
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 |