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

Most markets in Asia-Pacific rose Friday mirroring overnight gains on Wall Street after US GDP data came in line with estimates raising hopes for rate cuts. The Nikkei 225 was 380.14 points or 1% higher at 39,727.918, and the S&P ASX 200 was 30.00 points or 0.39% higher at 7,789.60.  US stocks rose after data showed America’s economic growth declined to 1.4% on year in January-March compared to 3.4% growth in the preceding quarter. This fuelled bets among traders that Federal Reserve may need to reduce rates this year to aid the economy.  Foreign portfolio investors recorded the second highest single-day buying of Indian equities so far in 2024 on Thursday.

Economic Calendar:

  • INR: Bank loan and Deposit growth on 28th June
  • INR : manufacturing PMI on 1st July 24
  • INR :  Parliament session 24th June, 2024 to 3rd July, 2024.

IPO Watch:

Company Open Close Price View
Viraj Iron & Steel 26th June 28th June 195-207 Apply
 

Brokerage Radar:

Jefferies maintains buy Reliance

Jio likely to deliver 18/26% revenue/PAT CAGR over FY24-27, Jio has raised tariffs by 13-25%, Cut Jio’s FY25-27 est by up to 3%.  Expect Jio to deliver 18/26% revenue/PAT CAGR over FY24-27.

Morgan Stanley overweight Avenue Supermart

Competitive intensity in online grocery space remains sharp, adding that for the first time, JioMart leads DMart Ready on product discounting.

Nomura on Cement

Current dynamics reminiscent of FY14-17; Ambuja and UltraTech to lead the pack in the cement sector,  aggressive expansion targets provide impetus for consolidation, Succession issue provides another reason for promoters to exit a non-stressed business

International Markets:

U.S & Europe:

Particulars 27th June Chg. Chg.(%)
Nasdaq 20133.50 94.00 0.47
Dow 39164.06 36.26 0.09
FTSE 8179.68 -45.65 -0.55
CAC 7530.72 -78.43 -1.03
DAX 18210.55 55.31 0.30
Dow Fut.* 39558.00 8.00 0.02

*As per 28th June.

Asian markets:

Particulars 28th June Chg. Chg.(%)
GIFT Nifty 24209.50 113.65 0.47
Nikkei 39727.91 386.37 0.98
Straits Times 3344.05 0.43 0.02
Hang Seng 17853.51 137.04 0.77
Shanghai 2972.50 26.65 0.90

Stocks strong on Chart:

Index F&O Cash
BHARTI ABB ISEC
HINDALCO BHEL ACE
INFY GRASIM EPACK
SBI TATA POWER EXICOM
TATAMOT PVR 360ONE
RELIANCE SIEMEN  

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.46 -0.14
Brent 86.78 +0.48
Gold 71560 -0.02
Silver 87032 -0.02

FIIs & DIIs:

Particulars 27th June 26th June
FIIs                          7658.77 -3535
DIIs -3605.93 5104

News Update:

Company

Reliance Reliance jio hikes tariffs between 12.5% to 25% on existing plans

BSE/NSE SEBI is open to review the weekly options derivative products if required to reduce speculative trading in the market

SAMHI HOT GTI Capital Alpha likely to sell 3% stake in Samhi Hotels via block deals

SBI State Bank of India: The bank raised Rs 10,000 crore via non-convertible long-term bonds.

BHEL The company has secured a Rs 13,300 crore contract to set up a 1,600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corp.

JSW INFRA JSW Ports will acquire 70.37% stake in logistics service provider Navkar Corp at Rs 95.61 per share, which has triggered a mandatory open offer for additional 26% stake at a price of Rs 105.32 per share. It also received letter of acceptance from Southern Railway for construction of multi-modal cargo terminal.

INDIA CEM Radhakishan Damani and associated entities sold 22.8% stake via open market operations.

HCL TECH Block deal of 0.46% Eq.worth ₹1,757 cr likely in HCLTech today

Source: Moneycontrol, Bloomberg Quint, Investing 

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