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

As investors wait for statistics on China’s PMI and U.S. Personal Consumption Expenditure, as well as overnight losses on Wall Street, share indices in the Asia-Pacific region saw a decrease in early trade on Thursday. The preferred inflation indicator used by the Federal Reserve, the US PCE index, is expected to be released later today and could provide insight into the central bank’s future monetary policies. This Friday will see the release of China’s official PMI reading, which will shed more light on the country’s economy as it struggles to recover from the effects of the pandemic. On Wednesday, the Nasdaq Composite and S&P 500 Index both had declines of 0.55% and 0.17%, respectively. The decline in the Dow Jones Industrial Average was 0.06%.

Economic Calendar:

  • USD : Initial Jobless Claims on 29th February, 2024
  • USD : Manufacturing PMI (Feb) on 01st March, 2024
  • INR : GDP Quarterly (YoY) (Q3) on 29th February, 2024
  • INR : RBI Monetary and Credit Information Review on 29th February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

MACQUAIRE ON MARUTI: Neutral , TP Rs 10608; Analysis of entry level PVs indicates market-share loss for MSIL in Rs400-700k (base model price; hatchback + micro SUVs) price range. Near-term demand for small cars will remain tepid, given product price hike in last couple of yrs

JEFFERIES ON GRASIM: Buy, TP raised to Rs 2600; Came back +vely surprised seeing scale of launch & Co’s readiness for biz scaleup ahead. Mgmt guided for a Rs100bn gross rev and breakeven in 3 yrs for paints biz; Runrate trend on segment rev/profitability will be key

International Markets:

U.S & Europe:

Particulars 28th February Chg. Chg.(%)
Nasdaq 15938.55 -96.75 -0.60
Dow 38949.02 -23.39 -0.06
FTSE 7624.98 -58.04 -0.76
CAC 7954.39 5.99 0.08
DAX 17601.22 44.73 0.25
Dow Fut.* 38924.97 -24.05 -0.06

Asian markets:

Particulars 29th February Chg. Chg.(%)
GIFT Nifty 21933.00 48.50 0.22
Nikkei 38953.49 -254.54 -0.65
Straits Times 3140.47 1.54 0.05
Hang Seng 16663.59 126.74 0.77
Shanghai 3002.37 44.52 1.51

ADR Watch:

Particulars 28th February  Chg.       Chg.(%)
Dr. Reddy 77.14 0.31 0.40
HDFC Bank 53.14 -0.62 -1.15
ICICI Bank 25.32 -0.26 -1.00
Infosys 19.95 -0.04 -0.23
Wipro 6.17 -0.14 -2.14

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.90 0.00
Brent 82.02 -0.16
Gold 2044.75 0.10
Silver 22.72 0.37

FIIs & DIIs:

Particulars 28th February 27th February
FIIs                          -1879.23 -1509.16
DIIs 1827.45 2861.56

News Update:

Reliance Industries: The company will merge its media business with the Walt Disney India unit to create a Rs 70,352 crore joint venture. The company holds a 16.34% direct stake and 46.82% through Viacom 18. Disney will own a 36.84% stake.

UPL, Shriram Finance: The National Stock Exchange, after its periodic review, has decided to replace UPL with Shriram Finance in its Nifty 50 Index. The changes will be effective on March 28.

Coal India: The company signed a joint venture with BHEL for a coal-to-ammonium nitrate plant. The company will hold a 51% stake in the joint venture, while BHEL will hold a 49% stake in the JV.

NTPC: The company’s unit signed a joint venture agreement with Maharashtra State Power Generation Company for the development of renewable energy parks in the state of Maharashtra.

Punjab and Sind Bank: The board approved fundraising of up to Rs 2,000 crore in one or more tranches in any combination within 12 months.

PB Fintech: The Insurance Regulatory and Development Authority of India has granted a Certificate of Registration to the company’s unit, Policy Bazaar Insurance Brokers. With the grant of a new Certificate of Registration, the category has been changed from Direct Insurance Broker to Composite Insurance Broker.

Wipro: The company completed the migration of ManpowerGroup’s largest data centre in Europe to Microsoft Azure.

IIFL Securities: As part of the internal restructuring, the company’s unit has executed an agreement to sell its Alternate Investment Funds business by way of a slump sale to IIFL Securities Alternate Asset Management.

JSW Steel: The company incorporated JSW Green Steel as a wholly owned subsidiary in Mumbai.

Emami: The company made an investment of Rs 1.95 crore in Cannis Lupus Services to acquire a 30% stake.

KRBL: The company’s India Gate Basmati Rice eyes Rs 200 crore revenue with regional rice revolution.

Source: Moneycontrol, Bloomberg Quint, Investing 

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