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

Asian markets are poised to decline after U.S. benchmarks slid on Tuesday as fears of a banking crisis resurfaced. Contracts for equity indexes in Japan, Australia and Hong Kong all declined after the S&P 500 slid 1.6% on Tuesday and the Nasdaq 100 slipped 1.9%. U.S. futures advanced after markets closed in New York, following better-than-expected earnings from Microsoft Corp. and Alphabet Inc. that sparked an after-hours rally in their shares. First Republic Bank shares tumbled 49% after the lender’s disappointing earnings on Monday, rekindling fears over the health of the US banking sector. UBS Group AG shares slid after results fell short of expectations, while Spotify Technology SA rose 5% after subscriber number surged. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.40%. Crude prices traded below $81-mark, while Bitcoin was trading above 28,000-level. At 5:35 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.30% at 17,733.5. Domestic benchmark indices, Sensex and Nifty, pared losses to close near the day’s high, both rising 0.1% with the advances in public sector banks and energy stocks. Indian rupee closed flat against the U.S. dollar as the rise in domestic equities was countered by forex outflows and hardening crude prices.

Economic Calendar:

  • USD : Core Durable Goods Orders (MoM) (Mar) on 26th April, 2023
  • USD : GDP (QoQ) (Q1) on 27th April, 2023
  • INR : Federal Fiscal Deficit (Mar) on 28th April, 2023
  • INR : Infrastructure Output (YoY) (Mar) on 28th April, 2023

Q4 Results Today: Maruti Suzuki India, SBI Life Insurance Company, HDFC Life Insurance, Voltas, UTI Asset Management Company, Bajaj Finance, L&T Technology Services, IIFL Finance, Can Fin Homes, Indus Towers, JTL Industries, KPIT Technologies, Poonawalla Fincorp, Oracle Financial Services Software, Shoppers Stop, Supreme Petrochem, Syngene International, Tanla Platforms

Brokerage Radar:

CLSA ON CROMPTON CONS: O-P, TP cut to Rs 300; Management rejig concerns

On call, co emphasised continuity in its turnaround strategy & focus on brand building, sourcing excellence & growth over margins; Stk weakness indicates investor concern about the high board attrition rate

MS ON INDIN HOTELS: OW, TP Raised to Rs 412 from Rs 388; IHCL, leveraging its strong brand franchise, is moving from hotels to a hospitality ecosystem; Business mix change should lead to higher RoCEs & stronger FCF yields, making biz model more resilient

NOMURA ON TATA CONS: Buy, TP Rs 880; Core biz sees improvement; growth biz’ strong performance continues; Int. biz sees q-q margin improvement; Over medium term, see 1)further expanding its distribution reach by c.50%; 2)investing in growth businesses 3)raising margin profile

International Markets

U.S & Europe:

Particulars 25th April Chg. Chg.(%)
Nasdaq 11799.16 -238.05 -1.98
Dow 33530.83 -344.57 -1.02
FTSE 7891.13 -21.07 -0.27
CAC 7531.61 -42.25 -0.56
DAX 15872.13 8.18 0.05
Dow Fut.* 33575.80 45.00 0.13

Asian markets

Particulars 26th April Chg. Chg.(%)
SGX Nifty 17759.50 -27.00 -0.15
Nikkei 28469.08 -150.99 -0.53
Straits Times 3295.33 -1.23 -0.04
Hang Seng 19711.99 94.11 0.48
Shanghai 3254.64 -10.23 -0.31

ADR Watch:

Particulars 25th April  Chg.       Chg.(%)
Dr. Reddy 59.27 0.19 0.32
HDFC Bank 69.57 -0.95 -1.35
ICICI Bank 22.27 -0.07 -0.31
Infosys 14.79 -0.03 -0.20
Wipro 4.47 -0.10 -2.19

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.96 -0.05
Brent 80.88 0.35
Gold 2007.50 0.15
Silver 25.267 0.71

FIIs & DIIs:

Particulars 25th April 24th April
FIIs                           -407.35 -412.27
DIIs 563.61 1177.18

News Update:

KPI Green Energy: Commissioned a 26.1 MW wind-solar hybrid power project at Bhungar site in Bhavnagar under Gujarat Wind-Solar Hybrid Power Policy, 2018.

UCO Bank: The board will convene on May 2 to consider raising equity capital via follow-on public offer, qualified institutions placement, preferential issue, etc. for the fiscal 2024. The board will also consider the financial result for the quarter and year ended March 2023, as well as dividend for the fiscal 2023.

Bata India: appointed Anil Ramesh Somani as chief financial officer of the company for five years with immediate effect. The board also approved appointment of Ravindra Dhariwal as non-executive non-independent director for two years, starting May 27, 2023.

Bajaj Auto: The board of the two-wheeler manufacturer approved the reappointment of Rakesh Sharma as whole-time director of the company for another five years, effective Jan. 1, 2024.

JSW Holdings: The company denied reports claiming that it is in talks to acquire stock in auto companies BYD India and MG Motor India.

Cipla: The company will dissolve wholly owned step-down subsidiary Madison Pharmaceuticals with effect from April 28. Madison is a dormant entity, and its dissolution will not affect the performance or revenue of the company, Cipla said.

Source: Moneycontrol, Bloomberg Quint, Investing

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