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

Asian markets are poised for a cautious open after the U.S. equities closed lower, rounding out a turbulent month that saw global stocks drop about 3%. The S&P 500 and Nasdaq 100 both dropped in February while an index of dollar strength had its first monthly gain since September as investors recalibrated for a higher likely peak in US interest rates. The dollar held little changed in early Asian trading. Meanwhile, the yield on 10-year Treasuries advanced to 3.94%. Crude prices were trading around $83-mark, while Bitcoin was trading below 23,500-level. At 6:15 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.19% at 17,366. The domestic benchmark indices continued their downward trend to close in the red for the eighth day in a row after erasing marginal gains from opening trade. Rupee snapped its two-day decline against the U.S. dollar to close higher over hopes of RBI intervention and a pause in the greenback’s rally.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Feb) on 01st March, 2023
  • USD : Initial Jobless Claims on 02nd March, 2023
  • INR : Nikkei S&P Global Manufacturing PMI (Feb) on 01st March, 2023
  • INR : FX Reserves, USD on 03rd March, 2023

Brokerage Radar:

CITI ON FEDERAL BANK: Buy, TP Rs 165; Articulated strategy on enhanced distribution, diversified mix, leveraging digital/fintech partnerships & pivoting toward high-margin products; Key to watch i)ensuring cost, capital & credit efficiency ii)narrowing RoA gap with peers

UBS ON DR LAL PATHLABS: Buy, TP Rs 2600; Pricing at Metropolis in Delhi remains largely unchanged vs. July 2022; Low pricing power has been key concern for listed diagnostic names

NOMURA ON CEAT: Neutral, TP Rs 1617; While volume growth momentum is likely to remain subdued, commodity tailwinds & declining capex intensity should drive ROEs to 12-13% over FY24-25F; Believe current valuation at 5.7x FY24F EV/EBITDA already factors in this.

International Markets:

U.S & Europe

Particulars 28th February Chg. Chg.(%)
Nasdaq 11455.54 -11.43 -0.10
Dow 32656.70 -232.39 -0.71
FTSE 7876.28 -58.83 -0.75
CAC 7267.93 -27.62 -0.38
DAX 15365.14 -16.29 -0.11
Dow Fut.* 32650.50 -6.20 -0.02

Asian markets

Particulars 01st March Chg. Chg.(%)
SGX Nifty 17372.50 -26.50 -0.15
Nikkei 27446.91 1.35 0.00
Straits Times 3270.27 7.64 0.23
Hang Seng 20358.71 572.77 2.89
Shanghai 3301.33 21.72 0.66

ADR Watch:

Particulars 28th February  Chg.       Chg.(%)
Dr. Reddy 52.25 -1.49 -2.77
HDFC Bank 67.64 0.58 0.86
ICICI Bank 20.68 0.15 0.73
Infosys 17.94 -0.22 -1.21
Wipro 4.67 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.55 -0.11
Brent 83.91 0.55
Gold 1835.85 -0.05
Silver 21.157 0.41

FIIs & DIIs:

Particulars 28th February 27th February
FIIs                           -4559.21 -2022.52
DIIs 6841.53 2231.66

News Update:

One97 Communications Ltd.: The parent company of Paytm told the exchanges that it is not part of any negotiations where major stakeholders are planning to offload shares of the company in the open market.

Vedanta Ltd.: In a filing to Singapore Stock Exchange, Vedanta Resources, which owns a majority stake in the company, assured that it is capable of meeting its upcoming maturities in the quarter ending June 2023. The company said it is in an advanced stage to secure a fresh loan of $1 billion, as well as close to finalise $750 million bilateral facilities with various relationship banks.

Adani Enterprises Ltd.: The company’s subsidiary Mundra Aluminium has been granted the Kutrumali bauxite block located in Kalahandi and Rayagada districts of Odisha. The mineral block has 128 million tonnes of bauxite reserves.

Adani Ports and Special Economic Zone Ltd.: S&P Global affirmed its ‘BBB-‘ rating for Adani International Container Terminal Pte. Ltd., a 50:50 joint venture of the company with Terminal Investment Ltd. The outlook is stable.

Reliance Industries Ltd.: The company incorporated a wholly owned subsidiary named Reliance SOU to develop properties for commercial use.

Aditya Birla Capital Ltd.: The company collaborated with the National Payments Corporation of India to develop and promote digital payment methods through subsidiaries for its customers.

Zydus Lifesciences Ltd.: The company received final approval from US FDA for 2.5 mg and 5 mg variations of Apixaban tablets. The company also received US FDA approval for Olmesartan Medoxomil and Hydrochlorothiazide tablets.

Bharat Electronics Ltd.: The defence PSU signed a frame supply agreement with Nagpur-based Thales Reliance Defence Systems for the manufacture and supply of transmit/receive modules, radar line replaceable units and micro modules.

Source: Moneycontrol, Bloomberg Quint, Investing

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