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

Asian equity markets were poised to rise after solid earnings from technology companies led to gains on Wall Street, offsetting the impact of a report showing slowing U.S. economic growth and higher-than-forecast inflation that caused treasuries to dip. Futures for benchmarks in Hong Kong, Japan and Australia all pointed to advances, with the latter two poised to notch monthly gains. The S&P 500 on Thursday jumped 2%, the most since January, and the tech-heavy Nasdaq 100 rose 2.8% as a surge in advertising revenue helped Meta Platforms Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher. Nasdaq 100 futures were little changed in early trading on Friday. Intel Corp. was higher in post-market trading after releasing results. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.52%. Crude prices dropped to $78-mark, while Bitcoin was trading above 29,000-level. At 5:48 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.32% at 18,050.5. The domestic benchmark indices, Sensex and Nifty, again moved upwards in the last hour of trade to close around 0.6% higher. Indian rupee lost early gains against the U.S. dollar as the greenback got stronger in the overseas markets.

Economic Calendar:

  • USD : Core PCE Price Index (MoM) (Mar) on 28th April, 2023
  • USD : ISM Manufacturing PMI (Apr) on 01st May, 2023
  • INR : Federal Fiscal Deficit (Mar) on 28th April, 2023
  • INR : Infrastructure Output (YoY) (Mar) on 28th April, 2023

Q4 Results Today: Ultratech Cement, SBI Cards and Payment Services, Supreme Industries, L&T Finance Holdings, Atul, Orient Cement, Vedant Fashions, IndiaMART IndiaMESH, CarTrade Tech, Mahindra & Mahindra Financial Services, CSB Bank, Star Health and Allied Insurance Company

Brokerage Radar:

JEFFERIES ON INDIAN HOTELS: Buy, TP Rs 380; Q4 another +ve Surprise, Ends FY23 On Strong Note; Co Reported Strong Beat With EBITDA Growing 3.4x YoY To Rs 540 Cr; Rev Grew YoY, QoQ Decline Was Sharply Lower Than Est; Margin Driven By Maximising Op Lev

MS ON ACC: UW, TP Rs 1615; EBITDA weaker than est. led by higher opex. Rev in line, but vol were much better & realizations were weaker, await more details around this

UW, mainly given ltd. expansion in near term & hence growth visibility in medium term

MS ON AXIS BK: OW, TP Rs 1200; PAT (ex one-offs) was 18% above MSe, owing to higher fees/lower credit costs. NII in line. LCR improved to 129% vs. 116%. RoA, ex one-offs, was 1.8% in F23, and we expect it to remain above 1.6% despite lower margins/integration costs

International Markets

U.S & Europe:

Particulars 27th April Chg. Chg.(%)
Nasdaq 12142.24 287.89 2.43
Dow 33826.16 524.29 1.57
FTSE 7831.58 -21.06 -0.27
CAC 7483.84 17.18 0.23
DAX 15800.45 4.72 0.03
Dow Fut.* 33796.50 -29.70 -0.09

Asian markets

Particulars 28th April Chg. Chg.(%)
SGX Nifty 18080.00 87.00 0.48
Nikkei 28656.19 198.51 0.69
Straits Times 3281.20 -0.83 -0.03
Hang Seng 20024.25 183.97 0.93
Shanghai 3311.03 25.15 0.77

ADR Watch:

Particulars 27th April  Chg.       Chg.(%)
Dr. Reddy 60.58 1.11 1.87
HDFC Bank 69.60 -0.06 -0.09
ICICI Bank 22.56 0.28 1.26
Infosys 15.31 0.46 3.10
Wipro 4.69 0.18 3.99

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.73 -0.02
Brent 78.33 0.14
Gold 1998.10 -0.05
Silver 25.220 0.04

FIIs & DIIs:

Particulars 27th April 26th April
FIIs                           1652.95 1257.48
DIIs 97.07 -227.88

News Update:

Godrej Consumer Products/Raymond: Godrej Consumer Products has entered into an agreement to acquire the FMCG business of Raymond Consumer Care, along with trademarks of Park Avenue, KS, Kamasutra and Premium, for Rs 2,825 crore through a slump sale.

IRB Infrastructure: The company has received the letter of award from Hyderabad Metropolitan Development Authority for building an eight-lane outer ring road on tolling, operation, maintenance and transfer model. The company’s asset base will expand to over Rs 70,000 crore and O&M order book will grow by Rs 14,500 crore.

KNR Construction: The company signed a concession pact with for building a six-lane greenfield highway from Greenfield Highway from Marripudi to Somvarappadu of Bengaluru-Vijayawada economic corridor in Andhra Pradesh.

State Bank of India: The bank has raised $750 million through senior unsecured fixed rate notes, with a maturity of five years and coupon of 4.875%.

HDFC Bank: The board of the bank approved the appointment of Kaizad Bharucha as deputy managing director and Bhavesh Zaveri as executive director. Both appointments have been made for a term of three years, from April 19, 2023 to April 18, 2026.

HFCL: The company has received purchase orders worth Rs 65.72 crore from Reliance Retail for supply of optical fiber cables “to one of the leading private telecom operators of the country.”

Source: Moneycontrol, Bloomberg Quint, Investing

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