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

US futures rallied Wednesday after resilient earnings from Alphabet Inc. and an upbeat outlook from Microsoft Corp. Helped to salve investor sentiment. Contracts on the tech-heavy Nasdaq 100 added about 1.5%, while those for the S&P 500 were up over 0.5%. Shares in Japan, South Korea and Australia were steady. At 7:05 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.1% lower at 16,460.5 points. Still, markets remain edgy ahead of a much-anticipated Federal Reserve interest-rate increase. The dollar dipped, oil was around $96/barrel and Bitcoin peeked above $21,000.

Economic Calendar:

  • USD : Fed Interest Rate Decision 27th July, 2022
  • USD : FOMC Statement 27th July, 2022
  • INR : Federal Fiscal Deficit (Jun) 29th July, 2022
  • INR : Bank Loan Growth 29th July, 2022

Q1FY23 Result Today:  Tata Motors, Maruti Suzuki, Bajaj Finance, Jindal Stainless (Hisar), Coromandel International, IIFL Finance, Biocon, United Breweries, Colgate Palmolive, Schaeffler India, Gujarat Flurotech

Q1FY23 Result:

Tata Power Q1 FY23(Consolidated, YoY) recorded a 90% YoY growth in consolidated PAT before exceptional items at Rs 884 crore for the quarter ended June 2022, against Rs 466 crore in Q1FY22, due to improved performance across all businesses mainly profit from coal companies. Consolidated revenue grew by 48% to Rs 14,776 crore during the same period.

Larsen & Turbo Q1 FY23 (Consolidated, YoY) posted consolidated net profit of Rs 1,702 crore, a robust 45 percent growth over the year-ago period. It achieved consolidated revenues of Rs 35,853 crore in Q1FY23, recording an on-year growth of 22 percent with strong execution witnessed in the infrastructure segment and riding on the sustaining growth momentum in the IT and TS portfolio.

KEI Industries Q1 FY23 (Consolidated, YoY) reported a 54 percent year-on-year growth in consolidated profit at Rs 103.76 crore for June 2022 quarter, driven by strong operating performance and topline. Revenue during the quarter stood at Rs 1,565.41 crore, a 54 percent growth compared to Rs 1,017.56 crore in same period last year.

Brokerage Radar:

CLSA ON TATA POWER: Sell, TP Rs 212; Indonesia coal remains key driver

Both EPC biz for solar & construction slipped into losses on rise in material costs, unhedged FX exposure & aggressive bids; STK remains expensive, at a 23x FY24CL EPS

CS ON ASIAN PAINTS: O-P, TP Rs 3800 ; 1Q: Comprehensive beat; demand trends remain robust; While concerns over competition are valid, APNT is looking to fortify its dominant position; Raise FY23/24 EPS by 3/4%

JEFFERIES ON L&T: Buy, TP Rs 2215; 1Q rev & EBITDA 11% & 10% above expectations; Order flow growth strong at 57% YoY growth, driven by both domestic & intl segments; Management maintained its 12-15% YoY order flow & rev growth guidance

International Markets:

U.S & Europe:

Particulars      26th July Chg. Chg.(%)
Nasdaq 11,562.58 -220.09 -1.87
Dow 31,761.54 -228.5 -0.71
FTSE 7,306.28 -0.02 0.00
CAC 6,211.45 -26.10 -0.42
DAX 13,096.93 -113.39 -0.86
Dow Fut.* 31,855.20 93.70 0.31

Asian markets:

Particulars      27th July Chg. Chg.(%)
SGX Nifty 16,459.00 -17 -0.10
Nikkei 27,692.89 37.68 0.14
Straits Times 3,183.05 -9.07 -0.28
Hang Seng 20,612.42 -293.46 -1.40
Shanghai 3,271.77 -5.67 -0.17

ADR Watch:

Particulars       26th July Chg. Chg.(%)
Dr. Reddy 55.84 0.57 1.03
HDFC Bank 58.61 -0.54 -0.91
ICICI Bank 19.87 -0.21 -1.05
Infosys 17.91 -0.65 -3.5
Tata Motor 27.55 -0.46 -1.64
Wipro 4.97 -0.21 -4.05

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.78 0.06
Brent 99.41 -0.05
Gold 1714.35 -0.20
Silver 18.503 -0.17

FIIs & DII:

Particulars 26th July 25th July
FIIs -1548.29 -844.78
DIIs 999.36 -72.26

News Update:

Wipro: Nokia extends strategic partnership with Wipro to drive digital transformation and efficiencies in global business services. The IT services provider has announced a new five-year strategic engagement with Nokia.

Zydus Lifesciences: The company has received final approval from the United States Food and Drug Administration (USFDA) to market Bisoprolol Fumarate tablets. Bisoprolol Fumarate tablets are used to treat high blood pressure.

Axis Bank: Axis Bank and Citi Bank deal has received approval from the Competition Commission of India. Axis Bank has decided to acquire Citibank’s India consumer business from Citibank N.A. and the NBFC consumer business from Citicorp Finance (India).

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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