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

Following the lead of their US counterparts, the Japanese and Australian indices began the year higher on expectations of a US Federal Reserve interest rate drop in March. But the Kospi in South Korea dropped. Due to increased iron ore prices, miners in Australia led the gains. The last week of 2023 began on Wall Street with gains in stocks, continuing a run that had the market on the verge of a record. A barrel of Brent crude was trading 2.53% higher at $81.07. Gold was trading at $2,065.66, down 0.10%.

Economic Calendar:

  • USD : Initial Jobless Claims on 28th December, 2023
  • USD : Pending Home Sales (MoM) (Nov) on 28th December, 2023
  • INR : FX Reserves, USD on 29th December, 2023
  • INR : RBI Monetary and Credit Information Review on 29th December, 2023

Brokerage Radar::

JEFFERIES ON BANKS: While banks offer higher rates, large banks are offering lower rates & in some cases termrates are lower savings rates of small banks. Among smaller bks, IIB has lower rates & wider sources. Lower NIMs may be risk to earnings, but expect some offsets

MS ON DLF: DLF expects to launch 1st 500 units of Arbour 2/Privana South at Sector 77 on Dec 21st; Project spans over 28 acres (5m sq. ft GFA) with ASP of Rs. 18K psf, potential sales of Rs 90bn; Assuming 50% pre-sales in Dec, it could contribute Rs 45bn to 3Qpre-sales

International Markets:

U.S & Europe:

Particulars 26th December Chg. Chg.(%)
Nasdaq 15070.90 77.93 0.52
Dow 37545.33 159.36 0.43
FTSE 7697.51 2.78 0.04
CAC 7568.82 -2.58 -0.03
DAX 16706.18 18.76 0.11
Dow Fut.* 37563.09 17.76 0.05

Asian markets:

Particulars 27th  December Chg. Chg.(%)
GIFT Nifty 21548.00 46.00 0.21
Nikkei 33658.32 352.47 1.05
Straits Times 3143.62 3.64 0.12
Hang Seng 16536.00 195.59 1.20
Shanghai 2893.63 -5.25 -0.18

ADR Watch:

Particulars 26th December  Chg.       Chg.(%)
Dr. Reddy 67.27 -0.06 -0.09
HDFC Bank 66.73 -0.27 -0.40
ICICI Bank 23.88 0.06 0.25
Infosys 18.45 -0.31 -1.65
Wipro 5.52 0.09 1.57

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.19 -0.04
Brent 80.76 -0.11
Gold 2075.70 0.29
Silver 24.49 0.36

FIIs & DIIs:

Particulars 26th December 22nd December
FIIs                          -95.20 -2828.94
DIIs 167.04 2166.72

News Update:

Aditya Birla Capital: The company made investments of Rs 850 crore in Aditya Birla Finance via share subscription and of Rs 50 crore in Aditya Birla Capital Digital.

Piramal Enterprises: The company’s unit, Piramal Consumer Products, had acquired Piramal Tower from the promoter for Rs 875 crore. The company has also invested Rs 289.6 crore in Piramal Consumer Products via rights issues.

Vishnu Prakash R Punglia: The company received the letter of award for orders worth Rs 899 crore from the Uttarakhand government for development projects.

Kansai Nerolac Paints: The company will sell a land parcel in Mumbai’s Lower Parel along with a building there for Rs 726 crore to Aethon Developers.

SJVN: The company bagged a 100 MW solar power project from Gujarat Urja Vikas Nigam. Unit SJVN Green Energy will develop a project at a tentative cost of Rs 550 crore.

Cupid: Universal-Halwasiya Group acquired an additional 26% stake for Rs 113 crore via an open offer.

Karnataka Bank: The company has enabled payment of direct tax (income tax or advance tax) for its customers.

Life Insurance Corp: The board has approved the proposal to set up a branch office in GIFT City, Gandhinagar, Gujarat.

Adani Ports And Special Economic Zone: The company will consider fundraising via non-convertible debentures on Jan. 3.

Power Grid Corporation of India: The company started commercial operations at the 500 MW wind energy zone in Tamil Nadu. It has also acquired Vataman Transmission for Rs 18.2 crore and the Koppal-Gadag transmission SPV in Karnataka for Rs 18.4 crore from Power Finance Corp.

Zydus Lifesciences: The company’s unit received an income tax demand worth Rs 284.58 crore for AY 2023–24. The company believes the entire demand will be nullified post-rectification.

Zee Entertainment Enterprises, Zee Learn: Axis Bank has filed an insolvency petition against Zee Learn in the National Company Law Tribunal in Mumbai.

Elpro International: The company acquired 4.65 lakh shares of ONGC for Rs 9.7 crore.

Amber Enterprises India: The company’s unit and Nexxbase Marketing-Noise Brand have incorporated a joint venture, ‘Stelltek Technologies’, with a shareholding ratio of 50:50, respectively, to carry on the business of manufacturing, assembling, and designing wearables and other smart electronics products.

Seamec: The company signed an MoU with HAL Offshore for the charter hire of the offshore support vessel ‘Sea Pearl’ for 3 years at a cost of $9.6 million.

Source: Moneycontrol, Bloomberg Quint, Investing 

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