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

Asian markets were poised for declines after Wall Street closed lower on hawkish signals from the Federal Reserve’s latest meeting minutes. Asian markets were poised for declines after Wall Street closed lower on hawkish signals from the Federal Reserve’s latest meeting minutes. Equity futures for benchmarks in Japan, Australia and Hong Kong fell. The S&P 500 declined 0.2% Wednesday while the Nasdaq 100 fell less than 0.1%. Elsewhere in emerging markets, the central banks of Malaysia and Sri Lanka will hand down interest rate decisions Thursday. Meanwhile, Brent crude was above $76 a barrel and West Texas Intermediate was trading close to $72-mark. The yield on the 10-year U.S. bond was trading at 3.93%, whereas Bitcoin was below 31,000-level. At 5:28 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged with 0% change at 19,700 points.

Economic Calendar:

  • USD : Initial Jobless Claims on 06th July, 2023
  • USD : JOLTs Job Openings (May) on 06th July, 2023
  • INR : FX Reserves, USD on 07th July, 2023
  • INR : CPI (YoY) (Jun) on 12th July, 2023

Brokerage Radar:

MS ON MARUTI: OW, TP Rs 11164; Invicto Launch – Small Volume; High ASP

With Invicto, MSIL targets premium Rs2 mn+ category; Co already received 6k bookings; Mix & market share improvement keeps us OW

NOMURA ON BANDHAN BK: Buy, TP Rs 325; CFO resigns, soft pre-1Q update

Reported loans growth of -5% q-q / +7% y-y.; Deposits growth muted at flat q-q/+17% y-y.; CASA deposits declined by -8% q-q/-3% y-y, with CASA ratio at 36% (-330bp q-q / -720bp y-y)

JEFFERIES ON BAJAJ AUTO: Buy, TP raised to Rs 5500; An Attractively Priced Triumph Launch; Expect Bajaj’s vol & EPS to grow at a 15% & 23% CAGR, respectively over FY23-25E; Stock also offers a 4% dividend yield

International Markets

U.S & Europe:

Particulars 05th July Chg. Chg.(%)
Nasdaq 13791.65 -25.12 -0.18
Dow 34288.64 -129.83 -0.38
FTSE 7442.10 -77.62 -1.04
CAC 7310.81 -59.12 -0.81
DAX 15937.58 -101.59 -0.64
Dow Fut.* 34214.90 -73.70 -0.22

Asian markets

Particulars 06th July Chg. Chg.(%)
GIFT Nifty 19469.00 -43.00 -0.22
Nikkei 32933.19 -405.51 -1.23
Straits Times 3168.90 -16.48 -0.52
Hang Seng 18673.60 -436.78 -2.34
Shanghai 3215.01 -7.94 -0.25

ADR Watch:

Particulars 05th July  Chg.       Chg.(%)
Dr. Reddy 63.20 0.67 1.07
HDFC Bank 67.07 -3.72 -5.25
ICICI Bank 23.41 0.02 0.09
Infosys 16.26 0.12 0.74
Wipro 4.77 -0.02 -0.42

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.35 -0.05
Brent 76.61 -0.05
Gold 1924.75 -0.12
Silver 23.345 -0.24

FIIs & DIIs:

Particulars 05th July 04th July
FIIs                          1603.15 2134.33
DIIs -439.01 -785.48

News Update:

Marico: Quarterly Business Update Q1 FY24- Domestic volumes grew in low-single digits, with a minor volume drop in Parachute Coconut Oil- Consolidated revenue in the quarter declined in low-single digits- Gross margin is expected to expand materially on a YoY and QoQ basis- Expansion in operating margin is expected to drive double-digit growth in the bottom line- Expect a visible pickup from the coming quarter in primary volume growth.

Adani Wilmar: The company has estimated volume growth of 25% in the June quarter over the previous year, driven by strong demand in both food and edible oil categories. The sales value has declined, reflecting the sharp drop in edible oil prices. The Food & FMCG segment recorded volume growth of 20% and revenue growth of 30% to cross Rs 1,000 crore for the quarter on a standalone basis. The edible oil business grew 25% in volume terms and fell 15% in terms of value growth.

Adani Enterprises: Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The flagship company of the Adani Group redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining, it said in an exchange filing.

Tata Power: The company received a Rs 1,744 crore order to install and maintain 18.60 lakh metres in the Raipur area from Chhattisgarh State Power Distribution Company Ltd.

JSW Steel: The company will replace HDFC in the S&P BSE Sensex from July 13 as the former will merge with HDFC Bank.

JBM Auto Components: The company will replace HDFC in the BSE 500 index. Zomato: The online food delivery platform will replace HDFC in the BSE 100.

Prestige Estate Projects: The company and its unit, Prestige Exora Business Parks, have entered into a joint venture agreement with W.S. Industries (India) to develop IT or IT-enabled services or parks on a 6.53-acre property in Chennai. W.S. Industries proposed to implement the project through its unit, WS Insulators.

Ujjivan Small Finance Bank: Total deposits grew 44% year-on-year and 4% sequentially to Rs 26,655 crore in April-June. CASA rose 27% year-on-year to Rs 6,550 crore, and the CASA ratio stood at 24.6%. Advances are up 31% year-on-year and 5% quarter-on-quarter to Rs 25,346 crore in the first quarter. Disbursement momentum continues to show strength, with 22% year-on-year growth to Rs 5,280 crore, company said.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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