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

Asia’s stocks fell, but Treasury yields and the dollar increased, showing that investors have not yet totally adjusted their expectations for interest rates. Equity benchmarks for Hong Kong, Australia, and Japan all decreased, and the Kospi Index hit a six-month low as South Korean stocks plummeted. S&P 500 and Nasdaq 100 futures contracts also decreased, thus wiping out Monday gains for the underlying benchmarks. Benchmarks on the Chinese mainland opened unchanged. West Texas Intermediate was trading under the $90 a barrel mark while Brent crude increased to $93.29 a barrel. While Bitcoin was trading above $26,000, the yield on the 10-year US bond was 4.53%. At 7:45 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.35% or 69.50 points trading at 19,657.50.

Economic Calendar:

  • USD : New Home Sales (Aug) on 26th Sep, 2023
  • USD : Building Permits on 26th Sep, 2023
  • INR : FX Reserves, USD on 29th Sep, 2023
  • INR : RBI Monetary and Credit Information Review on 29th Sep, 2023

Brokerage Radar:

JEFFERIES ON EICHER MOTORS: Buy, TP Raised to Rs 4150; Rising competitive concerns have weighed on EIM in 2023, resulting in stk lagging Nifty Auto Index by 24%; Despite fresh competition from Hero-Harley & Bajaj-Triumph bikes, web search trend & channel checks suggest ltd. impact

HSBC ON MARUTI: Buy, TP Raised to Rs 12000; Believe recent hike in reinvestment rate not necessarily -ve for shareholders; In short term, market share has peaked; Medium-term ‘hybridisation’ of more models could push it further; Val premium to NIFTY has shrunk to 33% vs historical 50%

CITI ON COFORGE: Sell, TP Rs 3890; Management meet takeaways; Deal ramp up happening on time – no delay there; Coforge expects FY25 to be better than FY24 as client discussions have picked up

International Markets

 U.S & Europe:

Particulars 25th September Chg. Chg.(%)
Nasdaq 13271.32 59.51 0.45
Dow 34006.88 43.04 0.00
FTSE 7623.99 -59.92 -0.79
CAC 7123.88 -60.94 -0.86
DAX 15405.49 -151.80 -0.99
Dow Fut.* 33868.73 -138.15 -0.41

Asian markets:

Particulars 26th September Chg. Chg.(%)
GIFT Nifty 19696.05 -42.05 -0.21
Nikkei 32379.85 -298.77 -0.92
Straits Times 3209.26 -6.14 -0.19
Hang Seng 17613.80 -115.49 -0.65
Shanghai 3113.17 -2.44 -0.08

ADR Watch:

Particulars       25th September  Chg.       Chg.(%)
Dr. Reddy 66.03 -0.47 -0.71
HDFC Bank 58.63 -0.24 -0.41
ICICI Bank 22.98 0.15 0.66
Infosys 17.61 -0.17 -0.96
Wipro 4.96 -0.06 -1.20

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.14 -0.05
Brent 91.69 -0.21
Gold 1932.30 -0.22
Silver 23.247 -0.59

FIIs & DIIs:

Particulars   25th September    22nd September
FIIs                                  -2333.05        -1326.74
DIIs 1579.28 801.27

News Update:

Reliance Industries: The company has issued a postal ballot notice to seek shareholders’ approval to appoint Isha Ambani, Anant Ambani, and Akash Ambani as non-executive directors. The voting will be held between Sept. 27 and Oct. 26.

Tata Steel: Moody’s raised the steelmaker’s long-term rating to Baa3 from Ba1 and outlook to stable from positive. It said the upgrade reflects expectations of continued strength in the company’s credit profile and considerable deleveraging through gross debt reduction. The rating agency expects Tata Steel to maintain conservative financial policies with well-balanced capital allocation and financial metrics.

Mahindra & Mahindra: Canada’s Ontario will buy a 20% stake in company unit Mahindra Teqo for Rs 35 crore. The stake sale will be completed by Jan. 3, 2024.

Wipro: The company sold a 14.02-acre land parcel and building in Chennai to Casagrand Bizpark for Rs 266.38 crore.

HDFC AMC: The company will invest Rs 25 crore in unit HDFC AMC International to help it meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under IFSC rules.

Mankind Pharma: Commercial operations commenced at the newly set-up pharmaceutical formulations plant in Udaipur, Rajasthan.

Indian Hotels: The company will invest $11.5 as equity in Dutch subsidiary Ihoco BV to help it repay debt and for other operations.

Fortis Healthcare: The company will acquire a 99.9% stake in Artistery Properties Pvt. for Rs 32 crore.

Welspun Corp: Unit Sintex will set up water tanks and PVC pipe facilities in Telangana with up to a Rs 350 crore investment.

Century Textiles: Unit Birla Estates has successfully launched Phase 1 of Birla Trimaya in Bengaluru’s Devanahalli. The project is expected to have a revenue potential of Rs 3000 crore.

Kalpataru Projects International: The company will raise Rs 150 crore via NCDs through private placement.

GR Infraprojects: The bids for two projects worth Rs 3,613 crore won by the company in February are annulled.

Source: Moneycontrol, Bloomberg Quint, Investing 

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