View on market: Stay Cautious, be with quality business:

U.S. equity futures made small gains in cautious trading on Monday as the Asian session got underway. Investors weigh the U.S. jobs report, which support bets for another Federal Reserve rate hike to control inflation and ease concerns that the U.S. economy is moving towards recession. Contracts for the S&P 500 rose 0.1% on Monday after small gains for futures when the non-farm payrolls figures were released. Meanwhile, the yield on 10-year treasuries was trading at 3.37%. Crude prices trade above $85-mark, while Bitcoin was hovering around 28,000-level. At 5:57 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.05% at 17,725. Indian benchmark indices—Sensex and Nifty—ended at a four-week high, rising 0.24% each, as the Monetary Policy Committee surprisingly kept repo rates unchanged. Indian rupee strengthened against the U.S. dollar following MPC’s policy decision.

Economic Calendar:

  • USD : EIA Short-Term Energy Outlook on 11th April, 2023
  • USD : CPI (MoM) (Mar) on 12th April, 2023
  • INR : Industrial Production (YoY) (Feb) on 12th April, 2023
  • INR : CPI (YoY) (Mar) on 12th April, 2023

Brokerage Radar:

MOSL ON GODREJ PROPERTIES: Upgrade to Buy, TP Rs 1575; Raise FY24E/FY25E pre-sales by 23/44% as incorporate recent project additions; Believe co is on track to achieve its pre-sales target of Rs 200bn by FY26; Revise FY25 revenue/PAT est. by 23%/10%

CITI ON TITAN: Buy, TP Rs 3091; 4Q update: Impressive growth despite relatively weak March; Store expansion remained strong; Growth for other segments was impressive as well, with all standalone categories recording double-digit growth

International Markets

U.S & Europe:

Particulars 06th April Chg. Chg.(%)
Nasdaq 12087.96 91.09 0.76
Dow 33485.29 2.57 0.01
FTSE 7741.56 78.62 1.02
CAC 7324.75 8.45 0.12
DAX 15597.89 77.72 0.50
Dow Fut.* 33507.50 22.20 0.07

Asian markets

Particulars 10th April Chg. Chg.(%)
SGX Nifty 17703.00 -13.50 -0.08
Nikkei 27633.98 115.67 0.42
Straits Times 3297.77 -2.71 -0.08
Hang Seng 20331.20 56.61 0.28
Shanghai 3324.30 -3.35 -0.10

ADR Watch:

Particulars 06th April  Chg.       Chg.(%)
Dr. Reddy 58.80 0.85 1.47
HDFC Bank 68.49 0.54 0.79
ICICI Bank 21.70 0.04 0.18
Infosys 17.25 -0.08 -0.46
Wipro 4.50 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.88 0.05
Brent 85.01 -0.13
Gold 2006.25 -0.99
Silver 24.898 -0.78

FIIs & DIIs:

Particulars 05th April 06th April
FIIs                           806.32 -947.21
DIIs 475.81 -997.08

News Update:

Rail Vikas Nigam: The consortium of Siemens and the company emerged as the lowest bidder for design, manufacture, supply, installation, testing and commissioning of two 110kV receiving substation and complete SCADA system for main line and depot of Mumbai Metro line 2B of MMRDA. The project cost is Rs 378.16 crore.

Century Textiles Industries/ Sudarshan Chemical Industries: Birla Estates, the real estate arm of the Aditya Birla Group housed under the company, acquired 5.76 acres of land from Sudarshan Chemical Industries in Sangamwadi, Pune to foray into the city’s residential real estate market. The estimated revenue potential of the land parcel is Rs 2,500 crore.

Muthoot Finance: The board approved an interim dividend of Rs 22 per share. Meanwhile, Muthoot Money, a wholly owned subsidiary of the company, has been fined Rs 10.5 lakh for non-compliance with provisions related to monitoring of frauds.

ONGC/OIL India: The Cabinet revised domestic natural gas pricing guidelines for gas produced from nomination fields of ONGC and OIL, New Exploration Licensing Policy blocks and pre-NELP blocks, to notify these prices on a monthly basis.

Mahindra & Mahindra: The Reserve Bank of India fined the company Rs 6.77 crore for violation of RBI directions on disclosure of annualised rate of interest charged on loans to the borrowers at the time of sanction and failure to give notice of change in terms and conditions of loan to its borrowers, when it charged higher rate of interest than what was communicated at the time of sanction, during

Indian Bank: The bank has been fined Rs 55 lakh by the Reserve Bank of India for non-compliance with KYC directions.

IIFL Finance: The company raised $100 million in long-term funding from Export Development Canada and Deutsche Bank.

Axita Cotton: The company received an order from m Badsha Textiles, Bangladesh, for supply of raw Indian raw cotton at $3.28 million (around Rs 26.89 crore).

Gulshan Polyoyls: The company received an order from Excise Department under Government of Madhya Pradesh to supply 72 lakhs proof liter country liquor in Chhindwara, Balaghat and Singrauli districts during fiscal ending March 2024.

 Source: Moneycontrol, Bloomberg Quint, Investing

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