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

Asian markets are set to follow U.S. equities higher as concerns over financial stability ease as investors prepare for the Federal Reserve’s interest-rate decision later on Wednesday. Contracts for the S&P 500 were flat after the index advanced 1.3% on Tuesday, while the tech-heavy Nasdaq 100 lifted 1.4% as the two U.S. benchmarks posted a second day of gains. Banks enjoyed relief after days of turmoil that triggered last week’s 15% rout in an index of U.S. lenders. UBS Group AG rose as investors focused on the upside of its Credit Suisse Group AG takeover. Meanwhile, the yield on 10-year treasuries were trading at 3.59%. Crude prices were trading around $75-mark, while Bitcoin was hovering around 28,000-level. Indian benchmark indices, Sensex and Nifty, held on to gains through the day and advanced after midday to end higher. The Indian rupee pared gains against the U.S. dollar to close lower amid speculation of a possible dovish U.S. Fed at the upcoming policy meeting this week.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 22nd March, 2023
  • USD : Initial Jobless Claims on 23rd March, 2023
  • INR : Bank Loan Growth on 24th March, 2023
  • INR : Infrastructure Output (YoY) (Feb) on 31st March, 2023

Brokerage Radar:

MS ON MANAPPURAM FIN: OW, TP Rs 160; Guided for 20% loan growth & 20% ROE in F24, driven by non-gold businesses; For gold loans it guided for 6-8% growth in F24, conservatively; Reiterated board will take appropriate call on management change in due time

CLSA ON M&M: Buy, TP Rs 1619; Supply chain bottlenecks easing & planning multiple EV launches; Focused on supply chain management for EVs; Mass market electric SUVs may be in the plans; Electric tractors only for niche applications currently

CITI ON HINDUSTAN ZINC: Sell, TP Rs 260; Announced 4th interim dividend of Rs26/sh, implying a cash outflow of Rs109.9bn ($1.3bn); Total dividend for FY23 is Rs75.5/sh, implying cash outflow of $3.9bn; Following 4th dividend, est. HZL will turn net debt from net cash

International Markets

U.S & Europe:

Particulars 21st March Chg. Chg.(%)
Nasdaq 11860.11 184.57 1.58
Dow 32560.60 316.02 0.98
FTSE 7536.22 132.37 1.76
CAC 7112.91 99.77 1.40
DAX 15195.34 261.96 1.72
Dow Fut.* 32532.70 -27.90 -0.09

Asian markets

Particulars 22nd March Chg. Chg.(%)
SGX Nifty 17177.50 33.50 0.20
Nikkei 27459.77 514.10 1.87
Straits Times 3216.52 42.59 1.34
Hang Seng 19651.78 393.02 2.04
Shanghai 3268.02 12.37 0.38

ADR Watch:

Particulars 21st March  Chg.       Chg.(%)
Dr. Reddy 54.37 -0.21 -0.38
HDFC Bank 64.59 0.85 1.33
ICICI Bank 20.77 0.37 1.81
Infosys 16.89 -0.04 -0.24
Wipro 4.47 -0.05 -1.11

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.67 -0.05
Brent 74.69 -0.84
Gold 1943.35 0.12
Silver 22.505 0.36

FIIs & DIIs:

Particulars 21st March 20th March
FIIs                           -1454.63 -2545.87
DIIs 1946.06 2876.64

News Update:

Tata Motors: The company raised prices of its commercial vehicles by 5% from April 1, 2023, to comply with the BS6 phase II emission norms.

Tata Power: Subsidiary Tata Power Renewable Energy received letter of award to set up 200 MW solar PV project Maharashtra State Electricity Distribution Company at Solapur, Maharashtra.

Bandhan Bank: The bank received binding bids of Rs.369.20 crore for written-off portfolio worth Rs 2,614.03 crore and Rs. 370.62 crore for NPA originating from banking units worth Rs 2,316.32 crore on security receipt consideration basis for transferring loans to asset reconstruction company.

Indian Oil Corporation: The company will prepare a detailed feasibility report for setting up a petrochemical complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore. The project will improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business.

Power Finance Corporation: The company’s board approved raising Rs 80,000 crore debt via long-term borrowings, short-term borrowings and commercial papers during the next financial year.

Hindustan Zinc: The board approved fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.

Hindustan Zinc: The board approved fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.

Power Grid Corporation Of India: The company’s Committee of Directors for Bonds will meet on March 24 to consider issue of bonds under private placement.

Lupin: The company received approval from the U.S. FDA for its Brexpiprazole tablets, which will be manufactured at its Pithampur facility in India.

Zydus Lifesciences: The company received final approval from the U.S. FDA for Tofacitinib Tablets, 5 mg and tentative approval for Tofacitinib Tablets, 10 mg.

Samvardhana Motherson International: The company acquired remaining 50% stake of Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria.

 Source: Moneycontrol, Bloomberg Quint, Investing

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