Weekly-Market-View-Elite-Wealth

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

Stocks and bonds in Asia gained after U.S. Federal Reserve raised rates by 75bps, but indicated that rate hikes of similar magnitude will be unlikely, going forward. Equities in Japan, South Korea and Australia advanced after U.S. markets snapped a five-day, 10% rout in the S&P 500. US contracts climbed almost 1%,Bonds in Australia and New Zealand rose. A dollar gauge and the yen slipped, while risk-sensitive currencies like Australia’s dollar advanced. As of 6:30 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.84% higher at 15,802 points. Cryptocurrencies staged a recovery while crude oil pushed higher and gold held a rally.

Economic Calendar:

  • INR: FX Reserve USD on 17th June 2022.
  • INR: Bank Loan Growth on 17th June 2022.
  • USD: Existing Home sale 21st June, 2022.
  • USD: Chicago Fed National Activity 21st June, 2022.

Brokerage Radar:

CREDIT SUISSE ON ZEE ENTERTAINMENT: O-P, TP Rs 300 IPL rights: Missing out is not a bad outcome; raises importance of other cricket rights Concerns about bidding aggression resulting in an upfront loss have been averted @13.3x FY24E EPS, stock trading 25% below its long-term average P/E.

JEFFERIES ON MARUTI: Buy. TP Rs 10250 After 3 weak yrs & a 50% EPS fall over FY19-22, expect MSIL’s earnings to more than treble over FY22-24 PV demand is already strong, & replacement cycle along with preference for personal mobility should provide a further boost, Weak SUV presence has been hurting MSIL, but new products should be around the corner. Falling metal prices should help margins improve from a historical low.

JP MORGAN ON RELIANCE: Upgrade to OW, TP Raised to Rs 3170 from Rs 2575 Strong refining, E&P drive up earnings Consumer val firm amid global sell-off RIL is among few large cos in India with a +ve earnings revision cycle ahead, given strong refining & gas environment, Upgrade driven by a) global view of strong refining environment b) RIL’s non-Energy biz vals continuing to hold up Key risks a) fall in Refining margins to Jan 2022 levels b) sharp decline in Consumer biz vals.

MOTILAL OSWAL ON ITC: Upgrade to Buy (TP Rs 335) Almost 5 yrs after downgrading to Neutral (18 July 2017, Price 285) Improvement in growth visibility is key driver for upgrade Expect ITC to post 15% earnings CAGR over FY22-24

International Markets:

U.S & Europe:

Particulars      15th June    Chg Chg(%)
Nasdaq 11,099.16 270.81 2.5
Dow 30668.53 303.70 1.00
FTSE 7,273.41 85.95 1.2
CAC 6,030.13 80.29 1.35
DAX 13,485.29 180.9 1.36
Dow Fut.* 30806.10  138.1  0.51

Asian markets:

Particulars    16th June    Chg. Chg(%)
SGX Nifty 15,798.00 127.5 0.81
Nikkei 26,694.05 367.89 1.4
Straits Times 3,133.96 28.11 0.91
Hang Seng 21,192.04 -116.17 -0.55
Shanghai 3,298.52 -6.89 -0.21

ADR Watch:

Particulars     15th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 52.84 0.15 0.28
ICICI Bank 17.76 0.32 1.83
Infosys 18.29 0.05 0.27
Tata Motor 26.81 0.82 3.16
Wipro 5.62 -0.03 -0.53

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.99   -0.06
Brent 119.15   0.61
Gold 1833.35   0.76
Silver 21.677   1.23

FIIs & DII:

Particulars       15th June                                  14th June
FIIs -3531.15                         -4502.25                       
DIIs  2588.00 3807.60

News Update:

UPL: National Company Law Tribunal approved the company’s resolution plan for revival of Kudos Chemie. Company’s newly incorporated wholly owned subsidiary UPL Speciality Chemicals has acquired Kudos Chemie for Rs 40 crore.

SBI: The bank increased minimum interest rate for home loan to 7.55%.

Zomato: Jio-bp will provide EV mobility services to Zomato along with access to ‘Jio-bp pulse’s battery swapping stations.

Equitas Small Finance Bank: RBI approved Managing Director and Chief Executive Officer Vasudevan PN’s reappointment for a year effective from July 23.

NBCC: The company secured total business of Rs 330.35 crore during the month of May.

Tata Steel: Wholly owned subsidiary of the company, Tata Steel Mining has acquired 10% stake in equity stake in Rohit Ferro-Tech for Rs 20.06 crore. RFT will become a wholly owned subsidiary of TSML. Tata Steel invested the same amount in TSML through rights basis.

Indian Overseas Bank: The bank approved issue of equity shares of Rs 1,000 crore via Follow on Public Offer/Rights Issue with or without participation from government of India/issue of equity shares to Qualified Institutional Buyers/issue of shares to employees/issue of shares on preferential basis to LIC and other insurance companies/mutual funds. It also approved raising Tier II capital upto Rs 1000 cr.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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