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

Chinese technology shares are set to rally Wednesday as a reorganization of Alibaba provides a bright spot in Asian stocks following a decline in U.S. equities. On the other hand, a slide in technology shares halted a three-day advance in U.S. stocks as investors continued to recalibrate bets on the Federal Reserve’s path forward on interest rates. The Nasdaq 100 slumped 0.5% — paring a March advance to 4.7% — with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags. Meanwhile, U.S. consumers appear to have shrugged off the bank failures, with the latest consumer confidence figures unexpectedly higher in March. Meanwhile, the yield on 10-year treasuries were trading at 3.56%. Crude prices rose to $79-mark, while Bitcoin was hovering around 27,000-level. At 5:52 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.03% at 16,996. Indian benchmark index Sensex closed 0.07% lower, while the Nifty declined 0.2% as gains in banking and metal stocks were offset by losses in realty, telecom and utilities stocks. The Indian rupee strengthened against the U.S. dollar for the second day in a row, tracking weakness of the foreign unit in overseas markets.

Economic Calendar:

  • USD : Pending Home Sales (MoM) (Feb) on 29th March, 2023
  • USD : GDP (QoQ) (Q1) on 30th March, 2023
  • INR : Infrastructure Output (YoY) (Feb) on 31st March, 2023
  • INR : Foreign Debt (USD) (Q4) on 31st March, 2023

Brokerage Radar:

MS ON ICICI LOMBARD: OW, TP Rs 1400; Management reiterated its guidance of achieving 102% combined ratio over next 2 years; Focus of its digital journey remains on customer engagement & fraud detection; Digitally generated GWP is estimated at Rs 7bn in 9MF23

JPM ON RIL: OW, TP Rs 2960; Investor feedback–There is value but NO catalysts; high capex, lack of Retail disclosures key issues; See range-bound performance as good accumulation opportunity as multiple catalysts play out from CY24 onwards; RIL’s substantial under- performance vs. NIFTY (over past 1 yr, RIL -15% vs. NIFTY -1%) is mostly flows driven (FII ownership is at a 6-yr low, RIL’s P/E de-rating has been in line with NIFTY de-rating) even as underlying biz remains broadly solid

International Markets

U.S & Europe:

Particulars 28th March Chg. Chg.(%)
Nasdaq 11716.08 -52.76 -0.45
Dow 32394.25 -37.83 -0.12
FTSE 7484.25 12.48 0.17
CAC 7088.34 10.07 0.14
DAX 15142.02 14.34 0.09
Dow Fut.* 32496.30 102.00 0.32

Asian markets

Particulars 29th March Chg. Chg.(%)
SGX Nifty 17010.50 20.00 0.12
Nikkei 27625.99 107.74 0.39
Straits Times 3256.68 1.14 0.04
Hang Seng 20201.95 417.30 2.11
Shanghai 3238.90 -6.48 -0.20

ADR Watch:

Particulars 28th March  Chg.       Chg.(%)
Dr. Reddy 56.08 0.84 1.52
HDFC Bank 64.86 0.48 0.75
ICICI Bank 21.01 0.21 1.01
Infosys 16.77 -0.25 -1.47
Wipro 4.35 -0.08 -1.81

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.29 0.14
Brent 78.36 0.28
Gold 1986.95 -0.17
Silver 23.383 -0.16

FIIs & DIIs:

Particulars 28th March 27th March
FIIs                           1531.13 -890.64
DIIs -156.11 1808.94

News Update:

Vedanta: The company approved the fifth interim dividend of Rs 20.5 per share for the current fiscal, with a total outgo of Rs 7,621 crore. The record date for the dividend is April 7. Meanwhile, Ajay Goel, the acting CFO of the company, has resigned with effect from April 9.

Tata Power: Company has proposed to set up a high voltage 400 KV line corridor for Mumbai to the state electricity regulator. The proposed transmission line aims to cater to the city’s growing electricity demand by increasing its power capacity.

Larsen & Toubro: The company issued 2 lakh non-convertible debentures to raise Rs 2,000 crore. The bonds will mature on April 28, 2028.

GR Infraprojects: The company received letter of acceptance from East Coast Railway for a project worth Rs 587.59 crore for construction of tunnel work between Adenigarh-Purunakatak and allied works of Khurda-Bolangir new rail line project.

NBCC (India): The company received two work orders, jointly worth Rs 146.39 crore, from SIDBI and Ghani Khan Choudhary Institute of Engineering and Technology.

Jindal Stainless: The company will acquire 49% stake in Indonesia-based nickel pig iron company New Yaking Pte. Ltd. for $157 million (Rs 1,289.8 crore).

JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, will acquire additional 12 special purpose vehicles of Mytrah Energy (India) for Rs 1.82 crore.

Aster DM Healthcare: The company acquired additional 1.87% stake in subsidiary Malabar Institute of Medical Sciences for a cash consideration of Rs 18.65 crore, taking its overall shareholding to 76.01%.

Zydus Lifesciences: The company received final approval from U.S. FDA for Loperamide Hydrochloride capsules, the generic version of Imodium capsules.

Source: Moneycontrol, Bloomberg Quint, Investing

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