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

Shares in Asia advanced after further gains for U.S. stocks as investors adjusted to the prospect the Federal Reserve may be done with rate hikes. Australian and South Korean equities opened higher. Contracts for shares in Hong Kong rose while the Golden Dragon index of U.S.-listed Chinese companies climbed 2% Thursday. Markets in Japan are closed Friday for a holiday. On Thursday, the S&P 500 advanced 1.9%, its biggest one-day gain since April, and placed the benchmark on track for its best week since November last year. U.S. futures ticked lower in early Friday trading. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.66% and Bitcoin was below 35,000-level. Brent crude was trading above $86 a barrel, whereas WTI Crude was above $82-mark.

Economic Calendar:

  • USD: CB Consumer Confidence (Oct) on 31st October, 2023
  • USD: ISM Manufacturing PMI (Oct) on 1st November, 2023
  • INR: Infrastructure Output (YoY) (Sep) , USD on 31st October, 2023
  • INR: RBI Monetary and Credit Information Review on 31st October, 2023

Brokerage Radar:

HSBC on Britannia: Hold, TP Rs 4700 2Q sales at +0.8%, below expectations with flat vol growth for 2nd consecutive qtr Rising competition & falling commodity prices also portend a phase of vol-led growth, with little scope for margin uptick.

CLSA on Godrej Properties: Sell. TP Raised to Rs 1520 Record presales but cash flow lags OCF margin was low & concern over profitability remains Believe its aggressive business development (plus balance & payments) coupled with volatile OCF are likely to further increase its debt.

DR Lal Pathlabs: Review UBS Buy, TP raised to Rs 2950 Robust Q2; Margins expansion of 260bp QoQ; structural in nature Improving market dynamics; focus on geographical expansion Raise FY25/26E by 5-6% factoring in higher margins.

International Markets

 U.S & Europe:

Particulars 2nd November Chg. Chg.(%)
Nasdaq 13294.19 232.72 1.78
Dow 33839.08 564.50 1.70
FTSE 7446.53 104.10 1.40
CAC 7060.69 128.06 1.81
DAX 15143.60 220.33 1.45
Dow Fut.* 33872.74 34.66 0.10

Asian markets:

Particulars 3rd November Chg. Chg.(%)
GIFT Nifty 19359.00 136.00 0.71
Nikkei 31949.89 348.24 1.09
Straits Times 3142.39 59.90 1.94
Hang Seng 17612.60 382.01 2.22
Shanghai 3029.80 20.39 0.68

ADR Watch:

Particulars      2nd November  Chg.       Chg.(%)
Dr. Reddy 64.54 -0.96 -1.47
HDFC Bank 57.83 1.29 2.28
ICICI Bank 22.64 0.37 1.66
Infosys 16.69 0.29 1.77
Wipro 4.60 0.06 1.32

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.04
Brent 87.00 0.18
Gold 1993.85 0.35
Silver 22.810 -0.16

FIIs & DIIs:

Particulars   2nd November   1st November
FIIs                          -1,261.19 -1,816.91
DIIs 1,380.15 1,622.05

News Update:

Tata Motors: The company’s EV subsidiary signed an agreement with JLR to develop premium EVs. Tata Motors’ third-generation EVs based on the Avinya concept are to be developed on JLR’s Electrified Modular Architecture platform. Tata Passenger Electric Mobility will pay a royalty fee to JLR.

Dixon Technologies: The company incorporated Dixtel Infocom for electronic manufacturing and wholesale trade.

Lupin: The company announced the launch of Diazepam Rectal Gel after its wholly owned subsidiary, Novel Laboratories, received approval for its ANDA from the USFDA. Diazepam Rectal Gel had estimated annual sales of $37 million in the U.S.

Bharti Airtel: The company launched ‘Airtel Advantage’—a first-of-its-kind, fully automated digital platform for global interconnect solutions.

Larsen and Toubro: The company issued and allotted 1.5 lakh, 7.58% rated, listed, unsecured, and redeemable NCDs of Rs 1 lakh each, aggregating to Rs 1,500 crore, maturing on May 2, 2025.

JK Lakshmi Cement: The board approved capacity expansion of the existing split location grinding unit at Surat by putting up an additional grinding unit of 13.50 lakh metric tonnes per annum. The expansion will require an investment of Rs 225 crore and will be added over a period of two years.

EIH Associated Hotels: The board approved developing a 125-room, five-star Trident Hotel at Vishakhapatnam, Andhra Pradesh, with an investment of Rs 160 crore.

Container Corp.: The Board declared a second interim dividend for FY24 of 60%, i.e., Rs 3 per equity share with a face value of Rs 5 each, amounting to Rs 182.79 crore. The record date fixed is Nov. 16.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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