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

Following China’s announcement of an aggressive 5% growth target for 2024, which raised hopes that officials would unleash more stimulus in an attempt to boost confidence in a slowing economy, Asian markets fell in early trade. The largest decline was nearly 1.6% on the Hang Seng in Hong Kong. The unrelenting surge in U.S. stocks took a break on Monday as investors awaited this week’s employment report and statements from Federal Reserve officials in hopes of learning more about the outlook for interest rates, according to Bloomberg. At $82.68 per barrel, Brent crude was down 0.14% on the market. An ounce of gold was for $2,112.61, down 0.09%.

Economic Calendar:

  • USD : Services PMI (Feb) on 05th March, 2024
  • USD : JOLTs Job Openings (Jan) on 06th March, 2024
  • INR : Nikkei Services PMI (Feb) on 05th March, 2024
  • INR : FX Reserves, USD on 08th March, 2024

Brokerage Radar:

CITI ON GAIL: Buy, TP Rs 200; US Henry Hub prices have fallen sharply, from an avg of $2.7/mmbtu in 3Q to $1.5/mmbtu currently, while PE prices are trending largely flattish (+1%) qoq; Est this could bring down GAIL’s input gas cost in petchem segment by$0.5/mmbtu; Co’s gas trading differentials in 4QTD are trending broadly similar to 2QFY24, implying that trading EBITDA could also be broadly stable. Lastly, impact of APM gas allocation declining could be largely offset by sharp decline in spot LNG prices

CLSA ON HINDALCO: Upgrade to buy, TP Rs 635; Following a sharp correction, believe concern is overdone; Investor feedback: multiple concerns; Novelis IPO: value unlocking or building a war chest? Bear case analyses suggests further 10%-12% downside from current levels; Its existing businesses remain strong with gradual improvement in profitability. Clarity on the use of cash and growth projects are key to watch for.

International Markets:

U.S & Europe:

Particulars 04th March Chg. Chg.(%)
Nasdaq 16207.51 -67.43 -0.41
Dow 39087.38 90.99 0.23
FTSE 7640.33 -42.17 -0.55
CAC 7934.17 6.74 0.08
DAX 17735.07 56.88 0.32
Dow Fut.* 38989.83 -97.55 -0.25

Asian markets:

Particulars 05th March Chg. Chg.(%)
GIFT Nifty 22470.00 -20.00 -0.09
Nikkei 40226.83 316.01 0.79
Straits Times 3111.07 -11.14 -0.36
Hang Seng 16618.64 29.20 0.18
Shanghai 3028.92 1.90 0.06

ADR Watch:

Particulars 04th March  Chg.       Chg.(%)
Dr. Reddy 76.04 1.22 1.63
HDFC Bank 54.50 -0.51 -0.93
ICICI Bank 26.40 -0.08 -0.30
Infosys 19.80 -0.03 -0.15
Wipro 6.25 0.04 0.56

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.92 0.01
Brent 82.61 -0.23
Gold 2119.85 -0.30
Silver 23.95 -0.18

FIIs & DIIs:

Particulars 04th March 02nd March
FIIs                          -564.06 -81.87
DIIs 3542.87 -44.71

News Update:

Tata Motors: The company has approved a proposal to split the company into two separate listed entities for passenger and commercial vehicles as it looks to boost growth and improve accountability.

IIFL Finance: The Reserve Bank of India has directed the company to cease and desist from disbursing gold loans with immediate effect. However, the company can continue servicing its existing loans.

State Bank of India: The public sector bank has filed a plea before the Supreme Court seeking an extension of its March 6 deadline to furnish data pertaining to the electoral bonds scheme.

Macrotech Developers: The company has launched its qualified institutional placement to raise Rs 3,300 crore.

AU Small Finance Bank: The Reserve Bank of India has approved the merger of Fincare Small Finance Bank with the company.

Jio Financials Services: Promoters Sikka Ports and Terminals, Jamnagar Utilities and Power will acquire up to 14 crore shares of the company.

Elantas Beck India: The company will enter into a contract manufacturing arrangement with ACTEGA GmbH, a sister company of the ALTANA Group, to supply commercial shipments.

Brigade Enterprises: The company announced the launch of Dioro at Brigade El Dorado. The project size is around 6.1 million square feet, with a potential revenue value of Rs 380 crore.

Jindal Stainless: The company commenced the maiden usage of green hydrogen in its stainless-steel plant in Hisar, Haryana.

Easy Trip Planners: The company with Punjab National Bank has introduced the PNB EMT Co-branded Credit Card. This card offers rewards for travel-related spending, including flights, hotels, and holiday packages.

Cyient: The company partnered with Mass Medic to accelerate MedTech innovation.

Oil and Natural Gas Corp.: The co. appointed Nandan Verma as the executive director.

NTPC: The company’s unit signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam for the development of renewable power parks and projects in Uttar Pradesh.

Source: Moneycontrol, Bloomberg Quint, Investing 

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