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

Asian markets are poised for a mixed opening as traders continue to look for clues of any breakthrough in Washington’s stagnant negotiations to avert a US default. While Japan and Hong Kong futures pointed to early gains, Australian stocks were set to open flat. U.S. stock market traded in a tight range on Monday, with equities making small gains ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy. Both factions have been sending mixed signals, while Treasury Secretary Janet Yellen reiterated her department could run out of cash as soon as June 1 unless Congress raises or suspends the federal debt limit. China’s central bank’s move to inject more long-term liquidity into the financial system for the sixth month may finally deliver a post-pandemic boost to economic growth. The mood is different in Japan, with Goldman Sachs Group Inc. saying solid fundamentals and expectations for structural changes “justify a bullish stance” on the nation’s equities, as the Topix approaches its highest level since August 1990. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.59%. Crude edged above $75-mark, while Bitcoin advanced above 27,000-level. At 5:20 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.22% at 18,443.5. Domestic benchmarks rallied for the second day—closing at their highest levels since mid-December 2022—supported by the rise in real estate and media stocks. The Indian rupee closed lower against the U.S. dollar as the greenback grew stronger in the overseas market.

Economic Calendar:

  • USD : Retail Sales (MoM) (Apr) on 16th May, 2023
  • USD : Building Permits (Apr) on 17th May, 2023
  • INR : WPI Inflation (YoY) (Apr) on 15th May, 2023
  • INR : Trade Balance on 15th May, 2023

Q4 Results Today: Bharti Airtel, LIC Housing Finance, Max Healthcare Institute, Bank of Baroda, Indian Oil Corporation, Jindal Steel & Power, JK Paper, Creditaccess Grameen, Alicon Castalloy, Amber Enterprises India, Aurionpro Solutions, Automotive Axles, Chemplast Sanmar, EIH Associated Hotels, Excel Industries, Granules India, Indo Rama Synthetics (India), Jubilant Ingrevia, Kajaria Ceramics, Kaynes Technology India

Brokerage Radar:

JEFFERIES ON POLYCAB: Buy, TP Rs 4290; Posted its highest-ever sales & PAT in FY23; B2B demand is strong; But FMEG impacted by distribution rejig, higher A&P & inflation; View Polycab as a beneficiary of infra/capex/housing revival, & raise FY24-26e EPS by 2-4%

MS ON BERGER PAINTS: EW, TP Rs 611; 4Q missed est. Decorative market share gains, strong gross margin recovery, & focus on accelerating pace of network expansion are +ves; F24 – confident on demand outlook & margin recovery

UBS ON MAX FIN: Buy, TP Rs 945; Q4 Margins at peak APE growth of 10.1% YoY & VNB growth of 27.6% YoY in FY23; Embedded value & value of new biz walk

Distribution channel: Proprietary channel grows strongly; Raise APE/VNB forecasts by 10-12% for FY24/FY25 respectively

International Markets

U.S & Europe:

Particulars 15th May Chg. Chg.(%)
Nasdaq 12365.21 80.47 0.66
Dow 33348.60 47.98 0.14
FTSE 7777.70 23.08 0.30
CAC 7418.21 3.36 0.05
DAX 15917.24 3.42 0.02
Dow Fut.* 33292.40 -56.20 -0.17

Asian markets

Particulars 16th May Chg. Chg.(%)
SGX Nifty 18448.00 44.50 0.24
Nikkei 29828.71 202.37 0.68
Straits Times 3212.74 -1.98 -0.06
Hang Seng 20070.72 99.59 0.50
Shanghai 3310.09 -0.65 -0.02

ADR Watch:

Particulars 15th May  Chg.       Chg.(%)
Dr. Reddy 55.30 0.82 1.51
HDFC Bank 68.10 0.15 0.22
ICICI Bank 23.08 0.10 0.44
Infosys 15.34 0.26 1.72
Wipro 4.71 0.07 1.51

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.25 -0.09
Brent 75.62 0.52
Gold 2021.90 -0.04
Silver 24.218 -0.30

FIIs & DIIs:

Particulars 15th May 12th May
FIIs                           1685.29 1014.06
DIIs 191.20 -922.19

News Update:

Ultratech Cement: Ultratech Nathdwara Cement, the company’s wholly owned subsidiary commissioned a brownfield cement facility with annual capacity of 0.8 million tonnes in Neem Ka Thana, Rajasthan. The company’s total grey cement manufacturing capacity now stands at 129.95 million tonnes per annum.

Wipro: The company will integrate its cloud computing framework with Google Cloud’s Rapid Migration Program, together with artificial intelligence and automated tooling, to accelerate cloud adoption among its clients.

HCL Technologies: The company expanded its partnership with SAP, becoming a customer of and a global strategic service partner for SAP SuccessFactors Human Experience Management Suite.

NIIT: The company bought remaining 10% stake in RPS Consulting for a fixed consideration of Rs 15 crore, and a performance based earnout consideration of up to Rs. 3.71 crore, payable over the next two years. NIIT now owns 100% stake in RPS Consulting.

Vedanta: The company appointed Sonal Shrivastava as the chief financial officer, effective June 1, it said in a statement.

 Source: Moneycontrol, Bloomberg Quint, Investing

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