View on market: Stay Cautious, be with quality business:
Stocks in Asia rose on Wednesday after U.S. Federal Reserve Chair Jerome Powell reiterated commitment to tackle inflation helped fuel gains on Wall Street. Equities advanced in Japan, Australia and South Korea. U.S. futures were volatile after S&P 500 logged gains for the fifth session in six. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 0.21% to 17,408 points as of 6:50 am. Treasuries held losses triggered by Powell’s statement that a half-point interest-rate hike is possible at the central bank’s next meeting. The dollar edged higher, Brent hovered around $115 per barrel while Bitcoin tested $42,000. President Joe Biden and U.S. allies meeting in Brussels on Thursday are expected to announce new sanctions against Russia over its invasion of Ukraine and fresh measures designed to keep the Kremlin from sidestepping existing economic penalties. Commodity markets will be closely watched after the U.S. and U.K. reached a deal to ease tariffs on British steel and aluminum that may ease some inflationary pressures.
Economic Calendar:
- INR: Forex Reserve on 25th March 2022.
- INR: Forex Reserve on 1st April 2022.
- USD: Retail Inventory Ex Auto 28th March, 2022.
- USD:Jobless Claims on 24th March, 2022.
Brokerage Radar:
CLSA ON Kotak BANK :Upgraded in Jul-21 & key rationale remains that Bank can deliver 4-5% higher growth vs peers given low cost of funds and strong franchise and just 1-1.5% market share in key loan segments
CITI ON OMCs: OMCs finally raised retail prices of petrol, diesel, & domestic LPG, which comes as a big relief Assuming regular price hikes sustain, believe stks should gradually reverse recent underperformance HPCL preferred pick
International Markets:
U.S & Europe:
| Particulars | 23rd Mar | Chg | Chg(%) |
| Nasdaq | 14,108.82 | 270.36 | 1.95 |
| Dow | 34358.7 | -448.96 | -1.29 |
| FTSE | 7,492.27 | 15.55 | 0.21 |
| CAC | 6,645.07 | -14.34 | -0.22 |
| DAX | 14,435.16 | -38.04 | -0.26 |
| Dow Fut.* | 34389.90 | 31.4 | 0.09 |
Asian markets:
| Particulars | 24th Mar | Chg. | Chg(%) |
| SGX Nifty | 17,270.00 | -102 | -0.59 |
| Nikkei | 28,040.16 | 816.05 | 3 |
| Straits Times | 3,364.26 | 14.09 | 0.42 |
| Hang Seng | 22,154.08 | 264.8 | 1.21 |
| Shanghai | 3,271.03 | 11.17 | 0.34 |
ADR Watch:
| Particulars | 23rd Mar | Chg. | Chg.(%) |
| Dr Reddy | 53.08 | 0.63 | 1.2 |
| HDFC Bank | 62.46 | 0.61 | 0.99 |
| ICICI Bank | 18.97 | 0.3 | 1.61 |
| Infosys | 24.79 | 0.58 | 2.4 |
| Tata Motor | 28.61 | 0.79 | 2.84 |
| Wipro | 8 | 0.12 | 1.52 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.30 | 0.16 |
| Brent | 122.16 | 0.53 |
| Gold | 1942.80 | 0.27 |
| Silver | 25.26 | 0.27 |
FIIs & DII:
| Particulars | 23rd Mar | 22nd Mar |
| FIIs | 481.3 | 384.48 |
| DIIs | -294.23 | -602.05 |
News Update:
IIFL Finance: The company will buy back 5.875% US $400 million secured notes.
Vinati Organics: The company has subscribed to additional 6,00,000 fully paid-up equity shares of face value of Rs.10 each at par amounting to Rs. 60,00,00 in Veeral Organics, a wholly owned subsidiary of the company.
IRCTC: The company has extended Rajni Hasija’s term as CMD till July 31, 2022.
Hindustan Construction: The company appointed Jaspreet Singh Bhullar as Chief Executive Officer after U V Phani Kumar’s resignation from the position effective March 23.
CSB Bank: Reserve Bank of India approved appointment of Pralay Mondal, Deputy Managing Director as interim Managing Director and CEO of the bank for a period of three months with effect from April 1.
Affle: The company will invest Rs 132.91 crore in Bobble AI.
Oberoi Realty: The company has increased its stake in joint venture Homexchange to 47.5% by subscribing to shares of Rs 9 crore at par value.
SRF/Gujarat Fluorochemicals/Navin Fluorine: The government imposed curbs on imports of Hydrofluorocarbons used in refrigeration and air-conditioning, PTI reported. Importers will now have to seek a licence or permission from the government to import this chemical.
Ruchi Soya: The company raised Rs 1289.80 crore through anchor investors. 46 anchor investors were allotted 1.98 crore shares at issue price of Rs 650.
Sun Pharmaceuticals: The company has settled with two plaintiff groups for amount of $485 million in Ranbaxy Generic Drug Application Antitrust Litigation ongoing in the U.S. District Court for the District of Massachusetts.
Nalco: The company appointed Sadashiv Samantara as Director (Commercial) and Sanjay Ramanlal Patel as Part-time Non-official (Independent) Director effective from March 22.
ICICI: The Reserve Bank of India has granted approval to SBI Funds Management to acquire upto 9.99% stake in ICICI bank.
Adani Total Gas: The company was granted authorization for development of City Gas Distribution Network by Petroleum and Natural Gas Regulatory Board in 10 geographical areas.
Uttam Sugar Mills: The company redeemed 25,000 10% Non-Cumulative Redeemable Preference Share of Rs. 100 each along with premium of Rs. 100 each.
Edelweiss Financial Services: To consider declaration of interim dividend on March 29.
Colgate Palmolive: To consider declaration of interim dividend on April 28.