International Markets:

U.S & Europe

Particulars 17th March Chg Chg(%)
Nasdaq 7334.78 430.19 6.23
Dow 21237.38 1048.86 5.20
FTSE 5294.90 143.82 2.79
CAC 3991.78 110.32 2.84
DAX 8939.10 196.85 2.25
Dow Fut.* 20300.50 -559.50 -2.68

*As per 18th March

Asian markets:

Particulars 18th  March Chg Chg(%)
SGX Nifty* 9011.50 6.50 0.07
Nikkei 17281.50 269.97 1.59
Straits Times 2512.74 58.21 2.37
Hang Seng 23232.51 -31.22 -0.13
Shanghai 2812.62 32.68 1.19

ADR Watch:

Particulars 17th March Chg Chg(%)
Dr Reddy 37.09 1.37 3.84
HDFC Bank 46.74 3.60 8.34
ICICI Bank 9.97 -0.31 -3.02
Infosys 7.87 0.50 6.78
Tata Motor 5.31 0.23 4.53
Wipro 2.78 0.02 0.72

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.2450 -0.04
Brent 28.96 0.80
Gold 1535.40 0.63
Silver 12.832 2.64


Particulars 17th  March 16th  March
FIIs -4044.69 -3809.93
DIIs 3422.12 2614.54


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

U.S. stock futures dropped and the yen advanced, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow. Asian stocks were mixed, with the Sydney market down more than 4 percent and Hong Kong equities opening lower, while shares in Tokyo edged higher. S&P 500 futures were about 3 percent down after the index gained 6 percent. Australian and Japanese bond yields tracked the sell-off in Treasuries from Tuesday. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, climbed 0.07 percent to 9,011.50 as of 7:50 a.m.

Key Data/ Action, Result and Board meeting to watch:

Fund View:

ICICI Bank Emkay Buy rating maintained Price target cut to Rs 600 from Rs 650 Immediate focus on business continuity plan Focus on retail remains un-wavered Better operating profits, Provision Coverage Ratio to help absorb shocks Cut earnings estimates, valuations given the risk-off environment.

HUL Credit Suisse Upgrade to Outperform from Neutral Price target raised to Rs 2,400 from Rs 2,200 GSK acquisition to be key driver over next 3-5 years Expect media efficiency, staff cost reduction, distribution efficiency & lower overheads to aid margins by 1,000 basis points See margin tailwinds as crude forms 35% of input costs.

HDFC AMC Morgan Stanley Equalweight rating maintained Price target cut to Rs 2,235 from Rs 3,300 Cut target to factor-in sharp market drawdown and uncertain outlook Market could face prolonged challenges Cut EPS estimates for FY20/21/22 by 1, 15 and 14 percent respectively

News Update:

IndusInd Bank: Says it is financially strong, well-capitalised, profitable, and a growing entity with strong governance. The bank expects net NPA to drop below 1 percent in March ended quarter. Post the Yes Bank fiasco, some state government entities have made withdrawals up to 2 percent of the bank’s deposit base. The bank is engaging with these entities to reiterate RBI’s stance that their deposits are safe with private banks.

Syndicate Bank: Board approved equity share exchange ratio of 158 equity shares of Rs 10 each of Canara Bank for every 1000 equity shares of Rs 10 each of Syndicate Bank, for the amalgamation of the Bank into Canara Bank.

Yes Bank: CEO-designate Prashant Kumar said that deposit outflows have been less than what was permitted. Only one-third of customers who could have withdrawn up Rs 50,000 withdrew that maximum amount and last since last 4 days the bank saw higher inflows than outflows, in a press conference on March 17. SBI has nominated Partha Pratim Sengupta and J Swaminathan as board members for Yes Bank board.

Metropolis Healthcare, Dr. Lal PathLabs, Thyrocare Technologies: The government urges private labs to provide virus tests at no cost. ICMR to engage high-quality private labs which are NABL accredited labs. Private labs in India yet to acquire probes to test for coronavirus and are in the process of doing so.

Café Coffee Day Enterprises clarified that it has not received any investigation report from authorities, and the process of investigation is currently still on for investigating the circumstances leading to statements made in the letter of former Chairman late V.G.Siddhartha dated July 27, 2019, and to scrutinize the books of accounts of the company and its subsidiaries.

Tata Consumer Product: Mitsubishi UFJ Financial Group reduced stake from 5.6 percent to 3.59 percent on March 13.

HSIL: HDFC Mutual Fund reduced its stake from 5.17 percent to 3.14 percent on March 16.

Apollo Tyres: HDFC Mutual increased its stake from 5.05 percent to 7.05 percent.

Sterling and Wilson Solar: Board of directors approved amalgamation of wholly-owned arm Sterling and Wilson Waaree into the company. The appointed date for the scheme set on April 1.

Alkem Laboratories clarified that an individual has contested against the company for breaching provisions of the Competition Act, 2002 for indulging in anti-competitive practices. The company and its officials said that it shall file appeals to the order before the NCLAT within the prescribed time.

Reliance Naval & Engineering has received a termination and evacuation notice from Gujarat Pipavav Port for termination of sub-concession agreement executed for land parcels owned by the Gujarat Maritime Board and sub-leased by Gujarat Pipavav Port to the company for shipbuilding activity.




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