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

Asian markets were set for a subdued open on Wednesday after stocks were little changed on the Wall Street as investors weighed earnings and comments from Federal Reserve officials who favor continued rate hikes. The S&P 500 fluctuated before ending just 0.1% higher while the Cboe Volatility Index hit its lowest since January 2022, remaining below 17. Futures for Hong Kong’s share benchmark fell 0.3%, those for Australia were up 0.1% and contracts for Japan were little changed. US futures edged lower at the start of Asian trading. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.59%. Crude prices traded below $85-mark, while Bitcoin was above30,000-level. At 5:47 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.20% at 17,686.5. Benchmark indices—Sensex and Nifty—maintained a downward trend, falling for the second day in a row as power and telecom stocks declined. The Indian rupee slipped further against the U.S. dollar as domestic equities remained under pressure.

Economic Calendar:

  • USD : Initial Jobless Claims on 20th April, 2023
  • USD : Existing Home Sales (Mar) on 20th April, 2023
  • INR : M3 Money Supply on 19th April, 2023
  • INR : Deposit Growth on 21st April, 2023

Q4 Results Today: Tata Communications, ICICI Securities, Mastek, Alok Industries

Brokerage Radar:

MS ON ICICI LOMBARD: OW,  TP Rs 1400; PAT (+40% YoY) beat MSe by 19% due to lower underwriting loss, higher investment income; Unrealized gains on investments decreased by Rs3.5bn QoQ; Management maintained its combined ratio guidance of 102% for F25

UBS ON ZOMATO: Buy, TP cut to Rs 80 from Rs 90; Cut FY24-25e food delivery GOV for Zomato by c10% although revenue estimates are down less due to better take rates and Hyperpure revenues. Still, this drives an 11-16% cut in long-term EBITDA est

JPM ON COAL INDIA: OW, TP Rs 290; Expect FSA coal price hikes to come through & offset wage hike; Last price hike was in Jan-18, so it is due for a price hike, especially as wage bill has been finalized; Stable to higher earnings should translate into strong dividends

International Markets

U.S & Europe:

Particulars 18th April Chg. Chg.(%)
Nasdaq 12153.41 -4.31 -0.04
Dow 33976.63 -10.55 -0.03
FTSE 7909.44 29.93 0.38
CAC 7533.63 35.45 0.47
DAX 15882.67 93.14 0.59
Dow Fut.* 33932.90 -43.70 -0.13

Asian markets

Particulars 19th April Chg. Chg.(%)
SGX Nifty 17710.50 -11.00 -0.06
Nikkei 28590.40 -68.43 -0.24
Straits Times 3316.43 6.87 0.21
Hang Seng 20520.00 -130.51 -0.63
Shanghai 3385.77 -7.56 -0.22

ADR Watch:

Particulars 18th April  Chg.       Chg.(%)
Dr. Reddy 60.34 0.39 0.65
HDFC Bank 68.93 0.25 0.36
ICICI Bank 21.95 -0.20 -0.90
Infosys 14.96 -0.23 -1.51
Wipro 4.43 0.08 1.84

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.14 0.04
Brent 84.69 -0.09
Gold 2016.45 -0.16
Silver 25.253 -0.04

FIIs & DIIs:

Particulars 18th April 17th April
FIIs                           -810.60 -533.20
DIIs 401.66 269.65

News Update:

State Bank of India: The bank’s board committee approved raising up to $2 billion (Rs 16,412 crore) during the current fiscal through public offer and/or private placement of senior unsecured notes denominated in U.S. dollars or other convertible foreign currencies.

Bank of India: The lender’s board approved raising up to Rs 6,500 crore, including Rs 4,500 crore via fresh equity capital and/or additional tier-1 bonds and Rs 2,000 crore by issuance of Tier-2 bonds, during the 2024 fiscal.

Pidilite Industries: The company entered into assets purchase agreement with U.S.-based Basic Adhesives LLC for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress.

Prestige Estates Projects: The company’s wholly subsidiary Prestige Exora Business Parks Limited acquired 51% stake in commercial office space developer Dashanya Tech Parkz for a cash consideration of Rs 66.07 crore.

Zydus Lifesciences: The company received final approval from U.S. FDA to manufacture and market Estradiol Transdermal System, used for prevention of postmenopausal osteoporosis.

South Indian Bank: The bank hikes lending rates across tenors in the range of 5-10 basis points, with effect from April 20, 2023.

Som Distilleries and Breweries: The company commenced commercial production at its expanded capacity at the facility in Hassan, Karnataka.

Piramal Pharma: The U.S. FDA has issued an establishment inspection report for the company’s manufacturing unit in Sellersville, U.S. and closed the inspection of the same facility.

 Source: Moneycontrol, Bloomberg Quint, Investing

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