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

After Jerome Powell stated the Federal Reserve would “proceed carefully” on whether to raise interest rates again and signaled policy will remain tighter for longer on Friday, Asian markets were poised to follow U.S. shares with moderate rises on Monday. Powell issued a warning that the process of getting inflation back to its target “still has a long way to go.” Additionally, he implied that officials might maintain rates in September as anticipated by investors. Following the S&P 500’s 0.7% increase on Friday, which ended its best week since July, equity futures for Japan, Hong Kong, and Australia all indicated modest gains of less than 1%. U.S. benchmark contract openings were higher on Monday. Meanwhile, Brent crude was trading above $84 a barrel and West Texas Intermediate was above $80-mark. The yield on the 10-year U.S. bond was trading at 4.24% and Bitcoin was above 26,000-level. At 5:18 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 11 points or 0.05% at 19,388.5.

Economic Calendar:

  • USD : JOLTs Job Openings (Jul) on 29th Aug, 2023
  • USD : CB Consumer Confidence (Aug) on 29th Aug, 2023
  • INR : RBI Monetary and Credit Information Review on 31st Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

CLSA ON RIL: Buy, TP Rs 3060; New energy: setting base; Scale-up targets maintained, investment can double if viable; Last fiscal year saw 3 more acquisitions worth $50m to add to its new energy capabilities; Co’s planned capex of Rs750bn in this segment should pick up from 2024

MS ON BEL: OW, TP Rs 154; BEL has won new orders worth Rs33bn in July & Aug-23; this is in addition to orders worth Rs80.9bn order inflow in Q1F24. Thus, total order inflow is Rs114bn or 57% of F24 guidance in first five months of this fiscal year

MS ON DIXON TECH: UW, TP raised to Rs 4033; Stk up 30% in past 3 months, driven by customer additions as earnings visibility has improved; Earnings should remain volatile, as seen in recent qtr. Val do not factor in risks from potential competitive intensity

International Markets

U.S & Europe:

Particulars 25th August Chg. Chg.(%)
Nasdaq 13590.65 126.67 0.94
Dow 34346.90 247.48 0.73
FTSE 7338.58 4.95 0.07
CAC 7229.60 15.14 0.21
DAX 15631.82 10.33 0.07
Dow Fut.* 34412.04 65.14 0.19

Asian markets:

Particulars 28th August Chg. Chg.(%)
GIFT Nifty 19270.50 33.00 0.17
Nikkei 32154.03 529.75 1.65
Straits Times 3227.56 37.68 1.18
Hang Seng 18341.55 385.17 2.15
Shanghai 3144.13 80.06 2.61

ADR Watch:

Particulars       25th August  Chg.       Chg.(%)
Dr. Reddy 70.30 -0.68 -0.96
HDFC Bank 62.73 -0.32 -0.51
ICICI Bank 23.43 0.08 0.34
Infosys 17.25 0.12 0.70
Wipro 4.98 0.03 0.61

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.58 0.04
Brent 83.83 -0.14
Gold 1943.25 0.17
Silver 24.265 0.13

FIIs & DIIs:

Particulars   25th August 24th August
FIIs                          -4638.21 1524.87
DIIs 1414.35 5796.61

News Update:

Bharat Electronics: The company received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023. It includes a Rs 1,075 crore order from Hindustan Shipyards for the supply of CMS, communication systems, electronic warfare systems, and other sensors for fleet support ships.

Linde India: The company received a letter of acceptance from SAIL for the installation of a 1000-tonne-per-day cryogenic oxygen plant at Rourkela to construct, operate, and maintain the plant for a period of 20 years.

BEML: Bagged an export order worth $19.71 million from Russia-based KAMSS for its Dozer BD355. The contract will be executed in different phases starting this month.

IndoStar Finance Capital: Sold part of its legacy corporate loan book to Phoenix ARC, which consists of certain accounts tagged in Stage 2, aggregating to outstanding dues of Rs 915 crore. Phoenix ARC will set up a trust to monitor the progress of real estate projects and will also consider funding certain amounts towards financing the completion of these projects. Post-sale, retail lending in AUM increased to 95% from 85%.

L&T: The company has received shareholder approval for a proposal to buyback shares of up to Rs 10,000 crore.

Garden Reach Shipbuilders & Engineers: An MoU was signed with DEMPO Group to launch a collaboration model to build commercial vessels in the three premier shipyards of DEMPO at Goa and Bhavnagar.

India Grid Trust: The company completed the acquisition of 100% of the units in Virescent Renewable Energy Trust for Rs 4,000 crore. The acquisition adds 16 operating solar projects held by 15 SPVs with a capacity of 538 MWp.

NMDC Steel: The company’s Nagarnar steel plant achieved the feat of producing hot-rolled coil in nine days from hot metal. The plant has a capacity of three million tonnes.

Karur Vysya Bank: Inaugurated 10 new branches, increasing its branch network to 822. The ATM network of the bank will increase to 1,640 and cash recyclers to 611.

HDFC Bank: Reappointed Sanmoy Chakrabarti as Chief Risk Officer for a period of five years, with effect from Dec. 14, 2023.

Source: Moneycontrol, Bloomberg Quint, Investing 

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