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

Tuesday’s decline in Asian stock indices followed Wall Street’s overnight losses, with traders evaluating the viability of strong wagers that the US Federal Reserve will lower interest rates. October saw a 3.3% CPI. As South Korea’s CPI for November came in at 3.3% year over year, lower than Bloomberg’s projection of 3.5% for the month, the country’s markets also saw a decline, according to Bloomberg. October saw a CPI of 3.8%. On Tuesday, the Nasdaq 100 and S&P 500 indexes dropped by 0.84% and 0.54%, respectively. The decline in the Dow Jones Industrial Average was 0.11%. Brent crude was trading 1.08% lower at $78.03 a barrel.

Economic Calendar:

  • USD : Services PMI (Nov) on 05th December, 2023
  • USD : JOLTs Job Openings (Oct) on 05th December, 2023
  • INR : Nikkei Services PMI (Nov) on 05th December, 2023
  • INR : Interest Rate Decision on 08th December, 2023

Brokerage Radar:

JEFFERIES ON NEWGEN SOFTWARE: Buy, TP Raised to Rs 1740; Annual meet takeaways; Management highlighted a strong growth outlook, driven by India and Middle East. India is witnessing strong traction and deal sizes have increased by 40% over the last yr

MS ON TATA POWER: UW, TP Rs 213; Compared to last analyst meet (F23), F27 rev &PAT guidance lowered by 13% & 17%, respectively, but appears more feasible; Capex guidance also reduced by 20% & appears conservative; Management is bullish on transmission & pump storage

International Markets

U.S & Europe:

Particulars 04th December Chg. Chg.(%)
Nasdaq 14177.75 -127.28 -0.89
Dow 36204.44 -41.06 -0.11
FTSE 7512.96 -16.39 -0.22
CAC 7332.59 -13.56 -0.18
DAX 16404.76 7.24 0.04
Dow Fut.* 36153.06 -51.38 -0.14

Asian markets:

Particulars 05th  December Chg. Chg.(%)
GIFT Nifty 20803.50 -27.50 -0.13
Nikkei 32782.14 -449.13 -1.37
Straits Times 3077.24 -6.84 -0.22
Hang Seng 16383.37 -262.68 -1.58
Shanghai 3002.27 -20.64 -0.68

ADR Watch:

Particulars 04th December  Chg.       Chg.(%)
Dr. Reddy 69.83 0.25 0.36
HDFC Bank 63.24 2.53 4.17
ICICI Bank 24.30 1.33 5.79
Infosys 17.70 -0.04 -0.20
Wipro 4.83 -0.06 -1.13

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.41 -0.01
Brent 78.09 0.08
Gold 2053.20 0.54
Silver 24.90 -0.02

FIIs & DIIs:

Particulars 04th December 01st December
FIIs                          2073.21 1589.61
DIIs 4797.15 1448.08

News Update:

HCL Technologies: The company is in talks with State Street Corp. to sell its entire 49% equity stake in joint venture State Street HCL Services for $170 million or around Rs 1,417 crore. The amount will be in addition to the JV’s net book value.

Coal India: The coal ministry projects total income for the company at Rs 1.41 lakh crore for FY24.

ONGC: The company will start oil production from KG Block in May, a government minister said.

Hindustan Construction: The company’s Swiss unit, Steiner AG, will divest its entire stake in Steiner Construction SA for Rs 928 crore.

JSW Infrastructure: The company’s wholly owned subsidiary, JSW Dharmatar Port Pvt., has entered into a share purchase agreement to acquire over 50% of PNP Maritime Services Pvt. for Rs 270 crore.

Mahindra & Mahindra Financial Services: Estimated overall disbursement at approximately Rs 5,300 crore in November, delivering 16% growth over the previous year.

Thomas Cook (India): The company’s promoter entity, Fairbridge Capital (Mauritius) Ltd., reduced its 8.5% stake in the company via an offer for sale.

Bajaj Group: The market capitalisation of Bajaj Group crossed the Rs 10 lakh crore mark on Monday, with Bajaj Finserv Ltd. and Bajaj Finance Ltd. contributing over Rs 7 lakh crore.

Brigade Enterprises: Brigade Group signed a joint development agreement to develop luxury residences of around 0.4 million sq. ft. in Mysuru, with a gross development value of Rs 300 crores.

Graphite India: The company acquired a 31% shareholding in Godi India for a cash consideration of Rs 50 crore.

TVS Holdings: The company applied for the status of ‘core investment company’ with the RBI.

Alembic Pharmaceuticals: The company appointed Pradeep Chakravarty, w.e.f. Dec. 4 2023, as Head of Global Quality (senior management personnel of the company).

Computer Age Management Services: Promoter entity Great Terrain Investment sold its 19.8% stake for Rs 2,700 crore via a block trade.

KP Energy: The company was awarded the contract for the development of a 464.10 MW balance of system package for an inter-state transmission system (ISTS) connected wind energy project to be developed in the state of Gujarat by NTPC Renewable Energy Ltd.

Source: Moneycontrol, Bloomberg Quint, Investing 

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