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

Wednesday’s trading activity on Asian markets was uneven as investors evaluated the most recent U.S. jobs data and as Treasury yields fell. Australia’s and Japan’s markets were trading higher. According to data from the Australian Bureau of Statistics, the GDP of the nation increased by 2.1% from July to September, exceeding economists’ projections of 1.7% growth. Investors’ willingness to take on more risk was dampened when Moody’s downgraded the Chinese government’s credit outlook from stable to negative, causing share indices in China to plummet. On Tuesday, the Dow Jones Industrial Average and S&P 500 index both had declines of 0.22% and 0.06%, respectively. The Nasdaq 100 saw a gain of 0.24%. At 6:32 a.m., Brent crude was down 1.06% at $77.20 per barrel. An ounce of gold was trading at $2,039.10, up 0.14%.

Economic Calendar:

  • USD : ADP Nonfarm Employment Change (Nov) on 06th December, 2023
  • USD : Initial Jobless Claims on 07th December, 2023
  • INR : Interest Rate Decision on 08th December, 2023
  • INR : FX Reserves, USD 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 05th December Chg. Chg.(%)
Nasdaq 14210.77 25.28 0.18
Dow 36124.56 -79.88 -0.22
FTSE 7489.84 -23.12 -0.31
CAC 7386.99 54.40 0.74
DAX 16533.11 128.35 0.78
Dow Fut.* 36208.60 85.04 0.24

Asian markets:

Particulars 06th  December Chg. Chg.(%)
GIFT Nifty 21036.00 36.50 0.17
Nikkei 33339.26 563.44 1.69
Straits Times 3074.18 -2.98 -0.10
Hang Seng 16438.03 110.17 0.67
Shanghai 2973.94 1.64 0.06

ADR Watch:

Particulars 05th December  Chg.       Chg.(%)
Dr. Reddy 69.78 -0.06 -0.08
HDFC Bank 62.89 -0.37 -0.58
ICICI Bank 24.36 0.06 0.23
Infosys 17.45 -0.23 -1.33
Wipro 4.81 -0.02 -0.31

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.35 -0.01
Brent 77.42 0.28
Gold 2039.10 0.14
Silver 24.57 0.09

FIIs & DIIs:

Particulars 05th December 04th December
FIIs                          5223.51 2073.21
DIIs -1399.18 4797.15

News Update:

State Bank of India: The lender has proposed to acquire a 20% stake from SBI Capital Markets (SBICAPS) in SBI Pension Funds for Rs 229.52 crore. Post-acquisition, it will have an 80% stake in the SBI Pension Fund.

Ashok Leyland: The automaker increased its stake in Switch Mobility’s holding company to 92.19% from 91.63%. It had deployed around Rs 662.5 crore as the first tranche of a planned Rs 1,200 crore investment.

Canara Bank: The bank looks to raise up to Rs 3,500 crore via tier-I bonds. The bidding starts on Dec. 7.

Bank of India: The lender opened its QIP issue at a floor price of Rs 105.42 per equity share.

Somany Ceramics: Sets Dec. 15 as the record date for the Rs 125 crore buyback, i.e., 15.18% stake at Rs 850 per share.

Power Grid Corporation: The company emerged as a successful bidder to establish the Inter-State Transmission System Project in Khavda RE Park, Gujarat.

HDFC Bank: The lender has sought shareholders’ approval to appoint Sashidhar Jagdishan as MD and CEO, V Srinivasa Rangan as Executive Director and MD Ranganath and Sandeep Parekh as Independent Directors.

UCO Bank: The Central Bureau of Investigation has carried out searches in 13 locations in connection with the company’s IMPS glitch case.

Dalmia Bharat: The company approved the appointment of Puneet Dalmia as MD and CEO for five years w.e.f. Dec. 8.

Ion Exchange: The International Chamber of Commerce has rejected Ethingen Arbitration’s claim of Rs 149.56 crore for damages against the company.

Axiscades Technologies: The company has acquired a 99.99% stake in EPCOGEN for Rs 26.25 crore.

Sanghi Industries: The company and Incor Realty Projects have mutually agreed to an upward revision of the sale consideration of Rs 125 crore on account of certain improvements in the land condition and certain other factors.

Ganesh Benzoplast: The board has approved allotment of 17 lakh shares at Rs.160 apiece on preferential basis to Malabar India Fund Ltd and 1.80 lakh shares of face value Rs. 1 per share at a price of Rs. 175 to Susram Financial Services and Realty Pvt Ltd.

Source: Moneycontrol, Bloomberg Quint, Investing 

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