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

Shares in Asia advanced following gains in U.S. stocks and bonds as the Federal Reserve held interest rates unchanged, bolstering hopes the rate-hiking cycle may be over. Australian, South Korean and Japanese shares opened higher and equity futures for Hong Kong benchmark rose. The S&P 500 rose 1.1% on Wednesday. The advance placed the U.S. index on track for its best week since March while the tech-heavy Nasdaq 100 benchmark rallied 1.8%. U.S. equity futures edged higher in early Asian trading. Fed Chair Jerome Powell left the door open for further hikes in the central bank’s Wednesday decision, but noted that financial conditions have “tightened significantly in recent months driven by higher, longer—term bond yields, among other factors”. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.71% and Bitcoin was above 35,000-level. Brent crude was trading below $84 a barrel, was below $81-mark. At 5:45 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,246.5.

Economic Calendar:

  • USD: CB Consumer Confidence (Oct) on 31st October, 2023
  • USD: ISM Manufacturing PMI (Oct) on 1st November, 2023
  • INR: Infrastructure Output (YoY) (Sep) , USD on 31st October, 2023
  • INR: RBI Monetary and Credit Information Review on 31st October, 2023

Brokerage Radar:

CITI In LIC Hsg.: Buy, TP Raised to Rs 535 from Rs 490 NIM at >3%, RoA at 1.7%, Growth Muted Earnings beat once again in 2Q was buoyed by NIM sustaining at >3% leading to a PPOP beat of 15%. Credit cost was also well contained at ~60bps, despite technical write-offs of Rs9.25bn.

Britannia Review MS: OW, TP Rs 5013 Rev, EBITDA & adjusted PAT growth of 1%, 23% & 19% YoY, respectively, -6%, +8% & +6% vs. est. Revenue was up 10% on 4-yr CAGR basis Gross margin expanded 373bps YoY and 73bps QoQ to 42.1% (MSe 41%)

MS on Navin Fluor: OW, TP Rs 4951 NAFL earnings highlighted uncertainty around demand amid multiple offtake deferrals and unplanned outages. Despite better offtake expected in second half, a full recovery in volume deferred appears challenging.

International Markets

 U.S & Europe:

Particulars 1st November Chg. Chg.(%)
Nasdaq 13061.47 210.23 1.64
Dow 33274.58 221.71 0.67
FTSE 7342.43 20.71 0.28
CAC 6932.63 46.98 0.68
DAX 14923.27 112.93 0.76
Dow Fut.* 33290.22 15.64 0.05

Asian markets:

Particulars 2nd November Chg. Chg.(%)
GIFT Nifty 19207.00 156.00 0.82
Nikkei 31954.48 352.83 1.10
Straits Times 3088.57 11.80 0.38
Hang Seng 17329.75 227.97 1.33
Shanghai 3023.52 0.44 0.01

ADR Watch:

Particulars       1st November  Chg.       Chg.(%)
Dr. Reddy 65.50 0.37 0.57
HDFC Bank 56.54 -0.01 -0.02
ICICI Bank 22.27 0.08 0.36
Infosys 16.40 -0.02 -0.12
Wipro 4.54 -0.01 -0.22

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.04
Brent 85.47 0.99
Gold 1991.70 0.21
Silver 23.095 1.34

FIIs & DIIs:

Particulars   1st November     31st October
FIIs                          -1,816.91 -696.02
DIIs 1,622.05 340.25

News Update:

Maruti Suzuki India: The company received a show cause notice from Agra’s Legal Metrology Department for not mentioning MRP on the listed products available for sale on the company’s website.

ICICI Bank: The bank opened a branch at the Domestic Tariff Area in Gift City.

Murugappa Group companies: The Murugappa family arrangement is now effective. No listed company forming part of the Murugappa Group is a party to the family arrangement.

Indian Oil: SEBI has introduced a common online dispute resolution portal to facilitate the online resolution of all kinds of disputes arising in the Indian Securities Market for the members of the company.

ONGC: Sanjay Verma, Executive Director, Chief Well Services, superannuated his position. Birendra Kishore Das was appointed to the position on Nov. 1.

Adani Enterprises: Unit AMG Media Networks has executed a share-purchase agreement for the acquisition of the remaining 51% stake in Quintillion Business Media.

Tata Steel: The company will issue 67 shares of Tata Steel for every 10 shares held in Tata Steel Long Products following the amalgamation. It also approved the Scheme of Amalgamation of Bhubaneshwar Power, a wholly owned subsidiary, into and with its parent company.

Inox Wind: The company allotted preference shares worth Rs 400 crore to Inox Wind Energy on a private placement basis.

Source: Moneycontrol, Bloomberg Quint, Investing 

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