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

Following Wall Street’s overnight advances, the Japanese and Australian markets saw a rise in early trading on Friday as investors awaited the release of the U.S. Non-Farm Payroll data, which is scheduled for later today. At 6:38 a.m., the Nikkei 225 was up 201.85 points, or 0.56%, at 36,213.31, while the S&P ASX 200 was up 82.00 points, or 1.08%, at 7,670.20. Bonds rose as U.S. equities pared a large tech-led surge, with traders assessing conflicting economic data ahead of Friday’s jobs report. On Thursday, the Nasdaq 100 and S&P 500 Index increased by 1.21% and 1.25%, respectively. By 0.97%, the Dow Jones Industrial Average increased. At $78.70 per barrel, Brent crude was down 2.30% on the market.

Economic Calendar:

  • USD : Unemployment Rate (Jan) on 02nd February, 2024
  • USD : Services PMI (Jan) on 05th February, 2024
  • INR : FX Reserves, USD on 02nd February, 2024
  • INR : Interest Rate Decision on 08th February, 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 01st February Chg. Chg.(%)
Nasdaq 15358.46 194.45 1.28
Dow 38519.84 369.54 0.97
FTSE 7622.16 -8.41 -0.11
CAC 7588.75 -68.00 -0.90
DAX 16859.04 -44.72 -0.27
Dow Fut.* 38540.62 20.78 0.05

Asian markets:

Particulars 02nd February Chg. Chg.(%)
GIFT Nifty 21908.50 169.50 0.78
Nikkei 36370.68 359.22 0.99
Straits Times 3185.60 42.54 1.34
Hang Seng 15809.31 243.10 1.56
Shanghai 2770.70 -0.04 0.00

ADR Watch:

Particulars 01st February  Chg.       Chg.(%)
Dr. Reddy 72.38 0.43 0.60
HDFC Bank 56.66 1.17 2.11
ICICI Bank 25.09 0.69 2.83
Infosys 20.19 0.33 1.66
Wipro 5.70 0.04 0.71

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.94 -0.02
Brent 79.25 0.70
Gold 2071.60 0.02
Silver 23.25 0.05

FIIs & DIIs:

Particulars 01st February 31st January
FIIs                          -1879.58 1660.72
DIIs 872.49 2542.93

News Update:

FSN E-Commerce Ventures: The company will invest $2.5 million into Nysaa Beauty LLC for operational support.

TVS Motor: The company reported January sales at 3.39 lakh units, up 23% year-on-year, and motorcycle sales at 1.55 lakh units, up 29% year-on-year. The company’s EV sales stood at 16,276 units, up 34% YoY and total exports at 69,343 units, up 22% year-on-year.

Hero MotoCorp: The company reported total sales at 4.33 lakh units, up 22% year-on-year, and exports at 12,664 units, up 75% year-on-year for January. The company’s motorcycle sales stood at 4.02 lakh units, up 21% YoY.

NMDC: The company reported sales at 4.56 MT up 19% year-on-year and production at 4.54 MT up 8.1% year-on-year for January.

Prime Focus: The company approved raising up to Rs 4,000 crore through a rights issue at the issue price of Rs 90 per share.

HMA Agro Industries: Wajid Ahmed resigned from the post of managing director with immediate effect.

Mahanagar Gas: The company acquired a 100% stake in Unison Enviro for Rs 562 crore.

Dixon Technologies: Nirupam Sahay resigned from the position of president and chief operating officer with immediate effect.

Mazagon Dock Shipbuilders: The company said Sanjeev Singhal has been given the additional charge of the post of Chairman and Managing Director of the company for one month, with effect from February 2024. Sanjeev Singhal is currently the Director (Finance) of the company.

Eicher Motors: Royal Enfield sold 76,187 motorcycles in January this year, rising 2 percent over the 74,746 units sold in the same month last year. However, export sales dropped 20 percent YoY to 5,631 motorcycles during the month.

Source: Moneycontrol, Bloomberg Quint, Investing 

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