: Buy, TP Rs 1313; Deuruxolitinib patent held invalid; no impact; Have est. peak sales in excess of $500n, & DCF value of asset at $400m (with sales touching $800m by FY37F when patent expires); Have yet to factor in any rev upside from deuruxolitinib in est.

International Markets

U.S & Europe:

Particulars 24th August Chg. Chg.(%)
Nasdaq 13463.97 -257.06 -1.87
Dow 34099.42 -373.56 -1.08
FTSE 7333.63 13.10 0.18
CAC 7214.46 -32.16 -0.45
DAX 15621.49 -106.92 -0.68
Dow Fut.* 34148.76 50.34 0.15

Asian markets:

Particulars 25th August Chg. Chg.(%)
GIFT Nifty 19278.50 -14.50 -0.08
Nikkei 31666.36 -620.85 -1.96
Straits Times 3180.83 0.11 0.00
Hang Seng 18039.98 -172.19 -0.95
Shanghai 3078.83 0.43 0.01

ADR Watch:

Particulars       24th August  Chg.       Chg.(%)
Dr. Reddy 70.98 -1.79 -2.46
HDFC Bank 63.05 -0.78 -1.22
ICICI Bank 23.35 -0.23 -0.98
Infosys 17.13 -0.14 -0.81
Wipro 4.95 -0.14 -2.75

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.59 0.00
Brent 83.62 0.31
Gold 1942.30 -0.25
Silver 24.128 -0.42

FIIs & DIIs:

Particulars   24th August     23rd August
FIIs                          1524.87 614.32
DIIs 5796.61 125.03

News Update:

Bharat Electronics: The Ministry of Defence has granted ‘Acceptance of Necessity’ for the procurement and installation of an electronic warfare suite on Mi-17 V5 helicopters. The EW suite will be procured from BEL.

Bharti Airtel: The telecom giant gained 14.1 lakh mobile users during June and ended the month with a wireless subscriber base of 37.4 crore, according to TRAI data.

Vodafone Idea: The company lost 12.9 lakh subscribers in the wireless category as its mobile subscriber base shrank to 22.9 crore, according to TRAI data.

Reliance Industries, EIH: RIL and Oberoi Hotels and Resorts will jointly manage three properties across India and the UK. Properties include Anant Vilas in Mumbai, Stoke Park in the UK, and a new project in Gujarat. Reliance Jio added the maximum number of mobile subscribers at about 22.7 lakh, taking its wireless subscriber tally to 43.9 crore users in June, according to TRAI data.

Shoppers Stop: The company’s MD and CEO, Venu Nair, has resigned effective Aug. 31 due to personal reasons. Homestop chief Kavindra Mishra has been promoted as executive director and CEO for a period of three years, effective Sept. 1.

DB Realty: The company sold its entire stake in unit Royal Netra Constructions for Rs 2.55 crore to Man Infraconstruction and Platinumcorp Constructions.

Garden Reach: The company signed an MoU with DEMPO Group, Goa, to launch a collaboration model to build commercial vessels in their shipyards in Goa and Bhavnagar, Gujarat.

Astra Microwave Products: The company got orders worth Rs 158 crore from ISRO, DRDO, and DPSU for the supply of satellite sub-systems, airborne radar, sub-systems of radar, and EW projects.

Granules India: The drugmaker received approval from the Brazilian Health Regulatory Agency (ANVISA) for compliance with the guidelines of Good Manufacturing Practices for its Bonthapally API facility, Hyderabad, and an Accreditation Certificate of Foreign Drug Manufacturer from the Pharmaceuticals and Medical Devices Agency (PMDA), Japan, for its Jeedimetla API facility, Hyderabad.

Source: Moneycontrol, Bloomberg Quint, Investing 

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