View on market: Stay Cautious, be with quality business:
Asian markets were headed for gains after U.S. stocks rallied on signs of optimism from debt-ceiling talks, allowing investors to refocus on the path for interest rates and the health of the banking system. Asian markets were headed for gains after U.S. stocks rallied on signs of optimism from debt-ceiling talks, allowing investors to refocus on the path for interest rates and the health of the banking system. Futures contracts for Japanese and Hong Kong stocks advanced more than 1%, while those for Australian shares also rose. US futures were muted in early Asian trading after the S&P 500 and the Nasdaq 100 closed near highs of the day, up over 1%. JPMorgan Chase & Co. chief Jamie Dimon said the U.S. government “probably” will not default on its debts after he and other bank leaders met in Washington to discuss the debt limit. Alibaba Group Holding Ltd. results are due later today after Tencent Holdings Ltd. posted its fastest revenue growth in more than a year. Walmart Inc. will report on Thursday in the U.S. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.56%. Crude was above $76-mark, while Bitcoin advanced above 27,000-level. At 7:05 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.27% at 18,282.50. Domestic benchmarks closed in red for the second day in a row as index heavyweights Infosys Ltd., Kotak Mahindra Bank Ltd., and Reliance Industries Ltd. dragged. The Indian rupee closed lower against the U.S. dollar as the greenback grew stronger in overseas market and domestic equities declined.
Economic Calendar:
- USD : Initial Jobless Claims on 18th May, 2023
- USD : Existing Home Sales (Apr) on 18th May, 2023
- INR : Bank Loan Growth on 19th May, 2023
- INR : FX Reserves, USD on 19th May, 2023
Q4 Results Today: State Bank of India, ITC, InterGlobe Aviation, Zydus
Lifesciences, UNO Minda, United Spirits, Ramco Cements, Arvind, PI Industries, Gland Pharma, Transport Corporation of India, Tata Elxsi, Gulf Oil Lubricants India, Bata India, RITES, Sumitomo Chemical India, PNB Housing Finance, Syrma SGS Technology, Krishna Institute of Medical Sciences, Clean Science and Technology, Shalby, Container Corporation of India, LT Foods, GAIL (India), Gujarat Narmada Valley Fertilizers & Chemicals, GR Infraprojects, Hindustan Construction Co, Hindustan Foods, IG Petrochemicals, Jet Airways (India), Likhitha Infrastructure
Brokerage Radar:
CLSA ON HAL: O-P, TP raised to Rs 3420; After a stellar run…Time for a pause post Index inclusion! FY23– a yr of margin & cashflow surprise… albeit with slower orders on delay in Russia-linked programs; B/S remains cash-rich; Stellar run captures pipeline & passive investing boost
MS ON VEDANT FASHION: OW, TP Rs 1381; Proposed OFS is primarily for purpose of meeting SEBI’s minimum public shareholding norms; If completed, it would bring promoter’s stake down to 75% from current 84.88%; Believe this removes a technical overhang for stock price
International Markets
U.S & Europe:
Particulars | 17th May | Chg. | Chg.(%) |
Nasdaq | 12500.57 | 157.51 | 1.28 |
Dow | 33420.77 | 408.63 | 1.24 |
FTSE | 7723.23 | -27.85 | -0.36 |
CAC | 7399.44 | -6.57 | -0.09 |
DAX | 15951.30 | 53.37 | 0.33 |
Dow Fut.* | 33374.30 | -46.50 | -0.14 |
Asian markets
Particulars | 18th May | Chg. | Chg.(%) |
SGX Nifty | 18301.50 | 69.50 | 0.38 |
Nikkei | 30533.64 | 440.05 | 1.44 |
Straits Times | 3184.32 | 10.48 | 0.33 |
Hang Seng | 19791.43 | 230.86 | 1.18 |
Shanghai | 3299.91 | 15.68 | 0.48 |
ADR Watch:
Particulars | 17th May | Chg. | Chg.(%) |
Dr. Reddy | 54.61 | -0.54 | -0.98 |
HDFC Bank | 66.90 | -0.10 | -0.15 |
ICICI Bank | 22.97 | -0.06 | -0.26 |
Infosys | 15.19 | 0.08 | 0.53 |
Wipro | 4.65 | -0.01 | -0.21 |
Commodities & Currency
Particulars | Current Price | Chg.(%) |
USD/INR | 82.37 | -0.12 |
Brent | 76.88 | -0.10 |
Gold | 1986.85 | 0.10 |
Silver | 23.927 | 0.13 |
FIIs & DIIs:
Particulars | 17th May | 16th May |
FIIs | 149.33 | 1406.86 |
DIIs | -203.87 | -886.17 |
News Update:
State Bank of India/HDFC Bank: The Reserve Bank of India allowed to acquire up to 9.99% of the paid-up share capital or voting rights of HDFC Bank. SBI Funds Management has been advised by RBI to acquire the shareholding by Nov. 15, 2023. Vedanta: Board will meet on May 22 to consider the first interim dividend for the fiscal 2023-24. The record date for the dividend, if approved, will be May 30.
JSW Steel: The company has been selected as the preferred bidder for composite licence of unexplored Surjagad 4 iron ore block in Gadchiroli, Maharashtra. The highest final offer price by the company is 131.05% of average monthly prices of iron ore of different grades and quality.
Vedant Fashions: Promoter Ravi Modi Family Trust will sell up to 9.88% stake in the company through an offer for sale on May 18 and 19. The floor price for the offer is Rs 1,161 per share.
NHPC: Received letter of intent from Gujarat Urja Vikas Nigam for 200 MW capacity Solar Power Project within 600 MW Gujarat State Electricity Corporation’s solar park at Khavda. The estimated financial implication for project will be Rs 1,007.60 crore.
KPI Green Energy: Completed charging of 9.4 MW wind-solar hybrid project for Greenlab Diamonds. It has also received approval of Chief Electrical Inspector for commissioning the project
Source: Moneycontrol, Bloomberg Quint, Investing
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