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

Tuesday’s early trading saw most Asian-Pacific markets decline as they followed Wall Street’s overnight losses. The S&P ASX 200 was down 4.50 points, or 0.058, at 7,807.40, while the Nikkei 225 was up 21.53 points, or 0.053%, at 40,435.65. According to Bloomberg, the U.S. stock market’s rally has paused, but it is still expected to reach its peak week in 2024 due to expectations that the Federal Reserve may be able to lower interest rates as early as June. As of Monday, the Nasdaq Composite and S&P 500 index had both dropped by 0.27% and 0.31%, respectively. At the close, the Dow Jones Industrial Average was down 0.41%. A barrel of Brent crude was trading 0.09% higher at $86.84. An ounce of gold was trading at $2,174.05, up 0.10%.

Economic Calendar:

  • USD : CB Consumer Confidence (Mar) on 26th March, 2024
  • USD : GDP (QoQ) (Q4) on 28th March, 2024
  • INR : Current Account (USD) on 28th March, 2024
  • INR : Foreign Debt (USD) on 28th March, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 22nd March Chg. Chg.(%)
Nasdaq 16384.47 -44.35 -0.27
Dow 39313.64 -162.26 -0.41
FTSE 7917.57 -13.35 -0.17
CAC 8151.60 -0.32 0.00
DAX 18261.31 55.37 0.30
Dow Fut.* 39359.71 47.06 0.12

Asian markets:

Particulars 26th March Chg. Chg.(%)
GIFT Nifty 22118.00 25.00 0.11
Nikkei 40364.40 -49.72 -0.12
Straits Times 3218.85 20.75 0.65
Hang Seng 16488.76 15.12 0.09
Shanghai 3017.00 -9.31 -0.31

ADR Watch:

Particulars 22nd March  Chg.       Chg.(%)
Dr. Reddy 73.41 -0.07 -0.10
HDFC Bank 54.52 0.13 0.24
ICICI Bank 25.87 -0.13 -0.50
Infosys 17.63 -0.09 -0.51
Wipro 5.67 0.02 0.35

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.33 -0.10
Brent 86.08 0.00
Gold 2171.25 -0.24
Silver 24.78 -0.44

FIIs & DIIs:

Particulars 22nd March 21st March
FIIs                          -3309.76 -1826.97
DIIs 3764.87 3208.87

News Update:

UltraTech Cement: The company commissioned 1 MTPA brownfield cement capacity at the Uttarakhand unit. The total unit capacity is now at 2.1 MTPA.

ICICI Securities: The company received a warning from SEBI after an inspection of its books and records for merchant banking activities.

JSW Energy: The company’s step-down unit is in a pact with Reliance Power to acquire a 45 MW wind power project in Maharashtra for Rs 132 crore.

Lupin: The company will sell its trade generics businesses in India to arm for Rs 100–120 crore on a slump sale basis.

Hindustan Aeronautics: The company has received an order worth Rs 194 crore from the Guyana Defence Force.

Sanghi Industries: Promoter Ambuja Cements sold a 2% stake in the company for Rs 258 crore. The promoter’s stake currently stands at 60.44%.

Eicher Motors: The company incorporated its wholly owned subsidiary in the Netherlands, named Royal Enfield Europe BV.

Dr Reddy’s Laboratories: The company has entered into a licence agreement with Pharmazz to commercialise the first-in-class innovative drug Centhaquine in India.

UNO Minda: The company has entered into a technical licence agreement with Starcharge Energy to manufacture and sell electric vehicle supply equipment in India.

Schaeffler India: The company has reappointed Harsha Kadam as the managing director and chief executive officer for three years, effective from Oct. 1.

Raymond: The board approved selling the entire investment in wholly owned subsidiaries Raymond Apparel and Ultrashore Realty for a consideration of Rs 1.26 crore.

Garden Reach Shipbuilders & Engineers: The company has signed a contract worth Rs 26.45 crore with the Ministry of External Affairs for a fast patrol vessel.

Exide Industries: The company made an investment of Rs 110 crore in arm Chloride Metals via rights basis.

Medplus Health Services: The company has received a temporary suspension order for two of its stores.

Maruti Suzuki India: The company recalls 11,185 units of the Baleno and 4,190 units of the Wagon R on a possible fuel pump motor defect. It also agreed to acquire a 6.44% stake in Amlgo Labs for Rs 1.99 crore.

Reliance Industries: The company acquired a 100% stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV from MSEB Solar Agro Power.

Source: Moneycontrol, Bloomberg Quint, Investing 

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