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

U.S. stocks rose on the back of gains in financial shares even as tech stocks retreated from last week’s rally. The S&P 500 rose 0.2%, while the tech-heavy Nasdaq 100 fell 0.8% by 12.47 p.m. in New York. The yield on 10-year Treasuries advanced 13 basis points to 3.51%. Crude rose 3.5%, while gold prices fell 1.3%. Bitcoin declined 2.3% to trade below $27,200 level. Indian benchmark indices—Sensex and Nifty—snapped their two-day losing streak to end higher after a volatile session, led by gains in healthcare and pharma stocks. Indian rupee closed higher against the U.S. dollar supported by rise in the domestic equities. Foreign institutional investors offloaded stocks worth Rs 890.64 crore during the day. Domestic institutional investors remained net buyers for 13 days in a row, picking up stocks worth Rs 1,808.9 crore, the NSE data showed. Meanwhile, Asian equities opened higher on Tuesday following rising US financial shares, while treasuries fell as fears of broader contagion from the banking turmoil eased. At 06:05 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.35% at 17,072.5.

Economic Calendar:

  • USD : CB Consumer Confidence (Mar) on 28th March, 2023
  • USD : Pending Home Sales (MoM) (Feb) on 29th March, 2023
  • INR : Infrastructure Output (YoY) (Feb) on 31st March, 2023
  • INR : Foreign Debt (USD) (Q4) on 31st March, 2023

Brokerage Radar:

MS ON NBFCs: Move SBI Cards (OW) lower down as near-term pressures on stk could weigh on investor sentiment; Amid volatility in global interest rates & macro outlook, remain constructive given stronger-than-ever b/s, improving ROE, a potential Goldilocks phase ahead

CLSA ON KOTAK BK: Upgrade to buy, TP Rs 2080; Growth leader among large banks & valuation less demanding now; STK underperformed peers 50%-130% over past 3 years, Sustaining liability improvement key; Cost growth should moderate; expect cost income improvement; CEO transition an overhang (clarity should emerge in next 3-4months) Analysis suggests an IDBI Bk takeover (at 25% premium) would be 30% book accretive & 15%-18% earnings accretive, providing strong M&A optionality

International Markets

U.S & Europe:

Particulars 27th March Chg. Chg.(%)
Nasdaq 11768.84 -55.12 -0.47
Dow 32432.08 194.55 0.60
FTSE 7471.77 66.32 0.89
CAC 7078.27 63.17 0.89
DAX 15127.68 170.45 1.13
Dow Fut.* 32485.00 52.90 0.16

Asian markets

Particulars 28th March Chg. Chg.(%)
SGX Nifty 17062.00 49.00 0.29
Nikkei 27497.45 20.58 0.07
Straits Times 3250.35 11.32 0.35
Hang Seng 19684.74 117.05 0.60
Shanghai 3253.91 2.51 0.08

ADR Watch:

Particulars 27th March  Chg.       Chg.(%)
Dr. Reddy 55.24 0.46 0.84
HDFC Bank 64.38 0.99 1.56
ICICI Bank 20.80 0.06 0.29
Infosys 17.02 0.22 1.31
Wipro 4.43 0.02 0.45

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.18 -0.04
Brent 77.44 -0.41
Gold 1978.00 0.33
Silver 23.207 0.27

FIIs & DIIs:

Particulars 27th March 24th March
FIIs                           -890.64 -1720.44
DIIs 1808.94 2555.53

News Update:

Dilip Buildcon: The company has been chosen as the lowest bidder by the National Highways Authority of India for development of six-lane access controlled greenfield highway along a section of Bengaluru-Vijayawada economic corridor from Audireddipalle to Mallapalle in Andhra Pradesh. The bid project cost is Rs 780.12 crore.

PNC Infratech: The company has been declared the lowest bidder for the construction of a four-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli in Uttar Pradesh. The project bid stands at Rs 819 crore.

SJVN: The company has received a loan of 15 billion Japanese yen (around Rs 915 crore) from Japan Bank for International Cooperation under the latter’s Global action for Reconciling Economic growth and Environmental preservation programme. The funds will be used to finance solar power projects in Madhya Pradesh and Gujarat.

Nestle India: The board will consider and approve an interim dividend for the year 2023 on April 12.

Aditya Birla Capital: The company will sell 25.65 lakh shares of Aditya Birla Insurance Brokers, and Infocyber India, the other shareholder of the insurance brokerage, will sell 25.64 lakh shares to Edme Services at an enterprise value of Rs 455 crore.

Allcargo Logistics: The company will buy 1.50 lakh shares of Gati-Kintetsu Express, representing 30% of the entire shareholding of the latter for Rs 406.71 crore. The deal includes purchasing 1.3 lakh shares (26%) from KWE-Kintetsu World Express (S) and 20,000 shares (4%) from KWE Kintetsu Express.

India Pesticides: The company received technical equivalence certification in the European Union for its newly commissioned herbicide technical product, which will bolster its export revenue.

Lemon Tree Hotels: The company opened its fifth hotel in Kerala under the brand ‘Keys Prima by Lemon Tree Hotels’. The 42-room property will be managed by the company’s subsidiary Carnation Hotels.

Source: Moneycontrol, Bloomberg Quint, Investing

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