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

After U.S. economic statistics indicated slowing growth, Asian stocks are expected to follow Wall Street advances, strengthening the case that the Federal Reserve’s tightening cycle is about to come to an end. Hong Kong, Australia, and Japan all saw gains in their equity futures. Wednesday saw a fourth day of increases for the S&P 500, bringing this week’s gains to 2.5%. This week, the tech-heavy Nasdaq 100 has increased 3.5%. Investor attention in China is centered on official purchasing managers index data that is scheduled to be released on Thursday and is anticipated to reveal additional weakness in manufacturing and sluggish growth in services. West Texas Intermediate and Brent crude were both trading above the $81 per barrel barrier at the time. The yield on the 10-year U.S. bond was trading at 4.11% and Bitcoin was below 28,000-level. At 5:30 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 30 points or 0.15% at 19,479.

Economic Calendar:

  • USD : Initial Jobless Claims on 31st Aug, 2023
  • USD : Unemployment Rate (Aug) on 01st Sep, 2023
  • INR : RBI Monetary and Credit Information Review on 31st Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JPM ON MARUTI: Neutral,TP Rs 8800; Placing on +ve Catalyst Watch; see potential for stock to O-P as 1) Channel checks suggest wholesale vols should be strong & lead to market share improvement 2) Strong SUV mix which should lead to margin surprise in Sep-Qtr

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 30th August Chg. Chg.(%)
Nasdaq 14019.31 75.55 0.54
Dow 34890.24 37.57 0.11
FTSE 7473.67 8.68 0.12
CAC 7364.40 -9.03 -0.12
DAX 15891.93 -38.95 -0.25
Dow Fut.* 34970.96 80.72 0.23

Asian markets:

Particulars 31st August Chg. Chg.(%)
GIFT Nifty 19375.50 19.50 0.10
Nikkei 32517.23 183.77 0.57
Straits Times 3228.95 8.73 0.27
Hang Seng 18551.47 68.61 0.37
Shanghai 3128.25 -8.89 -0.28

ADR Watch:

Particulars       30th August  Chg.       Chg.(%)
Dr. Reddy 0.07 -1.01 -1.45
HDFC Bank 63.69 0.07 0.10
ICICI Bank 23.35 -0.28 -1.18
Infosys 17.55 0.13 0.75
Wipro 4.93 -0.06 -1.20

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.65 -0.24
Brent 85.14 -0.12
Gold 1972.45 -0.03
Silver 24.655 -0.32

FIIs & DIIs:

Particulars   30th August 29th August
FIIs                          -494.68 61.51
DIIs 1323.24 305.09

News Update:

Bharat Heavy Electricals: The company has secured an order for setting up 2×800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh through international competitive bidding. The deal entails designing, engineering, manufacture, supply, construction, erection, testing and commissioning with civil and structural works for the EPC project.

Rail Vikas Nigam: The company has emerged as the lowest bidder for various projects of Maharashtra Metro Rail Corporation. The total project cost is Rs 256.19 crore.

Ajanta Pharma: The drug maker has received the final approval from U.S. Food and Drug Administration to launch and market Topiramate Extended-Release Capsules of doses 25 mg, 50 mg, 100 mg and 200 mg. Topiramate is the generic version of Supernus Pharmaceuticals Inc’s Trokendi XR. Ajanta can launch Topiramate on Feb. 1, 2026 or earlier under certain circumstances.

DreamFolks Services: The airport service aggregator has entered into a partnership with one of the leading Visa service providers to offer premium lounges at Visa centers and Doorstep Visa services.

Gensol Engineering: The company received in-principle approval from NSE to issue 4.05 lakh equity shares at a price not less than Rs 1,480.08 to non-promoter on a preferential basis pursuant to share swap basis.

Andhra Paper: Andhra Pradesh Pollution Control Board has approved Consent to Operate (CTO) and Hazardous Waste Authorization (HWA) to include Precipitated Calcium Carbonate process to ensure efficient carbon capture and reuse which will reduce carbon emission. This process yields lower paper production cost and improves the paper opacity, bulk and brightness. There is no additional paper and pulp production capacity increase.

Mahindra Logistics: The company named Saurabh Taneja as chief financial officer with effect from Sept. 1.

Source: Moneycontrol, Bloomberg Quint, Investing 

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