Market View 14th March 2023

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

Asian markets extended declines on Tuesday while bonds rallied in early trading as the collapse of Silicon Valley Bank continued to reverberate across global markets. The S&P 500 closed down 0.2% on Monday, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe. Meanwhile, the yield on 10-year Treasuries declined to 3.55%. Crude prices were trading around $80-mark, while Bitcoin was trading around 24,000-level. At 5:47 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.02% at 17,176. Both Indian benchmark indices—Sensex and Nifty—closed around 1.5% lower as banking, telecom, and automobile stocks led the decline. The Indian rupee closed lower against the U.S. dollar for the second day in a row on account of weak show from domestic equities and substantial forex outflow. Overseas investors in Indian equities remained net sellers for the Third day in a row on Monday. Foreign portfolio investors offloaded equities worth Rs 1,546.86 crore, while the domestic institutional investors were net buyers for the third day in a row and mopped up stocks worth Rs 1,418.58 crore.

Economic Calendar:

• USD : Core CPI (MoM) (Feb) on 14th March, 2023
• USD : CPI (YoY) (Feb) on 14th March, 2023
• INR : WPI Inflation (YoY) (Feb) on 14th March, 2023
• INR : Trade Balance on 14th March, 2023

Brokerage Radar:

CLSA on Fusion Mirco: VS Credit Access Differences in geographies & ticket sizes; similar incentive structures CA Grameen more productive, but Fusion is catching up Narrowing gap in asset quality & ROA/ROE Fusion Mirco– Buy, TP Rs 550 Credit Access – Buy, TP Rs 1250

CLSA on Lemon Tree (NDR Roadshow): Buy, TP Rs 102 Takeaway 1: Demand to grow at 12% Cagr; scaling up to 25K rooms in 5 yrs Takeaway 2: Low upcoming supply to drive ARR growth to 10-15% Cagr Takeaway 3: Ebitda margin to remain at 50%+ Takeaway 4: Aim to be debt-free within 4 yrs

MS on Bharti Airtel: OW, TP Rs 860 As had indicated, expect this to be 1.3-1.5%- accretive to revenues of Bharti’s India mobile business Key triggers – potential 4G tariff hikes & accelerated market share gains

International Markets

U.S & Europe: 

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Lupin: The U.S. FDA completed its inspection of the company’s bioresearch centre in Pune. The inspection was closed without any observations.

Tata Chemicals: Fitch Ratings revised its outlook on the company’s long-term foreign-currency issuer default rating to positive from stable, and affirmed the rating at ‘BB+’.

Tube Investments of India: The company signed a deal with N Govindarajan to incorporate a subsidiary to foray into the contract development and manufacturing operations business. The company will invest Rs 285 crore and Govindarajan will invest Rs 15 crore in the form of equity and compulsorily convertible preference shares.

NMDC: Additional charge of chairman and managing director of the company has been given to Director (Finance) Amitava Mukherjee for a period of three months till May 31, 2023 as Sumit Deb was relieved from the post.

National Aluminium Co.: The company approved a second interim dividend of Rs 2.5 per share for each share of face value Rs 5. The record date for the dividend is March 21, 2023, it will be paid to the shareholders on or before March 31, 2023.

GAIL (India): The company declared an interim dividend of Rs 4 per share for the current fiscal. The record date for the dividend has been fixed on March 21, 2023.

 Source: Moneyontrol, Livemint,, Bloomberg, Investing

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