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

Asian markets advance on Monday, as mainland China markets reopen and investors bet that the Federal Reserve will slow the pace of rate hikes later this week. The U.S. stocks pushed higher on Friday as Wall Street brushed off disappointing outlooks from some of the world’s largest technology companies to see the Nasdaq 100 rally 1%. Equity futures for Japan suggested early gains and Australian shares edged higher. At 6:06 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.17% to 17,719.5. Meanwhile, the yield on 10-year Treasuries advanced three basis points to 3.52%. Crude price was trading above $87-mark, whereas Bitcoin traded above $23,000-level. Indian benchmark indices ended the week in red amid losses in certain stocks and banking scrips. Rupee continued to rise against the U.S. dollar even as a weak show by domestic equities restricted gains.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Jan) on 01st February, 2023
  • USD : Fed Interest Rate Decision on 2nd February, 2023
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2023
  • INR : Nikkei Services PMI (Jan) on 03rd February, 2023

Q3FY23 Results Today: Larsen & Toubro, Tech Mahindra, Bharat Petroleum Corporation, Bajaj Finserv, Bajaj Holdings & Investment, CSB Bank, Emkay Global Financial Services, Exide Industries, GAIL (India), Inox Leisure, Laurus Labs, Mazagon Dock Shipbuilders, Nippon Life India Asset Management, Punjab National Bank, REC, SRF, Trident, and Welspun India

Brokerage Radar:

MS ON DR REDDY’S : OW,  TP Rs 5099; Strong F3Q results were driven largely by gRevlimid, which should continue for next several quarters. Core business is stable. M&A is a focus area given strong b/s

MS ON CIPLA: OW, TP Rs 1336; Cipla continues to enrich its US pipeline with inhalers and peptides; There is good visibility of 3-4 complex launches p.a. for next 3 yrs, driving growth momentum

NOMURA ON TATA MOTORS: Buy, TP Rs 508; 3Q margins improve across segments; JLR to benefit from rising chip supply; India CV strategy to reduce disc working well; Commentary: JLR – 4QFY23 vol may be 85k & improve further in FY24F

International Markets:

U.S & Europe

Particulars 27th January Chg. Chg.(%)
Nasdaq 11621.71 109.30 0.95
Dow 33978.08 28.67 0.08
FTSE 7765.15 4.04 0.05
CAC 7097.21 1.22 0.02
DAX 15150.03 17.18 0.11
Dow Fut.* 33904.50 -73.60 -0.22

Asian markets

Particulars 30th January Chg. Chg.(%)
SGX Nifty 17712.00 22.50 0.13
Nikkei 27473.75 91.19 0.33
Straits Times 3387.41 -6.80 -0.20
Hang Seng 22470.36 -218.54 -0.96
Shanghai 3281.94 17.13 0.52

ADR Watch:

Particulars 27th January  Chg.       Chg.(%)
Dr. Reddy 53.34 0.84 1.60
HDFC Bank 65.77 -2.24 -3.29
ICICI Bank 20.11 -0.75 -3.60
Infosys 18.66 -0.28 -1.48
Wipro 4.90 -0.05 -1.01

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.52 -0.10
Brent 86.48 0.09
Gold 1941.95 0.65
Silver 23.723 0.43

FIIs & DIIs:

Particulars 27th January 25th January
FIIs                           -5977.86 -2393.94
DIIs 4252.33 1378.49

News Update:

Hinduja Global Solutions: The board approved the proposal to buy back 60 lakh shares (24.59%) at Rs 1,700 apiece to raise Rs 1,020 crore.

Dixon Technologies (India): The company signed a term sheet with Mega Alliance Holdings for a 51:49 joint venture to design and manufacture mobile communication equipment and related Solutions in India.

Adani Enterprises: The Rs 20,000-crore FPO was subscribed 1% on the first day, with 2% subscription in the retail portion and 1% in the HNI basket. Employees picked up 4% of FPO shares reserved for them. The company has also issued a 413-page rebuttal to Hindenburg’s report.

Bajaj Finance: Clocked a 40% year-on-year growth in consolidated net profit at Rs 2,973 crore for December FY23 quarter with loan losses and provisions falling 20% YoY to Rs 841 crore for the quarter. Net interest income for Q3FY23 increased by 24% YoY to Rs 7,435 crore and assets under management (AUM) grew by 27% YoY to Rs 2.3 lakh crore as of December FY23.

Vedanta: Reported a 42.3% year-on-year fall in consolidated profit at Rs 3,091 crore for quarter ended December FY23, hit by weak operating performance and muted topline growth. It has higher input cost, power & fuel expenses, and finance cost for the quarter YoY. Revenue from operations for Q3FY23 at Rs 34,102 crore grew by 0.01% compared to year-ago period.

NTPC: Recorded a 5.4% year-on-year growth in standalone profit at Rs 4,476 crore impacted by lower operating margin performance. Revenue grew by 37% YoY to Rs 41,411 crore compared to year-ago period. At the operating level, EBITDA jumped 36% to Rs 13,239 crore, but margin fell by 15 bps to 31.97% YoY, for the quarter.

 Source: Moneycontrol, Bloomberg Quint, Investing

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