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

Markets in Japan, South Korea, and Australia rose in early trade on Thursday, mirroring overnight moves on Wall Street after Federal Reserve Chair Jerome Powell affirmed rate cuts are likely this year. The Nikkei 225 was trading 198.07 points or 0.49% higher at 40,288.85, and the S&P ASX 200 was 27.70 points or 0.36% higher at 7,761.20. The KOSPI was 6.45 points or 0.24% up at 2,647.94. The S&P 500 Index and Nasdaq Composite rose by 0.51% and 0.58%, respectively, as of Wednesday. The Dow Jones Industrial Average settled 0.20% higher. Brent crude was trading 1.12% higher at $82.96 a barrel.

Economic Calendar:

  • USD : Initial Jobless Claims on 07th March, 2024
  • USD : Unemployment Rate (Feb) on 08th 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 06th March Chg. Chg.(%)
Nasdaq 16020.22 80.63 0.51
Dow 38661.05 75.86 0.20
FTSE 7679.31 33.15 0.43
CAC 7954.74 21.92 0.28
DAX 17716.71 18.31 0.10
Dow Fut.* 38583.08 -77.97 -0.20

Asian markets:

Particulars 07th March Chg. Chg.(%)
GIFT Nifty 22633.00 42.00 0.19
Nikkei 39731.17 -359.61 -0.91
Straits Times 3136.13 -0.01 0.00
Hang Seng 16416.49 -21.60 -0.13
Shanghai 3048.85 8.92 0.29

ADR Watch:

Particulars 06th March  Chg.       Chg.(%)
Dr. Reddy 75.61 -0.19 -0.26
HDFC Bank 55.79 0.86 1.57
ICICI Bank 26.36 0.09 0.34
Infosys 19.32 0.03 0.16
Wipro 6.11 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.83 0.02
Brent 82.92 -0.05
Gold 2158.15 0.00
Silver 24.33 -0.67

FIIs & DIIs:

Particulars 06th March 05th March
FIIs                          2766.75 574.28
DIIs 2149.88 1834.61

News Update:

Vedanta: The company is exploring all possible legal solutions, including the possibility of filing a review petition against the top court’s decision that rejected the mining giant’s plea to restart operations at its copper smelter in Thoothukudi, Tamil Nadu.

Infosys: The IT major has announced the renewal of its digital innovation partnership with the ATP Tour until 2026, aimed at driving AI-first innovations in professional tennis.

Hindustan Aeronautics: The company has signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

Mahindra & Mahindra: Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.

Bajaj Finserv: The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.

Asian Paints: The company’s unit entered into the requisite agreements with Gujarat Chemical Port to set up an ethylene storage and handling facility in Dahej, Gujarat.

Glenmark Pharmaceuticals: The company has started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.

Life Insurance Corp.: The insurer has increased its stake in LIC Mutual Fund from 40.93% to 44.61% through private placement.

NLC India: The government will sell up to 9.71 crore shares, including the green shoe option, via an offer for sale at Rs 212 per share.

Subex: The company announced it has secured a deal with a prominent telecom operator in Southeast Asia for deploying its state-of-the-art business assurance and fraud management solutions on Hyper Sense.

Kaynes Technology India: The company’s unit signed a technology provision agreement with ISO to enable the unit to set up a supply chain for OSAT business in India.

Source: Moneycontrol, Bloomberg Quint, Investing 

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