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

Early on Friday, Asian markets were neutral as Wall Street saw further gains, but traders were forced to delay expectations of a rapid rate decrease by the Federal Reserve due to better-than-expected U.S. jobs data. At 06:32 a.m., the Nikkei 225 was up 297.43 points, or 0.81%, at 37,160.71, while the S&P ASX 200 was unchanged at 7,638.60. For the celebration of the new year, markets are closed in Taiwan, South Korea, and the Chinese mainland. According to Bloomberg, the stock exchanges in Singapore and Hong Kong will be closed for 30 minutes on Friday. For the first time during the day, the S&P 500 index crossed the 5,000 mark, and on Thursday it closed at a new closing level, up 0.06%. The Nasdaq Composite rose by 0.24%, and the Dow Jones Industrial Average rose by 0.13%.

Economic Calendar:

  • USD : CPI (MoM) (Jan) on 13th February, 2024
  • USD : Retail Sales (MoM) (Jan) on 15th February, 2024
  • INR : FX Reserves, USD on 09th February, 2024
  • INR : CPI (YoY) (Jan) on 12th 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 08th February Chg. Chg.(%)
Nasdaq 15782.60 25.96 0.16
Dow 38726.33 48.97 0.13
FTSE 7595.48 -33.27 -0.44
CAC 7665.63 54.37 0.71
DAX 16963.83 41.87 0.25
Dow Fut.* 38703.11 -23.22 -0.06

Asian markets:

Particulars 09th February Chg. Chg.(%)
GIFT Nifty 21780.50 -30.50 -0.14
Nikkei 37029.91 166.63 0.45
Straits Times 3126.26 -16.65 -0.53
Hang Seng 15656.34 -221.73 -1.40
Shanghai 2865.90 36.20 1.26

ADR Watch:

Particulars 08th February  Chg.       Chg.(%)
Dr. Reddy 73.29 -0.11 -0.15
HDFC Bank 53.61 -2.02 -3.63
ICICI Bank 23.59 -0.98 -3.99
Infosys 20.20 -0.23 -1.15
Wipro 5.85 -0.55 -0.93

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.98 0.00
Brent 81.54 -0.26
Gold 2049.15 0.06
Silver 22.67 0.16

FIIs & DIIs:

Particulars 08th February 07th February
FIIs                          -4933.78 -1691.02
DIIs 5512.32 327.73

News Update:

Telecom Stocks: The Union Cabinet announced its approval for a 10,523 MHz spectrum auction this fiscal year, with a reserve price of Rs 96,317 crore. The auction will be held for spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz frequency bands, with a validity period of 20 years. (Reliance Industries, Bharti Airtel, and Vodafone Idea will be in focus.)

One 97 Communications: Paytm Payments Bank board member Manju Agarwal has resigned from the company, people with knowledge of the matter told NDTV Profit. Agarwal, who served on the board as an independent director, resigned with effect from Feb. 1 this year.

Zee Entertainment Enterprise: The market regulator, in an interim order, has asked several guest experts on Zee Business to repay Rs 7.41 crore in alleged unlawful gains made by taking positions opposite to their on-air advice.

Bharat Heavy Electricals: The company received an order worth Rs 5,500 crore from Haryana Power Generation Corp. for up to a 1×800 MW ultra-supercritical expansion unit in Haryana.

TVS Supply Chain Solutions: The company signed a settlement agreement in relation to certain disputes. TVS Australia will make aggregate payments amounting to $6 million.

Trident: The company granted a patent for a soft-profiled terry fabric with an improved loop configuration.

Sequent Scientific: The company proposed the sale of land measuring 7,481 square metres for Rs 7.82 crore.

Balmer Lawrie: The company will establish a 200 kilo liters per day first-generation grain-based ethanol plant in Andhra Pradesh.

IRCTC: The company signed a Memorandum of Understanding with the Uttarakhand government to operate tourist trains in the state.

Dynamatic Technologies: The company was awarded a large order from Europe-based multinational company Airbus to manufacture and assemble doors for Airbus’ A220 family of aircraft.

Source: Moneycontrol, Bloomberg Quint, Investing 

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