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

Early on Friday, as investors awaited the release of U.S. non-farm payroll statistics, markets in the Asia-Pacific region saw uneven trading. The S&P/ASX 200 index was up 0.11% at 7,502.40, while the Nikkei was up 0.19% at 33,349.15.According to data from the U.S. Labor Department, the number of people filing for initial state unemployment benefits decreased from 18,000 to 202,000 in the last week of 2023, reaching a four-month low. As a result, U.S. Treasury yields increased and markets recovered some of their gains. On Thursday, the Dow Jones Industrial Average increased 0.03% and 0.32% while the S&P 500 index fell 0.34%. For the fifth day in a row, the Nasdaq 100 saw a decrease and ended the day 0.53% lower.At $77.59 per barrel, Brent crude was down 0.66% on the market. Gold was up 0.05% at $2,044.83 an ounce.

Economic Calendar:

  • USD : Nonfarm Payrolls (Dec) on 05th January, 2024
  • USD : Unemployment Rate (Dec) on 05th January, 2024
  • INR : Nikkei Services PMI (Dec) on 05th January, 2024
  • INR : FX Reserves, USD on 05th January, 2024

Brokerage Radar:

MOSL ON IIFL FIN: Initiate Buy, TP Rs 800; Levers present to mitigate the rise in borrowing costs; NIM outlook stable; Co-lending improves the quality of earnings; partnerships leveraged well; Primed for a 25% AUM CAGR with 20%+ RoE

JEFFERIES ON IT: In FY25, expect continued focus on ROI by clients to result in a gradual pick-up in growth to 6% YoYcc; Demand recovery in CY25 will be key to avoid PE de-rating; Top picks – Infosys, Coforge & LTIM (U/G to Buy) given strong growth visibility/relative val

International Markets:

U.S & Europe:

Particulars 04th January Chg. Chg.(%)
Nasdaq 14547.06 -45.15 -0.31
Dow 37440.34 10.15 0.03
FTSE 7723.07 40.74 0.53
CAC 7450.63 38.77 0.52
DAX 16617.29 78.90 0.47
Dow Fut.* 37478.62 38.28 0.10

Asian markets:

Particulars 05th January Chg. Chg.(%)
GIFT Nifty 21768.00 -11.00 -0.05
Nikkei 33442.62 154.33 0.46
Straits Times 3181.48 7.47 0.24
Hang Seng 16683.06 37.08 0.22
Shanghai 2963.03 8.68 0.29

ADR Watch:

Particulars 04th January  Chg.       Chg.(%)
Dr. Reddy 70.24 -0.27 -0.38
HDFC Bank 66.28 0.37 0.55
ICICI Bank 23.80 0.05 0.21
Infosys 18.08 0.04 0.22
Wipro 5.36 -0.01 -0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.25 -0.02
Brent 78.00 0.53
Gold 2052.40 0.12
Silver 23.29 0.46

FIIs & DIIs:

Particulars 04th January 03rd January
FIIs                          1513.41 -666.34
DIIs -1387.36 -862.98

News Update:

Grasim Industries: The company set Rs 1,812 per share as the price for its Rs 4,000-crore rights issue, which is at a 12.47% discount to the current market price. It will issue up to 2.2 crore shares on a partly-paid basis.

Dabur India: The company estimated that its revenue in Q3 will grow to a mid-to-high single digit, driven by the food business. The food and beverage category is expected to grow in the high-single-digit, while the home and personal care division is expected to have record growth in the mid-single digits.

Jupiter Wagons: The company received an order worth Rs 473 crore from the Ministry of Defence to manufacture and supply of 697 Bogie open military wagons.

Lupin: Received tentative approval from the U.S. FDA for Dapagliflozin and Saxagliptin tablets to market a generic equivalent of Qtern tablets of AstraZeneca AB.

State Bank Of India: The private lender concluded the placement of a BBB-rated Green Bond worth $250 million.

Power Finance Corp: The company increased its FY24 market borrowing plan to Rs 1.05 lakh crore from Rs 80,000 crore.

REC: The company’s unit REC Power Development and Consultancy signed a Rs 2,094 crore MoU with the Gujarat Government for the implementation of a smart metering project in Paschim Gujarat Vij Company.

L&T Finance Holdings: The company estimates retail loan book at Rs 74,750 crore up 31% YoY and retail disbursement at Rs 14,500 crore up 25% YoY and portfolio realisation estimated at 91% at the end of Q3. The company raised Rs 500 crore via private placement of non-convertible debentures.

RBL Bank: The company recorded total deposits at Rs 92,743 crore, up 13% YoY, and gross advances at Rs 81,870 crore, up 20%, and a CASA ratio of 33.8% vs 36.6% YoY.

Jammu and Kashmir Bank: The company recorded total deposits at Rs 1.28 lakh crore, up 9% YoY, and gross advances at Rs 93,626 crore, up 14.1% YoY and CASA ratio at 50.59% vs 53.71% YoY.

Sun TV Network: The company’s unit Kal Radio approved the merger of Udaya FM into itself.

Torrent Pharmaceuticals: Incorporated a subsidiary in Columbia for business expansion.

Source: Moneycontrol, Bloomberg Quint, Investing 

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