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

As traders raised their wagers that the Bank of Japan is getting close to ending its negative interest rate policy, markets throughout the Asia-Pacific region saw lower trading despite Wall Street’s overnight surge. Japan’s stocks dropped for a second day in a row. Japan’s GDP shrank 2.9% year over year, above Bloomberg’s forecast of a 2.0% quarter-on-quarter decline. South Korea’s and Australia’s shares fell as well. As of Thursday, the Nasdaq Composite and S&P 500 index had both increased by 1.37% and 0.8%, respectively. 0.17% more was added to the Dow Jones Industrial Average. At $74.05 per barrel, Brent crude was down 0.34% on the market. An ounce of gold was trading at $2,031.26, up 0.14%.

Economic Calendar:

  • USD : Unemployment Rate (Nov) on 08th December, 2023
  • USD : Nonfarm Payrolls (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 07th December Chg. Chg.(%)
Nasdaq 14339.99 193.28 1.37
Dow 36117.38 62.95 0.17
FTSE 7513.72 -1.66 -0.02
CAC 7428.52 -7.47 -0.10
DAX 16628.99 -27.45 -0.17
Dow Fut.* 36114.93 -2.45 -0.01

Asian markets:

Particulars 08th  December Chg. Chg.(%)
GIFT Nifty 21071.00 -5.50 -0.03
Nikkei 32305.33 -552.98 -1.71
Straits Times 3104.33 30.07 0.98
Hang Seng 16267.68 -78.21 -0.48
Shanghai 2975.76 9.55 0.32

ADR Watch:

Particulars 07th December  Chg.       Chg.(%)
Dr. Reddy 69.77 0.34 0.48
HDFC Bank 63.36 0.63 1.00
ICICI Bank 23.86 -0.14 -0.60
Infosys 17.64 -0.05 -0.28
Wipro 4.99 0.02 0.30

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.36 -0.02
Brent 75.18 1.53
Gold 2048.55 0.11
Silver 24.16 0.42

FIIs & DIIs:

Particulars 07th December 06th December
FIIs                          -1564.03 -79.88
DIIs -9.66 1372.18

News Update:

Rate sensitive stocks: The RBI will announce the decision at its Monetary Policy Committee meeting on Friday. Banking and finance, auto, housing and real estate stocks will be in focus.

IIFL Securities: The Securities Appellate Tribunal has set aside SEBI’s order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.

Zomato: Softbank’s SVK Growth plans to sell a 1.1% stake in the food delivery company at Rs 120.5 apiece, Bloomberg reported.

Bharat Forge: The company’s unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs, and overhauls of all types of gas turbine engines.

Container Corp: The company signed an MoU with NTPC Vidyut Vyapar Nigam to develop solar projects at its terminals.

DB Realty: Unit Vanita Infrastructure’s subsidiary acquired equity shares of DB Conglomerate Realty. Post-acquisition, DB Conglomerate Realty has become a step-down subsidiary of the company.

IRB Infrastructure Developers: The company logged November toll collection at Rs 437 crore, against Rs 366 crore in the same period last year.

Jayaswal Neco Industries: The board approved raising up to Rs 3,200 crore through NCDs.

Sanghi Industries: Adani Cement appointed Sukuru Ramarao as CEO and Sanjay Kumar Khanjanchi as CFO of the company effective Dec. 7.

UPL: The company incorporated a step-down subsidiary, Advanta Seeds Zambia, in Zambia for carrying out seeds and related business.

Jindal Saw: The board will consider fundraising at a meeting on Dec. 14.

TVS Electronics: The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the CESTAT, Chennai.

Green Panel: The company resumed operations at its Andhra Pradesh factory w.e.f. Dec. 6. It estimates a loss caused by Cyclone Michaung of Rs 3.5 crore.

Shriram Finance: The co. signed an agreement with SIDBI for co-lending to MSMEs.

Olectra Greentech: The company received a letter of award from Vasai Virar City Municipal Corp., Mumbai for the supply and maintenance of 40 electric buses.

Source: Moneycontrol, Bloomberg Quint, Investing 

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