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

Asian markets were set for a mixed open on the last day of the quarter following a choppy session for U.S. equities as treasury yields soared on bets on further tightening by the Federal Reserve. A modest advance in the S&P 500 on Thursday came amid instability as traders adjusted their positions at the end of the quarter. On Thursday, banks led gains on the S&P 500 as the biggest lenders passed the Fed’s stress test, clearing the way for payouts. The Nasdaq 100 underperformed after soaring over 35% this year, buoyed by the artificial-intelligence hype. Meanwhile, Brent crude rose to $74 a barrel and West Texas Intermediate was trading below $70-mark. The yield on the 10-year U.S. bond was trading at 3.84%, whereas Bitcoin was above 30,000-level. At 5:24 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.11% or 22 points at 19,172.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Jun) on 03rd July, 2023
  • USD : Services PMI (Jun) on 06th July, 2023
  • INR : Federal Fiscal Deficit (May) on 30th June, 2023
  • INR : Infrastructure Output (YoY) (May) on 30th June, 2023

Brokerage Radar:

UBS ON BEL: Buy, TP raised to Rs 140; Well-armed for return accretive growth; On track for continued profitable growth; Credible mid-to long-term case for growth outperformance vs defence capex; Consistent investment to maintain competitive edge; HDD returns sustainable

CITI ON ZOMATO: Buy, TP Rs 84; Takeaways from Swiggy KPIs in Prosus earnings from Zomato perspective; a)underscore industry-wide nature of slowdown in food delivery biz from 2HCY22; b)confirm industry-wide aggressive push towards profitability; c) show Zomato is ahead on profitability

CLSA ON TATA MOTORS: Buy, TP raised to Rs 690; Strong execution & prudent cash management across businesses JLR retail vol continued to grow at a strong pace in May & Ebit margin likely to hit 6% in FY24; Raise consol. earnings forecasts by 11-18% for FY24-25

International Markets

U.S & Europe:

Particulars 29th June Chg. Chg.(%)
Nasdaq 13492.52 -138.09 -1.01
Dow 33727.43 -219.28 -0.65
FTSE 7471.69 -28.80 -0.39
CAC 7312.73 26.41 0.36
DAX 15946.72 -2.28 -0.01
Dow Fut.* 34122.50 0.10 0.00

Asian markets

Particulars 30th June Chg. Chg.(%)
SGX Nifty 19171.00 21.00 0.11
Nikkei 33058.99 -175.15 -0.53
Straits Times 3210.04 2.76 0.09
Hang Seng 18984.04 49.68 0.26
Shanghai 3199.40 17.02 0.53

ADR Watch:

Particulars 29th June  Chg.       Chg.(%)
Dr. Reddy 62.65 0.25 0.40
HDFC Bank 69.45 0.51 0.74
ICICI Bank 23.11 0.10 0.43
Infosys 15.90 0.15 0.95
Wipro 4.70 0.03 0.64

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.07 0.00
Brent 74.70 0.25
Gold 1916.00 -0.10
Silver 22.593 0.10

FIIs & DIIs:

Particulars 28th June 27th June
FIIs                          12350 2024.05
DIIs -1021.01 -1991.35

News Update:

Bharat Petroleum: The company’s board approved raising up to Rs 18,000 crore via rights issue.

PowerGrid: The company approved an aggregate investment of Rs 388.94 crore. It will invest in establishment of Telecom network for NTAMC at an estimated cost of Rs 164.38 crore, Western Region expansion scheme at an estimated cost of Rs 115.09 crore and ICT Augmentation at Navsari associated with integration of 7 GW RE power from Khavda RE park at an estimated cost of Rs 109.47.

Tata Communications: The company will acquire U.S. based Kaleyra at an aggregate cost of $100 million (Rs 820 crore). The company will be acquired with a gross debt of $224.9 million and net debt of $149.9 million in its books.

SBI Life Insurance: The company reappointed Mahesh Kumar Sharma as a Managing Director and CEO of the company.

HDFC: The company acquired 612 equity shares of Xanadu Realty, representing 5.46% of its paid-up equity share capital upon conversion of 938 compulsorily convertible debentures held by it in Xanadu. The shares are acquired at Rs. 4,08,501 apiece, aggregating to a total consideration of Rs.25 crore.

The Federal Bank: AP Hota will take charge as Part Time Chairman of the bank with effect from June 29, 2023 till Jan. 14, 2026 following the retirement of C Balagopal.

Zee Entertainment: The company has withdrawn its Expression of Interest in the resolution plan process for Reliance Broadcast Network.

Canara Bank: The bank approved Rs 7,500 crore by way of debt instruments.

Tata Chemicals: Life Insurance Corporation increased stake from 5.06% to 7.12%.

Dalmia Bharat: Dalmia Bharat Sugar and Industries demerges to form Dalmia Bharat Refractories.

Source: Moneycontrol, Bloomberg Quint, Investing 

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