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

Asian equities followed US shares lower after hawkish comments from Federal Reserve officials, while the dollar touched a fresh high after a White House official ruled out a currency agreement to weaken the greenback. A gauge of Asian stocks fell as markets in Japan, Hong Kong and Australia dropped from the open. US futures dropped after the S&P 500 capped its worst run since early 2020. At 6:30 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.7% to 16,922.5 points. The offshore yuan fell to a record low as sentiment was damped by the US Fed’s tightening stance. The pound and the euro also slipped while the yen held steady versus the greenback. The Bloomberg Dollar Spot Index rose 0.3%.Bitcoin traded near $19,000 levels even as gold rose to $1,625 an ounce.

Economic Calendar:

  • USD : Fed Chair Powell Speaks on 28th September, 2022
  • USD : GDP (QoQ) (Q2) on 29th September, 2022
  • INR : Interest Rate Decision on 30th September, 2022
  • INR : RBI MPC Meeting Minutes on 30th September, 2022

Brokerage Radar:

JEFFERIES ON DIXON: BUY, TP Rs.5305; Investors Seem Enthused About Indian Indigenisation & PLI Opportunity; Co Has A Diversified Product Mix & 5 PLI Approvals; Mobile Division Seems To Be Ramping Well; Margin Is Expected At 4%, As 75% Mix Is OEM

MS ON DLF: OW, TP Rs.417; Premium Gurgaon Phase V Launch– Momentum Continues; Co launching new residential projects at a steady pace to benefit from strong demand tailwinds; Plus, building new office & retail assets to ensure rental growth; Focus remains on FCF & de-leveraging

CLSA ON HCL TECH: OP, TP Rs.1000; Order booking remains healthy in North America but seeing some uncertainty in Europe; Management confident to meet its 12%-14% CC rev growth guidance for FY23; While Ebit margin could be at lower-end

International Markets:

U.S & Europe:

Particulars 27thSeptember Chg. Chg.(%)
Nasdaq 10829.50 26.58 0.25
Dow 29134.99 -125.82 -0.43
FTSE 6984.59 -36.36 -0.52
CAC 5753.82 -15.57 -0.27
DAX 12139.68 -88.24 -0.72
Dow Fut.* 28966.50 -168.50 -0.58

Asian markets:

Particulars 28thSeptember Chg. Chg.(%)
SGX Nifty 16846.50 -191.50 -1.12
Nikkei 25984.51 -587.36 -2.21
Straits Times 3127.78 -37.72 -1.19
Hang Seng 17423.44 -436.87 -2.45
Shanghai 3065.74 -28.12 -0.91

ADR Watch:

Particulars 27th September  Chg. Chg.(%)
Dr. Reddy 50.55 0.65 1.30
HDFC Bank 57.06 -1.38 -2.36
ICICI Bank 20.81 -0.25 -1.19
Infosys 16.79 0.10 0.60
Tata Motor 24.37 0.09 0.37
Wipro 4.79 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.58 -0.05
Brent 83.78 -1.28
Gold 1631.75 -0.27
Silver 18.157 -0.98

FIIs & DIIs:

Particulars 26th September 26th September
FIIs  -2823.96 -5101.30
DIIs 3504.76 3532.18

News Update:

Torrent Pharma: The Ahmedabad-based drugmaker has agreed to fully acquire sunscreen lotions-to-baby-soap maker Curatio Healthcare (I) Pvt. for Rs 2,000 crore as it strengthens its dermatology portfolio.

Bharti Airtel: Promoter Bharti Telecom has acquired 19 crore shares, equivalent to 3.2% stake, of Bharti Airtel from affiliates of Singtel. The promoter now holds 38.62% equity in the telecom firm.

J&K Bank: Care Ratings has assigned ‘CARE A +, Stable’ rating to Tier II bonds (Basel III) of Rs 1,500 crore.

NDTV: SEBI has reportedly filed before the Supreme Court of India civil appeals against NDTV, founder-promoters Prannoy Roy and Radhika Roy and RRPR Holding Ltd. These appeals are against a July 20 SAT order, which found that there was no indirect transfer of control of NDTV by the founder-promoters via loan arrangements in 2009-10.

KPI Green Energy: Received a new repeat order for executing solar power project of 1.40 MW capacity from MS Synthetics under captive power producer business segment.

Mahindra & Mahindra: Acquired 21.14 lakh shares, equivalent to 17.41% of the paid-up equity share capital, of Swaraj Engines from Kirloskar Industries to become a majority shareholder.

Adani Enterprises: Raised Rs 100 crore via non-convertible debentures on private placement basis.

Axis Bank: Agreed to invest in two tranches Rs 49.90-69.90 crore in Go Digit Life Insurance by way of equity shares. The lender is looking to acquire an equity stake of up to 9.94% in Go Digit.

Source: Moneycontrol, Bloomberg Quint, Investing

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