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

U.S. stocks fell on the last trading day of 2022 on Friday, closing out the worst year in more than a decade for global equities and bonds. The S&P 500 fell 0.3%, while the Nasdaq 100 declined 0.1%. The dollar extended its slide, with the Bloomberg Dollar Spot Index falling to a six-month low. Overseas investors in Indian equities ended the year as net sellers for the sixth day in a row. On Friday, foreign portfolio investors offloaded equities worth Rs 2,950.9 crore, while domestic institutional investors remained net buyers for the 18th day in a row and mopped up stocks worth Rs 2,266.2 crore, according to NSE data. The local currency, rupee closed with gains of 8 paise at 82.74 on Friday. The BSE Sensex fell 0.48% or 293.14 points on Friday to close at 60,840.74, while the Nifty 50 ended at 18,105.30, falling 85.70 points or 0.47%. At 5:58 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, fell 0.43% to 18,145.

Economic Calendar:

  • USD : JOLTs Job Openings (Nov) on 04th January, 2023
  • USD : ISM Manufacturing PMI (Dec) on 04th January, 2023
  • INR : Foreign Debt (USD) (Q3) on 30th December, 2022
  • INR : Nikkei Services PMI (Dec) on 04th January, 2023

Brokerage Radar:

MOSL ON ONGC: Buy, TP Rs 196; Year 2023 is likely to be a defining year with two prominent triggers; a) a rise in domestic oil & gas production; b) possible floor on gas realization; In addition, cushion provided by high dividend yield of 13.6% in FY23

MACQUARIE ON RIL: U-P, TP Rs 1540; Est. 6-7% 2Y EPS growth & ROE for RIL

Our EPS for FY24-25e is 30% below Visible Alpha consensus; Our FCF outlook remains -ve with net debt rising to $50bn by FY25e; Find val unattractive at 27x FY24e PE

MACQUARIE ON INFO EDGE: U-P, TP Rs 3000; Core Naukri biz growth momentum to wane from strong current levels; Non-recruitment verticals remain loss making; At current levels, co’s portfolio of unlisted investee cos is implicitly valued at 20x initial investment

International Markets:

U.S & Europe

Particulars 30th December Chg. Chg.(%)
Nasdaq 10466.48 -11.61 -0.11
Dow 33147.25 -73.55 -0.22
FTSE 7451.74 -60.98 -0.81
CAC 6473.76 -99.71 -1.52
DAX 13923.59 -148.13 -1.05
Dow Fut.* 33163.50 -57.30 -0.17

Asian markets

Particulars 02nd January Chg. Chg.(%)
SGX Nifty 18165.00 -58.00 -0.32
Nikkei 26094.50 0.83 0.00
Straits Times 3251.32 2.08 0.06
Hang Seng 19781.41 40.27 0.20
Shanghai 3089.26 15.56 0.51

ADR Watch:

Particulars 30th December  Chg.       Chg.(%)
Dr. Reddy 51.75 -0.37 -0.71
HDFC Bank 68.41 0.03 0.04
ICICI Bank 21.89 -0.21 -0.95
Infosys 18.01 -0.23 -1.26
Tata Motor 23.11 -0.10 -0.43
Wipro 4.66 0.01 0.22

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.72 -0.09
Brent 86.00 3.04
Gold 1830.10 0.22
Silver 24.180 -0.29

FIIs & DIIs:

Particulars 30th December 29th December
FIIs                           -2950.89 -572.78
DIIs 2266.20 515.83

News Update:

New Delhi Television: The board approved the appointment of Aman Kumar Singh as non-executive, non-independent director, and Sunil Kumar as independent director. The board also approved applications from founders Radhika Roy and Prannoy Roy for re-classifying them from promoter to public shareholders.

Tata Motors: The company will complete the acquisition of Ford India’s Sanand plant and onboard all eligible employees of the facility on Jan. 10, 2023.

REC/Adani Transmission: REC will sell entire shareholding of WRSR Power Transmission to Adani Transmission.

Religare Enterprises: The company signed a one-time settlement agreement with 16 lenders for full and final settlement for all withstanding of its subsidiary Religare Finvest. The NBFC will seek removal of corrective action plan imposed by the Reserve Bank of India.

Tata Consultancy Services: The board will consider the financial results for the quarter ended December 2022 and interim dividend on Jan. 09, 2023.

Hero MotoCorp: The company started deliveries of Vida V1 scooter, its first electric vehicle.

Punjab & Sind Bank: The board approved raising Rs 250 crore within 12 months via issue of equity shares and/or Basel III compliant bonds.

HG Infra Engineering: The company won the order for part design and construction of elevated viaduct and four elevated stations from Delhi Metro Rail Corporation. DMRC’s estimated cost for the project is Rs 398.63 crore.

NMDC: Life Insurance Corporation of India reduced its shareholding in the company to 13.7% from 15.77%.

Bandhan Bank: The bank transferred its group loan and small business and agriculture loan technical written-off portfolio amounting to Rs 8,897 crore to an ARC for a consideration of Rs 801.00 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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