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

Early on Tuesday, the Asia-Pacific region’s markets saw gains as attention turned to China’s industrial profit statistics. As of 06:29 a.m., the S&P ASX 200 was trading 27.80 points, or 0.36% higher at 7,808.00, and the Nikkei 225 was trading 252.34 points, or 0.62% higher, at 40,650.37. As investors wait for the release of the Personal Consumption Expenditure report on Friday, U.S. stocks gave up gains in the last hour of trading, pushing the Dow Jones Industrial Average and S&P 500 into their third straight loss. The preferred inflation measure of the Federal Reserve will offer new insights into the future trajectory of the central bank’s interest rate policy. Tuesday saw decreases in the Dow Jones Industrial Average of 0.08% and the S&P 500 of 0.28%, respectively. The Nasdaq Composite saw a 0.42% decrease.

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 26th March Chg. Chg.(%)
Nasdaq 16315.70 -68.77 -0.42
Dow 39282.33 -31.31 -0.08
FTSE 7930.96 13.39 0.17
CAC 8184.75 33.15 0.41
DAX 18384.35 123.04 0.67
Dow Fut.* 39418.97 136.64 0.35

Asian markets:

Particulars 27th March Chg. Chg.(%)
GIFT Nifty 22059.50 -30.50 -0.14
Nikkei 40804.85 406.82 1.00
Straits Times 3257.19 23.86 0.74
Hang Seng 16519.69 -98.63 -0.59
Shanghai 3013.46 -18.02 -0.59

ADR Watch:

Particulars 26th March  Chg.       Chg.(%)
Dr. Reddy 72.80 -0.61 -0.83
HDFC Bank 54.53 0.01 0.02
ICICI Bank 25.90 0.03 0.12
Infosys 17.75 0.12 0.68
Wipro 5.66 -0.01 -0.18

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.34 0.00
Brent 84.93 -0.82
Gold 2177.90 0.03
Silver 24.55 -0.29

FIIs & DIIs:

Particulars 26th March 22nd March
FIIs                          10.13 -3309.76
DIIs 5024.36 3764.87

News Update:

CDSL: Standard Chartered plans to sell the entire stake of 7.18% via block deal. The floor price is set at Rs 1,672 per equity share.

Wipro: The company has transferred its entire shareholding by Wipro Holdings (UK) in Wipro Gulf LLC to Wipro IT Services UK Societas.

Titan: TCL Watches Switzerland AG ceased to be a wholly ownedsubsidiary after liquidation.

Sanofi India, Cipla: The two companies announced an exclusive distribution partnership to expand the reach of the CNS (Central Nervous System) portfolio in India. Cipla will distribute Sanofi India’s six CNS products.

Avenue Supermarts: The DMart owner opened three new stores at Karimnagar (Telangana), Narsingi, Hyderabad (Telangana) and Sachin, Surat (Gujarat). The total number of stores as of today stands at 357.

Piramal Enterprises: The company has invested Rs 2,000 crore in unit Piramal Capital & Housing Finance by way of subscription to rights issue.

IDFC: The company received an NCLT order to seek shareholders’ approval on May 17 regarding the scheme of amalgamation of IDFC Financial Holding into and with IDFC and IDFC with IDFC First Bank.

Power Grid Corp: The company successfully commissioned a capacity expansion project in the southern region.

Angel One: The company has set a floor price of Rs 2,555.01 apiece for its QIP.

Indian Hotels: The company infused $6.5 million as equity in its Netherlands-based wholly-owned arm, IHOCO BV.

Apollo Pipes: The company has completed the acquisition of 53.57% share capital and voting rights in KML on March 26, 2024, making it a subsidiary. The board reappointed Murugavel Janakiraman as Managing Director till March 31, 2026.

IIFL Finance: The NBF appointed Arun Kumar Purwar as chairman and an additional non-independent non-executive director effective April 1.

Pratap Snacks: Commercial production at its newly set-up unit situated at Khewat commenced.

Prism Johnson: The company will consider fundraising via bonds on March 29.

Wockhardt: The company raised Rs 480 crore via QIP at an issue price of Rs 517 apiece.

Source: Moneycontrol, Bloomberg Quint, Investing 

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