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

Asian equity markets were poised for declines on Friday after technology stocks dragged U.S. futures edged lower and the dollar was mixed against its major peers as investors prepare for a busy week of economic data. Futures contracts for the S&P 500 and Nasdaq 100 both fell in early Asian trading, as did those for benchmarks in Australian and Hong Kong. Those in Japan gained. U.S. and the euro-area is expected to release GDP data this week, and there will be monetary decisions in Sweden and Japan, where new governor Kazuo Ueda is expected to leave policy unchanged in his first meeting at the helm. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.57%. Crude prices traded below $82-mark, while Bitcoin was trading below 28,000-level. At 5:42 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.12% at 17,660. Domestic benchmark indices—the Sensex and Nifty—changed little as advances in IT and consumer goods stocks were offset by larger declines in real estate, metals, and automobile stocks. The Indian rupee gained for the second straight day against the U.S. dollar, even as muted domestic equities and forex outflows limited its rise.

Economic Calendar:

  • USD : New Home Sales (Mar) on 25th April, 2023
  • USD : CB Consumer Confidence (Apr) on 25th April, 2023
  • INR : Federal Fiscal Deficit (Mar) on 28th April, 2023
  • INR : Infrastructure Output (YoY) (Mar) on 28th April, 2023

Q4 Results Today: IndusInd Bank, Persistent Systems, Bank of Maharashtra, Mahindra Logistics, Century Textiles & Industries, IIFL Securities, Maharashtra Scooters, NELCO, Tamilnad Mercantile Bank, Tata Teleservices (Maharashtra)

Brokerage Radar:

JPM ON RIL: OW,TP Rs 2960; O2C Drives Large PAT Beat; O2C, E&P To Drive FY24 Earnings; Capex/Debt Commentary +ve; Welcome comments on ‘Disciplined Capital Allocation & Maintaining Net Debt/EBITDA <1x’ & this should assuage investor concerns on leverage

JPM ON WIPRO: UW, TP Rs 360; Given net cash, believe co will most likely opt for a buyback in range of $1.2-1.5bn; Last 3 buybacks had been through tender offer route & it could be case once again this time as well as tender offer allows promoters to participate

JEFFERIES ON ICICI BK: Buy, TP Rs 1180; In 4Q, profit of Rs91bn, up 30% YoY, ahead of est. aided by stronger NIMs that lifted NII growth to 40%; Asset quality stays robust & 99% of credit costs were for buffer-building; Raises Est. by 5-9%

International Markets

U.S & Europe:

Particulars 21st April Chg. Chg.(%)
Nasdaq 12072.46 12.90 0.11
Dow 33808.96 22.34 0.07
FTSE 7914.13 11.52 0.15
CAC 7577.00 38.29 0.51
DAX 15881.66 85.69 0.54
Dow Fut.* 33706.50 -102.50 -0.30

Asian markets

Particulars 24th April Chg. Chg.(%)
SGX Nifty 17697.50 58.00 0.33
Nikkei 28646.39 82.02 0.29
Straits Times 3310.06 -11.76 -0.35
Hang Seng 19972.36 -103.37 -0.51
Shanghai 3294.62 -6.64 -0.20

ADR Watch:

Particulars 21st April  Chg.       Chg.(%)
Dr. Reddy 60.44 0.78 1.31
HDFC Bank 70.89 1.05 1.50
ICICI Bank 21.99 0.11 0.50
Infosys 14.87 0.02 0.13
Wipro 14.87 0.02 0.13

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.10 0.07
Brent 80.71 -0.92
Gold 1990.55 0.00
Silver 25.183 -0.38

FIIs & DIIs:

Particulars 21st April 20th April
FIIs                           -2116.76 -1169.32
DIIs 1632.66 832.72

News Update:

HDFC Bank: The bank received certain clarifications from RBI with regard to the merger with HDFC. The banking regulator has not granted the lender any exemptions on requirements related to its cash reserve ratio, statutory liquidity ratio, and liquidity coverage ratio for the merger.

HDFC Asset Management Company: The company received the final approval from markets regulator SEBI for change in control from HDFC to HDFC Bank. The move was necessitated due to change in co-sponsor of HDFC Mutual Fund, on account of amalgamation of HDFC with and into HDFC Bank.

Mahindra & Mahindra Financial Services: The company raised Rs 682 crore via allotment of non-convertible debentures on private placement basis.

Maruti Suzuki India: The company has recalled 7,213 Baleno RS vehicles, manufactured between Oct. 27, 2016 and Nov. 1, 2019, over possible defect in vacuum pump assisting the brake function.

Union Bank of India: The board will meet on April 26 to consider the bank’s capital plan. The plan proposed to raise equity capital via further public offer, rights issue, private placements, and issue of Basel III compliant Additional Tier 1 bonds and Tier 2 bonds.

Wipro: The company’s board of directors will consider the proposal over its meeting on April 26-27. The decision regarding buyback of equity shares will be communicated on April 27.

Source: Moneycontrol, Bloomberg Quint, Investing

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