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

Asian markets are likely to be subdued on Wednesday as investors await the Federal Reserve’s rate decision, with equity futures for the region mixed and currencies holding to narrow ranges in early trading. Stocks on Wall Street and commodities rose Tuesday as the Conference Board’s U.S. consumer confidence index climbed to a two-year high. The S&P 500 closed at its highest since April 2022, the Nasdaq 100 outperformed and the Dow Jones Industrial Average saw its 12th straight advance — the longest winning run in over six years. Meanwhile, Brent crude was above $83 a barrel and West Texas Intermediate was below the $80-mark. The yield on the 10-year U.S. bond was trading at 3.88% and Bitcoin was below 30,000-level. At 5:25 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.24% or 48 points at 19,735.

Economic Calendar:

  • USD : Building Permits on 26th July, 2023
  • USD : Fed Interest Rate Decision 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 SRF: OW, TP Rs 2968; It also highlighted near-term risks to specialty chemicals earnings amid the ongoing inventory destocking seen globally; Believe these challenges pose 18-20% downside to earnings est.

UBS ON TVS MOTORS: Buy, TP raised to Rs 1570; In-line results, strong commentary

Delivers margins expansion despite elevated cost; Exports to keep improving in FY24; Major inv for FY24 done in Q1; Co while assuring investments will remain below Rs10bn (1Q at Rs6.2bn

JEFFERIES ON TATA MOTORS: Buy, TP Raised to Rs 800; 1Q EBITDA 4x YoY (+6% QoQ) to a new high (11% above JEFe). JLR had a stellar 1Q with EBITDA margin up 1.7ppt QoQ & EBITDA up 9% QoQ (4x YoY). India CV also performed well, but PV margins were weak

International Markets

U.S & Europe:

Particulars 25th July Chg. Chg.(%)
Nasdaq 14144.55 85.69 0.61
Dow 35438.07 26.83 0.08
FTSE 7691.80 13.21 0.17
CAC 7415.45 -11.86 -0.16
DAX 16211.59 20.64 0.13
Dow Fut.* 35405.40 -32.70 -0.09

Asian markets:

Particulars 26th July Chg. Chg.(%)
GIFT Nifty 19721.00 -4.50 -0.02
Nikkei 32666.16 -16.35 -0.05
Straits Times 3290.31 4.15 0.13
Hang Seng 19340.77 -93.63 -0.48
Shanghai 3230.79 -0.73 -0.02

ADR Watch:

Particulars   25th July  Chg.       Chg.(%)
Dr. Reddy 65.91 0.41 0.63
HDFC Bank 70.50 0.44 0.63
ICICI Bank 24.44 -0.04 -0.16
Infosys 16.38 0.16 0.99
Wipro 4.91 0.01 0.20

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.89 -0.07
Brent 82.98 -0.32
Gold 1965.15 0.07
Silver 24.773 -0.21

FIIs & DIIs:

Particulars 25th July 24th July
FIIs                          1088.76 -82.96
DIIs -333.70 934.87

News Update:

Tata Motors: The automaker’s board approved the NCLT scheme of arrangement for cancellation of ‘A’ Ordinary Shares or DVR shares. It will cancel DVR shares and issue ordinary shares. The DVR shareholders will receive 7 ordinary shares for every 10 DVR shares held. The shareholding of the promoter and promoter group will decline by 3.16% post-DVR swap.

Asian Paints: The paint maker appointed R. Seshasayee as Chairman from Oct. 1, 2023, to January 22, 2027. R. Seshasayee is currently an Independent Director of the company.

Union Bank of India: The lender has entered into a strategic partnership with IBM to act as a system integrator in its digital push. The bank has embarked on Project Sambhav to create a Digital bank.

Can Fin Homes: The company reported a fraud of Rs 38.53 crore committed by employees at its Ambala branch. The fraud involved the transfer of funds to different personal bank accounts by misusing the cheque signing authority. The company has lodged an FIR and said it estimates no impact on assets or asset quality.

Piramal Enterprises: The board will consider a share buyback proposal on July 28.

Larsen & Toubro: The conglomerate has agreed to buy back 3.33 crore shares, equal to 2.4% equity capital, at a maximum price of Rs 3,000 per share, aggregating up to Rs 10,000 crore. Retail investors hold about 21.78%, and L&T Employees Trust holds 13.70%. The company has made an additional investment of up to Rs 506 crore in its unit, L&T Energy Green Tech. The conglomerate also inked a pact to acquire the entire 40% shareholding held by Sapura Nautical Power in the joint venture L&T Sapura Offshore.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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