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

Stocks in the Asia-Pacific region were trading lower after Wall Street saw a pullback near record highs as traders await remarks from Federal Reserve speakers; The MSCI Asia Pacific Index was down 0.13%. While Japanese shares had a slight advance, the Australian and South Korean stocks traded lower. The Nikkei 225 was trading 0.13% higher at 39333, and the S&P ASX 200 was trading down 0.20% at 7637.2. KOSPI was also trading 0.14% lower at 2643.4. U.S. equities fell from record levels and traders will look out on how the market will manage to absorb heavy Treasury and corporate sales amid month-end positioning. The S&P 500 index and Nasdaq 100 fell by 0.38% and 0.13%, respectively, as of Monday. The Dow Jones Industrial Average fell by 0.16%.

Economic Calendar:

  • USD : Core Durable Goods Orders (MoM) (Jan) on 27th February, 2024
  • USD : CB Consumer Confidence (Feb) on 27th February, 2024
  • INR : GDP Quarterly (YoY) (Q3) on 29th February, 2024
  • INR : RBI Monetary and Credit Information Review on 29th February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

MACQUAIRE ON MARUTI: Neutral , TP Rs 10608; Analysis of entry level PVs indicates market-share loss for MSIL in Rs400-700k (base model price; hatchback + micro SUVs) price range. Near-term demand for small cars will remain tepid, given product price hike in last couple of yrs

JEFFERIES ON GRASIM: Buy, TP raised to Rs 2600; Came back +vely surprised seeing scale of launch & Co’s readiness for biz scaleup ahead. Mgmt guided for a Rs100bn gross rev and breakeven in 3 yrs for paints biz; Runrate trend on segment rev/profitability will be key

International Markets:

U.S & Europe:

Particulars 26th February Chg. Chg.(%)
Nasdaq 15989.80 -7.03 -0.04
Dow 39069.23 -62.30 -0.16
FTSE 7684.30 -21.98 -0.29
CAC 7929.82 -36.86 -0.46
DAX 17423.23 3.90 0.02
Dow Fut.* 39036.05 -33.18 -0.08

Asian markets:

Particulars 27th February Chg. Chg.(%)
GIFT Nifty 22115.50 24.50 0.11
Nikkei 39173.92 -59.79 -0.15
Straits Times 3141.31 -29.81 -0.94
Hang Seng 16473.63 -161.11 -0.97
Shanghai 2983.95 6.93 0.23

ADR Watch:

Particulars 26th February  Chg.       Chg.(%)
Dr. Reddy 77.11 -0.48 -0.62
HDFC Bank 53.83 -0.17 -0.31
ICICI Bank 25.52 -0.11 -0.43
Infosys 19.99 -0.12 -0.60
Wipro 6.32 -0.03 -0.47

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.88 0.00
Brent 81.59 -0.10
Gold 2042.25 0.16
Silver 22.75 0.08

FIIs & DIIs:

Particulars 26th February 23rd February
FIIs                          -285.15 1276.09
DIIs -5.33 176.68

News Update:

One 97 Communication: Paytm Founder and Chief Executive Officer, Vijay Shekhar Sharma, has resigned from the board of Paytm Payments Bank. The board has been reconstituted.

CMS Info System: Promoter Sion Investment Holdings, an affiliate of Baring Private Equity Asia, will offer to sell 4.17 crore shares, or a 26.67% stake in the company, at a floor price of Rs 360 apiece, representing a discount of 9.3% of the current market price.

Union Bank of India: The company raised Rs 3,000 crore at an issue price of Rs 135.65 per share. Morgan Stanley, Societe Generale, HDFC Life, BNP Paribas, SBI Life, and Sundaram MF are among the investors.

Religare Enterprises: Religare Finvest, a wholly owned subsidiary of the company, has cleared all its debts with external lenders, in turn resolving all legacy issues.

MCX: The company signed a MoU with Jakarta Futures Exchange for knowledge sharing and regional development.

Wipro: The IT major announced a joint private wireless solution with Nokia to help enterprises scale their digital transformation.

Andhra Cements: The promoter, Sagar Cements, has proposed to sell up to a 5% stake in the company via an offer for sale on Feb. 27.

Tanla Platforms: The company has launched its new product, Trubloq.AI, which leverages generative AI to elevate the trusted Trubloq experience. The company aims to make digital commerce easier for Indian SMBs with WhatsApp-based solutions.

Canara Bank: The public sector lender approved the stock split in the ratio of 1:5.

Grauer and Weil: The company had approved the bonus issue in the ratio of 1:1.

Zuari Agro Chemicals: The company has finalised the sale of land parcels in Goa to Zuari Infinity. The land spans 2,16,015 sq. metres, and the sale amount is Rs. 80 crore.

Jindal Steel and Power: The company announced the deployment of 10 electric buses and 27 electric SUVs at its Angul unit in Odisha, India.

Source: Moneycontrol, Bloomberg Quint, Investing 

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