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

Early on Monday, the stock indices in South Korea and Australia increased slightly as traders awaited the release of inflation data and the conclusion of the Bank of Korea policy meeting. At 6:30 a.m., the KOSPI index was trading 0.37% higher at 2,588.28, while the S&P/ASX 200 was up 0.10% at 7,496.40. After a gloomy start to the year, U.S. stocks appeared to be recovering as investors processed information suggesting that the Federal Reserve might successfully implement a gentle landing for the greatest economy in the world, according to Bloomberg. The Nasdaq 100 ended the week with a 0.07% gain, ending a five-day losing run for the tech-heavy benchmark. The S&P 500 ended the week up 0.18%. At $78.66 per barrel, Brent crude was down 0.13% on the market. Gold was trading at $2,045.10, down 0.02%.

Economic Calendar:

  • USD : Core CPI (MoM) (Dec) on 11th January, 2024
  • USD : Initial Jobless Claims on 11th January, 2024
  • INR : CPI (YoY) (Dec) on 12th January, 2024
  • INR : FX Reserves, USD on 12th January, 2024

Brokerage Radar:

MOSL ON IIFL FIN: Initiate Buy, TP Rs 800; Levers present to mitigate the rise in borrowing costs; NIM outlook stable; Co-lending improves the quality of earnings; partnerships leveraged well; Primed for a 25% AUM CAGR with 20%+ RoE

JEFFERIES ON IT: In FY25, expect continued focus on ROI by clients to result in a gradual pick-up in growth to 6% YoYcc; Demand recovery in CY25 will be key to avoid PE de-rating; Top picks – Infosys, Coforge & LTIM (U/G to Buy) given strong growth visibility/relative val

International Markets:

U.S & Europe:

Particulars 08th January Chg. Chg.(%)
Nasdaq 14524.07 13.77 0.09
Dow 37466.11 25.77 0.07
FTSE 7689.61 -33.46 -0.44
CAC 7420.69 -29.94 -0.40
DAX 16594.21 -23.08 -0.14
Dow Fut.* 37333.77 -132.34 -0.35

Asian markets:

Particulars 08th January Chg. Chg.(%)
GIFT Nifty 21773.50 -4.50 -0.02
Nikkei 33377.42 89.13 0.27
Straits Times 3181.53 -2.77 -0.09
Hang Seng 16223.12 -312.21 -1.89
Shanghai 2895.78 -33.40 -1.14

ADR Watch:

Particulars 05th January  Chg.       Chg.(%)
Dr. Reddy 70.53 0.31 0.44
HDFC Bank 65.58 -0.69 -1.05
ICICI Bank 24.09 0.29 1.22
Infosys 18.08 0.01 0.06
Wipro 5.42 0.07 1.31

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.10 -0.10
Brent 77.91 -1.08
Gold 2047.55 -0.11
Silver 23.27 -0.18

FIIs & DIIs:

Particulars 05th January 04th January
FIIs                          1696.86 1513.41
DIIs -3497.62 -1387.36

News Update:

Titan: The company reported a 22% revenue growth in YoY terms and added 90 stores in Q3, with total stores now at 2,949.

Marico: The company’s Q3 consolidated revenue declined to a low single-digit on a year-on-year basis and saw robust gross margin expansion on a YoY basis.

Federal Bank: The Reserve Bank of India has asked the bank for its succession plans. The regulator has asked the bank to submit at least two fresh names for the roles of managing director and chief executive officer.

Adani Wilmar: The company estimated that elevated demand from the festive and wedding seasons benefited the company in the branded oil and foods segment, and it recorded the best-ever volume during the quarter.

Tata Steel: The company reported India’s steel output at 5.32 million tonnes, up 6% YoY, and deliveries at 4.88 million tonnes, up 10% YoY, in its Q3 business update.

JSW Steel: The unit received possession of 2,678 acres of forest land from the Odisha government for setting up an integrated steel plant with a 13.2 MTPA crude steel manufacturing capacity.

Reliance Power: The company signed an agreement with DBS Bank India in the settlement of its entire obligations concerning its borrowings.

Godrej Industries: The company’s chemical division signed a MoU with the Gujarat government to invest Rs 600 crore over the next four years.

SJVN: The company’s unit, SJVN Green Energy, signed a power usage agreement with Uttarakhand Power Corp. to supply 200 MW of solar power from the under-construction 1,000 MW Bikaner. The development cost of the project is Rs 5,491 crore.

Satin Creditcare Network, Karnataka Bank: Satin Creditcare entered into a co-lending agreement with Karnataka Bank to provide financial support to joint liability groups of economically active women in both rural and semi-urban areas.

RPSG Ventures: A fire occurred at the company’s job worker factory in Uttar Pradesh. The company is in the process of ascertaining the cause of the fire and damage.

Bhansali Engineering Polymers: The company issued a LoA to Toyo Engineering India for front-end engineering design and capex cost estimation for the brownfield ABS expansion project.  

Narayana Hrudayalaya: The Insurance Regulatory Development Authority of India granted a licence to the company’s unit, Narayan Health Insurance, to carry on the health insurance business.

Source: Moneycontrol, Bloomberg Quint, Investing 

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