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

Asian markets are set to decline after the U.S. shares fell in a choppy session amid concern that moderating inflation won’t prevent the Federal Reserve from raising interest rates again. Futures on equity benchmarks in Japan and Hong Kong retreated, while contracts for Australia were little changed. U.S. futures dipped in Asian trading after both the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows. On Wednesday, the headline U.S. consumer prices rose less than economists forecast, while the closely watched core CPI number — which excludes food and energy — increased 0.4%, meeting estimates. As per FOMC minutes, Fed officials project a mild recession starting later this year, with a recovery over the subsequent two years. Back home, India’s retail inflation eased to 15 month low as it dipped to 5.66%, compared to 6.44% in February. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.39%. Crude prices cooled off from a new 2023 high to around $87-mark, while Bitcoin traded above 30,000-level. At 6:17 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.29% at 17,828.5. Indian benchmark indices—Sensex and Nifty—extended gains for the eighth day in a row to close at a seven-week high, with pharma and healthcare stocks leading the gains, and FMCG, media and PSU banks weighing on the gauges. The Indian rupee snapped its two-day decline against the U.S. dollar, as investors remained cautious ahead of U.S. inflation data.

Economic Calendar:

  • USD : PPI (MoM) (Mar) on 13th April, 2023
  • USD : Initial Jobless Claims on 13th April, 2023
  • INR : WPI Inflation (YoY) (Mar) on 14th April, 2023
  • INR : FX Reserves, USD on 14th April, 2023

Brokerage Radar:

GS ON ASHOK LEYLAND: Initiate Neutral, TP Rs 140; Believe fast growth in past 2 yrs could start to normalize as we enter mid cycle phase in CV market; Expect 25% EBITDA CAGR (-3% vs BBG cons) over FY23E-FY26E; Downside: Cannibalization by DFC/Cash drain from Switch EV entity

JPM ON TCS: UW, TP Rs 2700; 4Q missed across board from unexpected weakness in US (BFSI) & continued challenges in Europe; Outlook clouded by client caution driving cuts to discretionary tech spends & project deferrals; Cut rev by 1% & margins by 20bps

International Markets

U.S & Europe:

Particulars 12th April Chg. Chg.(%)
Nasdaq 11929.34 -102.54 -0.85
Dow 33646.50 -38.29 -0.11
FTSE 7824.84 39.12 0.50
CAC 7396.94 6.66 0.09
DAX 15703.60 48.43 0.31
Dow Fut.* 33631.90 14.60 -0.04

Asian markets

Particulars 13th April Chg. Chg.(%)
SGX Nifty 17872.00 -7.50 -0.04
Nikkei 28108.67 25.97 0.09
Straits Times 3289.13 3.01 0.09
Hang Seng 20249.23 -60.63 -0.30
Shanghai 3328.24 1.06 0.03

ADR Watch:

Particulars 12th April  Chg.       Chg.(%)
Dr. Reddy 60.05 1.31 2.23
HDFC Bank 69.76 1.16 1.69
ICICI Bank 21.76 0.10 0.46
Infosys 17.07 -0.38 -2.18
Wipro 4.50 -0.06 -1.32

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.96 -0.01
Brent 87.19 -0.16
Gold 2032.30 0.37
Silver 25.665 0.81

FIIs & DIIs:

Particulars 12th April 11th April
FIIs                           1907.95 342.84
DIIs -225.22 -264.02

News Update:

HDFC Bank: The bank signed an agreement with Export Import Bank of Korea for a $300-million credit line to be used for funding Korea-related business, it said in a statement.

NTPC: The company will issue non-convertible debentures worth Rs 3,000 crore on April 17 on private placement basis with a coupon of 7.35% for a tenor of three years. The funds will be used towards capital expenditure, financing existing loans and other general purposes.

Bharat Heavy Electricals: The company signed an MoU with Nuclear Power Corporation of India to jointly pursue business opportunities around nuclear power plants based on pressurised heavy water reactor technology.

Rail Vikas Nigam: The company received an order from North Western Railway worth Rs 63.08 crore for provision of automatic block signalling on Madar-Sakhun section of Jaipur Division.

RITES: The company received a project worth Rs 72 crore from Kerala Infrastructure Investment Fund Board for project management consultancy work.

Campus Activewear: The company acquired land and building from Marico Industries in Ponta Sahib, Himachal Pradesh for a cash consideration of Rs 16.7 crore. The company will use this land parcel to expand its existing capacity for manufacturing of semi-finished goods and assembly of footwear.

SRF: On April 12, the company commissioned and capitalised a project to create a pharma intermediates plant at Dahej for undertaking precursor processes for production of pharma products at a cost of Rs 223 crore.

Torrent Power: The company clarified that it received a contract from the nodal agency of Ministry of Power, after competitive e-bidding, for supply of 921 MW for 21 days.

Source: Moneycontrol, Bloomberg Quint, Investing

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