Market View 2nd April 2024

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

Early on Tuesday, most Asia-Pacific markets saw gains as investors awaited employment statistics that would provide more clarity on the state of the US labor market. At 06:32 a.m., the Nikkei 225 index was trading 288.57 points, or 0.72%, higher at 40,091.66, while the S&P ASX 200 was up 4.30 points, or 0.054%, at 7,901.20. The largest bond market globally saw pressure, and gains in stocks were erased as positive U.S. industrial data supported the notion that the Federal Reserve will not be hastily lowering interest rates. As of Monday, the Nasdaq Composite and S&P 500 index both increased by 0.11% and 0.20%, respectively. There was a 0.60% decline in the Dow Jones Industrial Average. A barrel of Brent crude was trading 0.30% higher at $87.72.

Economic Calendar:

• USD : JOLTs Job Openings (Feb) on 02^nd April, 2024
• USD : Services PMI (Mar) on 03^rd April, 2024
• INR : Interest Rate Decision on 05^th April, 2024
• INR : FX Reserves, USD on 04^th April, 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:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Maruti Suzuki India: The company produced 1.63 lakh units of passenger vehicles for the month of March vs. 1.50 lakh units last year and total production volume was 1.67 lakh units vs. 1.54 lakh units.

Ashok Leyland: The company reported total domestic vehicle sales of 21,317 units vs. 22,885 units, down 7% YoY, and total domestic plus export vehicle sales of 22,866 vs. 23,926, down 4%.

Aditya Birla Fashion: The company plans to vertically demerge its Madura Fashion and Lifestyle business into a separate listed company.

Hero MotoCorp: The company recorded total sales at 4.9 lakh units vs. 5.19 lakh units YoY and motorcycle sales at 4.57 lakh units vs. 4.86 lakh units.

JTL Industries: The company reported its highest-ever annual sales volume of 3,41,846 MT vs. 2,40,316 MT in FY24, up 42.25%.

AU Small Finance Bank: The board of AU Small Finance Bank has announced the merger of Fincare Small Finance Bank with itself.

NMDC: The company reported 4.86 MT of production for the month of March 2024 vs. 5.6 MT in March 2023 and sales for the month of March stood at 3.96 MT vs. 4.84 MT in March 2023.

Infosys: The company received a tax demand order worth Rs 341 crore for FY20–21.

TVS Motor: The company reported total sales at 3.55 lakh units vs. 3.17 lakh units, up 12% YoY, and motorcycle sales at 1.72 lakh units, up 22%.

CSB Bank: The company reported total deposit as of March 31 at Rs 29,719 crore, up 21.27% YoY, and gross advances at Rs 24,574 crore, up 17.91%.

Bharat Dynamics: The company reported a turnover of Rs 2,350 crore for FY24 vs. Rs 2,489 crore for FY23. Its order book position stands at Rs 19,468 crore as of April 1.

IIFL Finance: The company received NSE approval to acquire shares aggregating up to Rs 284.4 crore of the bourse from FIH Mauritius Investments through off-market transfer.

Atul Auto: The company sold 3,128 vehicles for the month of March and reported total sales of 26,039 units for FY24, up 1.92%.

IREDA: The company’s loan was sanctioned as of March 31 at Rs 37,354 crore, up 14.63% YoY. Loan book outstanding as of March 31 was Rs 59,650 crore, up 26.71 YoY.

Source: Moneycontrol, Bloomberg Quint, Investing 

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