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

U.S. stocks dipped once again as Federal Reserve remained resolute in its hawkish stance to battle inflation. Treasuries pared losses with 10-year yield rising three basis points to 3.76%. The S&P 500 fell 2.2%; the tech-heavy Nasdaq joined the downturn with 3.1% decline. Meanwhile, oil rose 0.2%, amid OPEC+ discussions over slashing output at its meeting next week. Gold changed little, whereas Bitcoin held on to the $19,000-level. The rout continued in the Indian benchmark indices for the seventh session in a row. The volatile day saw losses in consumer discretionary, power, utilities, banking, and auto stocks, while healthcare and metal stocks gained. A day before RBI’s monetary policy announcement, rupee recovered from its record low against the U.S. dollar but shed most of its gains over the course of the day. At 7 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.39% to 16,746.5.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Sep) on 03th October, 2022
  • USD : JOLTs Job Openings (Aug) on 04th October, 2022
  • INR : Interest Rate Decision on 30th September, 2022
  • INR : RBI MPC Meeting Minutes on 30th September, 2022

Brokerage Radar:

JEFFERIES ON POWER GRID: BUY, TP Rs.260; Finance & Power Ministry have rejected PGCIL’s proposal to buy PFC’s Rs144 bn stake (52.63%) in REC; Believe this is +ve; PGCIL is a beneficiary with asset monetisation & 6.6% div. yield as added sweeteners

MS ON GUJRAT GAS: UP, TP Rs.466; Has passed peak challenges, but demand growth will struggle until global petrochemical demand recovers – which is key to making gas more competitive; See a tough few qtrs ahead; long-term gas sourcing remains a challenge; Prefer IGL

CLSA ON HINDALCO: BUY, TP Rs.525; Stk corrected 18% over past month, driven by concerns over Novelis’ profitability, volatile aluminium prices & expected weakness in 2Q earnings; Believe any uptick in metal prices or clarity on Novelis’ outlook would likely to lead to a rerating

International Markets:

U.S & Europe:

Particulars 29th     September Chg. Chg.(%)
Nasdaq 10737.51 -314.13 -2.84
Dow 29225.61 -458.10 -1.54
FTSE 6881.59 -123.80 -1.77
CAC 5676.87 -88.14 -1.53
DAX 11975.55 -207.73 -1.71
Dow Fut.* 29203.30 -22.30 -0.08

Asian markets:

Particulars        30th  September Chg. Chg.(%)
SGX Nifty 16767.50 -44.50 -0.26
Nikkei 25979.75 -442.30 -1.67
Straits Times 3098.91 -16.17 -0.52
Hang Seng 17128.24 -37.63 -0.22
Shanghai 3029.16 -12.04 -0.40

ADR Watch:

Particulars        29th September  Chg.       Chg.(%)
Dr. Reddy 52.22 -0.07 -0.13
HDFC Bank 56.85 -0.79 -1.37
ICICI Bank 20.71 -0.36 -1.71
Infosys 16.90 -0.21 -1.23
Tata Motor 23.73 -1.08 -4.35
Wipro 4.72 -0.15 -3.08

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.86 -0.10
Brent 87.18 0.00
Gold 1671.80 0.19
Silver 18.845 0.71

FIIs & DIIs:

Particulars 29th September 28th September
FIIs                           -3599.42 -2772.49
DIIs 3161.73 2544.17

News Update:

Adani Power: The Competition Commission of India approved the acquisition of 100% equity of Diliigent Power and DB Power by Adani Power.

Hero MotoCorp: The company will invest $60 million (about Rs 490 crore) in U.S.-based Zero Motorcycles to jointly develop electric motorcycles.

Vodafone Idea: In response to clarification sought by the exchanges on reports of Indus Towers seeking payment of dues to continue services, the company said that discussions are going on over softer payment terms and are yet to be concluded.

Adani Green: The company commissioned the world’s largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan.

Lupin: Launched Sildenafil for Oral Suspension, indicated for the treatment of pulmonary arterial hypertension, in the U.S. market. The company has also received USFDA approval for its abbreviated new drug application Mirabegron extended-release tablets.

Maruti Suzuki/Tata Motors/Mahindra & Mahindra: Car sales volumes in India are expected to increase by 12.5% this year and another 4%

Bajaj Electricals: Received an order for supply of goods and services under a transmission line project from Power Grid Corporation of India, aggregating to Rs 332.65 crore.

Life Insurance Corporation of India/Deepak Nitrite: The LIC increased its shareholding in Deepak Nitrite from 4.977% to 5.028%.

Punjab National Bank: The lender will sell its entire stake in Asset Reconstruction Company (India), amounting to 10.01% of the entire shareholding of the latter.

Spandana Sphoorty Financial: ICRA assigned ‘[ICRA]A-; Stable’ rating on non-convertible debentures of the company worth Rs 500 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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