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

In response to overnight losses on Wall Street and a drop in US Treasury yields, share indices in the Asia-Pacific region saw mixed activity. Japan’s markets were trading down. As of 6:40 a.m., the Nikkei was down 0.87% at 33,132.35. Treasury yields in the United States, however, kept falling as private payrolls fell short of market expectations, supporting investors’ assumption that the Federal Reserve has finished tightening policy and may begin to loosen again next year. China’s markets were trading higher. On Wednesday, the S&P 500 index increased while the Nasdaq 100 decreased by 0.56% and 0.39%, respectively. 0.19% more was added to the Dow Jones Industrial Average. At $74.30 per barrel, Brent crude was down 3.76% on the market. An ounce of gold was trading at $2,028.20, up 0.13%.

Economic Calendar:

  • USD : Initial Jobless Claims on 07th December, 2023
  • USD : Unemployment Rate (Nov) on 08th December, 2023
  • INR : Interest Rate Decision on 08th December, 2023
  • INR : FX Reserves, USD on 08th December, 2023

Brokerage Radar:

JEFFERIES ON PAYTM: Buy, TP cut to Rs 1050 from Rs 1300; Cut FY24-26E rev by 3-10%, leading to Adj. EBITDA cut of 12-15%; Paytm will recalibrate BNPL biz (55% of overall) will halve in next 3-4mnths, & mngt plans to partially offset it with scale-up of high-ticket PL/ML loans

MS ON BEL: OW, TP Rs 164; BEL won orders worth Rs39.15bn which include: Contract for Rs5.8bn of annual maintenance of radar from Indian Army; Another Rs33.35bn of AMC orders; With these order wins, total order inflow for F24 to date is Rs182.98bn– 91% of guidance

International Markets

U.S & Europe:

Particulars 06th December Chg. Chg.(%)
Nasdaq 14163.11 -66.80 -0.47
Dow 36054.43 -70.13 -0.19
FTSE 7515.38 25.54 0.34
CAC 7435.99 49.00 0.66
DAX 16656.44 123.33 0.74
Dow Fut.* 36032.18 -22.25 -0.06

Asian markets:

Particulars 07th  December Chg. Chg.(%)
GIFT Nifty 21037.00 -60.00 -0.28
Nikkei 32899.94 -545.96 -1.66
Straits Times 3054.01 -33.23 -1.08
Hang Seng 16176.55 -286.71 -1.74
Shanghai 2954.60 -14.33 -0.48

ADR Watch:

Particulars 06th December  Chg.       Chg.(%)
Dr. Reddy 69.44 -0.32 -0.46
HDFC Bank 62.73 -0.15 -0.24
ICICI Bank 24.00 -0.37 -1.52
Infosys 17.69 0.23 1.32
Wipro 4.97 0.17 3.54

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.36 0.00
Brent 74.71 0.55
Gold 2045.80 -0.10
Silver 24.18 -0.20

FIIs & DIIs:

Particulars 06th December 05th December
FIIs                          -79.88 5223.51
DIIs 1372.18 -1399.18

News Update:

Bharat Electronics: The company received orders worth Rs 3,915 crore for the supply of various defence equipment.

Ircon International: Government to sell an 8% stake via OFS at a floor price of Rs 154 per share, 4% of which includes base size and green shoe of 4%. OFS to non-retail to open on Dec. 7 and for retail on Dec. 8.

Delta Corp: The High Court of Calcutta has granted interim relief to subsidiary Deltatech Gaming of Rs 6,384 crore for which a GST notice was sent in October.

Network18 Media & Investments: The company will merge its television and digital news businesses with itself. Under the scheme of amalgamation, TV18 Broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.

Dr. Reddy’s Laboratories: The drugmaker and Coya Therapeutics entered into a collaboration for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis. The company will make an upfront payment of $7.5 million to Coya for the development and commercialisation deal, and the company will obtain commercialization rights for COYA 302 in the U.S., Canada, the EU, and the U.K.

One 97 Communications: The company expands its credit distribution business to enhance focus on higher-ticket loans for consumers and merchants in partnership with banks and NBFCs.

Adani Ports and Special Economic Zone: The company will consider a proposal to raise funds through a bond issue in its board meeting on Dec. 12.

Vedanta: The company’s subsidiary Hindustan Zinc Board approved a second interim dividend of Rs 6 per equity share for FY24, amounting to Rs 2,535 crore.

Hindustan Unilever: The board approved the appointment of Tarun Bajaj as an independent director.

IDFC First Bank: Madhivanan Balakrishnan resigned as Executive Director w.e.f. Dec. 6.  

Rites: The company signed an MoU with Meghalaya Industrial Development Corp. for developing multi-modal logistics projects.

Brigade Enterprises: The company signed a joint development agreement for office space in Bangalore with a development value of Rs 500 crore. 

Source: Moneycontrol, Bloomberg Quint, Investing 

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