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

Early on Monday, the markets in the Asia-Pacific area saw gains as traders anticipated the Federal Reserve’s rate decision, which was expected to be announced on Wednesday. As of 06:18 a.m., the S&P ASX 200 was trading 0.12% higher at 7,564.90.  As of 6:19 a.m., the Nikkei 225 was up 0.46% at 35,913.65. As of 6:20 a.m., the KOSPI was up 0.45% at 2,490. According to Bloomberg, Wall Street traders drove American stocks closer to yet another record high on expectations that the Federal Reserve would be able to implement a soft landing given that the country’s economy is still relatively robust and inflation is starting to decline. As of Friday, the Nasdaq 100 lost 0.55% while the S&P 500 index dropped by 0.07%. By 0.16%, the Dow Jones Industrial increased.

Economic Calendar:

  • USD : JOLTs Job Openings (Dec) on 30th January, 2024
  • USD : ADP Nonfarm Employment Change (Jan) on 31st January, 2024
  • INR : RBI Monetary and Credit Information Review on 31st January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Announces part prepayment of deferred liability for spectrum acquired in 2015 auctions; Believe this will be positive on an NPV basis over tenure of spectrum.; Assuming yield on cash of 6-7%, est. this prepayment could help earnings by 1% for F25

CITI ON AXIS BANK: Buy, TP Rs 1370; Deposit growth (at 4% QoQ) outpaced peers but was dominated by non-retail TDs (up 12% QoQ). Management signaled its focus on containing LDR & anchoring loan growth to deposit accretion. Amidst deposit challenges, tone down advances growth est.

CLSA ON REC: Buy, TP Rs 510; 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income; Loan growth of 21% YoY strong; Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower 36bp QoQ decline in GNPA is healthy

International Markets:

U.S & Europe:

Particulars 26th January Chg. Chg.(%)
Nasdaq 15446.48 -64.02 -0.41
Dow 38109.43 60.30 0.16
FTSE 7635.09 105.36 1.38
CAC 7634.14 169.94 2.23
DAX 16961.39 54.47 0.32
Dow Fut.* 38039.60 -69.83 -0.18

Asian markets:

Particulars 29th January Chg. Chg.(%)
GIFT Nifty 21649.00 296.50 1.39
Nikkei 36079.14 328.07 0.91
Straits Times 3163.47 3.94 0.12
Hang Seng 16128.02 175.79 1.10
Shanghai 2898.07 -12.15 -0.42

ADR Watch:

Particulars 26th January  Chg.       Chg.(%)
Dr. Reddy 69.58 0.11 0.16
HDFC Bank 56.60 0.17 0.30
ICICI Bank 24.14 0.01 0.06
Infosys 20.23 0.14 0.70
Wipro 5.73 -0.01 -0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.15 0.03
Brent 83.29 0.41
Gold 2043.70 0.37
Silver 23.02 0.66

FIIs & DIIs:

Particulars 25th January 24th January
FIIs                          -2144.06 -6934.93
DIIs 3474.89 6012.67

News Update:

HDFC Bank: Life Insurance Corp. has received the Reserve Bank of India’s nod for acquiring up to a 9.99% stake in HDFC Bank Ltd.

Adani Green Energy: The company raised Rs 2,337.5 crore via issuance of warrants. The warrants were allotted to Ardour Investment Holding on a private placement basis.

Adani Power:  The company entered into a Memorandum of Understanding to sell two wholly owned subsidiaries to AdaniConnex Pvt. for Rs 540 crore. The power major will sell a 100% stake in Aviceda Infra Park Ltd. for Rs 190 crore and Innovant Buildwell Pvt. for Rs 350 crore to AdaniConnex.

DLF: The company entered a pact with three lenders for the purchase of bonds with Rs 600 crore face value. It entered a pact with Standard Chartered Bank, DB International (Asia), Deutsche Investments India for a total consideration of Rs 825 crore.

Laurus Labs: The company will form a 49:51 joint venture with Slovenia’s Krka Pharma in Hyderabad.

Himatsingka Seide: The company’s board approved a fundraise of up to Rs 400 crore via qualified institutional placement in one or more tranches.

Coal India: The company emerged as the lowest bidder for 300 MW solar project in Khavda, Gujarat.

Strides Pharma: The Company’s Singapore unit received US FDA approval for Pregabalin capsules.

Shriram Finance:. The company approved a change in the list of key managerial personnel. Accordingly, five senior management personnel will cease to be designated as KMP with effect from Jan. 25, 2024. The company also declared a second interim dividend of Rs 10 per equity share of face value of Rs 10 each.

SJVN: The Company won the GUVNL auction for 100 MW Solar Project at Rs 2.54 per unit on a build-own and operate basis through a tariff based competitive bidding process of GUVNL Phase XXI.

Dhanlaxmi Bank: The bank received Reserve Bank of India’s nod for extending JK Shivan’s term as managing director and chief executive officer till his successor assumes office.

Source: Moneycontrol, Bloomberg Quint, Investing 

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