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

The Asia-Pacific region’s markets opened Thursday’s trading in the red, following Wall Street’s loss as the U.S. Federal Reserve’s December meeting minutes indicated that interest rates would likely remain high for some time. Japan’s stock indexes dropped on Thursday when trading resumed following the holiday break. At 32,792.90, the Nikkei fell 2.01%, or 669.15 points, from its peak. As of 06:29, the S&P ASX/200 was down 22.20 points, or 0.29%, at 7,501.00. On Friday, the Nasdaq 100 and S&P 500 indexes dropped by 1.06% and 0.80%, respectively. The decline in the Dow Jones Industrial Average was 1.71%. A barrel of Brent crude was trading for $78.25, up 2.36%. As of 06:32 a.m., gold was down 0.03% at $2,042.11 an ounce.

Economic Calendar:

  • USD : Initial Jobless Claims on 04th January, 2024
  • USD : Services PMI (Dec) on 04th January, 2024
  • INR : Nikkei Services PMI (Dec) on 05th 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 03rd January Chg. Chg.(%)
Nasdaq 14603.42 -162.52 -1.10
Dow 37430.19 -284.85 -0.76
FTSE 7682.33 -39.19 -0.51
CAC 7411.86 -119.00 -1.61
DAX 16538.39 -230.97 -1.40
Dow Fut.* 37471.95 41.76 0.11

Asian markets:

Particulars 04th January Chg. Chg.(%)
GIFT Nifty 21640.00 60.00 0.28
Nikkei 33048.58 -415.59 -1.26
Straits Times 3170.91 -28.53 -0.89
Hang Seng 16552.47 -93.94 -0.56
Shanghai 2944.54 -22.71 -0.77

ADR Watch:

Particulars 03rd January  Chg.       Chg.(%)
Dr. Reddy 70.51 -0.32 -0.45
HDFC Bank 65.93 -0.69 -1.04
ICICI Bank 23.76 0.31 1.32
Infosys 18.04 -0.04 -0.22
Wipro 5.36 -0.11 -2.01

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.31 0.02
Brent 78.40 0.19
Gold 2052.65 0.48
Silver 23.15 -0.04

FIIs & DIIs:

Particulars 03rd January 02nd January
FIIs                          -666.34 1602.16
DIIs -862.98 -1959.04

News Update:

Adani Ports and Special Economic Zone: The company approved raising Rs 5,000 crore via non-convertible debentures. The company also approved the redesignation of Gautam Adani as executive chairman, the re-designation of Karan Adani as managing director, and the appointment of Ashwani Gupta as CEO, effective from Jan. 4.

Religare Enterprises: The Burman family has called for a probe into the allotment of shares of Religare Finvest to Rashmi Saluja through employee stock ownership plans.

Power Finance Corp: The company signed a MoU with the Gujarat Government for projects worth Rs 25,000 crore.

Vedanta: The company recorded aluminium output at 599 KT, up 6% YoY, refined zinc output at 203 KT, down 4% YoY, and oil & gas average gross operated output at 1,23,413 boe/day, down 15% YoY. It also raised Rs 3,400 crores via the private placement of NCDs. Vedanta Resources has received support from bondholders for its proposal to restructure four series of bonds.

Telecom Companies: Bharti Airtel’s net subscriber additions dropped in October to 3.52 lakh. Reliance Jio added 31.59 lakh wireless subscribers, while Vodafone Idea lost 20.44 lakh wireless subscribers.

Life Insurance Corp: The company received tax and penalty demands worth Rs 667.5 crore from Tamil Nadu, Uttarakhand and Gujarat tax authorities.

Maruti Suzuki India: The company’s unit received an adjudication order from the Gujarat GST Authority upholding the Rs 174 crore GST demand. The unit will be filing an appeal against the order with the first appellate authority.

IndusInd Bank: The private lender recorded deposits at Rs 3.68 lakh crore as of Dec. 31, up 13% YoY, and net advances at Rs 3.26 lakh crore, up 20% YoY. The bank’s CASA ratio stood at 38.5% vs. 42% YoY.

Steel Authority of India: The government decided to scrap the privatisation of the company’s Salem Steel Plant in Tamil Nadu.

Bank of Baroda: The lender signed an accord with REC to fund power and infrastructure projects.

Grasim Industries: The company’s Canada joint venture stops pulp production, citing market conditions.

Source: Moneycontrol, Bloomberg Quint, Investing 

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