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

After equities increased on Wall Street, shares increased in Asia, providing some comfort to the financial markets after losses. Stocks in Australia, Japan, and South Korea all increased. The Nasdaq 100 increased 1.5% on Wednesday, its highest day since August, while the S&P 500 gained 0.8%, its largest gain in over three weeks. WTI Crude and Brent Crude were both trading for less than $85 a barrel at the time. The 10-year US bond’s yield was 4.74% at the time.

Economic Calendar:

  • USD : Initial Jobless Claims on 05th Oct, 2023
  • USD : Nonfarm Payrolls (Sep) on 06th Oct, 2023
  • INR : Interest Rate Decision on 06th Oct, 2023
  • INR : FX Reserves, USD on 06th Oct, 2023

Brokerage Radar:

JEFFERIES ON L&T: Buy, TP Rs 3060; 2Q till date, co announced 44% of expected qtr announcements, with month to go; Rs623 bn(20% YoY growth) is 2Q order flow expectation & Rs139 bn is needed announcements assuming 60% unannounced orders

Maintain 1HFY24E should see order flow traction

MS ON NAVIN FLUORINE: OW, TP Rs 4951; Announced resignation of Radhesh Welling as MD& Director from Dec 15; Vishad Mafatlal (Executive Chairman) will take over till co appoints new MD; Expect to hear more from co on how it plans to tackle top management attrition

International Markets

 U.S & Europe:

Particulars 04th October Chg. Chg.(%)
Nasdaq 13236.01 176.54 1.35
Dow 33129.55 127.17 0.00
FTSE 7412.45 -57.71 -0.78
CAC 6996.73 -0.32 0.00
DAX 15099.92 14.71 0.10
Dow Fut.* 33128.05 -1.50 0.00

Asian markets:

Particulars 05th October Chg. Chg.(%)
GIFT Nifty 19504.00 20.50 0.11
Nikkei 30886.51 359.63 1.16
Straits Times 3172.45 25.06 0.79
Hang Seng 17279.19 83.35 0.48
Shanghai 3110.48 3.16 0.10

ADR Watch:

Particulars       04th October  Chg.       Chg.(%)
Dr. Reddy 65.87 -0.23 -0.35
HDFC Bank 59.26 1.74 3.02
ICICI Bank 22.67 0.12 0.53
Infosys 17.44 0.44 2.59
Wipro 4.88 0.06 1.24

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.21 -0.29
Brent 86.42 0.71
Gold 1841.05 0.34
Silver 21.343 0.93

FIIs & DIIs:

Particulars   04th October   03rd October
FIIs                          -4424.02 -2034.14
DIIs 1769.49 1361.02

News Update:

Hindustan Aeronautics: The company announced the Indian Air Force will procure 97 more LCAs after it delivered the first LCA Tejas twin-seater aircraft.

Punjab National Bank: The state-run lender reported CASA at Rs 5.38 lakh crore, up 2.6% year over year.Gross advances grew 13.8% to Rs 9.45 lakh crore, and total deposits stood at Rs 13.09 lakh crore, up 9.7%.

Marico: The company’s domestic volumes grew in a low single-digit percentage range over the previous year, dragged by a persisting weakness in rural demand. Category-wise, sales volumes in its Saffola edible oil and Parachute coconut oil grew in low single-digits, aided by price cuts, while the value-added hair oils segment grew in low single-digit in value terms.

IDFC First Bank: CARE Ratings upgraded the bank’s rating for long-term debt instruments to AA+/Stable from AA/Stable.

Hero MotoCorp: The company has received 13,688 bookings for its newly launched Karizma XMR. Dispatches to dealerships have already started, and customer deliveries will begin in the festive period this month.

ACC: The cement maker incorporated two new wholly-owned subsidiaries, ACC Concrete South and ACC Concrete West, each with an authorised capital of Rs 1 lakh.

Bandhan Bank: The lender reported CASA at Rs 43,161 crore, up 6.5% year over year.Loans and advances grew 12.3% to Rs 1,07,633 crore, and total deposits stood at Rs 1,12,074 crore, up 12.8%.

L&T Finance: Retail disbursements for the second quarter were up 32% year over year at Rs 13,490 crore. Retail loan book up 33% year over year to Rs 69,400 crore. Jubilant FoodWorks: The company releases clarification on media reports, refuting claims of a cut in the price of large pizzas.  

Exide Industries: The company announced an investment of Rs 340 crore in subsidiary Exide Energy Solutions via equity subscription.

JM Financial: CFO Manish Sheth stepped down with effect from Sept. 30, on account of being appointed as MD and CEO of JM Financial Home Loans.

RBL Bank: The lender reported CASA at Rs 32,075 crore, up 12% year over year, and CASA ratio as of Sept. 30 at 35.7% vs. 37.3% a quarter ago. Gross advances were up 21% year over year at Rs 78,186 crore and total deposits at Rs 89,774 crore, up 13%.

HealthCare Global Enterprises: The company acquired SRJ CBCC Cancer Hospital in Indore. HCG further plans to expand by adding 100 beds and state-of-the-art cancer diagnostic and treatment facility within an estimated operational timeline of two years.

Source: Moneycontrol, Bloomberg Quint, Investing 

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