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

Asian markets are set to decline for a fifth day after U.S. shares dropped on Wednesday as concern over American regional banks outweighed better-than-expected technology earnings. Equity futures in Japan, Australia and Hong Kong are all lower, placing a gauge of the region’s equities on course for its longest run of daily losses this year. Contracts for the S&P 500 and Nasdaq 100 edged higher in early Asian trading after results from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading. On Wednesday, U.S. markets witnessed a second daily decline for the S&P 500 Index with all sectors except technology falling. The Nasdaq 100 edged higher, helped along by upbeat earnings from Alphabet Inc. and Microsoft Corp. late Tuesday. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.45%. Crude prices dropped nearly 3% to around $77-mark, while Bitcoin was trading above 28,000-level. At 5:41 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.19% at 17,795. Domestic benchmark indices, Sensex and Nifty, rallied in the last hour of trade to pare early losses and close in the green for the fifth straight session. Indian rupee gained against the U.S. dollar, tracking the weakness of the greenback in the overseas market.

Economic Calendar:

  • USD : GDP (QoQ) (Q1) on 27th April, 2023
  • USD : Initial Jobless Claims 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: Wipro, Bajaj Finserv, Axis Bank, Hindustan Unilever, Tech Mahindra, LTIMindtree, ACC, Mphasis, Surya Roshni, Coforge, Welspun India, Trent, Indian Hotels Co., Laurus Labs, Embassy Office Parks REIT, Dwarikesh Sugar Industries, Kirloskar Pneumatic Co., Gateway Distriparks, Aditya Birla Sun Life AMC, Swaraj Engines, Agro Tech Foods, Apcotex Industries, Bajaj Holdings & Investment, Chennai Petroleum Corporation, Glenmark Life Sciences, loyds Steels Industries, Motilal Oswal Financial Services, Som Distilleries & Breweries, Shree Digvijay Cement,

Brokerage Radar:

JPM ON L&T TECH: UW, TP cut to Rs 2850; 4Q CC QQ growth of 2.2% missed its own guide of 3% leading to FY23 CC growth miss by 20bps; FY24 organic CC guide at 10%+ appears to bake in conservatism; SWC integration will pose challenges; Cut rev by 3% driving 4/5% earnings cuts

MS ON HDFC LIFE: OW, TP Raised to Rs 700; 4Q underscored co’s growth DNA & execution. HDFC Bk’s stake increase to 50%+ will remove a technical overhang; Retail protection has turned a corner.; Raise F24/F25 APE est. by 5% & VNB est. by1-3%

JPM ON BAJAJ FIN: OW, TP Rs 9000; Core AUM growth was at 29% y/y with broad-based growth across segments; Think BAF can continue to deliver 25%+ growth vs banking system at low to mid teens in FY24 & beyond

International Markets

U.S & Europe:

Particulars 26th April Chg. Chg.(%)
Nasdaq 11854.35 55.19 0.47
Dow 33301.87 -228.96 -0.68
FTSE 7852.64 -38.49 -0.49
CAC 7466.66 -64.95 -0.87
DAX 15795.73 -76.40 -0.48
Dow Fut.* 33338.40 36.50 0.11

Asian markets

Particulars 27th April Chg. Chg.(%)
SGX Nifty 17800.50 -29.00 -0.16
Nikkei 28349.95 -66.52 -0.23
Straits Times 3277.24 -16.67 -0.51
Hang Seng 19739.90 -17.37 -0.09
Shanghai 3276.56 12.46 0.38

ADR Watch:

Particulars 26th April  Chg.       Chg.(%)
Dr. Reddy 59.47 0.20 0.34
HDFC Bank 69.66 0.09 0.13
ICICI Bank 22.28 0.01 0.04
Infosys 14.85 0.06 0.41
Wipro 4.51 0.04 0.89

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.70 -0.08
Brent 78.02 0.39
Gold 2007.25 0.59
Silver 25.323 1.01

FIIs & DIIs:

Particulars 26th April 25th April
FIIs                           1257.48 -407.35
DIIs -227.88 563.61

News Update:

Infosys: The IT major entered into a collaboration with Walmart Commerce Technologies to offer services to retailers that will help them leverage technology solutions to simplify customer and store employee experiences.

HCL Technologies: The company has been selected to deploy an IT system for Vienna-based pigment maker Heubach Group across 11 countries.

Tata Motors: The Indian auto manufacturer signed a definitive agreement with Cummins to manufacture low- to zero-emissions technology products in India over the next few years.

Tata Power: S&P Global upgraded its rating for the company to ‘BB+’ from ‘BB’ while keeping the outlook stable.

HDFC/HDFC Bank: The BSE and National Stock Exchange accorded in-principle approval for transfer of non-convertible debentures issued by HDFC to HDFC Bank, subject to sanction of the composite scheme of amalgamation involving the two.

Jindal Saw: In accordance with the approved resolution plan, the company acquired entire shareholding of Sathavahana Ispat, making it a wholly owned subsidiary.

Source: Moneycontrol, Bloomberg Quint, Investing

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