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

Asian markets are poised for a mixed open on Tuesday after U.S. stocks fell amid concern that the Federal Reserve and its peers around the world will push economies into recession. Futures for Hong Kong and Australian benchmarks pointed to gains while contracts for Japanese shares suggested a drop. On Monday, the Nasdaq 100 dropped 1.4%, sliding for a second day after suffering its worst week since March. Brent crude rose to $74 a barrel and West Texas Intermediate was trading around $69-mark. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was above 30,000-level. At 5:30 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.06% or 11 points at 18,715.

Economic Calendar:

  • USD : New Home Sales (May) on 27th June, 2023
  • USD : GDP (QoQ) (Q1) on 29th June, 2023
  • INR : Federal Fiscal Deficit (May) on 30th June, 2023
  • INR : Infrastructure Output (YoY) (May) on 30th June, 2023

Brokerage Radar:

MS ON BHARTI AIRTEL: OW, TP Rs 870; Airtel Business CEO Resigns (23 yrs with co); Although acknowledge that Chitkara’s departure will be significant; believe that there is a leadership team already in place to ensure biz continuity

strong>CLSA ON PB FIN: O-P, TP Rs 720; Core insurance biz – Protection picking up – high base for savings biz; Credit business – Can continues to remain strong; New initiatives – Don’t expect big change in profitability in near term; PB re-iterated their guidance of PAT breakeven in FY24F

NOMURA ON SBI CARDS: Downgrade to reduce, TP cut to Rs 700 from Rs 1030; Profitability to remain under pressure; Credit card industry growth moderating; SBI Cards continues to lose market share; Industry landscape changing with an increase in riskier consumer segments

International Markets

U.S & Europe:

Particulars 26th June Chg. Chg.(%)
Nasdaq 13492.52 -138.09 -1.01
Dow 33727.43 -219.28 -0.65
FTSE 7453.58 -8.29 -0.11
CAC 7184.35 20.93 0.29
DAX 15813.06 -16.88 -0.11
Dow Fut.* 33775.20 60.50 0.18

Asian markets

Particulars 27th June Chg. Chg.(%)
SGX Nifty 18729.50 25.50 0.14
Nikkei 32446.70 -252.11 -0.78
Straits Times 3205.36 15.68 0.49
Hang Seng 19006.98 212.85 1.13
Shanghai 3168.25 17.63 0.56

ADR Watch:

Particulars 26th June  Chg.       Chg.(%)
Dr. Reddy 61.44 0.44 0.72
HDFC Bank 68.14 -0.55 -0.80
ICICI Bank 22.70 -0.12 -0.53
Infosys 15.50 0.30 1.97
Wipro 4.63 0.06 1.31

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.97 -0.03
Brent 74.70 0.47
Gold 1938.20 0.23
Silver 22.992 0.73

FIIs & DIIs:

Particulars 26th June 23rd June
FIIs                          -409.43 -344.81
DIIs 250.12 -684.01

News Update:

ICICI Prudential Life Insurance: The company has received a GST show cause cum demand notice for Rs 492 crore. The matter “relates to an industry-wide issue of input tax credit,” and the company believes it has availed of eligible input GST credit in compliance. It has deposited Rs 190 crore without accepting any liability.

Tech Mahindra: The company’s unit LCC France has approved a proposal to divest its 49% holding in SARL Djazatech and its subsidiary EURL LCCUK Algerie. Tech Mahindra said there was no contribution in terms of turnover or net worth to the consolidated turnover or net worth of the Company for the year ended March 31, 2023.

Bharti Airtel: Airtel Business Chief Executive Officer Ajay Chitkara has resigned. He will continue with the company till the third week of August. Airtel Business will operate as three business and channel segments: global business, led by Vani Venkatesh; domestic business, led by Ganesh Lakshminarayanan; and Nxtra Data Centres, led by Ashish Arora.

State Bank of India: The lender has relieved Swaminathan Janakiraman, managing director on the Central Board of the Bank, from the position on June 26 to assume charge as Deputy Governor, Reserve Bank of India.

Aditya Birla Capital: The company fixed the floor price at Rs 175.99 per share for qualified institutional placements of shares. Aditya Birla Capital, in a shareholder’s meeting on June 24, approved to issue equity shares on a preferential basis for an aggregate amount up to Rs 1,250 crore.

Federal Bank: The lender has appointed Independent Director A. P. Hota as the part-time chairman with effect from June 29, 2023, till Jan. 14, 2026.

Axiscades Technologies: The company has completed the re-financing of its existing debt of Rs 210 crore, which it borrowed for the acquisition of Mistral Solutions. The refinancing will bring down the company’s interest costs by over 400 basis points

 Source: Moneycontrol, Bloomberg Quint, Investing 

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