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

On Thursday, most Asian markets saw gains, and Australia’s equity indices were trading close to a two-year high. The Krospi was up 0.22% at 2,619.15, while the S&P/ASX 200 was up 0.44%, or 33.48 points, at 7,594.70. Japan’s stock indexes had a decline on Thursday; as of 06:14 a.m., the Nikkei was down 0.73% at 33,434.55. As of Wednesday, the Nasdaq 100 and S&P 500 indexes had increased by 0.17% and 0.14%, respectively. By 0.30%, the Dow Jones Industrial Average increased. At $79.65 per barrel, Brent crude was down 1.75% on the market. An ounce of gold was trading at $2,080.66, up 0.15%.

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 AARTI IND: OW, TP Rs 575; Co announced has secured a new, 9-yr, long-term supply contract for a niche agrochemical intermediate from a global agrochem major; Agrochemicals makes up one-third of Co’s revenue; Contract implies annual rev of $40mn; Assuming Aarti’s mid-cycle EBITDA margins of 18%, contract implies 3-4% accretion to EBITDA & 6-7% accretion to earnings over F2025-26.

International Markets:

U.S & Europe:

Particulars 27th December Chg. Chg.(%)
Nasdaq 15077.40 2.83 0.02
Dow 37656.52 111.19 0.30
FTSE 7724.95 27.44 0.36
CAC 7571.82 3.00 0.04
DAX 16742.07 35.89 0.21
Dow Fut.* 37714.17 57.65 0.15

Asian markets:

Particulars 28th  December Chg. Chg.(%)
GIFT Nifty 21740.00 70.00 0.32
Nikkei 33503.94 -177.30 -0.53
Straits Times 3222.33 51.57 1.63
Hang Seng 16875.05 250.21 1.51
Shanghai 2943.18 28.57 0.98

ADR Watch:

Particulars 27th December  Chg.       Chg.(%)
Dr. Reddy 68.15 0.87 1.29
HDFC Bank 67.02 0.30 0.45
ICICI Bank 24.02 0.14 0.59
Infosys 18.62 0.17 0.92
Wipro 5.57 0.06 1.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.27 0.02
Brent 79.63 0.11
Gold 2097.55 0.21
Silver 24.69 0.19

FIIs & DIIs:

Particulars 27th December 26th December
FIIs                          2926.05 -95.20
DIIs -192.01 167.04

News Update:

Housing and Urban Development Corp: The company executed a Memorandum of Understanding with the Gujarat government for an investment of up to Rs 14,500 crore for financing housing and urban infrastructure projects.

Power Finance Corp, Tata Power: PFC subsidiary Bikaner III Neemrana II Transmission has been transferred to Tata Power for Rs 18.60 crore and Neemrana Il Kotputli Transmission has been transferred to Sterlite Grid 32 for Rs 18.59 crore.

Power Grid Corp: The company has acquired Bikaner III Neemrana Transmission in Rajasthan under a tariff-based competitive bidding route for Rs 18.82 crore.

Exide Industries: The company has made an investment of Rs 40 crore in its arm, Exide Energy Solutions. The total investment in its arm now stands at Rs 1,820.01 crore.

GE Power India: The company received an order worth Rs 10.47 crore from NTPC to supply generator spares and received an order worth Rs 9.91 crore from Bokaro Power Supply Co. for the supply of spares.

Affle India: The company has approved to enter a non-binding Memorandum of Understanding to invest Rs 37.3 crore as cash consideration to acquire minority ownership in the travel social media app Explurger.

Kotak Mahindra Bank: The Reserve Bank of India has approved the appointment of CS Rajan, Independent Director, as the part-time chairman for a period of two years, effective Jan. 1, 2024.

Life Insurance Corp: The company appointed S. Sunder Krishnan as chief risk officer, effective Dec. 27.

Lupin: The pharma major announced that it has received approval from the USFDA for its abbreviated new drug application for Loteprednol Etabonate Ophthalmic Suspension.

Reliance Capital: The Competition Commission approved the proposed acquisition of the stake in Reliance Capital by IndusInd International Holdings, IIHL BFSI (India) and Aasia Enterprises LLP.

Canara Bank: The bank has approved the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Company, by way of an IPO.

Dabur India: The dissolution of the company’s subsidiary, Dabur Tunisia, is delayed till Dec. 31, 2024, as the response from the Reserve Bank and authorities in Tunisia on the matter is still awaited.

City Union Bank: The company opened four new branches on Dec. 27.

PTC Industries: The company and Nasmyth signed a Memorandum of Understanding for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally.

Source: Moneycontrol, Bloomberg Quint, Investing 

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