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

As investors mull a protracted period of increasing interest rates, Asian stocks declined after Wall Street. Benchmarks dropped throughout the region, with stocks sliding in South Korea, Australia, and Japan. Tuesday saw a 1.5% decline in the S&P 500 Index and a 1.6% decline in the Nasdaq 100 as Wall Street’s fear gauge, the Cboe Volatility Index, or VIX, reached its highest level since late May as U.S. consumer confidence touched a four-month low. In early Asian trade, contracts for US shares moved slightly higher. The U.S. stock gauges were weighed down by tech heavyweights including Apple Inc., Microsoft Corp., Inc., and Google parent Alphabet Inc., which caused the tech sector to decline by more than 10% from its July peak due to the possibility of strict policy. Meanwhile, Brent Crude prices were trading above $93 a barrel, and WTI Crude was above $90-mark. The yield on the 10-year U.S. bond was trading at 4.52% and Bitcoin was below 27,000-level.

Economic Calendar:

  • USD : Core Durable Goods Orders (MoM) (Aug) on 27th Sep, 2023
  • USD : GDP (QoQ) (Q2) on 28th 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 26th September Chg. Chg.(%)
Nasdaq 13271.32 59.51 0.45
Dow 34006.88 43.04 0.13
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 27th 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       26th 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   26th September   25th September
FIIs                          -693.47         -2333.05
DIIs 714.75 1579.28

News Update:

Infosys: The IT major has partnered with Microsoft for a generative AI solution. Infosys Topaz will use Microsoft’s Azure OpenAI Service and Azure Cognitive Services to augment AI capabilities.

IndusInd Bank: The lender announced a multi-year global partnership with the International Cricket Council to provide a premium experience to customers, employees, and cricket fans. The bank will have access to a suite of branding and content assets.

Vedanta: Moody’s downgraded Vedanta Resources’ corporate family rating to Caa2 and maintained a negative outlook.

REC, Punjab National Bank: The two inked an agreement to co-finance projects in power, infrastructure, and logistics worth Rs 55,000 crore.

Container Corp: The company has appointed Sanjay Swarup as chairman and MD from Oct. 1, 2023, to July 31, 2026.

 Suzlon Energy: Investor group Dilip Shanghvi and Associates terminated the 2020 shareholder pact. The investor group’s nominee director on Suzlon’s board, Hiten Timbadia, has also resigned with effect from Sept. 26.

Century Textiles: Unit Birla Estates sold out phase 1 of Birla Trimaya in Bengaluru within 36 hours of its launch. With 556 units booked, accounting for Rs 500 crore in booking value, the company said it has solidified its position as a leader in the luxury residential real estate market of Bengaluru.

DCM Shriram: Unit Fenesta underwent a significant capacity expansion of uPVC extrusion at Kota, which will increase the annual production capacity of Fenesta uPVC profiles from 8,600 metric tonnes to 12,284 metric tonnes.

Shree Renuka Sugars: The co. will acquire Anamika Sugar Mills for Rs 235.5 crore to establish a presence in Uttar Pradesh and cater to the markets of North and East India.

Shyam Metalics And Energy: The company has entered the energy storage sector with battery-grade aluminium foil, a critical component in lithium-ion cells. The customised battery aluminium foil has been tested and validated by third-party laboratories.

Source: Moneycontrol, Bloomberg Quint, Investing 

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