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

Asian markets open higher as the U.S. shares advanced after the Federal Reserve Chair Jerome Powell said the central bank has made progress in its battle against inflation. The S&P 500 jumped more than 1% after Powell said the “disinflation process has started,” suggesting the aggressive tightening cycle is starting to have its desired effect of reducing the pace of price growth. The tech-heavy Nasdaq 100 outperformed major benchmarks, closing at the highest since September. At 6:05 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.47% at 17,616. The yield on 10-year Treasuries declined five basis points to 3.46%. Crude price fell 3.4%, while gold was down 0.3%. Bitcoin rose 0.2% to trade below $23,000-level. Indian benchmark indices ended mixed after a volatile session on Wednesday after finance minister Nirmala Sitharaman tabled the Union Budget 2023 in the Parliament. Rupee ended largely flat against the U.S. dollar in the wake of Indian Budget and ahead of the FOMC policy meeting.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 2nd February, 2023
  • USD : Initial Jobless Claims on 2nd February, 2023
  • INR : Nikkei Services PMI (Jan) on 03rd February, 2023
  • INR : FX Reserves, USD on 03rd February, 2023

Q3FY23 Results Today: Titan Co., Aditya Birla Capital, Coromandel International, Apollo Tyres, APL Apollo Tubes, Tata Consumer Products, Dabur, SIS, Berger Paints, Welspun Corp., Deepak Fertilisers and Petrochemicals Corp., Aegis Logistics, Mahanagar Gas, Crompton Greaves Consumer Electricals, Max Healthcare Institute, Bajaj Electricals, Birlasoft, Ujjivan Small Finance Bank, Gulf Oil Lubricants, GMM Pfaudler, Hikal, Dr Lal Path Labs, Greenlam Industries, Godrej Properties, CERA Sanitaryware, Zydus Wellness, Aavas Financiers, Clean Science & Technology, Aptus Value Housing Finance, Mahindra Lifespace Developers, HDFC, Thomas Cook India, Mahindra Holidays & Resorts, Lloyds Steels, Karnataka Bank, Hawkins Cookers

Brokerage Radar:

CS ON ADANI PORTS: Upgrade to O-P from Neutral, TP cut to Rs 825; Upgrade on attractive vals (10x Sep 2024E EV/EBITDA) post recent correction & a strong underlying asset base (178 MT vol & 1H FY23 EBITDA of Rs65.5bn); Revise EPS by -1%/-9/-8% for FY23/24/25E

MS ON ACC: UW, TP Rs 1850; EBITDA weaker than expectations, led by higher opex, partially offset by a slightly better showing on realizations; Vol remain weak, growing at 3% YoY; Maintain relative UW given ltd expansion & hence growth visibility in medium term

CLSA ON CHOLA FIN: Upgrade to buy, TP raised to Rs 875; Strong loan growth across segments; Spreads largely maintained; opex remains elevated; Better valuations & strong earnings momentum prompt an upgrade

International Markets:

U.S & Europe

Particulars 01st February Chg. Chg.(%)
Nasdaq 11816.32 231.77 2.00
Dow 34092.96 6.92 0.02
FTSE 7761.11 -10.59 -0.14
CAC 7077.11 -5.31 -0.08
DAX 15180.74 52.47 0.35
Dow Fut.* 34001.30 -91.70 -0.27

Asian markets

Particulars 02nd February Chg. Chg.(%)
SGX Nifty 17562.00 -138.00 -0.78
Nikkei 27391.85 44.97 0.16
Straits Times 3362.89 -14.76 -0.44
Hang Seng 22142.52 70.34 0.32
Shanghai 3288.17 3.25 0.10

ADR Watch:

Particulars 01st February  Chg.       Chg.(%)
Dr. Reddy 53.88 0.08 0.15
HDFC Bank 64.68 -2.68 -3.98
ICICI Bank 20.13 -0.70 -3.36
Infosys 19.02 0.22 1.17
Wipro 4.92 0.03 0.61

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.92 -0.01
Brent 83.48 0.77
Gold 1967.75 1.28
Silver 24.297 2.91

FIIs & DIIs:

Particulars 01st February 31st January
FIIs                           1785.21 -5439.64
DIIs 529.47 4506.31

News Update:

Adani Enterprises: The company decided not to proceed with its Rs 20,000 crore “to protect the interest of its investing community”.

Tata Steel: Bought 29.98 crore shares in subsidiary Tata Steel Utilities and Infrastructure Services for Rs 58 crore.

Nirlon: The board will consider an interim dividend for the current fiscal during its meeting on Feb. 9.

IDFC: The company will invest Rs 2,200 crore in IDFC First Bank to increase its stake to 40% from 36.38%.

Welspun Enterprises: The company will acquire 100% stake in promoter group company Welspun New Energy at the fair value of Rs 1 lakh to venture into sustainable energy solutions sector. Meanwhile, the board has appointed Lalit Jain as interim chief financial officer of the company.

RailTel Corporation of India: The company has received an order worth Rs 253.35 crore for provisioning of 4G LTE connectivity for offsite 15,000 ATMs and maintenance for five years.

Rail Vikas Nigam: The company received an order worth Rs 41.78 crore provision of automatic block signalling in Nagari-Taduku section and replacement of EI/RRI at Vepagunta station of Chennai Division in Southern Railway.

Source: Moneycontrol, Bloomberg Quint, Investing

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