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

Early on Wednesday, Asian markets fell, following the declines of their Wall Street counterparts. As of 06:18 a.m., the KOSPI in South Korea down 1.45% to 2,630.26, while the S&P/ASX 200 was down 1.03% at 7,550.20.Treasury bonds and U.S. stocks fell as investors reduced their expectations on interest rate reductions, according to Bloomberg. As of Tuesday, the Nasdaq Composite and S&P 500 index had dropped by 1.63% and 0.57%, respectively. 0.07% more was added to the Dow Jones Industrial Average. At $75.89 per barrel, Brent crude was down 1.49% on the market. An ounce of gold was trading at $2,060.88, up 0.09%.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Dec) on 03rd January, 2024
  • USD : JOLTs Job Openings (Nov) on 03rd January, 2024
  • INR : Nikkei S&P Global Manufacturing PMI (Dec) on 03rd January, 2024
  • INR : FX Reserves, USD on 05th January, 2024

Brokerage Radar:

MOSL ON DALMIA: Buy Call, Target Rs 2,800; Top Pick For 2024; Ambitious Growth Plans, Execution In Focus; Optimistic About Co’s Long-Term Outlook; Co Plans To Increase Capacity To 110-130 Mtpa At A 14-17% CAGR By 2031; Strong B/S With Target To Maintain A Net Debt-To-EBITDA Ratio Of Less Than 2x

JEFFERIES ON CEMENT SECTOR: Cement Px Decline In All Regions In Dec-23 In Range Of 1-2%; Q3FY24 Growth Pegged At 3% QoQ Which Is In-line With Initial Expectations; For Q3, Highest Growth In South, & Flat To 3% In Other Regions

Demand Trend Mixed In Dec After Sub-10% YoY Growth Seen In Combined Oct-Nov-23; Many Dealers Expect Px To Improve From 3rd Week Of Jan; Easing Energy Costs Is Positive For Sector

International Markets:

U.S & Europe:

Particulars 02nd January Chg. Chg.(%)
Nasdaq 14712.13 -299.22 -1.99
Dow 37715.04 25.50 0.07
FTSE 7721.52 -11.72 -0.15
CAC 7530.86 -12.32 -0.16
DAX 16769.36 17.72 0.11
Dow Fut.* 37702.39 -12.65 -0.03

Asian markets:

Particulars 03rd January Chg. Chg.(%)
GIFT Nifty 21681.50 -70.50 -0.32
Nikkei 33464.17 -75.45 -0.23
Straits Times 3212.65 -17.30 -0.54
Hang Seng 16600.71 -187.84 -1.12
Shanghai 2966.83 4.55 0.15

ADR Watch:

Particulars 02nd January  Chg.       Chg.(%)
Dr. Reddy 70.83 1.25 1.80
HDFC Bank 66.61 -0.50 -0.74
ICICI Bank 23.47 -0.37 -1.55
Infosys 18.09 -0.29 -1.58
Wipro 5.48 -0.10 -1.71

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.31 0.06
Brent 75.85 -0.05
Gold 2072.00 -0.07
Silver 23.90 -0.22

FIIs & DIIs:

Particulars 02nd January 01st January
FIIs                          1602.16 410.46
DIIs -1959.04 -855.80

News Update:

Adani Group Stocks: The Supreme Court will pronounce its judgement in the Adani Group-Hindenburg Research case on Wednesday.

Maruti Suzuki: The company recorded total production at 1.21 lakh units, down 2.9% YoY, and passenger car production at 64,802 units, down 3.7% YoY. The auto manufacturer’s mini and compact car production stood at 63,855 units, down 23.8% YoY.

Hero MotoCorp: The company recorded vehicle sales at 393,952 units, down 0.1% YoY and motorcycle sales at 354,658 units, down 0.6% YoY. The company’s exports stood at 16,110 units, up 25.7% YoY.

Exide Industries: The company will increase its corporate guarantee to Exide Energy Solutions by Rs 1,000 crore. The corporate guarantee limit will be increased from Rs 2,000 crore to Rs 3,000 crore.

Mahindra and Mahindra Financial Services: The company recorded an overall disbursement of Rs 4,900 crore, up 5% YoY for December, and business assets of Rs 96,850 crore, up 25% YoY.

Coal India: The company recorded coal production at 532 MT during April-Dec 2023, up 11% YoY, and non-regulated sector consumers hit a record high of 98 MT during April-Dec 2023.

Mahindra EPC Irrigation: The company received four orders worth Rs 13.34 crore from the office of the Assistant Engineer of the Water Users Association for the supply of pressurised micro irrigation systems.

Yes Bank: The lender recorded loans and advances at Rs 2.17 lakh crore, up 11.9% YoY, and deposits at Rs 2.41 lakh crore, up 13.2% YoY. The lender’s CASA ratio stood at 29.7% vs. 29.9%.

Vedanta: The company’s unit, BALCO, received a tax demand worth Rs 23 crore.

Affle India: The company will buy a 9.03% stake in Explurger for Rs 37.3 crore to enrich its vertical reach to the relevant users by using the AI-powered social media app of Explurger.

CSB Bank: The company recorded total deposits of Rs 27,344 crore, up 20.65%, and gross advances of Rs 22,863 crore, up 22.59%. The bank’s CASA stood at Rs 7,509 crore, up 5.39%.

Archean Chemical Industries: The company unit incorporated its subsidiary, SiCSem.

Source: Moneycontrol, Bloomberg Quint, Investing 

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