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

Asian equities follow Wall Street higher on Thursday as expectation for a further softening of US inflation buoy appetite for risk taking in global markets. The S&P 500 climbed for a second straight session and Nasdaq 100 gained in the run-up to inflation data that may slower the pace of Federal Reserve’s interest rate hikes. At 6:17 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.38% to 18,018.5. Elsewhere, oil rose as China’s crude consumption continues to increase. Gold rose and Bitcoin oscillated near $18,000. Back home, Indian benchmark indices traded largely flat through Wednesday and ended marginally lower in trade. The local currency closed 21 paise higher compared to Tuesday. Overseas investors in Indian equities were net sellers for the 14th day in a row on Wednesday. Foreign portfolio investors offloaded stocks worth Rs 3,208.15 crore, while the domestic institutional investors mopped up stocks worth Rs 2,430.62 crore.

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:

JPM ON L&T: OW, TP raised to Rs 2300; 2023 should be another yr of +ve returns with core upside > IT downside; Core P/E multiple should remain cemented by continued order momentum, resulting in a guidance meet in FY23 after 3 yrs & up to robust mid-teens growth in FY24

MS ON OMCs: Integrated margins have remained strong with stable retail fuel prices, despite lower oil; Rising crude disc & improved domestic demand should reverse F1H23 under-recoveries (ex-inventory changes); Govt. compensation would be an upside surprise; BPCL & IOC key picks

NOMURA ON ITC: Initiate Neutral, TP Rs 360; Margin improvement to remain gradual & contained; contribution to overall biz to remain modest; Assign low-probability of divestment of FMCG biz; Trades at 21x/19x Mar-24F/25F EPS

International Markets:

U.S & Europe

Particulars 11th January Chg. Chg.(%)
Nasdaq 10931.67 189.04 1.76
Dow 33973.01 268.91 0.80
FTSE 7724.98 30.49 0.40
CAC 6924.19 55.05 0.80
DAX 14947.91 173.31 1.17
Dow Fut.* 33962.60 -10.40 -0.03

Asian markets

Particulars 12th January Chg. Chg.(%)
SGX Nifty 17996.00 46.00 0.26
Nikkei 26455.06 9.06 0.03
Straits Times 3265.69 -5.82 -0.18
Hang Seng 21521.25 85.20 0.40
Shanghai 3161.31 -0.53 -0.02

ADR Watch:

Particulars 11th January  Chg.       Chg.(%)
Dr. Reddy 52.59 -0.64 -1.20
HDFC Bank 66.58 1.00 1.52
ICICI Bank 21.45 0.20 0.94
Infosys 18.12 0.29 1.63
Tata Motor 25.54 0.36 1.43
Wipro 4.79 0.06 1.27

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.58 -0.26
Brent 82.80 0.16
Gold 1887.05 0.43
Silver 23.723 1.03

FIIs & DIIs:

Particulars 11th January 10th January
FIIs  -3208.15 -2109.34
DIIs 1806.62 1806.62

News Update:

Tata Motors: Electric Vehicle contribution in the company’s portfolio is likely to increase to 25% in five years and reach 50% by 2030, said Group Chairman Chandrasekaran at the Auto expo, PTI reported.

360 One WAM (Formerly IIFL Wealth Management): The company will consider stock split and issue of bonus shares, along with declaration of fourth interim dividend on Jan. 19.

State Bank of India: Ministry of Finance has extended Challa Sreenivasulu Setty’s term as Managing Director of State Bank of India by two years with effect from Jan. 20.

PB Fintech: The company’s wholly owned subsidiary, PB Financial Account Aggregators, has received certificate of registration as NBFC-Account Aggregator from the Reserve Bank of India.

Hindustan Unilever: The company has completed acquisition of 51% stake in Zywie Ventures for Rs 264.28 crore.

DB Realty: The company’s wholly owned subsidiary Goregaon Hotel and Realty has executed a settlement agreement with Reliance Commercial Finance for loans given by the lender in the past. DB Realty and Goregaon Hotel will now pay Rs 185.6 crore and Rs 214.4 crore respectively to the lender latest by March 31, 2025 as full and final settlement.

Stove Kraft: Company’s Chief Executive Officer Rajiv Nitin Mehta has “conveyed his intent” to resign. Formal resignation will be placed before the board at the upcoming meeting.

RailTel: The company has received aggregate work orders worth Rs 292.74 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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