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

After Jerome Powell, the chair of the Federal Reserve, hinted that rate reduction are expected this year, share indices in the Asia-Pacific region recovered from sell-offs on Thursday. As of 06:32 a.m., the Nikkei 225 was up 749.38 points, or 1.90%, at 40,201.23, while the S&P ASX 200 was up 39.00 points, or 0.50%, at 7,821.50. According to Powell, the latest robust inflation report did not “materially” alter the overall outlook for risky assets. Before lowering the borrowing cost, the central bank will, according to Bloomberg, stick to a wait and watch strategy. As of Wednesday, the S&P 500 Index and Nasdaq Composite had increased by 0.11% and 0.23%, respectively. 0.11% less was gained by the Dow Jones Industrial Average.

Economic Calendar:

  • USD : Initial Jobless Claims on 04th April, 2024
  • USD : Nonfarm Payrolls (Mar) on 05th April, 2024
  • INR : Interest Rate Decision on 05th April, 2024
  • INR : FX Reserves, USD on 05th April, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 03rd April Chg. Chg.(%)
Nasdaq 16274.23 29.95 0.18
Dow 39127.14 -43.10 -0.11
FTSE 7937.44 2.35 0.03
CAC 8153.23 23.18 0.28
DAX 18367.72 84.59 0.46
Dow Fut.* 39204.06 59.12 0.15

Asian markets:

Particulars 04th April Chg. Chg.(%)
GIFT Nifty 22608.00 83.50 0.37
Nikkei 40101.82 649.97 1.62
Straits Times 3247.51 24.85 0.77
Hang Seng 16725.10 -206.42 -1.23
Shanghai 3069.30 -5.66 -0.18

ADR Watch:

Particulars 03rd April  Chg.       Chg.(%)
Dr. Reddy 73.02 -0.81 -1.10
HDFC Bank 56.40 -0.52 -0.91
ICICI Bank 25.68 -0.07 -0.27
Infosys 17.72 0.14 0.80
Wipro 5.69 0.08 1.43

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.45 -0.04
Brent 89.69 0.38
Gold 2319.50 0.19
Silver 27.23 0.61

FIIs & DIIs:

Particulars 03rd April 02nd April
FIIs                          -2213.56 -1622.69
DIIs 1102.41 1952.72

News Update:

Axis Bank: The Competition Commission has approved the proposed infusion of Rs 1,612 crore by the company in Max Life Insurance.

KEC International: The company secured orders worth Rs 816 crore across various businesses.

L&T Finance Holdings: The company reported retail loan book at Rs 80,010 crore in the fourth quarter, up 31% YoY and retail disbursements at Rs 15,030 crore, up 33% YoY.

Brigade Enterprises: The company signed a joint development agreement with United Oxygen to develop a ‘Grade A’ office space with a leasable area of 3.0 lakh square feet and the project has a gross development value of around Rs 340 crore.

Avenue Supermart: The company’s standalone revenue from operations stood at Rs 12,393.5 crore, up 19.9% YoY for the fourth quarter. The total number of stores was 365 as of March 31.

Vodafone Idea: The board will meet on April 6 to consider share issuance proposals of equity and/or convertible shares on a preferential basis.

Vedanta: Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million tonne per annum.

Suryoday Small Finance Bank: The company reported disbursements at Rs 2,340 crore, up 39% YoY in the fourth quarter, gross advances at Rs 8,650 crore, up 41% YoY and total deposits at Rs 7,775 crore, up 50% YoY.

RBL Bank: The company reported total deposits at Rs 1.03 lakh crore, up 22% YoY as of March 31 and gross advances at Rs 85,640 crore, up 5% YoY.

GE Power: The company received orders worth Rs 774.9 crore from Jaiprakash Power.

Thomas Cook: The company has inaugurated a new branch in Bhuj, Gujarat, to capitalise on the strong and growing demand from Gujarat.

Punjab and Sindh Bank: Arnab Goswamy has been appointed as Chief Financial Officer for a period of 3 years from the date of his joining.

Electronics Mart India: The company has commenced the commercial operations of a new multi-brand specialised store under the brand name ‘AUDIO and BEYOND’ on April 3.

Cyient DLM: Ram Dornala ceases to be the chief operating officer of the company effective today.

Veranda Learning Solutions: The company’s stake has increased to 51% in Tapasya Educational Institutions.

Source: Moneycontrol, Bloomberg Quint, Investing 

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