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

Asian equity futures were mixed and the dollar held losses on Thursday after treasury yields fell on signs of easing inflationary pressure in the U.S. Contracts for the S&P 500 were little changed after the benchmark rose 0.4% Wednesday. Nasdaq 100 futures were also steady following a 1.1% rise in the tech-heavy benchmark, which closed at the highest level since August. The move in the Japanese currency weighed on the nation’s equity futures, which inched lower alongside Australian contracts. Futures for Hong Kong were marginally higher. Headline U.S. inflation eased to 4.9% in April, the first reading below 5% in two years and below consensus expectations. Core inflation remained at 5.5%. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.43%. Crude prices traded below $77-mark, while Bitcoin declined below 28,000-level. At 6:09 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.20% at 18,395. Domestic benchmark indices picked up towards the end of session after swinging between gains and losses. The Indian rupee inched against the U.S. dollar as the greenback suffered due to cautious investor sentiment.

Economic Calendar:

  • USD : PPI (MoM) (Apr) on 11th May, 2023
  • USD : Initial Jobless Claims on 11th May, 2023
  • INR : CPI (YoY) (Apr) on 12th May, 2023
  • INR : Industrial Production (YoY) (Mar) on 12th May, 2023

Q4 Results Today: Asian Paints, Eicher

Motors, PDS, Deepak Nitrite, Balrampur Chini Mills, Zensar Technologies, Ujjivan Small Finance Bank, Intellect Design Arena, Dr Lal Pathlabs, Care Ratings, Siemens, Aditya Birla Capital, Ajmera Realty & Infra India, Alkyl Amines Chemicals, BLS International Services, DCW, Everest Industries, Gillette India. Gujarat State Petronet, GTL Infrastructure, Kirloskar Brothers

Brokerage Radar:

JEFFERIES ON L&T: Buy, TP raised to Rs 2900; 4Q EBITDA weaker as E&C margins were 120 bps lower YoY at 9.1%; FY23 order flow growth up 19% YoY vs guidance of 12-15% YoY; Management guided for 10-12% YoY order flow growth & 12-15% YoY rev growth in FY24E

NOMURA ON HNDALCO: Buy, TP Rs 540; Novelis 4Q: profitability weak led by weak can demand, in line with est. Beverage can demand could continue to be weak; Novelis’management has guided for destocking to continue in 1QFY24 as well

GS ON DR REDDY’S: Neutral, TP Rs 4750; Weak qtr, management upbeat of medium term prospects; Co reiterated that it expects gRevlimid to continue to contribute meaningfully to topline ; Q4 adj. EBITDA margins grew by 27bps yoy to 22.3% (-570bps vs GSe)

International Markets

U.S & Europe:

Particulars 10th May Chg. Chg.(%)
Nasdaq 12306.44 126.89 1.04
Dow 33531.33 -30.48 -0.09
FTSE 7741.33 -22.76 -0.29
CAC 7361.20 -35.97 -0.49
DAX 15896.23 -59.25 -0.37
Dow Fut.* 33547.90 16.60 0.05

Asian markets

Particulars 11th May Chg. Chg.(%)
SGX Nifty 18397.50 39.00 0.21
Nikkei 29062.04 -60.14 -0.21
Straits Times 3233.12 -9.17 -0.28
Hang Seng 19739.52 -22.68 -0.11
Shanghai 3319.26 0.11 0.00

ADR Watch:

Particulars 10th May  Chg.       Chg.(%)
Dr. Reddy 58.55 -1.82 -3.01
HDFC Bank 68.33 2.34 3.55
ICICI Bank 23.01 0.12 0.52
Infosys 15.30 0.03 0.20
Wipro 4.66 0.01 0.22

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.95 0.03
Brent 77.02 0.80
Gold 2039.45 0.12
Silver 25.585 -0.28

FIIs & DIIs:

Particulars 10th May 09th May
FIIs                           1833.13 1942.19
DIIs -789.67 404.70

News Update:

Larsen & Toubro: AM Naik will step down as non-executive chairman of the company from Sept. 30, and will be conferred the status of chairman emeritus. SN Subrahmanyan, the chief executive officer & managing director, has been re-designated as the chairman and managing director of the company, with effect from Oct. 1, 2023.

Rail Vikas Nigam/Siemens: The consortium of the two companies received an order worth Rs 300.11 crore from Mumbai Metropolitan Region Development Authority for design, manufacture, supply, installation, testing and commissioning of two 110KV receiving substations for main line and depot of Mumbai Metro line 2B. Siemens is the lead consortium partner with 60% share, and RVNL holds 40% share.

Oil India: Stimul-T, the owner of Project License-61 oil block in Tomsk, Russia, has filed for bankruptcy. Oil India owns 50% stake in WorldAce tnvestment, the parent company of Stimul-T, through its subsidiary Oil India International BV. Meanwhile, the Numaligarh refinery allotted 20.03 crore partly paid-up shares to the company on May 10 at Rs 110 per share, taking its stake in the refinery to 73.27%.

Zydus Lifesciences: The company received establishment inspection report from the U.S. FDA for the inspection conducted at its facility in Moraiya, Ahmedabad without any observations. The pre-approval inspection, conducted from Jan. 23 to 27, covered transdermal patch products.

 Source: Moneycontrol, Bloomberg Quint, Investing

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