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

Stocks in Asia fell Wednesday after US shares dropped and Treasury yields rose on growing unease that relaxing pandemic measures in China would add further inflation to the global economy. Stocks in Japan and Australia declined and South Korea’s Kospi benchmark tumbled as much as 2%. U.S. markets faltered as bond yields weighed on investor sentiment. The S&P 500 was little changed till mid-day, while the tech-heavy Nasdaq 100 fell 0.8%. The yield on 10-year Treasuries advanced nine basis points to 3.84%. Meanwhile, crude rose 1.7%, while gold futures increased 1.4%. Bitcoin declined 0.4% to trade around $16,800-level. Overseas investors in Indian equities remained net sellers for the third day in a row. Foreign portfolio investors offloaded equities worth Rs 867.6 crore, domestic investors, on the other hand, remained net buyers for the 15th day in a row and mopped up stocks worth Rs 621.8 crore, according to NSE data. India benchmark indices Sensex and Nifty continued their rally for a second day, paring losses from early trade to close higher at the end of a volatile day. Rupee reversed gains from a day before against the U.S. dollar amid month-end dollar demand among importers and forex outflows. At 6:42 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.38% to 18,079.5.

Economic Calendar:

  • USD : Pending Home Sales (MoM) (Nov) on 28th December, 2022
  • USD : Initial Jobless Claims on 29th December, 2022
  • INR : Infrastructure Output (YoY) (Nov) on 30th December, 2022
  • INR : Foreign Debt (USD) (Q3) on 30th December, 2022

Brokerage Radar:

MOSL ON AXIS BK: Buy, TP Rs 1130; Opex ratios to moderate; Improving granularity to drive sustainable RoE; Has multiple levers to offset rise in funding cost; Remains on track to deliver a sustainable RoE of 18% in medium term; Est. to deliver FY25 RoA/RoE of 1.8%/16.9%

NIRMAL BANG ON JUBILANT PHARMOVA: Buy TP Rs 432; Generic biz continues to face headwinds; In CDMO Sterile Injectables biz, management expects double-digit growth FY24 onwards, owing to strong order book position & capacity addition

KOTAK INST EQ ON INTERGLOBE: Buy, TP Rs 2400; Recent management meeting led us to recommend a BUY on extent of near-term improvement in profitability

Scope of market share loss over time—a risk that will impact INDIGO’s financials to a lesser extent

International Markets:

U.S & Europe

Particulars 27th December Chg. Chg.(%)
Nasdaq 10353.23 -144.63 -1.38
Dow 33241.56 37.63 0.11
FTSE 7473.01 3.73 0.05
CAC 6550.66 45.76 0.70
DAX 13995.10 54.17 0.39
Dow Fut.* 33254.00 12.40 0.04

Asian markets

Particulars 28th December Chg. Chg.(%)
SGX Nifty 18065.50 -82.50 -0.45
Nikkei 26290.96 -156.91 -0.59
Straits Times 3268.80 2.42 0.07
Hang Seng 20006.66 413.60 2.11
Shanghai 3090.23 -5.34 -0.17

ADR Watch:

Particulars 27th December  Chg.       Chg.(%)
Dr. Reddy 51.18 -1.40 -2.66
HDFC Bank 67.76 0.92 1.38
ICICI Bank 21.89 0.33 1.53
Infosys 18.03 0.11 0.61
Tata Motor 23.26 0.91 4.07
Wipro 4.58 0.05 1.10

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.85 0.24
Brent 84.81 -0.46
Gold 1818.30 -0.26
Silver 24.190 -0.11

FIIs & DIIs:

Particulars 27th December 26th December
FIIs                           -867.65 -497.65
DIIs 621.81 1285.74

News Update:

Hindustan Petroleum Corporation: Amit Garg appointed as director (marketing) on the board of the company till March 31, 2027.

Punjab & Sind Bank: The board will meet on Dec. 30 to consider raising Rs 250 crore within 12 months.

Aditya Birla Capital: Sanchita Mustauphy appointed chief risk officer of the company, with effect from April 1, 2023, for five years.

Rail Vikas Nigam: The company has been appointed as the implementation agency for the UTF Harbor Project in Maldives, worth Rs 1,544.60 crore. This is a strategic project of the Government of India.

MOIL: Ajit Kumar Saxena has been appointed as chairman and managing director of the company till Dec. 31, 2025.

Suryoday Small Finance Bank: The RBI approved reappointment of Baskar Babu Ramachandran as the MD and CEO of the bank for three years, starting Jan. 23, 2023.

India Pesticides: The company’s subsidiary Shalvis Specialities has received environmental clearance for setting up manufacturing plant of agrochemicals and intermediates, API ingredients and intermediates and fine chemicals manufacturing unit in Hamirpur, Uttar Pradesh.

Source: Moneycontrol, Bloomberg Quint, Investing

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