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

Equity futures for U.S. and Asian stock benchmarks slid while currencies held within tight ranges in a cautious start to trading on Monday as the risk of a debt default in Washington cast a shadow over markets. Contracts for the S&P 500 and the Nasdaq 100 dropped about 0.2% after the gauges registered small declines on Friday. Futures for Japanese and Australian shares fell slightly and those for Hong Kong rose marginally. The S&P 500’s drop on Friday halted a two-day rally as it failed to stay above the closely watched level of 4,200. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.66%. Crude was above $75-mark, while Bitcoin advanced below 27,000-level. At 5:38 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.16% at 18,209.5. Domestic benchmark indices snapped a three-day losing streak to end higher, aided by gains in Adani Group stocks as well as technology and information technology stocks. The Indian rupee closed lower against the U.S. dollar for the third straight day as it faced a strong greenback in the overseas market and hardening crude prices.

Economic Calendar:

  • USD : Building Permits on 23rd May, 2023
  • USD : Services PMI (May) on 23rd May, 2023
  • INR : FX Reserves, USD on 26th May, 2023
  • INR : GDP Quarterly (YoY) (Q4) on 31st May, 2023

Q4 Results Today: Aditya Birla Fashion and Retail, Borosil, Bharat Petroleum Corporation, Camlin Fine Sciences, CESC, Capri Global Capital, EIH, Finolex Industries, Federal-Mogul Goetze (India), Fusion Micro Finance, Garware Technical Fibres, Gujarat Alkalies & Chemicals, HEG, Indiabulls Housing Finance, Jtekt India, Moschip Technologies, NACL Industries, National Highways Infra Trust, PB Fintech, RACL Geartech, Radiant Cash Management Services, Ramco Industries, Keystone Realtors

Brokerage Radar:

JEFFERIES ON BANDHAN BK: Maintain Buy, TP Rs.340; Growth in loans & NII was weak, but can improve, Profit aided by fall in credit costs with improved credit quality & collections, NPL formulation normalises down & should stay controlled next year

BOFA ON DIVIS LAB: Maintain Neutral, TP Rs.3,250; Q4 margin lagged expectation given moderation in raw material/freight costs, contribution from a high-margin product and improved operating leverage, Margin does not reflect the revenue growth, Meaningful recovery likely in H2

International Markets

U.S & Europe:

Particulars 19th May Chg. Chg.(%)
Nasdaq 12657.90 -30.94 -0.24
Dow 33426.63 -109.28 -0.33
FTSE 7756.87 14.57 0.19
CAC 7491.96 45.07 0.60
DAX 16275.38 112.02 0.69
Dow Fut.* 33377.50 -49.10 -0.15

Asian markets

Particulars 22nd May Chg. Chg.(%)
SGX Nifty 18225.50 -12.50 -0.07
Nikkei 30833.94 25.59 0.08
Straits Times 3202.11 -0.48 -0.01
Hang Seng 19734.65 284.08 1.46
Shanghai 3295.86 12.32 0.38

ADR Watch:

Particulars 19th May  Chg.       Chg.(%)
Dr. Reddy 53.49 0.15 0.28
HDFC Bank 66.49 -0.18 -0.27
ICICI Bank 22.99 -0.08 -0.35
Infosys 15.25 0.10 0.66
Wipro 4.66 0.02 0.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.81 -0.12
Brent 74.92 -0.87
Gold 1978.85 -0.14
Silver 23.867 -0.80

FIIs & DIIs:

Particulars 19th May 18th May
FIIs                           -113.46 970.18
DIIs 1071.35 -849.96

News Update:

Zee Entertainment Enterprises/IDBI Bank: The Mumbai bench of the National Company Law Tribunal has dismissed the application by IDBI Bank to initiate insolvency proceedings against Zee Entertainment.

NDTV: The company’s stock has been moved out of long-term additional surveillance measure framework by BSE and National Stock Exchange.

NTPC: NTPC Green Energy, the renewable arm of the company, signed an MoU with HPCL Mittal Energy under which it will supply 250 MW green energy to the latter, according to a statement by NTPC. Both companies will explore opportunities in production of green hydrogen, green ammonia and green methane.

Dilip Buildcon: Selected as the L-1 bidder for construction of Malhargarh pressurized micro lift major irrigation project on turnkey basis by Water Resource Department in the state of Mandsaur, Madhya Pradesh at a cost of Rs 699.03 crore.

Aurobindo Pharma: The U.S. FDA has issued a Form 483 with four observations after inspecting the company’s Unit XIV, an API non antibiotic manufacturing facility situated at Paravada Industrial Area, in Anakapalli, Andhra Pradesh.

Piramal Pharma: The U.S. FDA completed the good manufacturing practices and pre-approval inspection of the company’s Pithampur facility with no Form 483 observations.

Walchandnagar Industries: The company has agreed on a debt restructuring scheme with ACRE and has signed a restructuring agreement dated May 18, 2023. Company has allotted 32.10 lakh shares of Rs 2 each at Rs 60 per share for conversion to ACRE. The total size of the restructuring agreements is Rs 62 crore. The outstanding debt restructured until now stands at Rs 40.92 crore.

Source: Capitaline Database, EWL Research
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