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

Asian equity futures pointed to gains across the region when markets open on Monday following a rally on Wall Street on Friday. Contracts for Japan and Hong Kong rose at least 1% while those for Australia edged up 0.3%. Megacaps led gains in U.S. shares on Friday, with the Nasdaq 100 climbing almost 2% and the S&P 500 advancing 1%. Meta Platforms Inc. and Tesla Inc. each climbed more than 4%, while Intel Corp. rallied about 6.5% on a bullish sales forecast. Bond yields fell. Meanwhile, Brent crude was below $85 a barrel and West Texas Intermediate was around the $80-mark. The yield on the 10-year U.S. bond was trading at 3.96% and Bitcoin was below 30,000-level. At 5:40 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 65 points or 0.33% at 19,798.

Economic Calendar:

  • USD : JOLTs Job Openings (Jun) on 01st Aug, 2023
  • USD : ISM Manufacturing PMI (Jul) on 01st Aug, 2023
  • INR : RBI Monetary and Credit Information Review on 31st July, 2023
  • INR : Infrastructure Output (YoY) on 31st July, 2023

Brokerage Radar:

MS ON SBI CARDS: OW, TP Rs 1155; NIM flat QoQ, despite a sharp rise in cost of funds, as earning assets grew strongly; Credit costs high as guided by SBIC; While sensed concerns around asset quality on call, think EPS growth should inflect from F2Q

CLSA ON NTPC: Buy, TP Rs 240; 1Q demonstrate improved quality in operations & financials, with a massive 609bp rise in availability of its coal plants driving rec. PAT up 12% YoY. Expect NTPC to expand its regulated equity 22%, driving its ROE up 180bps over FY23-25CL

JEFFERIES ON PIRAMAL ENT: Downgrade to U-P, TP cut to Rs 920; PBT (ex one offs) well below due to lower NII. NII fell 26% QoQ; Fall in stress book, stabilizing provns & planned buyback are +ves, but seem priced; At 0.85x FY24E BV, risk reward seems -ve given

International Markets

U.S & Europe:

Particulars 28th July Chg. Chg.(%)
Nasdaq 14316.66 266.55 1.90
Dow 35459.29 176.57 0.50
FTSE 7694.27 1.51 0.02
CAC 7476.47 11.23 0.15
DAX 16469.75 63.72 0.39
Dow Fut.* 35405.50 -53.80 -0.15

Asian markets:

Particulars 31st July Chg. Chg.(%)
GIFT Nifty 19787.00 -3.00 -0.02
Nikkei 33260.30 501.07 1.53
Straits Times 3376.66 5.49 0.16
Hang Seng 20312.71 396.15 1.99
Shanghai 3308.06 32.13 0.98

ADR Watch:

Particulars   28th July  Chg.       Chg.(%)
Dr. Reddy 68.81 1.36 2.02
HDFC Bank 68.09 -0.18 -0.26
ICICI Bank 24.39 0.22 0.91
Infosys 16.46 -0.17 -1.02
Wipro 4.84 -0.03 -0.62

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.25 -0.01
Brent 84.14 -0.32
Gold 1995.35 -0.23
Silver 24.448 -0.19

FIIs & DIIs:

Particulars 28th July 27th July
FIIs                          -1023.91 -3979.44
DIIs 1634.37 2528.15

News Update:

Hero Motocorp: The two-wheeler maker will close Harley-Davidson X440 online bookings on August 3. Production will start in September, and deliveries will commence in October.

Gland Pharma: The drugmaker got zero observations and a ‘No Action Indicated’ classification from a U.S. FDA inspection at its Visakhapatnam Sterile Oncology facility.

Power Grid Corporation: The company won bids for two inter-state transmission projects on a build, Own, operate, and Transfer basis in Rajasthan and Andhra Pradesh. Company will also raise up to Rs 5,700 crore in FY24 in multiple tranches by selling bonds of up to Rs 1,900 crore in the first tranche. Base size of the first tranche at Rs 500 crore, with a green shoe option of Rs 1,400 crore.

Fino Payments Bank: The board approved a proposal for transitioning to a small finance bank. The approval is subject to fulfilling all regulatory requirements for the transition. The holding company Fino Paytech Ltd. proposed a corporate restructuring proposal. Fino Payments Bank board has created a committee to explore the possibilities of group corporate restructuring.

Piramal Enterprises: The company has approved a buyback of 1.4 crore equity shares worth Rs 1,750 crore. The shares will be bought at Rs 1,250 apiece. The buyback size represents 5.87% of total paid-up equity share capital, and it will be open for a period of five working days.

Avenue Supermarts: The company opened a new store in Jodhpur, Rajasthan, today. The total number of stores as of date stands at 331.

Divgi TorqTransfer Systems: The company has received an order from an overseas customer to supply components for the OE program, worth Rs 180 crore. Production is expected to begin in Q4 of fiscal 2024.

RITES: The company has appointed Krishna Gopal Agarwal as Chief Financial Officer of the company for a period of five years starting on or after August 1, 2023. Shree Cement: The company commenced commercial production at its clinker grinding unit in Purulia district of West Bengal, which has an annual cement capacity of three million tonnes.

Source: Moneycontrol, Bloomberg Quint, Investing 

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