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

Early trading on Tuesday saw gains in the stock indices of South Korea and Japan as U.S. Treasury yields decreased in response to a reduction in the borrowing ceiling for this quarter. Nikkei 225 was 157.59 points or 0.44% higher at 36,184.53, while the KOSPI was trading 22.54 points or 0.90% higher at 2,523.19 as of 6:23 a.m. Australian indices also saw increases. As of 6:24 a.m., the S&P ASX 200 was 42.80 points, or 0.56%, higher at 7,621.20. As of Monday, the Nasdaq 100 and S&P 500 index increased by 1.01% and 0.76%, respectively. There was a 0.59% rise in the Dow Jones Industrial Average.

Economic Calendar:

  • USD : JOLTs Job Openings (Dec) on 30th January, 2024
  • USD : ADP Nonfarm Employment Change (Jan) on 31st January, 2024
  • INR : RBI Monetary and Credit Information Review on 31st January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 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 29th January Chg. Chg.(%)
Nasdaq 15607.18 151.82 0.98
Dow 38333.45 224.02 0.59
FTSE 7632.74 -2.35 -0.03
CAC 7640.81 6.67 0.09
DAX 16941.71 -19.68 -0.12
Dow Fut.* 38330.02 -3.43 -0.01

Asian markets:

Particulars 30th January Chg. Chg.(%)
GIFT Nifty 21952.00 86.00 0.39
Nikkei 36113.83 86.89 0.24
Straits Times 3150.51 10.20 0.32
Hang Seng 15770.53 -306.71 -1.91
Shanghai 2869.22 -14.14 -0.49

ADR Watch:

Particulars 29th January  Chg.       Chg.(%)
Dr. Reddy 70.04 0.50 0.72
HDFC Bank 55.36 -1.25 -2.21
ICICI Bank 24.22 0.09 0.37
Infosys 20.17 -0.05 -0.25
Wipro 5.73 0.01 0.17

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.13 -0.01
Brent 82.16 0.40
Gold 2050.35 0.28
Silver 23.30 0.19

FIIs & DIIs:

Particulars 29th January 25th January
FIIs                          110.01 -2144.06
DIIs 3221.34 3474.89

News Update:

GAIL: The company inked a long-term LNG purchase agreement with Abu Dhabi National Oil for the purchase of 0.5 million metric tonnes per annum LNG.

KEC International: The RPG group company said that it has secured orders worth Rs 1,304 crore across various businesses.

Punjab National Bank: The bank approved raising funds up to Rs 7,500 crore in FY25 via qualified institutional placements, further public offers, or other modes. The shareholding of the government remains above 52%.

Ganesh Benzoplast: The company’s unit received an arbitrage award in its favor, against Indorama Synthetics. The unit will get a counterclaim of Rs 19.09 crore.

Lumax Technologies: Completed the acquisition of Lumax Ancillary on Jan. 25.

Krsnaa Diagnostics: The company received a contract from the Commissioner of Healthcare Services, Maharashtra, to provide MRI scan and CT scan services at 17 Districts in the state hospitals.

Somany Ceramics: The company’s unit started its commercial production of a greenfield manufacturing facility of large slab tile of approximately 4 million square meters per annum in Gujarat, with an investment of Rs 185 crore. The manufacturing facility has the potential to generate revenue of ~Rs 250 crore per annum on full capacity utilisation.

Shakti Pumps: The company received the sanction from the Madhya Pradesh Industrial Development Corporation for 46 acres of land situated at Indore. The company will use this land for future expansion.

Ramkrishna Forgings: The company provided a corporate guarantee up to an amount of Rs 50 crore for its unit JMT Auto.

Quick Heal Technologies: The company announced that its safe browser and safe banking feature has been certified as one of the safest for browsing and online banking by AV Lab Cybersecurity Foundation, Poland.

Sunteck Realty: The company will develop projects of gross development value of Rs 3,000 crore at Nepean Sea Road, Bandstand.

Indraprastha Gas: Life Insurance Corp. increased its stake in the company to 9.35% from 7.3%.

Bajaj Finance: The company approved raising the overall borrowing limit to Rs 3.75 lakh crore from Rs 2.25 lakh crore and approved investment of up to Rs 400 crore in Bajaj Financial Securities in one or more tranches.

Source: Moneycontrol, Bloomberg Quint, Investing 

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