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

U.S. stocks seesawed in a volatile session as traders tried to balance conflicting earnings message with mixed economic data. Bond yields saw a downtrend as returns on 10-year Treasuries declined 6 basis points to 3.95%.The S&P 500 changed little till mid of the day, while the tech-heavy Nasdaq 100 fell 1.3%. Oil jumped 1.4% as economic data showed a rebound in the U.S., easing recession fears and bolstering demand outlook. Gold fell 0.5%, while Bitcoin dipped 0.8% to trade around $20,500-level. India benchmarks Sensex and Nifty ended in green after a volatile day, aided by broad-based gains led by metal, realty, energy, and power stocks. Rupee appreciated 61 paise against the U.S. dollar to hit 82.12, before trimming gains from the intraday trade.

Economic Calendar:

  • USD : Pending Home Sales (MoM) (Sep) on 28th October, 2022
  • USD : ISM Manufacturing PMI (Oct) on 01st November, 2022
  • INR : FX Reserves, USD on 28th October, 2022
  • INR : Federal Fiscal Deficit (Sep) on 31st October, 2022

Q2FY23 Result Today: Dr Reddy’s Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, TTK Healthcare

Brokerage Radar:

MS ON SBI CARDS: OW, TP Rs 1100; PAT miss driven by higher costs (due to higher gross card acquisition) & higher Stage 1 provisions on higher transactor balances; Absolute growth in receivables healthy while revolver mix & higher funding costs could weigh on NIM

UBS ON INDUS TOWER: Neutral, TP Rs 220; Q2: In line at operating level; Co made a provision of Rs17.1bn during qtr, towards receivables from VIL; Expect co to provide more colour on status of payments /receivables from VIL, & on overall demand outlook for FY23/24

MS ON BHEL: OW, TP Rs 124; 2Q in line; Co signed several MoUs at defense expo, launched Indigenously Developed Li-Ion LFP Cell, & received an LOI worth Rs81bn from Triton for Li-ion battery packs; First batch will be delivered in Nov-22 & executed over 24 mths

International Markets:

U.S & Europe:

Particulars     27th October Chg. Chg.(%)
Nasdaq 10792.68 -178.31 -1.63
Dow 32033.28 194.20 0.61
FTSE 7073.69 17.62 0.25
CAC 6244.03 -32.28 -0.51
DAX 13211.230 15.42 0.120
Dow Fut.* 32072.50 39.20 0.12

Asian markets

Particulars 28th October Chg. Chg.(%)
SGX Nifty 17864.50 62.00 0.35
Nikkei 27248.20 -97.04 -0.35
Straits Times 3058.18 42.94 1.42
Hang Seng 15252.77 -175.17 -1.14
Shanghai 2954.830 -28.07 -0.940

ADR Watch:

Particulars 27th October  Chg. Chg.(%)
Dr. Reddy 54.55 0.57 1.06
HDFC Bank 60.89 -0.55 -0.90
ICICI Bank 22.50 -0.37 -1.62
Infosys 18.51 -0.17 -0.91
Tata Motor 24.760 0.01 0.040
Wipro 4.68 -0.04 -0.85

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.49 -0.28
Brent 94.22 -0.86
Gold 1667.15 0.09
Silver 19.547 0.27

FIIs & DIIs:

Particulars 27th October 25th October
FIIs  2818.40 -247.01
DIIs -1580.10 872.88

News Update:

Vedanta: The company, along with other parties to the production sharing contract, got government approval for 10-year extension till May 14, 2030, for Rajasthan oil block.

IDBI Bank: The finance ministry extended the deadline for potential bidders to submit queries on IDBI Bank privatisation by 13 days till Nov. 10.

Indus Towers: The board of the company has approved raising Rs 2,000 crore via non-convertible debentures in one or more tranches on private placement basis.

Spandana Sphoorty Financial: The board of the company will convene on Nov. 1, 2022, to consider and approve raising of funds via NCDs on a private placement basis.

FSN E-Commerce Ventures: The company will appoint Rajesh Uppalapati as Chief Technology Officer, with effect from Nov. 01, 2022.

EKI Energy Services: The company has executed a joint venture agreement to incorporate a public limited company to drive focused educational initiatives and establish climate finance marketplace to mobilise funds from global markets for sustainable climate projects across the world.

Infibeam Avenues: The company received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator.

Dhanuka Agritech: The board of directors will meet on Nov. 1 to consider the proposal for buyback of fully paid-up equity shares through tender offer route.

Kaveri Seed Company: The board approved buyback of equity shares at a price of Rs 700 apiece, aggregating to Rs 125 crore.

PC Jeweller: The company defaulted on loans worth Rs 3,466.28 crore.

Source: Moneycontrol, Bloomberg Quint, Investing   

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