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

Early on Thursday, the markets in South Korea and Japan were rising, following Wall Street’s overnight gains. At 6:30 a.m., the KOSPI index was trading 10.68 points, or 0.41%, higher at 2,620.26, while the Nikkei 225 was trading 284.52 points, or 0.79%, higher. Investors are awaiting Chinese inflation statistics and will be watching the conclusion of today’s policy meeting of the Reserve Bank of India. Stocks rose as a result of a surge in tech megacaps, and the S&P 500 is getting closer to reaching the 5,000 mark. Prior to a record $42 billion offering of 10-year Treasury bonds, U.S. bonds dipped, according to Bloomberg. As of Wednesday, the Nasdaq Composite and S&P 500 index both increased by 0.45% and 0.82%, respectively. By 0.41%, the Dow Jones Industrial Average increased.

Economic Calendar:

  • USD : Initial Jobless Claims on 08th February, 2024
  • USD : CPI (MoM) (Jan) on 13th February, 2024
  • INR : Interest Rate Decision on 08th February, 2024
  • INR : FX Reserves, USD on 09th February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

GS ON ASHOK LEYLAND: Buy, TP Rs 230; 3Q beat as a combination of pricing discipline, favorable RM prices & ongoing optimization in cost Gross margin of 27.8% was 150bps higher than BBG cons; EBITDA margin of 12.%, highest 3Q margin in co’s history (+320bps yoy)

CLSA ON REC: Buy, TP Rs 510; 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income; Loan growth of 21% YoY strong; Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower
36bp QoQ decline in GNPA is healthy

International Markets:

U.S & Europe:

Particulars 07th February Chg. Chg.(%)
Nasdaq 15759.77 150.78 0.97
Dow 38677.36 156.00 0.40
FTSE 7628.75 -52.26 -0.69
CAC 7611.26 -27.71 -0.36
DAX 16921.96 -111.28 -0.66
Dow Fut.* 38701.94 25.58 0.07

Asian markets:

Particulars 08th February Chg. Chg.(%)
GIFT Nifty 22112.50 108.00 0.49
Nikkei 36738.42 618.50 1.68
Straits Times 3145.16 -10.99 -0.35
Hang Seng 15926.11 -155.78 -0.97
Shanghai 2854.63 24.93 0.88

ADR Watch:

Particulars 07th February  Chg.       Chg.(%)
Dr. Reddy 73.40 0.20 0.27
HDFC Bank 55.65 -0.40 -0.71
ICICI Bank 24.57 -0.09 -0.36
Infosys 20.43 -0.18 -9.00
Wipro 5.89 -0.05 -0.84

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.98 -0.09
Brent 79.54 0.42
Gold 2051.65 0.00
Silver 22.31 -0.23

FIIs & DIIs:

Particulars 07th February 06th February
FIIs                          -1691.02 92.52
DIIs 327.73 1096.26

News Update:

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

Welspun Enterprise: The company emerged as the lowest bidder for the development of a 2,000 million-litre per-day water treatment plant from the Brihanmumbai Municipal Corp.  

Bharat Petroleum Corp: The company’s joint venture, Petronet LNG, executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA of liquified natural gas on a long-term basis.

Zomato: The company intimated the liquidation of two step-down subsidiaries in Vietnam and the Czech Republic.

ONGC: The company formed a joint venture pact with NTPC Green for renewable energy, Bloomberg reported. The joint venture will focus on offshore wind projects.

Indraprastha Gas: The company signed a Memorandum of Understanding with two technology partners during India Energy Week 2024 to establish CBG plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh.

Ashoka Buildcon: The company received a Letter of Award worth Rs 520 crore from the National Highways Authority of India for a project in Bihar.

Piramal Pharma: The U.S. FDA conducted a pre-approval inspection of the company’s U.S.-based facility from Jan. 29 to Feb. 6 and found three observations.

Action Construction Equipment: The company will purchase land worth Rs 82 crore for further capacity and business expansion.

SJVN: The company received a Letter of Intent from Gujarat Urja Vikas Nigam for a 200 MW solar power project.

Bajaj Alliance: The company reported a total new business premium of Rs 951 crore in January and a gross direct premium of Rs 1,975 crore.

Mangalore Chemicals & Fertilizers Ltd: The company’s board has approved merger with the Paradeep Phosphate Ltd.

Source: Moneycontrol, Bloomberg Quint, Investing 

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