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

As China’s biggest banks apparently prepare to drop interest rates and investors believe the Federal Reserve is about to finish its tightening campaign, Asian equity futures pointed to gains around the region on Wednesday. As a result of the news that Chinese state-owned lenders will lower interest rates on the majority of the country’s outstanding mortgages, contracts for stock benchmarks in Japan, Australia, and Hong Kong increased by approximately 0.7% and more than 1%, respectively. A measure of Chinese companies with U.S. listings increased 3.7%, bucking ongoing financial strain in the country’s real estate market. As the index closed just short of 4,500 on Tuesday, about 90% of the S&P 500 businesses had gains. A rally in megacaps like Tesla Inc. and Nvidia Corp. sent the Nasdaq 100 up more than 2%. Meanwhile, Brent crude was trading above $85 a barrel and West Texas Intermediate was above $81-mark. The yield on the 10-year U.S. bond was trading at 4.12% and Bitcoin was above 27,000-level. At 5:26 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 79 points or 0.41% at 19,425.5.

Economic Calendar:

  • USD : GDP (QoQ) (Q2) on 30th Aug, 2023
  • USD : Pending Home Sales (MoM) (Jul) on 30th Aug, 2023
  • INR : RBI Monetary and Credit Information Review on 31st Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JEFFERIES ON RIL: Buy, TP Rs 2950; Laid out succession plan with induction of next generation; Announced pan-India FWA launch in Sep-23; Retail is likely to induct new investors. Entry into wind energy for ROTC renewable supply came along expected lines

UBS ON PVR INOX: Buy, TP Rs 2150; Raising Q2FY24 estimates; Better-than-expected recent movie performance; Content pipeline remains healthy for mid-Oct festive season; Diversified content reducing cinema risks

MS ON SBI CARDS: OW TP Rs 1125; Industry spending growth was 25% YoY in July (vs. 26% in June); SBIC rose faster (+34% YoY) on YoY basis, but lost market share (-30bp MoM) as MoM growth was slower than industry; It also grew marginally slower MoM in cards in force, up 1.2% MoM

International Markets

U.S & Europe:

Particulars 29th August Chg. Chg.(%)
Nasdaq 13943.76 238.63 1.74
Dow 34852.67 292.69 0.85
FTSE 7464.99 126.41 1.69
CAC 7373.43 48.72 0.66
DAX 15930.88 138.27 0.87
Dow Fut.* 34905.04 52.37 0.15

Asian markets:

Particulars 30th August Chg. Chg.(%)
GIFT Nifty 19427.50 9.50 0.05
Nikkei 32529.72 302.75 0.93
Straits Times 32529.72 302.75 0.93
Hang Seng 18594.68 110.65 0.60
Shanghai 3137.24 1.35 0.04

ADR Watch:

Particulars       29th August  Chg.       Chg.(%)
Dr. Reddy 69.73 -0.59 -0.84
HDFC Bank 63.63 0.15 0.24
ICICI Bank 23.63 -0.05 -0.21
Infosys 17.41 0.08 0.46
Wipro 4.98 0.01 0.10

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.63 0.04
Brent 85.13 0.26
Gold 1964.75 -0.02
Silver 24.670 -0.48

FIIs & DIIs:

Particulars   29th August 28th August
FIIs                          61.51 -1393.25
DIIs 305.09 1264.01

News Update:

Zomato: SoftBank Group’s affiliate SVF Growth Singapore will sell a 1.17% stake in the company for at least Rs 940 crore. SVF Growth Singapore will sell 10 crore shares at a floor price of Rs 94 apiece, representing a 0.7% discount on Tuesday’s closing price.

MPS: Its subsidiary MPS Interactive Systems will acquire a 65% stake in Australia-based Liberate Group entities for AUD 9.32 million. The entities include Liberate Learning, Liberate eLearning, App-eLearn, and Liberate Learning (New Zealand). The remaining 35% shareholding will be acquired by MPSi in subsequent tranches.

ONGC: Company will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. It will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, the remaining would be used to achieve Scope-1 and 2 net zero carbon emissions.

Lupin: The drugmaker’s Canada unit launched Propranolol LA (long-acting) capsules in 60 mg, 80 mg, 120 mg, and 160 mg.

GR Infraprojects: Two wholly owned subsidiaries have executed a concession agreement with the National Highways Authority of India for two projects in Karnataka worth a total of Rs 1,457 crore.

SBFC Finance: The company reported a standalone net profit of Rs 47 crore for the quarter ended June. Net interest income stood at Rs 141 crore.

HCL Tech: The company announced an exclusive preferred professional services agreement with Cloud Software Group to help implement, upgrade, modernise, and provide services for all TIBCO products for enterprise customers across the globe.

IndiaMart: The company submitted a Letter of Offer for the buyback of 12.5 lakh shares of face value of Rs 10 each not exceeding Rs 500 crore by way of tender offer on a proportionate basis.

Source: Moneycontrol, Bloomberg Quint, Investing 

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