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

Stocks in Asia opened mixed as investors focused on the outlook for inflation and interest rates ahead of the Bank of Japan’s policy decision later Tuesday. Shares ticked higher in Japan, but down in South Korea and Australia. US equity futures rose after the S&P 500 closed at its lowest level in more than a month on Monday. The benchmark was dragged down by declines in big-tech firms including Apple Inc., Microsoft Corp. and Inc.  Crude rose 1.7%, while gold futures fell 0.2%. Bitcoin dipped 0.8% to trade around $16,600-level. Domestic benchmark indices snapped their two-day losing streak to close higher. Broader market indices underperformed their larger peers. Overseas investors in Indian equities remained net sellers for the third day in a row on Monday. Foreign portfolio investors offloaded equities worth Rs 538.1 crore and domestic institutional investors continued their buying spree for the ninth day, mopping up equities worth Rs 687.3 crore, according to the NSE. Rupee appreciated against U.S. dollar to close near the day’s high, supported by strong performance by domestic equities. At 6:50 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was up at 0.21% to 18,449.

Economic Calendar:

  • USD : Building Permits (Nov) on 20th December, 2022
  • USD : GDP (QoQ) (Q3) on 22nd December, 2022
  • INR : Federal Fiscal Deficit (Nov) on 30th December, 2022
  • INR : Foreign Debt (USD) (Q3) on 30th December, 2022

Brokerage Radar:

SMIF ON PCBL: Initiate Buy, TP Rs 183; A carbon black giant, set to grow at a fast clip!; Expansion to lead visibility in vol growth for next 2-3 yrs; Trades @ 9.3x FY25E P/E; Increase in value added segment would likely improve EBITDA spreads

EQUIRUS ON SAFARI IND: Initiate long, TP Rs 2072; 3rd largest player with 20% market share; Has successfully scaled up operations & transitioned itself to a value-for-money brand; Likely post Sales/EBITDA/Recurring PAT CAGR of 29%/56%/59% over FY22-FY25E

JEFFERIES ON L&T: Buy, TP Rs 2455; Sold 100% stake in L&T IDPL, gor Rs60 bn EV; Rs27.2 bn is gross equity receipts with L&T’s 51% share implying Rs13.9 bn (Rs10/sh) receipt; Over next 12-36 mths, believe Nabha Power & Hyderabad Metro incremental ones being targeted

International Markets:

U.S & Europe

Particulars 19th December Chg. Chg.(%)
Nasdaq 10546.03 -159.38 -1.49
Dow 32757.54 -162.92 -0.49
FTSE 7361.31 29.19 0.40
CAC 6473.29 20.66 0.32
DAX 13942.87 49.80 0.36
Dow Fut.* 32641.80 -115.70 -0.35

Asian markets

Particulars 20th December Chg. Chg.(%)
SGX Nifty 18456.50 -30.50 -0.16
Nikkei 27315.54 77.90 0.29
Straits Times 3250.39 -6.22 -0.19
Hang Seng 19239.02 -113.79 -0.59
Shanghai 3088.17 -18.95 -0.61

ADR Watch

Particulars 20th December  Chg.       Chg.(%)
Dr. Reddy 52.85 0.16 0.30
HDFC Bank 68.74 -0.16 -0.23
ICICI Bank 21.97 0.08 0.37
Infosys 17.88 0.15 0.85
Tata Motor 24.56 -0.20 -0.81
Wipro 4.58 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.71 -0.20
Brent 80.36 0.70
Gold 1804.25 0.36
Silver 23.375 0.76

FIIs & DIIs:

Particulars 19th December 16th December
FIIs                           -538.10 -1975.44
DIIs 687.38 1542.50

News Update:

NDTV: Adani Group subsidiary Vishvapradhan Commercial Pvt. Ltd. has bought 8.27% stake in the company via open offer, taking its overall shareholding to 37.45%.

Jet Airways: The monitoring committee informed NCLT that slots have not been procured for Mumbai and Delhi airports as pending dues, required to be paid as per resolution plan, have not been deposited with airport authorities in these two cities.

Sterling and Wilson Renewable Energy: Promoters Shapoorji Pallonji and Co. and Khurshed Yazdi Daruvala will sell up to 3.69% and 1.58% stake of the company, respectively, amounting to 1 crore shares, at a floor price of Rs 270 per share on Dec. 20 and 21.

HDFC: The lender raised home loan rates by 35 basis points for customers with credit scores over 800. The new rates, effective Dec. 20, will start from 8.65% for such customers.

DFM Foods: The discovered price from the company’s delisting process is Rs 525 apiece, compared to its floor price of Rs 263.80.

IRB Infrastructure Developers: The board of the company will meet on Jan. 4, 2023, to consider a stock split.

IRCTC: Life Insurance Corporation of India increased its stake in the company to 7.28% from 5.01%.

Bank of India: The bank infused Rs 57.92 crore in its joint venture Star Union Dai-lchi Life Insurance Co.Ltd.

Just Dial: Promoter Reliance Retail Ventures Ltd. will sell 16.86 lakh shares, representing 2% of the overall shareholding, via open market sale to achieve minimum public shareholding.

Source: Moneycontrol, Bloomberg Quint, Investing

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