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

Asian stocks were mixed Wednesday after a megacap technology selloff weighed on U.S. equities. Japanese shares fluctuated, Australia climbed after a holiday break and South Korea declined. U.S. futures rose, suggesting the S&P 500 and the Nasdaq 100 might make up some ground after a dip Tuesday that snapped four sessions of gains. Volumes remained thin into the end of the year in some markets. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.2% to 17,227.50, as of 7:10 a.m Treasuries and the dollar were little changed. Crude oil held an advance to the highest in more than a month. Bitcoin fell below $48,000. .

Economic Calendar:

  • INR: Foreign Exchange Reserve on 31st  December, 2021.
  • INR: Infrastructure Output YoY on 31st December 2021
  • USD: Goods Trade Balance on 29th December, 2021.
  • USD: API Weekly Crude Oil Stock on 29th December, 2021.

Brokerage Radar:

MORGAN STANLEY ON MACROTECH DEVELOPERS (Lodha): Initiate at Equalweight, Target Price Rs 1312 Plus, it is monetizing completed inventory, commercial assets & land bank earmarked for digital infrastructure projects Together, these provide good cash flow visibility, which should help in further deleveraging.

MORGAN STANLEY ON SBI CARDS: Overweight, Target Price of Rs 1350 after a strong Oct for industry (highest-ever spending, 26% MoM), spending moderated in Nov (-12% MoM), but was up 43% YoY SBIC spending moderated a slower 7% MoM (up 42% YoY) Cards in force for SBIC up 1.6% MoM, a tad lower than industry’s 1.8%.

NIRMAL BANG ON MUTHOOT FINANCE: Upgrade to Buy, Target Price Rs 1854 Recent correction offers good entry opportunity for investors Muthoot is expected to deliver EPS CAGR of 15% over FY21-24E over last 12-15 months, co has fortified its lead over competition.

KOTAK EQUITY ON TEAMLEASE: Upgrade to buy, Target Price Rs 4420 Company well positioned to see healthy increase in general staffing headcount as it improves its sales efforts in e-com & as core sectors recover PF trust deficit has been fully provided for.

International Markets:

U.S & Europe

Particulars 28th Dec Chg Chg(%)
Nasdaq 15,781.72 -89.54 -0.56
Dow 36398.21 95.83 0.26
FTSE 7,372.10 -1.24 -0.02
CAC 7,181.11 40.72 0.57
DAX 15,963.70 128.45 0.81
Dow Fut.* 36388.70 -9.50 -0.03

Asian markets:

Particulars 29th Dec Chg. Chg(%)
SGX Nifty 17,212.00 -50.5 -0.29
Nikkei 28,809.86 -259.3 -0.89
Straits Times 3,136.80 8.39 0.27
Hang Seng 23,115.12 -165.44 -0.71
Shanghai 3,615.09 -15.02 -0.41

ADR Watch:

Particulars 28th Dec Chg. Chg.(%)
Dr Reddy 63.56 -0.06 -0.09
HDFC Bank 64.14 0.13 0.2
ICICI Bank 19.54 0.05 0.26
Infosys 25.3 -0.03 -0.12
Tata Motor 31.72 -0.06 -0.19
Wipro 9.63 -0.01 -0.1

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.65 -0.34
Brent 78.73 -0.17
Gold 1807.70  -0.18
Silver 23.067 -0.23

FIIs & DII

Particulars 28th Dec 27th Dec
FIIs 207.31 -1038.25
DIIs 567.47 955.79

News Update:

Mahindra and Mahindra: M&M’s wholly-owned subsidiary, Mahindra Engineering and Chemical Products, has agreed to sell its entire stake aggregating to 49 percent of the paid-up equity share capital held in MahindraTsubaki Conveyor Systems.

Aurobindo Pharma: The Drugs Controller General of India’s granted permission to manufacture and market the company’s generic version of Molnupiravir, to be sold as Molnaflu, licensed from MSD and Ridgeback.

Dr Reddy’s Laboratories: The Company has received emergency-use authorisation from the Drugs Controller General of India to manufacture and market the oral anti-viral drug Molnupiravir capsules for the treatment of adult patients with COVID-19.

Natco Pharma: The Company received approval for the drug Molnupiravir, which will be sold under the brand name MOLNUNAT, for the treatment of Covid-19 in India.

Financial Services companies: RBI has warned that the impact of the pandemic is showing up in muted credit growth as banks remain largely risk-averse. The central bank has also warned that stress could rise and going ahead, the bank’s asset quality could get dented and it specifically warned that NBFC asset quality could see a further hit.

GR Infraprojects: The Company has emerged as an L-1 bidder for the tender invited by Noida Metro Rail Corporation. The order is for part design and construction of elevated viaduct and five elevated stations, of Noida-Greater Noida Metro Rail Project.

Mishtann Foods: The Company signed an agreement with the Gujarat Government for the proposed project of manufacturing grain-based ethanol in Gujarat.

GR Infraprojects: The Provisional Completion certificate has been issued by the Independent Engineer for the development of Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura (Ghazipur) in Uttar Pradesh on EPC basis.

Vakrangee: The Company has announced a strategic tie-up with Nayara Energy. The company will set up Vakrangee Kendra outlets across the network of Nayara Energy and the tie-up will ramp up the physical network of Vakrangee Kendra outlets in urban and rural areas.

India Grid Trust: The consortium of IndiGrid 1 and IndiGrid 2, wholly-owned subsidiaries of India Grid Trust, has completed the acquisition of 100 percent paid-up capital and management control of Kallam Transmission.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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