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

Japan’s share indices saw early trading on Wednesday in the red as the nation’s industrial production, which had rebounded in December 2023, fell short of expectations. Asian share indices were negatively impacted by overnight declines in tech companies on Wall Street, which followed Microsoft and Alphabet’s earnings results. According to Bloomberg, Japan’s factory output grew 1.8% sequentially in December, less than the 2.5% gain analysts predicted in a Bloomberg survey.  As of Tuesday, the Nasdaq 100 and S&P 500 indexes had dropped by 0.68% and 0.06%, respectively. By 0.35%, the Dow Jones Industrial Average increased.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 31st January, 2024
  • USD : ADP Nonfarm Employment Change (Jan) on 31st January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st  January, 2024
  • INR : Indian Union Budget on 01st February, 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 30th January Chg. Chg.(%)
Nasdaq 15515.55 -112.49 -0.72
Dow 38467.31 133.86 0.35
FTSE 7666.31 33.57 0.44
CAC 7677.47 36.66 0.48
DAX 16972.34 30.63 0.18
Dow Fut.* 38503.33 36.02 0.09

Asian markets:

Particulars 31st January Chg. Chg.(%)
GIFT Nifty 21626.00 -3.00 -0.01
Nikkei 35876.96 -188.90 -0.53
Straits Times 3151.17 1.13 0.04
Hang Seng 15540.83 -162.62 -1.04
Shanghai 2811.44 -19.09 -0.67

ADR Watch:

Particulars 30th January  Chg.       Chg.(%)
Dr. Reddy 69.41 -0.63 -0.90
HDFC Bank 55.73 0.38 0.68
ICICI Bank 24.38 0.16 0.66
Infosys 19.95 -0.21 -1.07
Wipro 5.66 -0.08 -1.31

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.12 0.00
Brent 82.12 -0.46
Gold 2052.35 0.07
Silver 23.20 -0.09

FIIs & DIIs:

Particulars 30th January 29th January
FIIs                          -1970.52 110.01
DIIs 1002.70 3221.34

News Update:

Tata Consultancy Services: The IT major signed a new 15-year contract with Aviva Plc, expanding on its near-two-decade alliance to service millions of customers of the U.K.’s biggest insurer and pensions provider.

Bharti Airtel: The company announced that it has launched seven new, next-gen company-owned stores in the city of Ahmedabad.

Glenmark Pharmaceuticals: The pharma company collaborated with biotech subsidiary Ichnos Sciences to accelerate new drug discovery in cancer treatment.

Jubilant FoodWorks: The company announced that it has joined the Open Network for Digital Commerce network.

KPI Green Energy: The company’s unit received a new domestic order for a 5 MW solar plant under the captive power producer segment.

UTI AMC: The company approved the reappointment of Imtaiyazur Rahman as managing director and chief executive officer for two years, effective June 13.

Paras Defense and Space Technologies: The company signed a licencing agreement for the transfer of technology with the Instrument Research & Development Establishment and will acquire the technology of a remote control border defence system.

Ganesha Ecosphere: The company opened its QIP to raise Rs 350 crore. The floor price is Rs 995.06 apiece.

Mahindra & Mahindra Financial Services: The non-banking finance company has reported net profit of Rs 553 crore for the October–December period of FY24, falling 12 percent compared to the year-ago period. Net interest income grew by 10 percent YoY to Rs 1,815 crore, but net interest margin fell 60 basis points to 6.8 percent for the quarter.

Larsen & Toubro: The infrastructure major has recorded 15 percent on-year growth in consolidated net profit at Rs 2,947 crore for the quarter ended December FY24. Consolidated revenue from operations grew by 19 percent year-on-year to Rs 55,128 crore, driven by the ramp-up in execution of the strong order book in the projects and manufacturing portfolio, while EBITDA margin dropped 50 basis points to 10.4 percent for the quarter. L&T received orders worth Rs 75,990 crore at the group level during the quarter, rising 25 percent over a year-ago period aided by strong ordering momentum in the Middle East.

Source: Moneycontrol, Bloomberg Quint, Investing 

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