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

The Asia-Pacific region’s markets are expected to open the year’s first trading session quietly. Australia’s share indices saw a slight increase, with the benchmark S&P ASX 200 closing at 7,623.60, up 0.44%. Japan’s markets will be closed through January 4. Japan’s east coast was rocked by a huge earthquake that caused a significant tsunami. In the accident, six persons perished. As of 06:36 a.m., the GIFT Nifty was down 0.02% at 21,870. Following both indices’ record highs on Monday, market players engaged in profit-booking, with minimal movement in India’s key indices by the conclusion of the first day of 2024.

Economic Calendar:

  • USD : Manufacturing PMI (Dec) on 02nd January, 2024
  • USD : JOLTs Job Openings (Nov) on 03rd January, 2024
  • INR : Nikkei S&P Global Manufacturing PMI (Dec) on 03rd January, 2024
  • INR : FX Reserves, USD on 05th January, 2024

Brokerage Radar:

MOSL ON DALMIA: Buy Call, Target Rs 2,800; Top Pick For 2024; Ambitious Growth Plans, Execution In Focus; Optimistic About Co’s Long-Term Outlook; Co Plans To Increase Capacity To 110-130 Mtpa At A 14-17% CAGR By 2031; Strong B/S With Target To Maintain A Net Debt-To-EBITDA Ratio Of Less Than 2x

JEFFERIES ON CEMENT SECTOR: Cement Px Decline In All Regions In Dec-23 In Range Of 1-2%; Q3FY24 Growth Pegged At 3% QoQ Which Is In-line With Initial Expectations; For Q3, Highest Growth In South, & Flat To 3% In Other Regions

Demand Trend Mixed In Dec After Sub-10% YoY Growth Seen In Combined Oct-Nov-23; Many Dealers Expect Px To Improve From 3rd Week Of Jan; Easing Energy Costs Is Positive For Sector.

International Markets:

U.S & Europe:

Particulars 01st January Chg. Chg.(%)
Nasdaq 15026.49 -68.64 -0.45
Dow 37689.54 -20.56 -0.05
FTSE 7733.24 10.50 0.14
CAC 7543.18 8.02 0.11
DAX 16751.64 50.09 0.30
Dow Fut.* 37722.77 33.23 0.09

Asian markets:

Particulars 02nd January Chg. Chg.(%)
GIFT Nifty 21848.00 3.00 0.01
Nikkei 33464.17 -75.45 -0.23
Straits Times 3230.56 -9.71 -0.30
Hang Seng 16773.34 -274.05 -1.61
Shanghai 2967.01 -7.92 -0.27

ADR Watch:

Particulars 01st January  Chg.       Chg.(%)
Dr. Reddy 69.59 -0.18 -0.26
HDFC Bank 67.11 -0.11 -0.16
ICICI Bank 23.84 -0.38 -1.57
Infosys 18.38 -0.18 -0.97
Wipro 5.57 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.27 0.05
Brent 78.43 1.80
Gold 2078.00 0.30
Silver 24.15 0.24

FIIs & DIIs:

Particulars 01st January 29th December
FIIs                          410.46 554.39
DIIs -855.80 1459.12

News Update:

Life Insurance Corp.: The company increased its stake in Asian Paints from 4.995% to 5%. It also received a demand order cum penalty notice worth Rs 806.3 crore from Maharashtra tax authorities. The company will file an appeal before the Commissioner of Appeals, Mumbai, against the demand order.

Hindustan Unilever: The company received a GST demand notice from five different states amounting to nearly Rs 450 crore.

Gensol Engineering: The company approved raising funds up to Rs 300 crore via qualified institutional placement.

SJVN: The company has received approval from the Department of Investment and Public Asset Management to set up four joint venture companies with the Ministry of Power.

Coal India: The company recorded coal production at 71.9 MMT, up 8.2% YoY for December month and coal production at 531.9 MMT, up 11% YoY for 9 months.

Bharat Heavy Electricals: That company has clarified that it still has not bagged the order worth Rs 19,400 crore from NLC India.

Tata Motors: The carmaker reported December passenger vehicle sales at 1.38 lakh units, up 5% YoY; commercial vehicle sales at 34,180 units, up 1% YoY; and domestic sales at 76,138 units, up 4.3% YoY.

TVS Motor: The company recorded December vehicle sales at 3.02 lakh units, up 25% YoY; two-wheeler sales at 2.9 lakh units, up 27% YoY; and three-wheeler sales at 11,834 units, down 17.5% YoY. The company’s motorcycle sales were at 1.48 lakh units, up 19% YoY and electronic vehicle sales were at 11,232 units, up 1.5% YoY.

Eicher Motors: The company recorded December motorcycle sales at 63,387 units, down 7% YoY and motorcycle exports at 6,096 units, down 29% YoY.

Nestle India: The company received a GST demand order of Rs 46 crore. The company will challenge the order.

APL Apollo Tubes: The company recorded Q3 total sales volume at 6.04 lakh tonnes, down 11% QoQ.

Power Grid Corp: The company appointed Ravindra Kumar Tyagi as the chairman and managing director. It also received a letter of intent for a 20 GW inter-state transmission system in Rajasthan.

UltraTech Cement: The company reported Q3 total sales volume at 26.06 MT, up 2% QoQ.

Source: Moneycontrol, Bloomberg Quint, Investing 

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