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

As traders awaited a slew of economic data over the next few days for hints on the prospects for global central bank policy, Asian stocks were ready to follow U.S. equities higher. Following the S&P 500’s first back-to-back advances in August, equity futures for Hong Kong, Japan, and Australia all pointed to gains on Tuesday. The S&P 500 stayed close to 4,400 during a trading session that was rather quiet. The risk-off sentiment in August showed some signs of easing, but the US equity benchmark is still on track for its worst month since 2023 as the narrative of higher rates for longer took hold. West Texas Intermediate was trading above the $79 barrier while Brent crude was trading below the $85 mark. The yield on the 10-year U.S. bond was trading at 4.20% and Bitcoin was above 26,000-level. At 5:29 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 44 points or 0.23% at 19,350.5.

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:

JEFFERIES ON RIL: Buy, TP Rs 2950; Laid out succession plan with induction of next generation; Announced pan-India FWA launch in Sep-23; Retail is likely to induct new investors. Entry into wind energy for ROTC renewable supply came along expected lines

UBS ON PVR INOX: Buy, TP Rs 2150; Raising Q2FY24 estimates; Better-than-expected recent movie performance; Content pipeline remains healthy for mid-Oct festive season; Diversified content reducing cinema risks

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 28th August Chg. Chg.(%)
Nasdaq 13705.13 114.48 0.84
Dow 34559.98 213.08 0.62
FTSE 7338.58 4.95 0.07
CAC 7324.71 95.11 1.30
DAX 15792.61 160.79 1.02
Dow Fut.* 34577.39 17.41 0.05

Asian markets:

Particulars 29th August Chg. Chg.(%)
GIFT Nifty 19342.00 -11.00 -0.06
Nikkei 32225.72 55.73 0.17
Straits Times 3220.77 7.09 0.22
Hang Seng 18413.85 283.11 1.56
Shanghai 3115.31 16.67 0.54

ADR Watch:

Particulars       28th August  Chg.       Chg.(%)
Dr. Reddy 70.33 0.03 0.04
HDFC Bank 63.47 0.74 1.18
ICICI Bank 23.68 0.26 1.09
Infosys 17.34 0.09 0.49
Wipro 4.98 -0.01 -0.10

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.60 -0.19
Brent 83.85 -0.02
Gold 1951.65 0.25
Silver 24.302 0.21

FIIs & DIIs:

Particulars   28th August 25th August
FIIs                          -1393.25 -4638.21
DIIs 1264.01 1414.35

News Update:

Sun Pharmaceutical Industries: The drugmaker aims to spend 7-8% of its sales in the current fiscal on research and development activities to further strengthen its product portfolio across therapeutic segments. It also expects high single-digit consolidated topline growth for FY24.

Zomato: Tiger Global’s Internet Fund III Pte. Ltd. sold its entire 1.4% stake in the food delivery giant for Rs 1,123.85 crore via open market transactions.

SJVN: The state-run power company’s unit, SJVN Green Energy, bagged a deal from APDCL for three solar projects with a cumulative capacity of 320 MW in Assam. The cost of the project is Rs 1,900 crore.

NBCC India: The company received a work order worth Rs 66.32 crore from the Indian Medical Association for the planning, designing, and execution of IMA House at Indraprastha, New Delhi.

KRBL: The company submitted the Letter of Offer for the buyback of up to 65 lakh fully paid-up equity shares of Rs 1 each at a price of Rs 500 apiece for a maximum amount of Rs 325 crores through the tender offer process.

HFCL: The company has set the floor price for qualified institutional placement issues at Rs 68.61 apiece. The QIP opened on Aug. 28.

LTIMindtree: The IT firm announced a strategic collaboration with automation platform CAST AI to help businesses optimise cloud investments. The partnership will help companies save over 60% on cloud costs as they modernise legacy applications for cloud migration.

Bayer CropScience: Duraiswami Narain has resigned as the vice chairman, MD, and CEO of the company with effect from Oct. 31 due to his planned repatriation to Bayer US. The company has appointed Simon Weibusch as Narain’s replacement, with effect from Nov. 1.

Gokaldas Exports: The company, through its wholly owned subsidiaries, will acquire UAE-based Atraco Group (Atraco), a leading manufacturer of apparel, for $55 million. The acquisition will be funded by a mix of debt and internal accruals.

Source: Moneycontrol, Bloomberg Quint, Investing 

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