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

Asian markets are likely to find some support from signs of progress in debt-ceiling talks and gains in U.S. equities with a frenzy of interest in the artificial intelligence sector. Futures for Japan’s equity benchmark rose, while those for Australia were little changed. Hong Kong is closed for a public holiday. A bullish sales forecast from Nvidia Corp. ignited the jump on Wall Street Thursday, with the tech-heavy Nasdaq 100 gaining 2.5% and the S&P 500 adding 0.9%. In the U.S., shares of Nvidia soared 24% after the company’s forecast related to AI surprised even the most optimistic analysts on Wall Street, propelling the company to the cusp of a $1 trillion market value. Fitch Ratings warned that the US’s AAA rating is under threat, though it still expects politicians will reach an agreement before time runs out. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.81%. Crude was trading above $76-mark, while Bitcoin declined to trade around 26,000-level. At 5:40 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.24% at 18,423. According to Jefferies’ GREED & fear note by Christoper Woods, they continue to take the view that it will only be a matter of time before the Sensex reaches the 100,000 level. Still like all long-term bull markets, the stock market will continue to climb the proverbial wall of worry. The Nifty Private Banks Index has outperformed the MSCI ACWI Banks Index by 1.364% since the index began on April 1, 2005. GREED and Fear also turns bullish on Zomato. An investment in Zomato will be introduced with a 4% weighting, while the investment in HDFC Life Insurance will be removed. Domestic benchmarks broke their two-day losing streak as realty stocks gained. The Indian rupee snapped its two-day rally against the U.S. dollar and closed lower as the foreign unit grew stronger in global markets.

Economic Calendar:

  • USD : Core PCE Price Index (MoM) (Apr) on 26th May, 2023
  • USD : Core Durable Goods Orders (MoM) (Apr) on 26th May, 2023
  • INR : FX Reserves, USD on 26th May, 2023
  • INR : GDP Quarterly (YoY) (Q4) on 31st May, 2023

Q4 Results Today: Oil and Natural Gas Corporation, Mahindra & Mahindra, Samvardhana Motherson International, Sun Pharmaceutical Industries, Bharat Heavy Electricals, Chambal Fertilisers & Chemicals, BEML, Maharashtra Seamless, Power Mech Projects, City Union Bank, PG Electroplast, Capacite Infraprojects, Gateway Distriparks, TCI Express, Indigo Paints, KDDL, Sunteck Realty, Nucleus Software Exports, Astra Microwave Products, Avalon Technologies, Bharat Bijlee, Bombay Burmah Trading Corp, BF Investment, Chemcon Speciality Chemicals

Brokerage Radar:

GOLDMAN SACHS O DIXON TECH: Maintain Neutral, TP Rs.3,370; Comeback quarter, growth to pick-up again, Beaten street estimates after many quarter, Major beneficiary of the Make in India push across products, Neutral as growth largely priced

NOMURA ON ASHOK LEYLAND: Maintain Buy, TP Rs.184; Q4 EBITDA margin beats consensus, Operating leverage and higher gross margins boost EBITDA margin, See further scope of improvement in realization and CV cycle to stay positive

International Markets

U.S & Europe:

Particulars 25th May Chg. Chg.(%)
Nasdaq 12698.09 213.93 1.71
Dow 32764.65 -35.27 -0.11
FTSE 7570.87 -56.23 -0.74
CAC 7229.27 -24.19 -0.33
DAX 15793.80 -48.33 -0.31
Dow Fut.* 32723.10 -41.60 -0.13

Asian markets

Particulars 26th May Chg. Chg.(%)
SGX Nifty 18426.00 -40.50 -0.22
Nikkei 31101.60 300.47 0.97
Straits Times 3205.53 -2.19 -0.07
Hang Seng 18746.92 -369.01 -1.97
Shanghai 3182.68 -18.58 -0.58

ADR Watch:

Particulars 25th May  Chg.       Chg.(%)
Dr. Reddy 54.46 -0.24 -0.44
HDFC Bank 64.38 -0.60 -0.92
ICICI Bank 22.65 -0.04 -0.18
Infosys 15.66 0.10 0.64
Wipro 4.73 -0.01 -0.21

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.74 0.00
Brent 75.97 -0.38
Gold 1945.35 0.08
Silver 22.938 0.12

FIIs & DIIs:

Particulars 25th May 24th May
FIIs                           589.10 1185.84
DIIs 338.44 300.93

News Update:

Reliance Industries: Step-down FMCG subsidiary Reliance Consumer Products completed the acquisition of 51% controlling stake in Lotus Chocolates for an aggregate consideration of Rs 74 crore and subscribed to non-cumulative redeemable preference shares of the company for Rs 25 crore.

Praj Industries: The board approved forming a 50:50 joint venture with Indian Oil Corporation to set up biofuel production facilities and market CBG, Ethanol, SAF and various coproducts and intermediates.

Vedanta: Cairn Oil & Gas announced reserves and resources portfolio crossed 1.1 billion barrels of oil equivalent.

Tata Power: Life Insurance Corporation of India has increased its stake in the company to 7.94% from 5.91%.

Bata India: Life Insurance Corporation of India has increased its stake in the company to 6.53% from 4.5%.

Source: Moneycontrol, Bloomberg Quint, Investing 

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