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

Asian stocks were mixed on Tuesday after a US rally fizzled out as the Federal Reserve officials signaled that the central bank will likely need to raise interest rates above 5% before pausing and holding for some time. Australian stocks fell and equity futures for Hong Kong were slightly weaker, while Japan’s Topix Index rose after reopening following a public holiday Monday. Contracts on the S&P 500 edged lower after the index failed to stay above the key 3,900 level, erasing an advance that reached almost 1.5% Monday. The Dow Jones Industrial Average underperformed, while the Nasdaq 100 rose thanks to gains in big tech, with Tesla Inc. surging about 6%. The dollar and Treasury yields pared their declines. Crude price rose 1.6%, while gold was up 0.3%. Bitcoin increased 2.3% to trade around the $16,800-level. Domestic indices closed 1% higher, tracking rallies in the Asian and U.S. stocks. Rupee started the week closing higher against the U.S. dollar on the back of a strong show by domestic equities. At 6:35 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.07% to 18,160.5.

Economic Calendar:

  • USD : Initial Jobless Claims on 12th January, 2023
  • USD : CPI (MoM) (Dec) on 12th January, 2023
  • INR : Manufacturing Output (MoM) (Nov) on 12th January, 2023
  • INR : CPI (YoY) (Dec) on 12th January, 2023
  • INR : Industrial Production (YoY) (Nov) on 12th January, 2023

Brokerage Radar:

MS ON PNB HSG: OW, TP Raised to Rs 700; AUM decline appears to be over; management guidance on loan growth is strong; B/S is in a strong position with healthy provision cover & reasonable leverage; Rights issue, new management & low headline vals are tailwinds for stk

MS ON ZYDUS LIFE: OW, TP Rs 513; New niche launches in US should cushion potential gAsacol HD competitive headwinds, & still grow overall US business. gRevlimid and gTrokendi are long-duration niche opportunities

CLSA ON RIL: Buy, TP Rs 2970; Nearing end of consolidation; Interesting events in 2H23 may set RIL on its next leap; These include ramp-up of its FMCG biz, launch of Airfiber for wireless broadband & new affordable 5G smartphones to monetise its pan- India standalone 5G network

International Markets:

U.S & Europe

Particulars 09th January Chg. Chg.(%)
Nasdaq 10635.65 66.36 0.63
Dow 33517.65 -112.96 -0.34
FTSE 7724.94 25.45 0.33
CAC 6907.36 46.41 0.68
DAX 14792.83 182.81 1.25
Dow Fut.* 33443.00 -74.60 -0.22

Asian markets

Particulars 10th January Chg. Chg.(%)
SGX Nifty 18128.50 -44.50 -0.24
Nikkei 26199.25 225.40 0.87
Straits Times 3284.74 -20.93 -0.63
Hang Seng 21271.42 -116.92 -0.55
Shanghai 3168.88 -7.20 -0.23

ADR Watch:

Particulars 09th January  Chg.       Chg.(%)
Dr. Reddy 53.13 0.43 0.82
HDFC Bank 67.40 0.00 0.00
ICICI Bank 21.36 0.09 0.42
Infosys 18.00 0.19 1.07
Tata Motor 24.03 0.70 3.00
Wipro 4.74 0.08 1.72

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.36 -0.44
Brent 79.25 -0.50
Gold 1876.55 -0.07
Silver 23.680 -0.80

FIIs & DIIs:

Particulars 09th January 06th January
FIIs                           -203.13 -2902.46
DIIs 1723.79 1083.17

News Update:

Tata Motors: Tata Motors Group global wholesales increased 13% on-year in the December quarter at 3.23 lakh units. Passenger vehicles sales were up 23% during the period at 2.25 lakh units. Meanwhile, Jaguar Land Rover wholesales, excluding China JV, rose 15% YoY to 79,591 units in December quarter, with a positive free cash flow of £400 million (Rs 4,003.15 crore).

LT Foods/Chaman Lal Setia Exports/Others: Authorities are planning to remove the ban imposed in September last year on export of certain varieties of rice as domestic prices stabilise, according to a Bloomberg report. This will be positive for stocks of rice exporting companies.

DB Realty: NCLT approved Adani Goodhomes’ resolution plan for Radius Estates, a JV partner of MIG (Bandra) Realtors & Builders, which is a subsidiary of DB Realty. Radius Estates and MIG are developing Project Ten BKC property in Mumbai.

HDFC: The lender will sell its entire 17.5% stake in Kaizen Management Advisors for Rs 1.10 crore. Meanwhile, subsidiary HDFC Capital Advisors has achieved the initial close for Scheme 2 of the HDFC Capital Affordable Real Estate Fund–3.

IRB Infrastructure Developers: The company reported a 32% YoY increase in consolidated Q3 toll revenue at Rs 388.01 crore.

Sona BLW Precision Forgings: The company will acquire 54% stake in NOVELIC d.o.o. Beograd–Zvezdara for €40.5 million (Rs 355.98 crore).

 Indian Overseas Bank: The bank will increase lending rates by 5 basis points across tenors from Jan. 1, 2023.

Page Industries: Rohan Genomal resigned as Executive Director-Strategy, effective March 31, 2023, for personal reasons.

 Source: Moneycontrol, Bloomberg Quint, Investing

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