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

The decline in Asian market futures indicates a cautious start to trading in the region as investors wait for consumer and producer price data from China, which is anticipated to continue to show deterioration. While contracts for Hong Kong decreased by 0.3%, those for Australia and Japan both saw slight declines. On Tuesday, Wall Street’s equity losses started to slow down in the afternoon trade, and the S&P 500 ended the day down 0.4%. The longest losing run this year was broken by Apple Inc. As Moody’s Investors Service downgraded 10 small and midsize American lenders and indicated it would do the same with a few major companies, banks experienced a decline. West Texas Intermediate was trading below the $83 level while Brent crude was trading around that price. The yield on the 10-year U.S. bond was trading at 4.02% and Bitcoin was below 30,000-level. At 5:26 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 24 points or 0.12% at 19,567.

Economic Calendar:

  • USD : CPI (MoM) (Jul) on 10th Aug, 2023
  • USD : Initial Jobless Claims on 10th Aug, 2023
  • INR : Interest Rate Decision on 10th Aug, 2023
  • INR : Reverse REPO Rate on 10th Aug, 2023

Brokerage Radar:

UBS ON SIEMENS: Buy, TP Rs 4500; Topline beat of 7% vs expectation, while EBITDA missed est. by 2%, driven by 100bps miss on EBITDA margins; PAT ahead by 7% largely driven by higher other income; On new order intake, quarterly run rate remains well above Rs50bn for past 3 qtrs now

MS ON DEEPAK NITRITE: UW, TP Rs 1678; DPNT expects a sequential uptick in both segments after a tough F1Q24; While broader demand environment remains sluggish, DPNT has witnessed some green shoots and expects pace of destocking to slow in upcoming qtrs relative to 1H23

HSBC ON TATA CHEM: Buy, TP cut to Rs 1100; 1Q EBITDA largely in line, with strong margin performance in US & India offsetting weak vols; Capacity expansions in India, US, & Kenya over next 3 yrs should support growth; China capacities remain a risk; Cut FY24-26e earnings est. by 4-6%

CLSA ON COAL INDIA: Buy, TP Rs 270; 1Q Ebitda in line; E-auction realisations softened 17% QoQ, while fuel supply agreement realisations increased 6% YoY, helped by price hikes; Ebitda ex-over burden removal (OBR)/t fell 17% YoY to Rs597 (+29% QoQ); Trades @FY25CL PE of 6x

International Markets

U.S & Europe:

Particulars 08th August Chg. Chg.(%)
Nasdaq 13884.32 -110.07 -0.79
Dow 35314.49 -158.64 -0.45
FTSE 7527.42 -27.07 -0.36
CAC 7269.47 -50.29 -0.69
DAX 15774.93 -175.83 -1.11
Dow Fut.* 35303.40 -11.10 -0.03

Asian markets:

Particulars    08th August  Chg.       Chg.(%)
Dr. Reddy 69.99 0.86 1.24
HDFC Bank 66.52 -0.44 -0.66
ICICI Bank 23.66 0.08 0.36
Infosys 16.77 -0.01 -0.06
Wipro 4.98 0.04 0.81

ADR Watch:

Particulars    08th August  Chg.       Chg.(%)
Dr. Reddy 69.99 0.86 1.24
HDFC Bank 66.52 -0.44 -0.66
ICICI Bank 23.66 0.08 0.36
Infosys 16.77 -0.01 -0.06
Wipro 4.98 0.04 0.81

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.83 -0.11
Brent 86.03 -0.16
Gold 1963.15 0.17
Silver 22.940 0.58

FIIs & DIIs:

Particulars   08th August 07th August
FIIs                          -711.34 -1892.77
DIIs 537.31 1080.80

News Update:

SBI Life Insurance: The company has appointed Amit Jhingran as Managing Director and chief executive officer of the company.

NTPC: The company’s unit NTPC Renewable was the successful bidder for 80 MW floating solar project.

Century Plyboards (India): The company has completed the acquisition of entire stake of Pacific Plywoods.

Jay Bharat Maruti: The company’s board has approved a stock split of existing shares in 5:2 ratio. It will split existing equity shares with face value of Rs 5 into equity shares having face value of Rs 2. The purpose of the stock split is to enhance liquidity of the company’s equity shares and to give opportunity to small investors for investment.

Inox Wind Energy: The promoter, promoter group entities of Inox Wind raised Rs 500 crore through sale of equity shares of the company via block deals. The funds raised are proposed to be infused into Inox Wind and use it to repay its existing debt.

Lupin: The drug maker’s unit, Novel Laboratories, has received approval from the U.S. FDA for its Abbreviated New Drug Application for Fluocinolone Acetonide Oil, which is a generic equivalent of DermaSmoothe of Hill Dermaceuticals Inc.

Source: Moneycontrol, Bloomberg Quint, Investing 

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