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

As traders responded to Hamas bombings inside of Israel over the weekend that claimed hundreds of lives, oil prices increased by more than 4%. Stocks opened slightly higher in Australia, but contracts for U.S. stock futures continued to lose money and futures for Hong Kong equity rose. Due to the typhoon, Hong Kong morning trading will be delayed. There is no cash trading of Treasury bonds because the markets in South Korea and Japan are closed for a vacation. Friday’s 1.2% gain for the S&P 500 ended a four-week losing streak. Large-cap tech companies including Microsoft Corp., Apple Inc., and Nvidia Corp. helped to drive the Nasdaq 100 up 1.7%. WTI and Brent crude prices were both trading above the $86 mark at the same time.

Economic Calendar:

  • USD : PPI (MoM) (Sep) on 11th Oct, 2023
  • USD : FOMC Meeting Minutes on 11th Oct, 2023
  • INR : Manufacturing Output (MoM) (Aug) on 12th Oct, 2023
  • INR : CPI (YoY) (Sep) on 12th Oct, 2023

Brokerage Radar:

JEFFERIES ON CONCORD BIOTECH: Initiate Buy, TP Rs 1260; A wide portfolio and adequate capacities should drive industry-leading revenue growth and operating leverage; Est. 30% PAT Cagr over FY23-26E; Maintain 1HFY24E should see order flow traction

MS ON TATA MOTORS: OW, TP Rs 711; JLR posted strong F2Q volumes, with wholesales up 29% YoY, & guided for FCF of £300mn for qtr; A strong mix should support 2Q margins, & forms upside risk to FY24 EBIT margin est. of 6.6%; A de-leveraging play in FY24 & India EV play in FY25

International Markets

 U.S & Europe:

Particulars 06th October Chg. Chg.(%)
Nasdaq 13431.34 211.51 1.60
Dow 33407.58 288.01 0.01
FTSE 7494.58 43.04 0.57
CAC 7060.15 61.90 0.88
DAX 15229.77 159.55 1.05
Dow Fut.* 33198.27 -209.31 -0.63

Asian markets:

Particulars 09th October Chg. Chg.(%)
GIFT Nifty 19641.00 -27.50 -0.14
Nikkei 30994.67 -80.69 -0.26
Straits Times 3174.68 0.29 0.01
Hang Seng 17485.98 272.11 1.56
Shanghai 3094.53 -15.95 -0.51

ADR Watch:

Particulars       06th October  Chg.       Chg.(%)
Dr. Reddy 66.32 0.58 0.88
HDFC Bank 59.29 0.01 0.02
ICICI Bank 23.06 0.21 0.92
Infosys 17.79 0.18 1.02
Wipro 4.94 0.06 1.23

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.20 0.10
Brent 87.72 3.71
Gold 1863.95 1.02
Silver 21.950 1.04

FIIs & DIIs:

Particulars   06th October     05th October
FIIs                          -90.29 -1864.20
DIIs 783.25 521.41

News Update:

TCS: The IT major announced plans to consider the buyback of shares at the Oct. 11 board meeting.

Titan Company: The company reported a 20% year-over-year increase in its standalone revenue, and its emerging businesses saw sales growth of 29% year-over-y. While the watches and wearables saw sales growth of 32% year over year, the jewellery division saw sales growth of 19% year over year.

Tata Motors: JLR Automotive PLC proposes a tender offer for outstanding notes. The offers for notes will expire on Oct. 13.

Bank of Baroda: The lender reported a domestic CASA of Rs 4.28 lakh crore, up 4.43% year over year.Global gross advances and total deposits rose 12.01% and 14.63% year over year, respectively.

Adani Energy Solutions: The company acquired a 100% stake in Sangod Transmission Service via cash at a face value of Rs 10 apiece.

Adani Green Energy: Company’s stepdown subsidiary, Adani Solar Energy Jaisalmer Two Pvt. commissioned 150 MW solar power project at Bikaner.

Punjab National Bank: The lender appointed Sanjeevan Nikhar as Group Chief Compliance Officer with immediate effect.

TVS Motor: The company on Friday started production in the Tamil Nadu manufacturing plant for CE 02, the company’s first electric vehicle that is jointly designed and developed with BMW Motorrad.

IDFC First Bank: The company approved the allocation of 33.24 crore shares at an issue price of Rs 90.25 apiece.

Biocon: The pharma company inked a pact with Canada’s Juno Pharmaceuticals for commercialising diabetes and obesity-managing devices.

Prestige Estates Projects: The company reported sales of Rs 7,093 crore, up 102% year over year.It sold 3,659 units and launched five projects.

Kaynes Technology: The company announced the setting up of a semiconductor plant in Kongara Kalan, Telangana, with an investment of Rs 2,800 crore.

Indian Energy Exchange: The company announced plans to acquire a 10% stake in Enviro Enablers India.

MCX: SEBI rescinds abeyance order against its Commodity Derivative Platform

Source: Moneycontrol, Bloomberg Quint, Investing 

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