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

Asian shares slumped, tracking U.S. peers lower after employment data bolstered the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields. Stocks declined more than 1% at the open in Japan and South Korea and slipped in Australia. A regional benchmark headed for a technical correction. Futures for benchmark in Hong Kong pointed to losses, while those for the U.S. were little changed. The S&P 500 fell to a four-month low Tuesday and yields on Tuesday. The Nasdaq 100 fell 1.8%. Meanwhile, Brent Crude prices were trading above $91 a barrel, and WTI Crude was above $89-mark. The yield on the 10-year U.S. bond was trading at 4.80% and Bitcoin was above 27,000-level. At 6:06 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 98 points or 0.50% at 19,453.5. India’s benchmark stock indices closed lower on Tuesday, dragged by losses in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd. Auto, oil and gas, and pharma sectors declined, while public sector banks and media advanced. Overseas investors remained net sellers of Indian equities for the tenth consecutive day. While foreign portfolio investors sold stocks worth Rs 2,034.1 crore, domestic institutional investors mopped up stocks worth Rs 1,361 crore, according to provisional data from the NSE. The Indian rupee weakened 17 paise to close at Rs 83.21 against the U.S. dollar on Tuesday.

Economic Calendar:

  • USD: ADP Nonfarm Employment Change (Sep) on 04th October, 2023
  • USD: ADP Nonfarm Employment Change (Sep) on 04th October, 2023
  • INR: Nikkei Services PMI (Sep) on 05th October, 2023
  • INR: Nikkei Services PMI (Sep) on 05th October, 2023

Brokerage Radar:

HSBC on Alkem Labs: Hold, TP Rs 3910 Expect 2Q to be a low qtr in view of slow pick-up for acute therapies(mainly anti-infectives) Biz execution record of its recently hired CEO should help reboot India growth strategy Strong vol pick-up in India segment a key catalyst.

MS on OMCS: Counter consensus +ve view based on refining upcycle, better capital allocation & underappreciated earnings quality improvement due to underlying policy reforms See strong outperformance with multiple catalysts ahead. Key OWs – BPCL/ IOCL

Macquarie on Avenue Supermart: O-P, TP Rs 4550 Broadly in-line store additions and sales growth Four-year sales CAGR rises marginally from 1Q levels Believe this marginal uptick in sales momentum was led by a gradual recovery in the high-margin apparel segment

International Markets

 U.S & Europe:

Particulars 03rd October Chg. Chg.(%)
Nasdaq 13059.47 -248.31 -1.87
Dow 33002.38 -430.97 -1.29
FTSE 7470.16 -40.56 -0.54
CAC 6997.05 -71.11 -1.02
DAX 15085.210 -162.00 -1.070
Dow Fut.* 32916.97 -85.41 -0.26

Asian markets:

Particulars 04th October Chg. Chg.(%)
GIFT Nifty 19429.00 -21.50 -0.11
Nikkei 30634.89 -603.05 -1.97
Straits Times 3154.56 -37.79 -1.18
Hang Seng 17221.12 -110.10 -0.64
Shanghai 3110.480 3.16 0.10

ADR Watch:

Particulars 03rd October Chg. Chg.(%)
Dr. Reddy 66.10 -0.39 -0.59
HDFC Bank 57.52 -0.40 -0.69
ICICI Bank 22.55 -0.45 -1.96
Infosys 17.00 -0.18 -1.05
Tata Motor 25.14 0.00 0.00
Wipro 4.82 -0.02 -0.41

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.22 0.00
Brent 90.93 0.02
Gold 1836.05 -0.29
Silver 21.235 -0.66

FIIs & DIIs:

Particulars 03rd October 29th September
FIIs -2,034.14 -1,685.70
DIIs 1,361.02 2,751.49

News Update:

HDFC Bank: The bank sent out a detailed memo to its employees detailing management changes. IT and tech have been brought under the CEO’s purview. Ashish Parthasarthy will handle branch business, while Arvind Kapil will manage mortgages and retail businesses.

Maruti Suzuki: The carmaker received a draft assessment order from the Income Tax Authority amounting to Rs 2,160 crore for FY 2019–20. The company will file objections before the Dispute Resolution Panel. Further, it reported total output for September at 1.74 lakh units, down 1.4% year-on-year.

Bajaj Finserv: Unit Bajaj Allainz General Insurance received a Rs 1,010 crore-show cause cum demand notice from GST authorities for alleged non-payment of GST on co-insurance and re-insurance premiums.

Pidilite Industries: Unit Pidilite MEA Chemicals and Spain-based Corporacion Empresarial Grupo Puma SL incorporated a 50:50 joint venture company in the UAE for the manufacturing of construction chemicals.

Nestle India: The board will meet on Oct. 19 to mull the stock split of shares and the second interim dividend for the year 2023.

Source: Moneycontrol, Bloomberg Quint, Investing 

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