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

Stock futures for Australia, Japan, and Hong Kong are all lower on Wednesday, indicating a depressed mood. Following a downgrading of the United States by Fitch Ratings before to the opening of Asian markets, the benchmark S&P 500 stock index fell. S&P 500 and Nasdaq 100 futures declined 0.3% and 0.4%, respectively. Fitch’s decision to lower the US’s credit rating from AAA to AA+ after protracted political wrangling over the country’s borrowing and numerous deadlocks over lifting the debt ceiling. West Texas Intermediate was trading at about $82, while Brent crude was trading below $85 per barrel. The yield on a 10-year US bond was 4.01%, and the price of Bitcoin was below the 30,000 mark. The GIFT Nifty, a leading indication of the performance of the Nifty 50 Index in India, was down 33 points or 0.16% at 19,794.5 at 5:40 a.m.

Economic Calendar:

  • USD : ADP Nonfarm Employment Change (Jul) on 02nd Aug, 2023
  • USD : Initial Jobless Claims on 03rd Aug, 2023
  • INR : Nikkei Services PMI (Jul) on 03rd Aug, 2023
  • INR : FX Reserves, USD on 04th Aug, 2023

Brokerage Radar:

HSBC ON MARICO: Buy, TP Rs 610; 1Q domestic volume up 3% amid weak rural demand; value down 7% due to price cuts; international delivers 16% CC growth; Volumes to pick up in 2H; margin headwinds waning and Marico expects a gross margin expansion of 300-350bp in FY24e

MS ON NAVIN FLOURINE: OW, TP cut to Rs 4951; Co’s constructive outlook across specialty chem & contract manuf. in a tough global demand backdrop was a surprise; A balanced biz mix, still resilient agchem portfolio, new CDMO order wins & upside levers to vol/margins keep us OW

JEFFERIES ON CHOLA FIN: Buy, TP Rs 1350; Adj PAT Rs7bn (23% YoY), 9% below est. due to tad lower NII & higher prov. AUM rose 40% YoY; NIM fell 33bpsQoQ due to higher CoF(38bps QoQ) Board approved QIP of Rs40bn, can be 23% BV accretive if equity is issued at CMP

International Markets

U.S & Europe:

Particulars 01st August Chg. Chg.(%)
Nasdaq 14283.91 -62.11 -0.43
Dow 35630.68 71.15 0.20
FTSE 7666.27 -33.14 -0.43
CAC 7406.08 -91.70 -1.24
DAX 16240.40 -206.43 -1.27
Dow Fut.* 35526.30 -104.40 -0.29

Asian markets:

Particulars 02nd August Chg. Chg.(%)
GIFT Nifty 19748.00 -54.00 -0.27
Nikkei 32861.29 -615.29 -1.87
Straits Times 3348.17 -25.62 -0.76
Hang Seng 19661.97 -349.15 -1.74
Shanghai 3270.29 -20.66 -0.63

ADR Watch:

Particulars   01st August  Chg.       Chg.(%)
Dr. Reddy 69.28 0.60 0.87
HDFC Bank 67.55 -0.73 -1.07
ICICI Bank 24.50 -0.07 -0.28
Infosys 16.80 0.14 0.84
Wipro 4.93 0.04 0.82

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.40 0.12
Brent 85.70 0.93
Gold 1983.75 0.25
Silver 24.433 0.44

FIIs & DIIs:

Particulars 01st August 31st July
FIIs                          -92.85 -1023.91
DIIs 1035.69 1634.37

News Update:

DLF: The company’s promoter, Kushal Pal Singh, sold 1.44 crore shares, representing its entire 0.59% stake in the company. The shares were sold via bulk deal for Rs 504.21 apiece.

Zee Entertainment: The company said IDBI Bank has challenged NCLT’s order before NCLAT. NCLT had dismissed an application filed under Section 7 of IBC, 2016, by IDBI Bank against the company on May 19, 2023.

Hero MotoCorp: The Enforcement Directorate officials have visited two of the company’s offices in Delhi and Gurugram and also visited the residence of Executive Chairman Pawan Munjal.

Grasim Industries: The company has approved allotting 1,00,000 (7.35%) fully paid, unsecured, listed, rated, redeemable, non-convertible debentures, aggregating to Rs 1000 crore, on a private placement basis.

GE Power Grid: The company received a contract worth over Rs 444 crore from Gujarat State Electricity Corporation for design, engineering, manufacturing, supply, shop testing, packing, installation, commissioning, and PG testing of the FGD System. The order will be executed within 30 months.

Shree Renuka Sugars: The company agreed to issue guarantees to RBL Bank to repay Harvest and Transport (H&T) Operators loan of Rs 75 crore.

Genus Power Infrastructures: The company executed an engineering and procurement contract it signed with Hi-Print Infra and Gemstar Infra. The contract was for Advanced Metering Infrastructure Solutions services to be procured by Gemstar Infra and Hi-Print Infra and Gemstar Infra. The contract was for Advanced Metering Infrastructure Solutions services to be procured by Gemstar Infra and Hi-Print Infra.

Gujarat Ambuja Exports: The company approved a scheme of amalgamation between Mohit Agro Commodities Processing and Gujarat Ambuja Exports.

Syrma SGS Technology: The company approved the 51% acquisition of Johari Digital Healthcare for Rs 257.5 crore, which includes milestone-based deferred payments not exceeding Rs 28 crore. Axis Bank: Independent Director Manoj Kohli resigned. The resignation will take effect on Aug. 11

Source: Moneycontrol, Bloomberg Quint, Investing 

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