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

U.S. stocks finally emerged from the rout since Federal Reserve’s recent hawkish policy announcement. Meanwhile, 10-year treasuries declined 21 basis points to 3.73%. The S&P 500 rose 1.6%, while the tech-heavy Nasdaq increased 1.4%. Elsewhere, oil rose 3.8%. Gold rose 2.1%, whereas Bitcoin rose above $19,500-level. Back home, Indian benchmark indices slipped 1% after a sharp decline in the final hour of trading. The broader indices outperformed their larger peers. A day after closing strong, rupee ended the day at a new record low against the dollar after a White House official ruled out a currency agreement to weaken the greenback. At 7:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — gained 0.95% to 17,050.

Economic Calendar:

  • USD : GDP (QoQ) (Q2) on 29th September, 2022
  • USD : Initial Jobless Claims 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 TATA MOTORS: BUY, TP Rs.540; Unveils 1st EV hatchback, Tiago EV, has potential to become best-selling EV in India; Expect Tiago EV to sell 3-5k units per month and its overall EV sales to touch 60k/ 96k in FY23/24F

MS ON GODREJ CONS: OW, TP Rs.1101; Management’s mindset has changed from a “wholesaler” to an “FMCG” approach & believes opportunity is notable & is focussed on driving execution; With some progress on distribution expansion, broadening portfolio is a key priority

GS ON BLUE DART: BUY, TP raised to Rs.9470; Announced general price increase of 9.6%, well above expectations of a 3-4%; See strong growth momentum & profitability, driven by an established delivery infrastructure, superior service quality, & a strong b/s

International Markets:

U.S & Europe:

Particulars 28thSeptember Chg. Chg.(%)
Nasdaq 11051.64 222.14 2.05
Dow 29683.74 548.75 1.88
FTSE 7005.39 20.80 0.30
CAC 5765.01 11.19 0.19
DAX 12183.28 43.60 0.36
Dow Fut.* 29639.00 -4.70 -0.15

Asian markets:

Particulars 29thSeptember Chg. Chg.(%)
SGX Nifty 17033.00 144.00 0.85
Nikkei 26238.32 64.34 0.25
Straits Times 3146.97 30.66 0.98
Hang Seng 17452.83 201.95 1.17
Shanghai 3060.77 15.70 0.52

ADR Watch:

Particulars 28th September  Chg. Chg.(%)
Dr. Reddy 52.29 1.74 3.44
HDFC Bank 57.64 0.58 1.02
ICICI Bank 21.07 0.26 1.25
Infosys 17.11 0.32 1.91
Tata Motor 24.81 0.44 1.81
Wipro 4.87 0.08 1.67

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.94 0.44
Brent 87.74 -0.35
Gold 1661.70 -0.50
Silver 18.740 -0.74

FIIs & DIIs:

Particulars 28th September 27th September
FIIs -2772.49 -2823.96
DIIs 2544.17 3504.76

News Update:

FSN E-Commerce Ventures (Nykaa): The board of the company will convene in Oct. 3, 2022, to consider and approve the issuance of bonus shares to the equity shareholders.

Torrent Pharmaceuticals: The USFDA inspected the company’s manufacturing facility at Indrad, Gujarat from Sept. 19 to Sept. 28. At the end of the inspection, the company has been issued a Form 483 with three observations. None of these observations were related to data integrity.

Chemcon Speciality Chemicals: The company commenced commercial production at P9 facility in Manjusar, near Vadodara.

Supriya Lifescience: The European Directorate for the Quality of Medicines and HealthCare has granted Certification of Suitability for Diphenhydramine Hydrochloride, an API in antihistamine therapy.

Dish TV: The company’s board approved transfer of its entire stake in Dish TV Lanka to Union International for 25 million Sri Lankan rupees (Rs 55.84 lakh). Following the transaction, Dish TV Lanka will stop to be the subsidiary of the company.

Ramco Cements: The company commissioned its fifth integrated cement plant at Kolumigundla in Kurnool district of Andhra Pradesh. The plant has a clinkerisation capacity of 2.25 million tonnes per annum.

Titan Company/Kalyan Jewellers: The market share of gold jewellery chain stores can surpass 40% in the next five years, according to a report by the World Gold Council.

Blue Dart Express: The company announced its general price increase, effective Jan. 1, 2023. The average shipment price increase will be 9.6% as compared to 2022, depending on the shipping profile.

Bharat Heavy Electricals: Gets NTPC order for Odisha thermal power project.

 Source: Moneycontrol, Bloomberg Quint, Investing

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