View on market: Volatility Prevails, Market is searching for better value
Benchmarks in the Asia-Pacific area were trading lower after data revealed that the number of new jobs created in the United States in February stayed mostly steady, confirming the strength of the labor market. At 39,533.59, the Nikkei 225 was down 305.32 points, or 0.77%. As of 06:35 a.m., the S&P ASX 200 was down 94.30 points, or 1.20%, at 7,793.60. The robust statistics from the U.S. Job Openings and Labor Turnover Survey for February forced market participants to reduce their expectations for rate cuts in 2024. As of Tuesday, the Nasdaq Composite and S&P 500 Index were down 0.95% and 0.72%, respectively. The Dow Jones Industrial Average declined 1.00%.
Economic Calendar:
- USD : Services PMI (Mar) on 03rd April, 2024
- USD : Initial Jobless Claims on 04th 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 | 02nd April | Chg. | Chg.(%) |
| Nasdaq | 16244.28 | -145.98 | -0.89 |
| Dow | 39170.24 | -396.61 | -1.00 |
| FTSE | 7935.09 | -17.53 | -0.22 |
| CAC | 8130.05 | -75.76 | -0.93 |
| DAX | 18283.13 | -209.36 | -1.15 |
| Dow Fut.* | 39131.06 | -39.18 | -0.10 |
Asian markets:
| Particulars | 03rd April | Chg. | Chg.(%) |
| GIFT Nifty | 22454.00 | -154.00 | -0.68 |
| Nikkei | 22454.00 | -154.00 | -0.68 |
| Straits Times | 3224.52 | -23.20 | -0.71 |
| Hang Seng | 16735.53 | -195.99 | -1.16 |
| Shanghai | 3062.89 | -12.07 | -0.39 |
ADR Watch:
| Particulars | 02nd April | Chg. | Chg.(%) |
| Dr. Reddy | 73.83 | -0.11 | -0.15 |
| HDFC Bank | 56.92 | 0.69 | 1.23 |
| ICICI Bank | 25.75 | -0.21 | -0.81 |
| Infosys | 17.58 | 0.00 | 0.00 |
| Wipro | 5.61 | -0.05 | -0.88 |
Commodities & Currency:
| Particulars | Current Price | Chg.(%) |
| USD/INR | 83.35 | 0.00 |
| Brent | 89.11 | 0.21 |
| Gold | 2304.95 | 1.01 |
| Silver | 26.52 | 2.31 |
FIIs & DIIs:
| Particulars | 02nd April | 01st April |
| FIIs | -1622.69 | -522.30 |
| DIIs | 1952.72 | 1208.42 |
News Update:
UltraTech Cement: The company will invest Rs 32,400 crore towards ongoing capex over the next three years. It has commissioned two new units in Chhattisgarh and Tamil Nadu to surpass 150 MTPA capacity.
Bharti Airtel: The company approved the allotment of 1.38 crore shares to foreign currency convertible bondholders at a conversion price of Rs 518 per share.
HCLTech: The company’s arm completed the divestment of a 49% stake in JV with US-based State Street. The arm received proceeds worth $172.5 million for stake divestment, termination of services, and settlement of contractual commitments.
JSW Energy: The board approved a fundraise of up to Rs 5,000 crore via QIP at a floor price of Rs 510.09 per share.
Biocon: The company has completed the transaction of the transfer of the business of Biocon Biologics to Eris Lifesciences on a ‘slump sale’ basis for Rs 1,242 crore, including working capital adjustments.
Sunteck Realty: The company entered into a long-term agreement to lease the second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman, and company. This will allow the company to generate revenue of close to Rs 2,000 crore over the course of 29 years.
Anupam Rasayan: The company signed a letter of intent worth nearly Rs 743 crore with a Japanese multinational company to supply two advanced intermediates using fluorination chemistry starting in FY 2024–25.
Zee Entertainment Enterprises: MD and CEO Punit Goenka takes the decision to implement a voluntary 20% reduction in personal remuneration.
Dhanlaxmi Bank: The company reported total deposits at Rs 14,259 crore, up 6.8% YoY and total advances at Rs 10,409 crore, up 5.6% YoY for Q4.
Jammu and Kashmir Bank: The company signed an agreement with New India Assurance for servicing and soliciting their insurance products through the company’s branch network.
Hindustan Zinc: The company reported mined metal output at 2.99 lakh tonne, down 1% YoY and silver output at 6.1 million ounces, up 4% YoY for Q4.
Shriram Properties: The company received a penalty order worth Rs 447 crore for AY19 from the Chennai tax authority.
Zensar Technologies: The company’s arm, Foolproof Singapore, merged with itself and ceased to exist as a separate legal entity effective April 1.
PNC Infratech: The company signed Rs 117 crore settlement pacts with NHAI towards one-time settlement of contractual disputes.
Source: Moneycontrol, Bloomberg Quint, Investing
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