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

Shares swung slightly higher in Japan and Australia while South Korea’s benchmark index fell after the central bank pivoted back to outsized interest-rate increases. US futures edged up after the S&P 500 fell for the fifth consecutive session and the Nasdaq 100 tumbled more than 1% to set a fresh two-year low. At 7:20 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.29% to 16,983.50. Rising rates in the US and the Bank of Japan’s ultra-loose stance are pushing the yen to levels that are causing alarm in Tokyo. The divergence is in focus this week with US consumer price data due Thursday that may determine if the Fed increases rates by 75 basis points in a fourth consecutive move in November. Oil dropped for a third day on escalating concerns that a global slowdown will hurt energy demand amid a broad shift away from risk assets.

Economic Calendar:

  • USD : PPI (MoM) (Sep) on 12th October, 2022
  • USD : CPI (MoM) (Sep) on 13th October, 2022
  • INR : CPI (YoY) (Sep) on 12th October, 2022
  • INR : WPI Inflation (YoY) (Sep) on 14th October, 2022

Q2FY23 Result Today: Wipro, HCL Technologies, Sterling and Wilson Renewable Energy, 7NR Retail, Artson Engineering, Mangalam Industrial Finance, Mega Nirman and Industries, National Standard (India), Nxtdigital, Sanathnagar Enterprises, Standard Capital Markets, Yash Chemex

Brokerage Radar:

MS ON INFOSYS: OW, TP Rs 1550; Sudden departure of Ravi Kumar a -ve surprise

Do not expect any disruption in biz momentum; See potential buyback of $1-1.4bn, more likely through an open offer route, could lend some support to stk in a volatile macro environment

NOMURA ON TATA MOTORS: Buy, TP Rs 520; Tiago EV: Electric boost with 10k 1st day bookings; Expect Tiago EV to sell 3-5k units/mth & its overall TTMT EV sales to touch 60k/96k in FY23/24F; Every 1% market share gain in PVs has potential to add Rs 50bn to Co’s M Cap

CLSA ON JSVN: Buy, TP Rs 42; Co completed 10% of Arun 3, which a/cs for 29% of rev earning equity (REE) growth over FY22-25CL & 12% of Buxar project (43% REE growth); It also saw many strategic wins in 1H to move towards its 50GW vision; Forecast co’s REE to double over FY22-25

International Markets:

U.S & Europe:

Particulars     11th October Chg. Chg.(%)
Nasdaq 10426.19 -115.91 -1.10
Dow 29239.19 36.31 0.12
FTSE 6885.23 -74.08 -1.06
CAC 5833.20 -7.35 -0.13
DAX 12220.25 -52.69 -0.43
Dow Fut.* 29286.70 47.50 0.16

Asian markets:

Particulars 12th  October Chg. Chg.(%)
SGX Nifty 16985.50 45.50 0.27
Nikkei 26364.25 -37.00 -0.14
Straits Times 3081.55 -23.45 -0.76
Hang Seng 16490.74 -341.62 -2.03
Shanghai 2953.30 -26.49 -0.89

ADR Watch:

Particulars 11th October  Chg.       Chg.(%)
Dr. Reddy 51.79 -0.79 -1.50
HDFC Bank 56.47 -1.13 -1.96
ICICI Bank 21.00 -0.24 -1.13
Infosys 17.13 -0.43 -2.45
Tata Motor 23.47 -0.14 -0.59
Wipro 4.75 -0.18 -3.65

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.31 -0.01
Brent 93.69 -0.64
Gold 1671.35 -0.87
Silver 19.073 -2.12

FIIs & DIIs:

Particulars 11th October 10th October
FIIs -4612.67 -2139.02
DIIs 2430.76 2137.46

News Update:

AstraZeneca Pharma India: The nasal Covid-19 vaccine by the company’s parent, AstraZeneca Plc, failed to elicit a strong immune response in an early test, reported Bloomberg.

Reliance Industries/Mahindra & Mahindra: Jio-bp, the fuel retailing JV between Reliance Industries and bp, will extend its partnership with Mahindra & Mahindra to set up charging infrastructure for the upcoming electric launches of the Indian SUV maker.

Infosys: Ravi Kumar S., has stepped down from the office of President of Infosys, with effect from Oct. 11, 2022.

Tata Consultancy Services: Enhanced its Quartz solution, which can be used by central and commercial banks to support the entire lifecycle of CBDCs, including issuance, book-keeping and transactions.

Indian Railway Finance Corporation: Signed a MoU with India Infrastructure Finance Company to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian railways sector.

Power Finance Corporation: Khandukhal Rampura Transmission Ltd., a wholly owned subsidiary of PFC Consulting Ltd. that was established to develop 400 KV Khandukhal-Rampura D/C line has been transferred to the successful bidder, Megha Engineering & Infrastructures Ltd.

Suzlon Energy: Secured an order from Aditya Birla Group to supply 69 units of wind turbine generators with a total installed capacity of 144.9 MW in Gujarat and Madhya Pradesh by 2023.

 Source: Moneycontrol, Bloomberg Quint, Investing

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