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

Asia markets were set for a minor advance on Tuesday after the U.S. stocks managed to log small gains as investors digested further signs of economic strength, indicating that a path of tighter monetary policy lies ahead. Australian shares rose and futures contracts for equity benchmarks in Japan and Hong Kong climbed in line with the 0.3% advance for the S&P 500 on Monday. The tech-heavy Nasdaq 100 gained 0.7% as the two US indexes partly rebounded from swift declines Friday. Meanwhile, the yield on 10-year Treasuries advanced to 3.92%. Crude prices were trading around $82-mark, while Bitcoin was trading below 24,000-level. At 6:05 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was unchanged at 17,487.5. India’s benchmark indices Sensex and Nifty ended down for the seventh straight day and hit a four-month low on Monday as metals, I.T., and auto stocks fell. Rupee continued to decline against the U.S. dollar amid speculations of further Fed rate hikes.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Feb) on 01st March, 2023
  • USD : Initial Jobless Claims on 02nd March, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023
  • INR : Federal Fiscal Deficit (Jan) on 28th February, 2023

Brokerage Radar:

CITI ON MPHASIS: Sell. TP Rs 1705; Interacted with CFO; Deal TCV to rev conversion is slowing in current macro environment; Mortgage biz likely to remain muted in 4Q; Overall growth will likely improve post 4Q; On margins, guided range of 15.25% to 17% in FY23E

GS ON VOLTAS: Sell, TP Rs 840; Stock up 15% in last 15 days on newsflow around an early onset of summer in India; Voltas stk tends to outperform during onset of summer

Also, even during peak warm years industry growth has remained at a CAGR of 6-8% over last 10-15 yrs

NOMURA ON CROMPTON CONS: Buy, TP Rs 377; Co’s R&D center came up in 2019 & is ramping up; Benefits of these will start flowing over next few yrs In near term, believe margins could be slightly impacted due to price cut in pumps & increased marketing expenses

International Markets:

U.S & Europe

Particulars 27th February Chg. Chg.(%)
Nasdaq 11394.94 -195.46 -1.69
Dow 32816.92 -336.99 -1.02
FTSE 7878.66 -29.06 -0.37
CAC 7187.27 -130.16 -1.81
DAX 15209.74 -265.95 -1.75
Dow Fut.* 32852.50 35.60 0.11

Asian markets

Particulars 28th February Chg. Chg.(%)
SGX Nifty 17517.50 -25.00 -0.14
Nikkei 27405.37 -48.11 -0.18
Straits Times 3264.65 -17.65 -0.54
Hang Seng 20018.92 8.88 0.04
Shanghai 3271.55 4.39 0.13

ADR Watch:

Particulars 27th February  Chg.       Chg.(%)
Dr. Reddy 54.17 -0.47 -0.86
HDFC Bank 66.83 -0.74 -1.10
ICICI Bank 20.30 -0.09 -0.44
Infosys 18.33 -0.37 -1.98
Wipro 4.70 -0.07 -1.47

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.93 0.00
Brent 82.77 -0.06
Gold 1818.35 0.07
Silver 20.788 -0.71

FIIs & DIIs:

Particulars 27th February 24th February
FIIs                           -2022.52 -1470.34
DIIs 2231.66 1400.98

News Update:

Wipro: Announced four strategic global business lines—Wipro FullStride Cloud, Wipro Enterprise Futuring, Wipro Engineering Edge, and Wipro Consulting— to deepen alignment to evolving client needs.

NHPC: The Cabinet approved Rs 1,600 crore for pre-investment activities and various clearances for the Dibang Multipurpose Project being developed by the company in Arunachal Pradesh.

Zee Entertainment Enterprises: The exchanges reverted surveillance actions against the company after NCLAT stayed insolvency proceedings against it. With this, the exclusion of Zee from futures and options segment stands withdrawn and F&O contracts with May 2023 expiry to be made available from Feb. 28.

Infosys: Company rolled out private 5G-as-a-Service for enterprise clients worldwide.

Vodafone Idea: The board allotted 12,000 optionally convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 1200 crore, to ATC Telecom Infrastructure.

Godrej Industries: The company appointed Vishal Sharma as the CEO-designate of the chemicals business of Goderej Industries, with effect from March 1, 2023.

Mastek: Announced strategic partnership with Netail to help e-commerce and omni-channel retailers optimise their retail value-chain in order to attract, convert, and retain digital consumers.

Indiabulls Real Estate: Appointed president Sachin Chittaranjan Shah as executive director of the company for a tenure of five years, effective Feb. 27, 2023. Shyamm Mariwala, Javed Faizullah Tapia and Tarana Suresh Lalwani have been appointed as additional independent directors.

Dr. Reddy’s Laboratories: The company entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma.

 Source: Moneycontrol, Bloomberg Quint, Investing

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