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

As a Federal Reserve official stated that there is no rush to lower interest rates, markets in the Asia-Pacific region saw a majority of losses in early trade on Wednesday. As of 6:30 a.m., the S&P ASX 200 was 23.90 points, or 0.31% lower at 7,639.10, and the Nikkei 225 was trading 28.10 points, or 0.1% lower, at 39,211.42. According to Bloomberg, Federal Reserve Governor Michelle Bowman stated that it is premature to start reducing interest rates and reaffirmed her belief that inflation will increase given the current level of interest rates.  As of Tuesday, the Nasdaq Composite and the S&P 500 Index had both increased by 0.37% and 0.17%, respectively. The decline in the Dow Jones Industrial Average was 0.28%.

Economic Calendar:

  • USD : GDP (QoQ) (Q4) on 28th February, 2024
  • USD : Initial Jobless Claims on 29th 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 27th February Chg. Chg.(%)
Nasdaq 16035.30 59.05 0.37
Dow 38972.41 -96.82 -0.25
FTSE 7683.02 -1.28 -0.02
CAC 7948.40 18.58 0.23
DAX 17556.49 133.26 0.76
Dow Fut.* 38961.59 -9.82 -0.03

Asian markets:

Particulars 28th February Chg. Chg.(%)
GIFT Nifty 22220.00 27.00 0.12
Nikkei 39191.99 -47.53 -0.12
Straits Times 3145.29 -12.03 -0.38
Hang Seng 16704.30 -86.50 -0.52
Shanghai 3014.39 -1.09 -0.04

ADR Watch:

Particulars 27th February  Chg.       Chg.(%)
Dr. Reddy 76.85 -0.24 -0.31
HDFC Bank 53.76 -0.07 -0.13
ICICI Bank 25.57 0.04 0.16
Infosys 20.00 0.01 0.05
Wipro 6.31 -0.01 -0.16

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.89 -0.02
Brent 82.34 -0.39
Gold 2039.85 -0.21
Silver 22.64 -0.53

FIIs & DIIs:

Particulars 27th February 26th February
FIIs                          -1509.16 -285.15
DIIs 2861.56 -5.33

News Update:

Vodafone Idea: The board has approved a fundraise plan of Rs 20,000 crore via equity as the debt-laden telecom operator keeps the hunt on for new investors and fund rollout of 5G. The promoters will also participate in the proposed equity raise.

Axis Bank: The Reserve Bank of India has approved the appointment of Munish Sharda as executive director and full-time director of the company.

Zee Entertainment Enterprises: The company has expanded the scope of its recently constituted independent advisory committee to include an investigation to review the allegations levelled by regulators and other parties.

Hindustan Zinc: The company incorporated a new subsidiary to explore, discover, develop and tap critical mineral resources. It will also participate in the auctioning of mining blocks containing critical minerals.

SJVN: The company’s unit bagged a 100 MW solar power project at a tariff of Rs 2.64 per unit through competitive tariff bidding conducted by Gujarat Urja Vikas Nigam. The power purchase agreement for the same has been signed with Gujarat Urja Vikas Nigam for 25 years. The cost of Developmnent for this project is Rs 642 crore.

GE T&D India: The company secured orders worth Rs 370 crore from Power Grid Corp. for the supply of 765 kV shunt reactors for various transmission system projects in India.

Indostar Capital Finance: The company will raise over Rs 450 crore by preferential allotment of warrants to Brookfield AMC and Florintree Tecserv. Brookfield to invest Rs 256.6 crore, and Florintree to invest Rs 200 crore in the company.

Mahindra and Mahindra: The company launched Thar Earth Edition starting at Rs 15.4 lakh.

Aether Industries: The company appointed James W. Ringer as Chief Technology Officer.

Titan: The company buys the remaining 0.36% stake in Caratlane for Rs 60.1 crore.

Tata Elxsi: The company and Telefónica collaborate to achieve true cloud-native infrastructure management, revolutionising the telecommunications landscape.

Source: Moneycontrol, Bloomberg Quint, Investing 

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