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

Stocks in Asia dropped following after another down day for US equities, with Treasury yields at the highest level since the global financial crisis. Hawkish remarks from Federal Reserve officials and swaps pricing in a 5% peak policy rate in 2023 should continue to support the greenback against its major peers and emerging-market currencies. India benchmarks indices managed to close in green during the final hours of a volatile day, aided by energy, information technology, and power stocks. Meanwhile, the rupee recovered from its record low of 83 against the U.S. dollar. At 6:43 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — gained 0.09% to 17,535.

Economic Calendar:

  • USD : New Home Sales (Sep) on 26th October, 2022
  • USD : CB Consumer Confidence (Oct) on 25th October, 2022
  • INR : FX Reserves, USD on 21st October, 2022
  • INR : Federal Fiscal Deficit (Sep) on 31st October, 2022

Q2FY23 Result Today: Reliance Industries, Hindustan Unilever, Bajaj Finserv, HDFC Life Insurance Company, JSW Steel, SBI Life Insurance Company, Ambuja Cements, Hindustan Zinc, Amber Enterprises India, CSB Bank, DLF, Finolex Industries, IDBI Bank, IRB Infrastructure Developers, and United Spirits.

Brokerage Radar:

NOMURA ON COLGATE: Neutral, TP Rs 1600 Another subdued qtr Softness in demand continues; vol decline of 2.5% (our est.) Growth from core brands lacklustre; share from naturals with high-science innovative launches still small trades at 38x Mar-24F EPS

NOMURA ON FSN E COM (NYKAA): Initiate buy, TP Rs 1365 Believe Online BPC could record 25% CAGR over FY22-32F Co distinctly positioned to benefit, given its wide customer reach, strong user experience & influencer network, direct brand tie-ups, & owned brand portfolio

BAJAJ FIN REVIEW JPM: OW, TP Raised to Rs 9000 2Q earnings (Rs 27.8bn, +88% y/y, 23.6% ROE) marginally beat est. AUM growth +31% y/y & stable q/q NIMs key drivers Credit costs further moderated to 1.4% App roll-out metrics impressive, full launch by Mar-23

International Markets:

U.S & Europe:

Particulars     20th October Chg. Chg.(%)
Nasdaq 10614.84 -65.67 -0.61
Dow 30333.59 -90.22 -0.30
FTSE 6943.91 18.92 0.27
CAC 6086.90 46.18 0.76
DAX 12767.410 26.00 0.200
Dow Fut.* 30361.00 26.40 0.090

Asian markets

Particulars 21st October Chg. Chg.(%)
SGX Nifty 17558.00 38.00 0.22
Nikkei 26951.59 -55.37 -0.21
Straits Times 2999.48 -23.22 -0.77
Hang Seng 16263.26 -16.96 -0.10
Shanghai 3045.040 9.99 0.330

ADR Watch:

Particulars 20th October  Chg.       Chg.(%)
Dr. Reddy 51.67 -1.37 -2.58
HDFC Bank 58.94 -0.78 -1.31
ICICI Bank 21.32 -0.25 -1.16
Infosys 17.89 0.06 0.34
Tata Motor 23.580 -0.18 -0.760
Wipro 4.56 0.04 0.88

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.92 0.11
Brent 92.74 0.37
Gold 1630.00 -0.41
Silver 18.552 -0.70

FIIs & DIIs:

Particulars 20th October 19th October
FIIs                           1,864.79 -453.91
DIIs -886.80 908.42

News Update:

Yes Bank: The CCI approved sale of 10% the bank’s stake each to Carlyle Group and Advent International, under the lender’s efforts to raise $1.1 billion from the two global investors.

Dhanlaxmi Bank: Shareholders led by B Ravindran Pillai, representing 12.89% equity stake in the bank, call for an EGM on Nov. 12, seeking to suspend MD & CEO’s powers with respect to capital and revenue expenditure, apart from statutory payments till proper quorum on the board is reinstated.
Suzlon Energy: The Rs 1,200-crore rights issue of the company was oversubscribed 1.8 times.

Wipro: The company appointed Suzanne Dann as CEO for Americas 2 Strategic Market Unit, effective immediately. She will also join the Wipro executive board.

Tata Motors: The company confirmed that it has won an order for 20 electric buses from the Government of Jammu and Kashmir, in response to a notice seeking clarification on the same.

TVS Motor Company: The company will discuss issue of zero coupon debentures at its board meeting on Nov. 4, 2022.

PNB Housing Finance/ Can Fin Homes: Punjab Housing Finance’s MD & CEO Hardayal Prasad resigned citing personal reasons. Girish Kousgi, who was relieved from his duties as MD & CEO of Can Fin Homes, will succeed Prasad,

KNR Constructions: The company has transferred its remaining 51% equity stake in each of the subsidiaries KNR Tirumala Infra and KNR Shankarampet Projects to Cube Highways and Infrastructure III for a consideration of Rs 114.22 crore.

Source: Moneycontrol, Bloomberg Quint, Investing   

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