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

Stocks in Asia are set for a muted open after a mixed U.S. session that saw treasuries and the dollar rally on signals of a cooling jobs market and renewed concerns about the health of regional lenders. Equity futures in Hong Kong advanced, while those for Japan and Australia were little changed and U.S. contracts were stable in early Asian trade. The S&P 500 slid 0.2% on Thursday following jobs and inflation data, while the tech-heavy Nasdaq 100 added 0.3% after Google parent Alphabet Inc. showcased its artificial intelligence tools. Data showed U.S. initial jobless claims reached the highest since October 2021 while producer prices rose 0.2% in April, trailing economists’ estimates for a 0.3% increase. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.38%. Crude prices fell over 1% below $75-mark, while Bitcoin declined to 27,000-level. At 5:20 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.34% at 18,287.5. Index provider MSCI Inc. added three India stocks to its emerging markets index on Friday as part of its May review. Defence manufacturer Hindustan Aeronautics, hospital chain operator Max Healthcare Institute and auto components maker Sona BLW Precision Forgings were added to the index under the quarterly rejig, a statement from the index provider showed. Notably, Max Healthcare has been upgraded

Economic Calendar:

  • USD : Retail Sales (MoM) (Apr) on 13th May, 2023
  • USD : Building Permits (Apr) on 17th May, 2023
  • INR : CPI (YoY) (Apr) on 12th May, 2023
  • INR : Industrial Production (YoY) (Mar) on 12th May, 2023

Q4 Results Today: Tata Motors, Hindustan Petroleum Corporation, Hindustan Aeronautics, Cipla, Polycab India, Indraprastha Gas, Sharda Cropchem, Colgate-Palmolive (India), Manappuram Finance, Kirloskar Ferrous Industries, Laxmi Organic Industries, Greaves Cotton, Sapphire Foods India, Solara Active Pharma Sciences, VST Tillers Tractors, Butterfly Gandhimathi Appliances

Brokerage Radar:

JEFFERIES ON EICHER MOTORS: Buy, TP Rs 4000; 4Q EBITDA rose 23% YoY (5% above JEFe) to a new high.  RE volumes grew 18% YoY while EBITDA/vehicle rose 12% QoQ.  Despite ongoing 2W downturn, EIM delivered highest RE volumes and EPS in FY23

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

MS ON ASIAN PAINTS: UW, TP Rs 2546; 4Q earnings positively surprised us and consensus on margins. Management has called out that they will aggressively pursue growth going ahead. Management has retained its 18-20% EBITDA margin guidance. Co may consider taking price cuts if needed

International Markets

U.S & Europe:

Particulars 11th May Chg. Chg.(%)
Nasdaq 12328.51 22.06 0.18
Dow 33309.51 -221.82 -0.66
FTSE 7730.58 -10.75 -0.14
CAC 7381.78 20.58 0.28
DAX 15834.91 -61.32 -0.39
Dow Fut.* 33337.50 28.00 0.08

Asian markets

Particulars 12th May Chg. Chg.(%)
SGX Nifty 18282.00 -68.00 -0.37
Nikkei 29359.43 232.71 0.79
Straits Times 3198.38 -31.17 -0.97
Hang Seng 19662.90 -80.89 -0.41
Shanghai 3288.35 -21.20 -0.64

ADR Watch:

Particulars 11th May  Chg.       Chg.(%)
Dr. Reddy 54.76 -3.79 -6.47
HDFC Bank 67.13 -1.20 -1.76
ICICI Bank 22.95 -0.06 -0.26
Infosys 15.03 -0.27 -1.76
Wipro 4.66 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.12 -0.03
Brent 74.85 -0.17
Gold 2017.10 -0.17
Silver 24.212 -0.87

FIIs & DIIs:

Particulars 11th May 10th May
FIIs                           837.21 1833.13
DIIs -200.09 -789.67

News Update:

ONGC: The company said it has discovered oil and gas reserves in Amrit and Moonga exploration blocks in Mumbai Offshore on the Arabian Sea. Detailed assessment of the discoveries is in progress.

Mahindra & Mahindra: The auto major reported a 18.54% jump year-on-year in production volumes during April at 58,644 units, whereas sales increased 40.86% to 60,481 units compared to the corresponding months of last year. Exports slumped 32.93% in annual terms to 1,813 units.

GMR Airports Infrastructure: Passenger traffic at five airports managed by the company increased 33% year-on-year to 97.67 lakh during April. Meanwhile, aircraft movement at these airports saw 22% rise to 64,600 during last month.

Reliance Industries/Bharti Airtel/Vodafone Idea: As per TRAI data, Reliance Jio added 10.05 lakh subscribers, while Bharti Airtel gained 9.83 lakh users in February. Meanwhile, Vodafone Idea lost 10.26 lakh subscribers during the month under review.

NBCC (India): The company received total business of Rs 1,264.48 crore in April.

HDFC Bank: The Mumbai bench of NCLT admitted insolvency plea by HDFC Bank against Eurolife Healthcare over a default of Rs 45.11 crore.

IPCA Laboratories: The Mumbai bench of NCLT approved the merger of Ramdev and Tonira Exports with the company.

Source: Moneycontrol, Bloomberg Quint, Investing

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