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

As investors anticipated higher interest rates and soaring oil costs following the extension of crude’s one-year high, shares in Asia slumped. Japanese and New Zealand equity indices fell, while Australian stocks were unchanged after suffering losses earlier. Prior to their reopening on October 9, 2023, mainland Chinese markets will stop trading on Thursday. U.S. futures edged up after Wall Street closed Wednesday flat, failing to save a widely followed index of global shares from falling for the ninth time in a row, which would have been its longest losing streak in a decade. WTI Crude prices were above $94 while Brent Crude prices were trading above $97 per barrel. The yield on a 10-year US bond was 4.61%, and the price of Bitcoin fell below the 27,000 mark.

Economic Calendar:

  • USD : GDP (QoQ) (Q2) on 28th Sep, 2023
  • USD : Initial Jobless Claims on 28th Sep, 2023
  • INR : FX Reserves, USD on 29th Sep, 2023
  • INR : RBI Monetary and Credit Information Review on 29th Sep, 2023

Brokerage Radar:

JEFFERIES ON RIL: Buy, TP Rs 2975; Est. JioAirFiber could unlock $7-10bn rev opportunity; See Jio as well positioned to scale its FWA offering to 35m homes by Mar-26; Raise consol Ebitda est. by 1-2%

GS ON KPIT TECH: Buy, TP Rs 1270; Believe KPIT has a clear path of 20%+ annual organic topline growth opportunity & 28% to 30% annualized EPS growth opportunity over next 4 yrs

UBS ON CUMMINS: Sell, TP Rs 1350; Best phase of short cycle led earnings momentum behind; More players joining CPCB IV+ club; While constructive on domestic rev growth, remain cautious on exports & see increasing risk of earnings downgrades with more risk to margins

International Markets

 U.S & Europe:

Particulars 27th September Chg. Chg.(%)
Nasdaq 13092.85 29.24 0.22
Dow 33550.27 -68.61 0.00
FTSE 7593.22 -32.50 -0.43
CAC 7071.79 -2.23 -0.03
DAX 15217.45 -38.42 -0.25
Dow Fut.* 33534.99 -15.28 -0.05

Asian markets:

Particulars 28th September Chg. Chg.(%)
GIFT Nifty 19694.00 -19.00 -0.10
Nikkei 31813.01 -558.89 -1.76
Straits Times 3200.01 -0.02 0.00
Hang Seng 17454.97 -156.90 -0.89
Shanghai 3112.11 4.79 0.15

ADR Watch:

Particulars       27th September  Chg.       Chg.(%)
Dr. Reddy 65.76 -0.18 -0.27
HDFC Bank 58.44 0.23 0.40
ICICI Bank 22.81 0.07 0.31
Infosys 17.44 0.17 0.98
Wipro 4.95 0.07 1.43

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.08
Brent 94.97 0.65
Gold 1891.35 0.02
Silver 22.692 -0.14

FIIs & DIIs:

Particulars   27th September   26th September
FIIs                          -354.35 -693.47
DIIs 386.28 714.75

News Update:

Reliance Industries: Telecom unit Jio gained 39.1 lakh users in July vs. a net addition of 22.7 lakh users in June, as per TRAI data. The market share stands at 38.6%.

Infosys: The company launched Infosys Cobalt Airline Cloud, a first-of-its-kind industry cloud offering designed for commercial airlines to help them accelerate their digital transformation journey.

Bharti Airtel: The telecom major gained 15.2 lakh users in July vs. a net addition of 14.1 lakh users in June, as per TRAI data. The market share stands at 32.74%.

ONGC, Mangalore Refinery and Petrochemicals: ONGC signed a crude oil sales agreement with MPRL under which crude from its Mumbai High fields will be sold to MRPL till March 31, 2024. ONG also signed an MoU with NTPC Green Energy for national and overseas green energy projects.

Coal India: Trade unions have postponed a three-day strike to Oct. 12–14 in the company and its subsidiaries.

JSW Steel: The company acquired the remaining 50% stake in NSL Green Steel Recycling from National Steel Holding. NSL has become a wholly owned subsidiary.

Vedanta: The company will split its units into newly listed entities, reported Bloomberg, citing sources. The demerger will be announced in the coming days. Businesses including aluminium, oil and gas, iron, and steel will be listed as separate, pure-play entities as part of the move.

Tata Power: Subsidiary Tata Power Renewable Energy will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu, for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility.

Vodafone Idea: The company lost 13.2 lakh users in July vs. net lost 12.9 lakh users in June, as per TRAI data. The market share stands at 19.9%.

Info Edge: Unit Redstart Labs to invest $5,00,000 in U.S.-based insights-as-a-service platform Skyserve

SJVN: The company commenced the mechanical spinning of Unit-I of the 60 MW hydroelectric project at Mori, Uttarakhand.

NBCC: The company will sell 14.75 lakh sq. ft. of commercial build-up space in the World Trade Centre, New Delhi, for Rs 5,716 crore through e-auction.

Source: Moneycontrol, Bloomberg Quint, Investing 

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