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

Shares in Asia advanced after Friday’s rally in U.S. stocks as investors gave further credence to the idea interest rates are near the cycle peak. Equities rose in Australia, South Korea and Japan. Contracts for share benchmarks in Hong Kong also advanced. The S&P 500 enjoyed its best week this year, gaining 5.9%. U.S. futures were slightly higher Monday. On Tuesday, investors will be looking to a potential interest rate increase from the Reserve Bank of Australia, after a four-meeting pause in rate hikes. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.57% and Bitcoin was above 35,000-level. Brent crude was trading above $85 a barrel, whereas WTI Crude was above $80-mark.

Economic Calendar:

  • USD: Fed Chair Powell Speaks on 8th November, 2023
  • USD: Crude Oil Inventories on 8th November, 2023
  • INR: Thomson Reuters IPSOS PCSI (MoM) (Nov) on 10th November, 2023
  • INR: Manufacturing Output (MoM) (Sep) on 10th October, 2023

Brokerage Radar:

Bernstein on IEX: Underperform Call Target Rs 95 Q2 Numbers Higher Than Est Overall Volumes For Q2 Grew 15% YoY And 6% QoQ DAM Volume Up 1% YoY And RTM 24% YoY Green Market Volume Fell (-Ve 49% YoY) Running Quarter For IEX Has Been Good Till Now Oct’23 Indicates An 18% Growth YoY Trend Overall (Largely On Account Of TAM Volume)

UBS on Siemens: Downgrade From Buy To Neutral Target Cut To Rs 3,750 From 4,280 Downgrade Due To Rising Uncertainties About Its Long-term Product Footprint Limited Upside On New Orders (No Large Near-term Mobility Tender, Weak Short-cycle Orders) Ltd Upside On The Potential Impact Of Grp Dynamics On Ability To Win Tech-based Energy Orders Investors Are Likely Grappling With Mkt Valuation For The Energy Business.

International Markets

 U.S & Europe:

Particulars 3rd November Chg. Chg.(%)
Nasdaq 13478.28 184.09 1.38
Dow 34061.32 222.24 0.66
FTSE 7417.73 -28.80 -0.39
CAC 7047.50 -13.19 -0.19
DAX 15189.25 45.65 0.30
Dow Fut.* 34072.66 13.33 0.04

Asian markets:

Particulars 6th November Chg. Chg.(%)
GIFT Nifty 19445.00 157.00 0.81
Nikkei 32720.52 770.63 2.36
Straits Times 3161.03 17.37 0.55
Hang Seng 18010.91 346.79 1.96
Shanghai 3049.60 18.80 0.62

ADR Watch:

Particulars      3rd November  Chg.       Chg.(%)
Dr. Reddy 64.27 -0.27 -0.42
HDFC Bank 57.90 0.07 0.12
ICICI Bank 22.84 0.20 0.88
Infosys 16.68 -0.01 -0.06
Wipro 4.62 0.02 0.43

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.04
Brent 85.33 0.12
Gold 1994.00 -0.26
Silver 23.265 -0.09

FIIs & DIIs:

Particulars   3rd November   2nd November
FIIs                          -12.43 -1,261.19
DIIs 402.69 1,380.15

News Update:

Tata Steel: The record date in the matter of the scheme of amalgamation amongst the company and Tata Steel Long Products is Nov. 17. Tata Steel will issue and allot full paid-up equity shares to the shareholders of TSLP on the record date in the ratio of 67 equity shares of Rs 1 each for every 10 equity shares of Rs 10 each held in TSLP.

Indian Oil Corp: Company gets approval from NCLT’s Mumbai Bench for the acquisition of a 100% stake in Mercator Petroleum.

Infosys: The company and Spirit AeroSystems inaugurated their dedicated centre for aerospace engineering excellence in Richardson, Texas.

Elpro International: The company has acquired 33,650 shares of HDFC Bank at an acquisition cost of Rs 5.01 crore.

Cigniti Technologies: MD CV Subramanyam resigns w.e.f. November 3, citing personal reasons.

Greaves Cotton: The company sold its land located in Pune to Runal Developers LLP for a total consideration of Rs 284 crore.

Restaurant Brands Asia: The company executed a facility agreement with Axis Bank. The agreement is for availing a secured term loan facility for up to Rs 150 crore.

JSW Infrastructure: The board has approved the acquisition of Marine Oil Terminal Corp. along with its Fujairah Branch by JSW Terminal Middle East; the transaction has an enterprise value of $187 million. The board has also approved the purchase of a container train operator licence from Sical Multimodal and Rail Transport.

Ethos: The board approved fund raising via QIP at the issue price of Rs 1,547 per equity share, which is at a discount of 4.95% to the floor price of Rs 1,627.49 per equity share.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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