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

Stocks in Asia were mixed after a rally in big tech saw the S&P 500 notch up its longest streak of gains in two years. Australian, Japanese and Taiwanese markets were marginally higher while China, South Koream and Hong Kong shares declined.U.S. equities were little changed after some central bank officials emphasized that bringing inflation fully down to the 2% goal is their main focus. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.58% and Bitcoin was above 35,000- level. Brent crude was trading below $82 a barrel, whereas WTI Crude was below$77-mark.

Economic Calendar:

  • USD: Fed Chair Powell Speaks on 8th November, 2023
  • USD: Crude Oil Inventories on 8th November, 2023
  • INR: Thomson Reuters IPSOS PCSI (MoM) (Nov) on 10th November, 2023
  • INR: Manufacturing Output (MoM) (Sep) on 10th October, 2023

Brokerage Radar:

HSBC on Sobha: Buy, TP Raised to Rs 930 2Q was a strong quarter in terms of pre-sales, collections, and debt reduction, with some signs of margin improvement Expect margins to improve by FY25e, launch momentum to improve, and land monetisation to pick up pace.

Macquarie on Hindalco: O-P, TP Rs 563 Novelis- 2Q: Margins surprise; expansion on track key surprise was better than expected volumes that grew 6% QoQ to 933kt (4% ahead of est.) led by improved vol for packaging segment EBITDA/ton improved to US$519 (vs US$480 est)

Macquarie on Alkem Labs: U-P, TP Rs 3175 Q2: All-round beat FY24 guidance: Gross margin guided to be 60%+, EBITDA margin guidance raised to 16%+ from 16% R&D expenses to increase in coming qtrs., Q4 profitability expected to remain weak due to adverse seasonality

Macquarie on Zydus Life: U-P, TP Rs 490 Q2: A mixed bag Concall Takeaways Management attributed QoQ decline in US rev to lower gRevlimid sales, which is expected to bounce back in Q4 & expects to launch 30-40 products in US Gx annually India biz rev to grow in-line

International Markets

 U.S & Europe:

Particulars 7th November Chg. Chg.(%)
Nasdaq 13635.02 116.24 0.86
Dow 34152.60 56.74 0.17
FTSE 7410.04 -7.72 -0.10
CAC 6986.23 -27.50 -0.39
DAX 15152.64 16.67 0.11
Dow Fut.* 34122.87 -29.73 -0.09

Asian markets:

Particulars 8th November Chg. Chg.(%)
GIFT Nifty 19484.50 26.50 0.14
Nikkei 32135.99 -135.83 -0.42
Straits Times 3129.12 -44.69 -1.41
Hang Seng 17699.38 29.22 0.17
Shanghai 3058.87 1.60 0.05

ADR Watch:

Particulars 7th November Chg. Chg.(%)
Dr. Reddy 64.95 0.21 0.32
HDFC Bank 56.35 -0.93 -1.62
ICICI Bank 22.73 -0.11 -0.48
Infosys 16.79 -0.07 -0.42
Wipro 4.58 -0.02 -0.43

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.25 0.02
Brent 81.61 0.00
Gold 1973.85 0.02
Silver 22.558 -0.14

FIIs & DIIs:

Particulars 7th November 6th November
FIIs -497.21 -549.37
DIIs 700.28 595.70

News Update:

Inox Wind: The company will raise Rs 500 crore through the issue of preference shares. The board approved the raising of funds by way of the issuance of 0.01% non-convertible, non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each.

Lupin: The company received U.S. FDA tentative approval for Invokamet generic. Voltas: The company denied news reports that the Tata Group is considering selling the home appliance operations of the company.

SJVN: The company received a letter of intent for the purchase of 200 megawatts of solar power from Uttarakhand Power Corp. UPCL to purchase solar power for Rs

2.57 per unit from company’s 1,000 MW Bikaner plant.

InterGlobe Aviation: The airlines anticipates Aircraft on Ground in the range of mid-thirties in Q4 due to accelerated engine removals. It reconfirmed capacity guidance for Q3, along with FY24 guidance of upper range of mid-teens.Alert: Earlier this year, Pratt & Whitney had highlighted the impact of the powder metal issue that has affected its new generation GTF aircraft engine.

Anupam Rasayan: The Board appointed Dr. Anuj Hemantbhai Thakar as executive director w.e.f. Nov. 7 for a period of five years, subject to approval of the members of the company within 3 months from the date of appointment.

Cummins India: The comapny’s Board appointed Jennifer Bush as Chairperson of the Board w.e.f. Nov. 7.

Source: Moneycontrol, Bloomberg Quint, Investing 

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