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

Asia stocks fell at the open Wednesday after U.S. stocks saw their worst day since May and bond yields spiked on concerns about inflation. Treasuries added to a decline. Equities fell in Japan, Australia and South Korea as mounting concerns over the debt-ceiling impasse in Washington added to investor angst. U.S. futures rose after the S&P 500 closed 2% lower — the most since May. Technology shares fared worse than economically sensitive stocks as Treasury yields climbed. The Nasdaq 100 tumbled the most since March. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.53% to 17,630.50 as of 7:55 a.m. The 10-year Treasury yield edged higher. Earlier, the yield on the 30-year note jumped almost 10 basis points.

Economic Calendar:

  • INR:  Foreign Debt (USD) (Q2) on 30th September, 2021
  • INR:  Infrastructure Output (YoY) (Aug) on 30th September, 2021.
  • USD: Pending Home Sales (MoM) (Aug) on 29th September, 2021.
  • USD: Crude Oil Inventories on 29th September,2021.

Brokerage Radar:

CLSA ON BEL: Maintain buy at the price of Rs 210.3 for the target price of Rs 250. Adds SAAS to new business opportunities of ammunition & EV batteries. Intent is to derive 25% of its topline from civilian market. Co confident of catching up over the rest of FY22. Raise FY23-24 EPS estimates 2-6%. Co guided it would sustain mid- teen growth for 3-4 years.

CLSA ON OIL& GAS: Marketing margin on gasoline/diesel remain above long-term averages. ONGC remains top sector buy, pricing in only about $45/bbl of  Brent. See domestic gas price potentially rising 300% in a year.

International Markets:

U.S & Europe

Particulars 28th Sept Chg Chg(%)
Nasdaq 14,546.68 -423.29 -2.83
Dow 34,299.99 569.38 -1.63
FTSE 7,028.10 -35.30 -0.50
CAC 6,506.50 -144.41 -2.17
DAX 15,248.56 -325.32 -2.09
Dow Fut.* 34,296.00 121.00 0.35

Asian markets:

Particulars 29th Sept Chg Chg(%)
SGX Nifty 17,630.50 -94.00 -0.53
Nikkei 29,376.25 -807.71 -2.68
Straits Times 3,069.44 -8.25 -0.27
Hang Seng 24,255.05 -245.34 -1.00
Shanghai 3,552.79 -49.43 -1.37

ADR Watch:

Particulars 28th Sept Chg Chg(%)
Dr Reddy 64.61 -0.05 -0.08
HDFC Bank 72.01 -2.43 -3.26
ICICI Bank 18.98 -0.87 -4.38
Infosys 22.09 -0.81 -3.54
Tata Motor 22.07 -0.74 -3.24
Wipro 8.83 -0.32 -3.50

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.31 0.36
Brent 77.47 -1.12
Gold 1738.25 0.04
Silver 22.534 0.34

FIIs & DII

Particulars 28th Sept 27th Sept
FIIs -1957.40 -594.63
DIIs 161.45 1397.69

News Update:

HDFC Asset Management Company: Promoter Standard Life Investment seeks up to $411 million from HDFC AMC share sale, according to terms of the deal. The promoter is offering 1.06 crore shares in HDFC AMC in an accelerated placement. The floor price has been fixed at Rs 2,870, which is at a discount of 6.68% to Tuesday’s closing price.

Mahindra & Mahindra: The company is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a delayed $2.2 million electric hypercar into production, according to a Bloomberg report.

Lupin: The company has launched Droxidopa Capsules in the United States. Droxidopa Capsules is a generic equivalent of Northera Capsules of Lundbeck NA Ltd., indicated for the treatment of orthostatic dizziness and light-headedness in adult patients.

Bharti Airtel: CRISIL Ratings has upgraded its long-term rating on the bank facilities and debt programme of Bharti Airtel to AA+/Stable from AA/Stable and has reaffirmed the A1+ rating on the commercial paper programme.

Max Healthcare Institute: Kayak Investments, one of the promoters of the company, will offload about 6.3 crore shares of Max Healthcare for at least 2,220 crore. Shares could be sold at a price between Rs 350-370 per share.

Future Group stocks: The NCLT, Mumbai bench has passed an order allowing the group to hold meetings of shareholders and creditors to seek approval for the scheme of arrangement. The scheme has been proposed between 20 Future Group entities, including 6 listed companies, with Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle. The NCLT has also rejected the intervention application.

Aditya Birla Sun Life AMC:The company’s initial public offer opens for bidding today and closes on October 1.  The company plans to raise Rs 2,768.25 crore through its public issue and the price band was fixed at Rs 695-712 per share.

NBCC India: The total estimated cost of construction for a project has increased to Rs 1,942 crore, out of which Rs 1,000 was sanctioned to NBCC in FY 2020-21. Accordingly, in continuation, the company will get an additional business amounting to Rs 942 crore.

Infosys: The company and SAP collaborated to drive business innovation with new leads and proposals solution for the professional services industry.

Atul Auto: The commercial production at Bhayla, Ahmedabad plant of the company for manufacturing three-wheeler automobiles commenced on September 27.

AGMs: Vodafone Idea (3 p.m.); Indian Railway Catering (12:30 p.m.); Mphasis (9 a.m.); Container Corp. (3 p.m.); Engineers India (3 p.m.); Birla Corp (10:30 a.m.); Emami (11:30 a.m.); Dalmia Bharat (11:30 a.m.); Max Healthcare Institute (12 noon); RailTel Corp, NHPC, Cochin Shipyard, MOIL, Future Consumer, Zee Media Corp., Zee Learn, Ujjivan Financial, Religare Enterprises,

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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