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

Stocks in Asia are set for a muted opening after U.S. shares drifted as investors digested mixed corporate earnings and economic data. Contracts for equity benchmarks in Japan advanced, while those in Australia also climbed although the country’s equity market will be shut Tuesday for a holiday. Hong Kong stock futures dropped. U.S. equity futures also inched lower in early Asian trade after the S&P 500 closed just 0.1% higher and the tech-heavy Nasdaq 100 fell 0.2%. That extended to seven the number of trading days when the two indexes have both moved less than 1%. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.47%. Crude prices traded above $82-mark, while Bitcoin was trading below 28,000-level. At 5:40 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.22% at 17,798. Domestic benchmark indices, Sensex and Nifty, closed near their respective intraday highs, with gains in banking, non-banking financial companies and real estate stocks countering the decline in pharma and media stocks. The Indian rupee strengthened against the U.S. dollar for a third day, even as domestic equities surged and crude prices softened.

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: Tata Consumer Products, Tata Steel Long Products, Bajaj Auto, Nestle India, Mahindra CIE Automotive, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Dalmia Bharat, HDFC Asset Management Company, Mahindra Lifespace Developers, AU Small Finance Bank, Anant Raj, Axita Cotton, Dhampur Bio Organics, Elecon Engineering Co., Huhtamaki India, Lloyds Metals and Energy, Meghmani Finechem, Rallis India, VST Industries

Brokerage Radar:

CLSA ON INDUSIND BK: Buy, TP Rs 1500; 4Q largely inline on core PPOP (+20% YoY growth) & PAT. Reported NIM was flat QoQ, & with retail yield inching up, margin pressure may be manageable with the rate cycle expected to reverse

NOMURA ON MARUTI: Neutral,TP Rs9928; Announces prices for its 1st coupe crossover,Fronx Recent dealer surveys suggest 2.5-3 mths waiting period; Currently factor in 8k units/mth for Fronx in FY24F (6k units/mth incremental for Baleno+ Fronx), which could have some risk given pricing

CITI ON ZOMATO: Buy, TP Rs 76; Both Zomato & Swiggy have introduced monetization in dining out segment; While this appears to be a limited roll-out for now, nevertheless its positive for medium-term platform monetization

International Markets

U.S & Europe:

Particulars 24th April Chg. Chg.(%)
Nasdaq 12037.20 -35.25 -0.29
Dow 33875.40 66.44 0.20
FTSE 7912.20 -1.93 -0.02
CAC 7573.86 -3.14 -0.04
DAX 15863.95 -17.71 -0.11
Dow Fut.* 33838.40 -37.00 -0.11

Asian markets

Particulars 25th April Chg. Chg.(%)
SGX Nifty 17769.50 10.50 0.06
Nikkei 28706.04 112.52 0.39
Straits Times 3302.38 -22.17 -0.67
Hang Seng 19653.86 -306.08 -1.53
Shanghai 3264.90 -10.51 -0.32

ADR Watch:

Particulars 24th April  Chg.       Chg.(%)
Dr. Reddy 59.08 -1.36 -2.25
HDFC Bank 70.52 -0.37 -0.52
ICICI Bank 22.34 0.35 1.59
Infosys 14.82 -0.05 -0.34
Wipro 4.57 0.16 3.63

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.90 0.05
Brent 82.43 -0.13
Gold 2005.30 0.28
Silver 25.433 -0.36

FIIs & DIIs:

Particulars 24th April 21st April
FIIs                           -412.27 -2116.76
DIIs 1177.18 1632.66

News Update:

Ipca Laboratories/Unichem Laboratories: The company will acquire 33.38% stake in Unichem Laboratories for a cash consideration of Rs 1,034.06 crore.

Infosys: The Indian IT major signs deal with Aramco to enhance the energy behemoth’s HR platform. The financial details of the deal were not revealed.

Welspun India: The board of the company will meet on April 27 to consider a buyback scheme and recommended dividend for the 2023 fiscal.

HDFC Bank: Monetary Authority of Singapore approves HDFC Bank plan to acquire 20% or more stake in fund manager Griha.

Mahindra Lifespaces Developers: The company selected as the preferred partner to redevelop a residential society in Malad, West under a project worth Rs 850 crore.

L&T Technology Services: Life Insurance Corporation of India increased its shareholding in the company to 5.01% from 4.99%.

New India Assurance Company: The finance ministry appointed Smita Srivastava as general manager and director of the company, with effect from April 24, 2023.

IndusInd Bank: The board of the lender approved reappointment of Sumant Kathpalia as managing director and chief executive officer for two more years, with effect from March 24, 2023 to March 23, 2025. The reappointment is subject to shareholder approval.

Choice International: The Choice Group announced plans to launch operations in 10 locations across North India in the first half of 2024 fiscal.

Source: Moneycontrol, Bloomberg Quint, Investing

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