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

Stocks in Asia struggled to make headway and US equity futures fell as negative sentiment persisted in markets amid fears that central banks across the world will keep hiking rates until inflation is under control. Equities dropped in Japan and Australia. Trading in Asia may be muted by a holiday in Sydney and South Korea on Monday and the week-long closure of Chinese markets for Golden Week. In the U.S., risk assets tumbled after the Federal Reserve delivered a third jumbo hike last month and officials repeatedly warned of more pain to come. At 8:00 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.82% to 16,947.5. US President Joe Biden declared that a massive leak from the Nord Stream gas pipeline system in the Baltic Sea was an intentional act. Investors are now awaiting jobs data next week for further clues about the Fed’s rate-hike trajectory. Upcoming inflation and GDP readings will also provide details on whether price pressures are easing meaningfully.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Sep) on 03th October, 2022
  • USD : JOLTs Job Openings (Aug) on 04th October, 2022
  • INR : Trade Balance on 03rd October, 2022
  • INR : FX Reserves, USD on 07th October, 2022

Brokerage Radar:

JEFFERIES ON CEMENT: Interaction with dealers on Sep’22 cement pricing suggests: prices grew 3% MoM & Sep’22 exit price is 1% above qtr avg; 2QFY23 avg price is down 5-5.5% QoQ; Further, price hike announcement in few markets for Oct; Improvement in demand in Sep

MS ON CYIENT: OW, TP Rs.700; See a potential part divestment of DLM biz as incrementally +ve given it would provide greater flexibility to scale up that business and may unlock shareholder value; However, it is still at a very early stage

CLSA ON OIL&GAS: Saw $5/bbl reduction in windfall tax for domestic crude oil output compared to $4/bbl fall in avg Brent price vs last fortnight; This implies post-tax realisation of $74.9/bbl; ONGC & Oil India top BUYs, with 55-65% potential upside+ double-digit dividend yields

International Markets:

U.S & Europe:

Particulars 30th September Chg. Chg.(%)
Nasdaq 10575.62 -161.89 -1.51
Dow 28725.51 -500.10 -1.71
FTSE 6893.81 12.22 0.18
CAC 5762.34 85.47 1.51
DAX 12114.36 138.81 1.16
Dow Fut.* 28763.50 38.00 0.13

Asian markets:

Particulars 03rdOctober Chg. Chg.(%)
SGX Nifty 16956.00 -132.00 -0.77
Nikkei 26111.54 174.33 0.67
Straits Times 3116.20 -14.04 -0.45
Hang Seng 17080.48 -142.35 -0.83
Shanghai 3024.39 -16.81 -0.55

ADR Watch:

Particulars 30th September  Chg. Chg.(%)
Dr. Reddy 52.34 0.12 0.23
HDFC Bank 58.42 1.57 2.76
ICICI Bank 20.97 0.26 1.26
Infosys 16.97 0.07 0.41
Tata Motor 24.26 0.53 2.23
Wipro 4.71 -0.01 -0.21

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.34 -0.64
Brent 87.50 2.77
Gold 1672.20 0.01
Silver 19.170 0.69

FIIs & DIIs:

Particulars 30th September 29th September
FIIs -1565.31 -3599.42
DIIs 3245.45 3161.73

News Update:

ONGC/OIL/RIL: India has hiked natural gas prices by 40% to record levels, with PPAC increasing gas prices for old fields of ONGC and OIL to $8.57/MMBtu from $6.1, and that for challenging fields of Reliance-BP to $12.46 from $9.92.

HDFC: The mortgage lender increased its benchmark home loan rate by 50 basis points, hours after a similar hike in the policy rate by the Reserve Bank of India.

Adani Ports & SEZ: The company has incorporated a wholly owned subsidiary, Adani Aviation Fuels, to commence business in the aviation fuel industry.

Barbeque Nation Hospitality: The company will now complete the acquisition of shares of its stepdown subsidiary Barbeque Nation Restaurant LLC by Dec. 31, 2022, due to some unanticipated delay in processing the transaction.

Steel Strips Wheels: Shareholders of the company approved 5-for-1 stock split at the AGM on Sept. 30.

CCL Products (India): The company’s manufacturing facility for instant coffee in Kuvvakolli village in Tirupati district of Andhra Pradesh, with a capacity of 5,500 metric tonnes and packaging capacity of 10,000 metric tonnes has commenced commercial operations.

Punjab National Bank: The lender hiked repo-linked lending rate by 50 basis points to 8.40% from 7.90%, after a similar increase by RBI. Base rate and MCLR across tenors have been hiked by 5 basis points.

Great Eastern Shipping: The company has delivered its 2006 built Aframax Crude Carrier “Jag Lyall” to the buyers. The vessel was contracted for sale in July 2022.

Source: Moneycontrol, Bloomberg Quint, Investing  

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