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

Asian markets were poised for a cautious open on Tuesday as White House and Republican congressional leaders stepped up lobbying to ensure Congress passes a debt-accord to head off a U.S. default. Futures for Japan and Australia pointed to the slimmest of moves when those two markets open, while contracts for Hong Kong suggest more declines. A key gauge of Chinese shares is within a whisker of a bear market as a wobbling economic recovery, intensifying geopolitical tensions and a weaker yuan kept investors away. Contracts on the S&P 500 and Nasdaq 100 rose 0.3% and 0.5%, respectively, as they opened in Asia after each making small gains Monday in holiday-thinned trading. U.S. markets were closed for Memorial Day. European stocks wavered in muted holiday-affected trading Monday. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.77%. Crude was trading above $77-mark, while Bitcoin traded around 28,000-level. At 05:33 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, up 0.02% at 18,694.5. Domestic benchmarks held on to steady gains to end higher as U.S. lawmakers reached a debt ceiling limit settlement, with NBFC and consumer durable stocks leading the advance. The Indian rupee closed lower against the U.S. dollar as it faced a stronger greenback in the overseas markets.

Economic Calendar:

  • USD : CB Consumer Confidence (May) on 30th May, 2023
  • USD : JOLTs Job Openings (Apr) on 31st May, 2023
  • INR : Federal Fiscal Deficit (Mar) on 31st May, 2023
  • INR : GDP Quarterly (YoY) (Q4) on 31st May, 2023

Q4 Results Today: Patanjali Foods, Adani Ports and Special Economic Zone, Apollo Hospitals Enterprise, Welspun Corp, Torrent Pharmaceuticals, Aegis Logistics, Prestige Estates Projects, Mazagon Dock Shipbuilders, V-Guard Industries, Rhi Magnesita India, Graphite India, Action Construction Equipment, FIEM Industries, Greenply Industries, Lemon Tree Hotels, 3M India

Brokerage Radar:

MS ON RIL: Monthly margin tracker points to an oil to chemicals margin recovery despite volatility in fuel margins; Chemicals to drive EPS upgrade cycle; RIL’s energy vertical is key to keeping net debt/EBITDA below one; It usually invests $17 billion annually in chemicals, telecoms, new energy and retail

NOMURA ON ASHOK LEYLAND: Maintain Buy, TP Rs.184; Q4 EBITDA margin beats consensus, Operating leverage and higher gross margins boost EBITDA margin, See further scope of improvement in realization and CV cycle to stay positive

International Markets

U.S & Europe:

Particulars 26th May Chg. Chg.(%)
Nasdaq 12975.69 277.59 2.19
Dow 33093.34 328.69 1.00
FTSE 7627.20 56.33 0.74
CAC 7303.81 -15.37 -0.21
DAX 15952.73 -31.24 -0.20
Dow Fut.* 33131.00 37.70 0.11

Asian markets

Particulars 30th May Chg. Chg.(%)
SGX Nifty 18703.00 13.00 0.07
Nikkei 31119.27 -114.27 -0.37
Straits Times 3199.07 3.85 0.12
Hang Seng 18481.01 -70.10 -0.38
Shanghai 3212.30 -9.15 -0.28

ADR Watch:

Particulars 26th May  Chg.       Chg.(%)
Dr. Reddy 54.50 0.04 0.07
HDFC Bank 64.81 0.43 0.67
ICICI Bank 22.96 0.31