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

Asia-Pacific share indices fell in early trade on Wednesday, following Wall Street’s overnight losses caused by tech giants with large market shares. As of 06:40 a.m., the Nikkei 225 was down 151.60 points, or 0.38%, at 39,946.03, while the S&P ASX 200 was down 23.20 points, or 0.30%, at 7,701.00. As three tech titans fell, traders sifted through conflicting economic data in the lead-up to Jerome Powell’s congressional appearance, which caused pressure on U.S. stocks, according to Bloomberg. As of Tuesday, the Nasdaq composite and S&P 500 Index had both dropped by 1.65% and 1.02%, respectively. With a 1.04% decrease, the Dow Jones Industrial Average closed. Brent crude was trading 0.92% lower at $82.04 a barrel.

Economic Calendar:

  • USD : ADP Nonfarm Employment Change (Feb) on 06th March, 2024
  • USD : JOLTs Job Openings (Jan) on 06th March, 2024
  • INR : Bank Loan Growth on 08th 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 05th March Chg. Chg.(%)
Nasdaq 15900.69 -306.81 -1.89
Dow 38585.19 -404.64 -1.04
FTSE 7646.16 5.83 0.08
CAC 7932.82 -23.59 -0.30
DAX 17698.40 -17.77 -0.10
Dow Fut.* 38577.29 -7.90 -0.02

Asian markets:

Particulars 06th March Chg. Chg.(%)
GIFT Nifty 22422.00 -12.00 -0.05
Nikkei 39997.66 -99.97 -0.25
Straits Times 3140.43 33.33 1.07
Hang Seng 16378.22 215.58 1.33
Shanghai 3038.83 -8.96 -0.29

ADR Watch:

Particulars 05th March  Chg.       Chg.(%)
Dr. Reddy 75.80 -0.26 -0.34
HDFC Bank 54.94 0.46 0.84
ICICI Bank 26.26 -0.14 -0.53
Infosys 19.28 -0.52 -2.63
Wipro 6.12 -0.13 -2.08

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.87 -0.03
Brent 82.04 0.00
Gold 2133.70 -0.38
Silver 23.85 -0.57

FIIs & DIIs:

Particulars 05th March 04th March
FIIs                          574.28 -564.06
DIIs 1834.61 3542.87

News Update:

JM Financial: The Reserve Bank of India directed the company to stop any form of financing against shares and debentures with immediate effect. This includes the sanction and disbursal of loans against the initial public offer of shares as well as against subscriptions to debentures.

JSW Energy: The company’s step-down unit signed a battery energy storage purchase agreement with Solar Energy Corp. for 250 MW/500 MWh of battery energy storage systems. The company has signed an agreement for the first project out of the total awarded project capacity of 500 MW/1,000 MWh.

NHPC: The co. started work on Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh. The company’s unit is to invest Rs 800 crore in a 1,200 MW renewable power park to be constructed in 24 months and generate 2,400 MU of electricity every year.

Wipro: The company acquired a 27% stake in B2B sales platform SDVerse LLC for $5.85 million in cash. The transaction will be completed before the end of March. General Motors, Magna, and Wipro have teamed up to develop SDVerse LLC.

Aditya Birla Fashion: Caladium Investment exercised the right to convert all 6.6 crore warrants into equity shares.

IRCTC: The company signed a MoU with Swiggy to provide pre-ordered meals via IRCTC e-Catering Services.

Sanghvi Movers: The board approved the incorporation of a wholly owned unit.

Sonata Software: The company will open a delivery centre in Poland to address the growing demands from its global clients.

Force Motors: The company produced 2,987 vehicle units for the month of February and sold 2,366 units domestically.

ONGC: The board approved an additional investment of Rs 99 crore in unit ONGC Green.

Indian Hotels: The company invested Rs 35 crore in its unit through the right issue.

Bharat Forge: The company had made an investment of Rs 179.9 crore in its unit, Bharat Forge Global Holding.

Havells India: The company plans to add kitchen appliances to its portfolio, outsource the entire range of products and serve the domestic market.

Source: Moneycontrol, Bloomberg Quint, Investing 

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