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

As investors began the final trading day of 2023 on Friday, the majority of markets in the Asia-Pacific area saw gains. As investors’ appetite for risk was diminished by a reduction in iron ore futures prices, markets in Japan and Australia saw a decline in their share indices. According to data released by the U.S. Labor Department, the number of individuals who applied for state unemployment benefits rose by 12,000 to 218,000 during the week ending December 23, up from an upwardly revised 205,000 during the week before. As of Thursday, the Nasdaq 100 fell 0.05% and the S&P 500 index increased by 0.04%. 0.14% more was added to the Dow Jones Industrial Average. At $78.39 per barrel, Brent crude was down 1.58% on the market. Gold was trading at $2,066.46, up 0.04%.

Economic Calendar:

  • USD : Manufacturing PMI (Dec) on 02nd January, 2024
  • USD : JOLTs Job Openings (Nov) on 03rd January, 2024
  • INR : FX Reserves, USD on 29th December, 2023
  • INR  : RBI Monetary and Credit Information Review on 29th December, 2023

Brokerage Radar:

MOSL ON GAIL: Buy Call, Target Rs 195; Re-rating On Cards Driven By A Sharp Improvement In RoE & FCF; Core Earnings Strong; Earnings Visibility Higher As Transmission Contribution Improves; Improving Demand, Lower Capacity Additions To Drive Petchem Turnaround; Expect ROE to improve to 15% in FY26 from 9.5% in FY23

Expect healthy FCF Generation Of Rs 4,560 Cr In FY26 Vs Rs 4,530 Cr In FY23

MS ON BANKS: CET-1 ratio for SBI is one of lowest & additional requirement is incrementally negative but manageable (given it is applicable from April-2025); HDFC Bank’s CET-1 ratio remains healthy, at 16.4%, & therefore, impact is immaterial

International Markets:

U.S & Europe:

Particulars 28th December Chg. Chg.(%)
Nasdaq 15077.40 2.83 0.02
Dow 37710.10 53.58 0.14
FTSE 7722.74 -2.21 -0.03
CAC 7535.16 -36.66 -0.48
DAX 16701.55 -40.52 -0.24
Dow Fut.* 37752.92 42.82 0.11

Asian markets:

Particulars 29th  December Chg. Chg.(%)
GIFT Nifty 21964.00 185.50 0.85
Nikkei 33539.62 -141.62 -0.42
Straits Times 3215.95 45.19 1.41
Hang Seng 17043.53 418.69 2.46
Shanghai 2954.70 40.09 1.36

ADR Watch:

Particulars 28th December  Chg.       Chg.(%)
Dr. Reddy 69.78 1.61 2.36
HDFC Bank 67.23 0.19 0.28
ICICI Bank 24.23 0.20 0.85
Infosys 18.56 -0.04 -0.22
Wipro 5.58 0.01 0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.15 -0.06
Brent 77.48 0.43
Gold 2077.90 -0.27
Silver 24.07 -1.23

FIIs & DIIs:

Particulars 28th December 27th December
FIIs                          4358.99 2926.05
DIIs 136.64 -192.01

News Update:

Punjab National Bank: The bank approved raising up to Rs 7,500 crore in one or more tranches during the next financial year.

Swan Energy: The company approved raising Rs 4,000 crore via multiple instruments.

RBL Bank: ICICI Prudential AMC and ICICI Prudential Life received RBI’s nod to acquire aggregate holdings of up to 9.95% in the two lenders.

Federal Bank, Equitas Small Finance Bank: The RBI approved ICICI Prudential Asset Management Company to acquire up to a 9.95% stake in the company.

Oil Marketing Companies: As per reports, state-run OMCs are likely to announce cuts in petrol and diesel prices.

ICICI Lombard General Insurance: The company received a Rs 1,728 crore demand from the GST Authority and a penalty of Rs 172 crore for the period July 2017 to March 2022. The company said it will file an appeal.

Thermax: The company has completed the transfer of lease hold rights to a vacant plot situated at MIDC Industrial Area Chinchwad, Pune, measuring 57482 sq. metres, for a consideration of Rs 135.66 crore.

Tata Coffee, Tata Consumer Products: The scheme of arrangement between Tata Coffee, Tata Consumer Products, and its wholly-owned subsidiary, TCPL Beverages and Foods, will be effective from Jan. 1, 2024. The scheme involves the demerger of Tata Coffee’s plantation business into TCPL Beverages & Foods and the merger of the remaining business with Tata Consumer Products.

D B Realty: The company approved providing a corporate guarantee of Rs 45 crore to Capri Global Capital in respect of the term loan facility granted by Capri Global Capital to the company’s subsidiary, Esteem Properties.

Aditya Birla Fashion and Retail: The company raised its stake in unit Finesse International Design to 63.5% from 58.7% for Rs 20 crore.

Info Edge India: The company will invest Rs 25 crore in Zwayam Digital, a wholly owned subsidiary.  

The Ramco Cements: The company has approved to acquire the shares of its arm, Ramco Industries, from Promoter Group Nalina Ramalakshmi for Rs 16 crore in one or more tranches.

UPL: The company incorporated a new subsidiary in Saudi Arabia for its chemical manufacturing business.

Source: Moneycontrol, Bloomberg Quint, Investing 

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