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

Federal Reserve hiked interest rates by 50 basis points on Wednesday, following which the U.S. stocks fell and the Asian markets also opened on a tepid note on Thursday. The S&P 500 was down 0.61%, Dow Jones fell 0.42% while Nasdaq was down 0.76% on Wednesday. The Asian markets opened on a cautious note, as of 6:55 am, Japanese Nikkei 225 was down 0.02% and the Australian ASX was lower by 0.23%.The yield on 10-year U.S. treasuries advanced three basis points to 3.49% on Wednesday. Crude rose 2.7% as moderate inflation sparked hopes of a better outlook and softer landing. Gold futures rose 0.7%, while Domestic benchmark gauges closed higher for the second day in a row amid expectations of yet another rate hike by the U.S. Federal Reserve. Rupee registered gains against the U.S. dollar today to end its two-day-long losing streak ahead of Fed’s policy announcement. At 6:58 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — declined 0.10% to 18,731.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 15th December, 2022
  • USD : Core Retail Sales (MoM) (Nov) on 15th December, 2022
  • INR : Trade Balance on 15th December, 2022
  • INR : Bank Loan Growth on 16th December, 2022

Brokerage Radar:

CLSA ON LTIMINDTREE: Initiate O-P, TP Rs 4920; B/S healthy & institutional ownership is low vs peers; This makes LTIM an attractive structural play; though full val (24x FY24CL EPS) & integration risks, could limit near term upside

CS ON ZEE ENT: O-P, TP Rs 300; Ad rev could take tad longer to pick up; Legacy issues unlikely to affect merger; IDBI Bk approached NCLT for pending dues of Rs1.49bn Given size of disputed amount is not material, do not expect this to meaningfully delay merger process

CITI ON SRF: Buy, TP Rs 3125; Continues to expand its chemicals biz offerings backed by increased R&D complexity & execution capabilities; Commentary on increasing customer enquiries encouraging; While packaging films remain a NT drag; chemicals remain robust

International Markets:

U.S & Europe

Particulars 14th December Chg. Chg.(%)
Nasdaq 11170.89 -85.92 -0.76
Dow 33966.35 -142.29 -0.42
FTSE 7495.93 -6.96 -0.09
CAC 6730.79 -14.19 -0.21
DAX 14460.20 -37.69 -0.26
Dow Fut.* 33958.20 -8.20 -0.02

Asian markets

Particulars 15th December Chg. Chg.(%)
SGX Nifty 18689.00 -61.00 -0.33
Nikkei 28081.55 -74.66 -0.27
Straits Times 3260.66 -17.91 -0.55
Hang Seng 19306.44 -367.01 -1.87
Shanghai 3164.34 -12.19 -0.38

ADR Watch:

Particulars 14th December  Chg.       Chg.(%)
Dr. Reddy 54.89 0.27 0.49
HDFC Bank 69.26 -0.42 -0.60
ICICI Bank 22.26 -0.41 -1.81
Infosys 18.72 -0.01 -0.05
Tata Motor 25.16 0.00 0.00
Wipro 4.81 -0.02 -0.41

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.46 -0.42
Brent 81.94 -0.92
Gold 180.30 -0.86
Silver 23.562 -2.38

FIIs & DIIs:

Particulars 14th December 13th December
FIIs                           372.16 619.92
DIIs 926.45 36.75

News Update:

IRCTC: Will offload 2 crore shares, representing 2.5% of its entire shareholding, via a OFS route between Dec. 15 and 16 at a floor price of Rs 680 apiece. The issue will have the option to sell 2 crore additional shares in the event of oversubscription.

Sapphire Foods: Promoters Sapphire Foods Mauritius and Sagista Realty Advisors are mulling to sell 40 lakh shares (6.3%) and 1.5 lakh (0.24%) stake, respectively in the company. Shareholder WWD Ruby will sell 31.77 lakh shares, representing nearly 5% stake.

Poonawalla Fincorp: Will sell subsidiary Poonawalla Housing Finance to TPG-affiliate Perseus SG for Rs 3,900 crore.

Torrent Pharmaceuticals: Will co-market its anti-diabetic drug and its fixed dose combinations in partnership with Boehringer Ingelheim India across the country.

Dilip Buildcon: Executed a contract agreement worth Rs 1,061 crore with Gujarat Metro Rail Corporation via its RBL-DBL JV for metro infrastructure construction near Bheshan under the Surat Metro Rail Project.

Shriram Properties: Acquired Golden Ira, a plotted development project in North Bengaluru, for Rs 125 crore through its wholly owned subsidiary SPL Housing Projects.

Glenmark Pharmaceuticals: Will sell its cardiac brand Razel (Rousvastatin) and combinations in India and Nepal markets at Rs 313.7 crore to J.B. Chemicals & Pharmaceuticals.

Biocon: Initiated clinical study of Itolizumab in patients with ulcerative colitis in India, in collaboration with Equillium Inc.

State Bank of India: Will raise Rs 10,000 crore AT1 capital via Basel III compliant debt instrument till fiscal ending March 2024. The bank also hiked MCLR by 25 basis points across tenors, effective Dec. 15.

Wipro: Announced the launch of Capco, a new financial services advisory capability for the Middle East market.

Source: Moneycontrol, Bloomberg Quint, Investing

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