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

The majority of markets in the Asia-Pacific area dropped as worries about the US Federal Reserve’s hawkish comments about interest rates remaining higher for longer increased. As of 06:32 a.m., the KOSPI index was 4.36 points, or 0.16% lower at 2,750.75, and the Nikkei 225 was trading 342.60 points, or 0.84% lower, at 40,420.13. Unlike its counterparts, the S&P ASX 200 made a new high in early trading, closing at 7,898.50, up 78.90 points, or 1.01%, at 06:33 a.m. According to Fed Governor Christopher Waller, there is currently no rush to lower interest rates. The S&P 500 index and Nasdaq Composite ended 0.86% and 0.51% up respectively. The Dow Jones Industrial Average 1.22% higher.

Economic Calendar:

  • USD : Initial Jobless Claims on 28th March, 2024
  • USD : GDP (QoQ) (Q4) on 28th March, 2024
  • INR : Current Account (USD) on 28th March, 2024
  • INR : Foreign Debt (USD) on 28th March, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 27th March Chg. Chg.(%)
Nasdaq 16399.52 83.82 0.51
Dow 39760.08 477.75 1.22
FTSE 7931.98 1.02 0.01
CAC 8204.81 20.06 0.24
DAX 18477.09 92.74 0.50
Dow Fut.* 39746.39 -13.69 -0.03

Asian markets:

Particulars 28th March Chg. Chg.(%)
GIFT Nifty 22175.50 -38.50 -0.17
Nikkei 40283.44 -479.29 -1.19
Straits Times 3246.03 -5.68 -0.17
Hang Seng 16549.59 156.75 0.95
Shanghai 3016.48 23.34 0.77

ADR Watch:

Particulars 27th March  Chg.       Chg.(%)
Dr. Reddy 72.31 -0.49 -0.67
HDFC Bank 55.65 1.12 2.05
ICICI Bank 25.97 0.07 0.27
Infosys 17.79 0.04 0.23
Wipro 5.70 0.04 0.23

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.33 -0.04
Brent 85.94 0.62
Gold 2215.20 0.11
Silver 24.79 0.15

FIIs & DIIs:

Particulars 27th March 26th March
FIIs                          2170.32 10.13
DIIs 1197.61 5024.36

News Update:

UltraTech Cement: During the course of its capacity expansion programmes, the company identified opportunities for debottlenecking across various locations, including its wholly-owned subsidiary. Some of these have since been completed and stabilised, resulting in an additional production capacity of 2.4 mtpa. The total domestic grey cement manufacturing capacity stands at 140.8 mtpa. It will acquire a 26% stake in O2 Renewable Energy for Rs 15.7 crore.

Bharat Heavy Electricals: The company has received an order worth Rs 4,000 crore from Adani Power for setting up a thermal power plant in Chhattisgarh.

NHPC: The board approved plans to borrow Rs 6,100 crore from the market in tranches for FY25. It also gave in-principle approval for the closure of Loktak Downstream Hydroelectric in Manipur, subject to government approval.

Dr Reddy’s Labs: The drugmaker entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute the SHIPL vaccine brands, including well-established paediatric and adult vaccines, in India.

LIC: The insurer has filed appeals before tax authorities in Ahmedabad and Bangalore on certain GST demands.

Tata Elxsi: The company and Dräger, a global leader in medical and safety technology, have announced a collaboration to advance critical care innovation in India.

GOCL Corp: The company entered into an MoU with Squarespace lnfra City, Hyderabad for the monetisation of approx. 264.50 acres of land situated at Kukatpally, Hyderabad.

Texmaco Rail & Engineering: The company’s Rs 250-crore QIP saw the participation of Samena Capital, Abu Dhabi Investment Authority, Societe Generale, and Mahindra Manulife Mutual Fund.

Balmer Lawrie & Company: The company will set up a free trade warehousing zone in the Special Economic Zone of Jawaharlal Nehru Port Authority near Mumbai on a land parcel of approximately 15 acres and invest Rs 230 crore.

REC: The company approved a Rs 1.6 lakh crore market borrowing plan for FY25 through different instruments.

Zydus Lifesciences: The USFDA conducted an inspection at the SEZ Onco Injectable Manufacturing Plant in Ahmedabad, which closed with four observations.

Cyient: The company announced a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer, on the detailed design for manufacturing of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

Source: Moneycontrol, Bloomberg Quint, Investing 

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