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

Asian markets open higher as Australian and South Korean shares advanced and Japanese equites advanced. Futures for Hong Kong’s equity benchmark soared more than 3% after an index of Chinese companies listed in the U.S. advanced the most in almost three months. Nasdaq 100 futures edged lower following mixed earnings that saw Microsoft Corp. climb and Alphabet Inc. drop in late U.S. trading. On Tuesday, The S&P 500 rose 0.7% and Nasdaq 100 rose 1%. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.83% and Bitcoin was below 34,000-level. Brent crude was trading above $88 a barrel, whereas WTI Crude was above $83-mark. At 5:39 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 16 points of 0.08% at 19,298. India’s benchmark stock indices declined through Monday as broader indices dragged the market. Media, metal, banks and real estate sectors corrected the most. The Sensex ended at its lowest level since June 30, while the Nifty slipped to its lowest level since Sept 1.

Economic Calendar:

  • USD : Building Permits on 25th October, 2023
  • USD : Crude Oil Inventories on 25th October, 2023
  • INR : FX Reserves, USD on 27th October, 2023
  • INR : Infrastructure Output (YoY) (Sep) , USD on 31st October, 2023

Brokerage Radar:

CLSA on L&T: LMRH knocked-off 11% of L&T’s FY23CL consolidated PAT Telangana state has started to honour its commitment of an Rs30bn zero-coupon grant to settle claims Forecast losses for LMRH to fall 53% by FY26, breakeven by FY28.

INCRED on Finolex Ind: Reduce, TP Rs 182 2Q EBITDA 30% below est. Raw material scarcity led to weak resin sales while expected PVC price dip led to channel destocking in Sep 2023. Expect a flat 2HFY24F yoy

International Markets

 U.S & Europe:

Particulars 24th October Chg. Chg.(%)
Nasdaq 13139.88 121.55 0.93
Dow 33141.38 204.97 0.62
FTSE 7389.70 14.87 0.20
CAC 6893.65 43.18 0.63
DAX 14879.94 79.22 0.53
Dow Fut.* 33217.30 75.92 0.23

Asian markets:

Particulars 25th October Chg. Chg.(%)
GIFT Nifty 19317.00 35.00 0.18
Nikkei 31466.92 404.57 1.29
Straits Times 3088.03 4.15 0.13
Hang Seng 17414.80 423.27 2.43
Shanghai 2985.91 23.67 0.80

ADR Watch:

Particulars       24th October  Chg.       Chg.(%)
Dr. Reddy 66.78 0.29 0.44
HDFC Bank 57.06 0.41 0.72
ICICI Bank 22.42 -0.11 -0.49
Infosys 16.78 0.22 1.30
Wipro 4.55 0.01 0.22

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.05 0.05
Brent 88.10 0.02
Gold 1983.90 -0.11
Silver 23.060 -0.24

FIIs & DIIs:

Particulars   23rd October     20th October
FIIs                          252.25 456.21
DIIs 1,111.84 8.53

News Update:

Tech Mahindra: The company’s U.S.A. unit approved divesting 30% holding in Avion Networks Inc. The stake is to be divested for a consideration of $50,000, and the divestment is to be completed by Oct. 31.

Llyods Metals and Energy: Mahendra Singh Mehta was appointed as an additional independent director of the company for a term of five years.

Lupin: The company received approval from the U.S. FDA for its abbreviated new drug application for Fluconazole Tablets, USP.

KPI Green Energy: The company received an order from Sustainable Spinning and Commodities Pvt. for executing the Wind-Solar Hybrid Power Project for 4.20 MW capacity, comprising 4.20 MW wind and 3.60 MW solar capacity.

Adani Ports and SEZ: The company incorporated a wholly owned subsidiary company, Udanvat Leasing IFSC, for Rs 2.5 crore. Udanvat will carry out the business of owning and leasing aircraft.

Signatureglobal (India): The company entered into a sale deed for acquiring a land parcel measuring approximately 25.75 acres in Gurugram, Haryana, for the development of a group housing project.

Shoppers Stop: The company has invested an additional Rs 5 crore in the preference share capital of its wholly-owned subsidiary, Global SS Beauty Brands. The investment was made by way of subscription to the rights issue of an additional 500 non-cumulative optionally convertible preference shares of Rs 1 lakh.

LTIMindtree: The company won the prestigious Golden Peacock Award in 2023 for its sustainability efforts.

Power Mech Projects: The company’s fund-raising committee approved raising up to Rs 350 crore via QIP. The company will allot 9.02 lakh equity shares at an issue price of Rs 3,881.17 apiece, which is at a discount of Rs 204.27 per equity share.

Krishna Institute of Medical Sciences: The company’s subsidiary, KIMS Hospital Enterprises Pvt., acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. The company’s total equity stake in Kondapur Healthcare now stands at 37.18%.

Source: Moneycontrol, Bloomberg Quint, Investing 

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