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

Global equity investors parsed mixed messages on Thursday betting on a further recovery for Chinese shares, while weak tech earnings dimmed the outlook for U.S stocks. Treasury yields fell. US-listed Chinese stocks rallied and futures for Hong Kong equities pointed towards a possible second day of gains on Thursday following sharp losses after President Xi Jinping tightened his grip on the country over the weekend. Meanwhile, Australian stocks opened higher and Japanese shares fell. U.S. stocks dropped as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserve’s path after the Bank of Canada announced a smaller-than-expected rate hike. The S&P 500 fell 0.7% as of 2:54 p.m. New York time, while the Nasdaq 100 fell 2.1%. That was triggered by a selloff in mega caps including Microsoft Corp. and Alphabet Inc. The Dow Jones Industrial Average, however, was little changed. Indian equity benchmarks had ended lower on Tuesday, snapping seven-day rally. The S&P BSE Sensex declined 287.70 points or 0.48%, while NSE Nifty fell 74.40 points or 0.42%. Wednesday was a market holiday. Oil gained further ground after touching the highest level in about two weeks after US Secretary of State Anthony Blinken said a deal with Iran is unlikely to advance in the short term. At 6:42 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.48% higher at 17,899.

Economic Calendar:

  • USD : GDP (QoQ) (Q3) on 27th October, 2022
  • USD : Initial Jobless Claims (Oct) on 27th October, 2022
  • INR : FX Reserves, USD on 28st October, 2022
  • INR : Federal Fiscal Deficit (Sep) on 31st October, 2022

Q2FY23 Result Today: Indus Towers, Aditya Birla Sun Life AMC, SBI Cards and Payment Services, PNB Housing Finance, REC, Tata Chemicals, Anupam Rasayan India, Balaji Amines, Latent View Analytics, Lloyds Steels Industries, CE Info Systems, PC Jeweller, Supreme Petrochem, Tamilnad Mercantile Bank, Vaibhav Global, and V-Guard Industries

Brokerage Radar:

UBS ON MCX: Buy, TP raised to Rs 2000 Strong Q2 aided by surge in Options vol; Options ADV up 421%YoY Expect meaningful operating leverage post transition to new platform Believe market is not fully factoring in a structural surge in options vols & growth potential

CS ON AMBUJA CEMENTS: Neutral, TP raised to Rs 470 from Rs 335

Results in line, with strong 9% vol growth to 6.7 mtpa, 1% QoQ realization growth & EBITDA margins falling to Rs452/ton on higher energy cost

Neutral as Await growth plan to be unveiled

CITI ON USL: Neutral, TP Rs 910 P&A segment reported strong +23% growth, largely driven by vol (+14%) & realization (+8%) Going ahead, watch out for impact of scotch supplies disruption in certain states, route-to-market changes in Delhi & profitability trends

International Markets:

U.S & Europe:

Particulars     25th October Chg. Chg.(%)
Nasdaq 10970.99 -228.13 -2.04
Dow 31839.11 2.37 0.01
FTSE 7056.07 42.59 0.61
CAC 6276.31 25.76 0.41
DAX 13195.810 142.85 1.090
Dow Fut.* 31974.40 131.30 0.410

Asian markets

Particulars 27st October Chg. Chg.(%)
SGX Nifty 17877.50 64.00 0.36
Nikkei 27379.40 -52.44 -0.19
Straits Times 3006.26 -2.12 -0.07
Hang Seng 15752.83 435.16 2.84
Shanghai 3005.300 5.80 0.190

ADR Watch:

Particulars 25th October  Chg.       Chg.(%)
Dr. Reddy 53.98 0.43 0.80
HDFC Bank 61.44 0.34 0.56
ICICI Bank 22.87 0.08 0.35
Infosys 18.68 0.06 0.32
Tata Motor 24.750 0.38 1.560
Wipro 4.72 0.02 0.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.12 0.27
Brent 93.96 0.17
Gold 1669.00 -0.01
Silver 19.475 -0.01

FIIs & DIIs:

Particulars 25th October 14th October
FIIs -247.01 -247.01
DIIs 872.88 80.12

News Update:

DLF: The company plans to launch new projects worth Rs 3,500 crore, mainly in Gurugram and Panchkula, during the second half of this fiscal.

Embassy Office Parks REIT: The investment trust will invest Rs 2,200 crore in the next four years to develop premium workspaces
Trident: The company has commissioned a new solar power project of 8.87 MWp at Budhni, Madhya Pradesh for captive use at its locally based manufacturing facilities.

Macrotech Developers: ICRA has assigned [ICRA] A+ (Stable) rating to the company’s term loan facility worth Rs 600 crore.

Mahindra & Mahindra: The company incorporated a wholly owned subsidiary, Mahindra Electric Automobile, to undertake its four-wheeler passenger electric vehicles business.

LT Foods: The board of the company will meet on Oct. 31, 2022 to discuss raising of funds and reorganization of shareholding framework of subsidiary companies.

Source: Moneycontrol, Bloomberg Quint, Investing

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