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

Asian equities open on a positive note on Tuesday following the gains on Wall Street amid the strength in technology stocks and bets for less-aggressive rate hikes from the Federal Reserve. Stocks edged up in Australia and Japan, after the Nasdaq 100 had its best two-day rally since November. The S&P 500 gained 1.2%, extending its surge to 12% from an October low. At 6:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.45% to 18,227.5. Crude price rose above $88 per barrel. The Bitcoin traded around the $23,000-level. Domestic benchmark indices ended half a percent higher after a strong run through the day, buoyed by gains in IT, bank, auto and FMCG stocks. The rupee opened the week stronger against the U.S. dollar, moving above the 81-mark, but lost steam later in the day to close in the red.

Economic Calendar:

  • USD : GDP (QoQ) (Q4) on 26th January, 2023
  • USD : Initial Jobless Claims on 26th January, 2023
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2023
  • INR : Nikkei S&P Global Manufacturing PMI (Jan) on 31st January, 2023

Q3FY23 Results Today: Maruti Suzuki India, HDFC Asset Management Company, Colgate-Palmolive, CG Power and Industrial Solutions, Chalet Hotels, Gateway Distriparks, Granules India, Indoco Remedies, Indus Towers, Latent View Analytics, Macrotech Developers, Motilal Oswal Financial Services, Nazara Technologies, Pidilite Industries, PNB Housing Finance, SBI Cards and Payment Services, Sona BLW Precision Forgings, Tata Coffee, TVS Motor Company, United Spirits

Brokerage Radar:

JPM ON RBL BK: Downgrade to UW from Neutral, TP raised to Rs 150 from Rs 125

Elevated opex levels could also likely keep ROE in single digits over next 2 yrs; Loan growth at 15% y/y is highest in 12 qtrs & broadbased; Asset quality improving at margin, however, gross & net slippages continue to remain elevated at 3.9% & 2.4%, respectively, partly driven by slippages in restructured bk; Cut F24/25 EPS est. by 10%-15% on higher opex

UBS ON AXIS BK: Buy, TP Raised to Rs 1100; Overall beat supported by margins; Margin expansion & Operating leverage drive Q3 beat; Higher yielding loans growing faster; Management believe internal capital generation sufficient to fund growth

NOMURA ON CONCOR: Buy, TP Rs 895; 3Q Rev & EBITDA miss est., but EXIM profitability & LLF in-line; EBITDA margin miss largely led by weakness in domestic profitability; Await commentary on weak domestic profitability & reasons behind market share loss & update on divestment

International Markets:

U.S & Europe

Particulars 23rd January Chg. Chg.(%)
Nasdaq 11140.43 288.17 2.66
Dow 33375.49 330.93 1.00
FTSE 7770.59 23.30 0.30
CAC 6995.99 44.12 0.63
DAX 15033.56 113.20 0.75
Dow Fut.* 33367.50 -8.00 -0.02

Asian markets

Particulars 24th January Chg. Chg.(%)
SGX Nifty 18142.50 98.00 0.54
Nikkei 26852.85 299.32 1.11
Straits Times 3293.71 17.53 0.53
Hang Seng 22044.65 393.67 1.79
Shanghai 3264.81 24.53 0.75

ADR Watch:

Particulars 23rd January  Chg.       Chg.(%)
Dr. Reddy 53.65 0.14 0.26
HDFC Bank 70.49 1.04 1.50
ICICI Bank 21.52 0.13 0.61
Infosys 18.78 -0.03 -0.16
Tata Motor 24.88 0.57 2.34
Wipro 5.00 -0.02 -0.40

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.12 -0.31
Brent 87.23 -0.46
Gold 1934.05 0.30
Silver 24.220 1.19

FIIs & DIIs:

Particulars 23rd January 20th January
FIIs                           -219.87 -2002.25
DIIs 434.96 1509.95

News Update:

Maruti Suzuki India: The company recalled 11,1177 units of Grand Vitara manufactured between Aug. 8 and Nov. 15 last year over a possible defect in rear seat belt mounting brackets.

Vedanta: The board will meet on Jan. 27 to consider and approve the fourth interim dividend for the current fiscal.

FSN E-Commerce Ventures: The board appointed P Ganesh as chief financial officer, effective Feb. 3.

National Highways Infra Trust: Balasubramanyam Sriram stepped down as the non-executive chairman of the company, with effect from March 31, 2023, on account of personal reasons.

TCI Express: The board will meet on Jan. 31 to, inter alia, consider and approve the second interim dividend for the current fiscal.

Welspun Corp: Saudi Arabia-based associate company East Pipes Integrated Company for Industry signed contracts for supply of steel pipes for water transmission with a total value of 569 million Saudi riyals (Rs 1,234.03 crore).

NBCC (India): Secured total business of Rs 309.10 crore in December 2022.

Sterlite Technologies: The board on Jan. 27 will consider the proposal to raise funds through rights issue.

Tata Motors: The company confirmed that the voluntary delisting of its American Depositary Shares, representing its ordinary shares, from the New York Stock Exchange will become effective close of trading on Jan. 23, 2023.

 Source: Moneycontrol, Bloomberg Quint, Investing

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