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

Asian markets are set to extend monthly advances on Tuesday in an eventful week that includes a Federal Reserve rate decision. The U.S. stocks pared their monthly gains on Monday, with the Nasdaq 100 suffering its worst day since Dec. 22 and the S&P 500 falling the most since Jan. 18 after declines in Apple Inc. and Microsoft Corp. weighed on both the indices. At 6:20 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was 0.30% up at 17,758.5. The yield on 10-year Treasuries advanced four basis points to 3.55%. Crude price fell more than 2%, while bitcoin was trading below $23,000-level. Indian benchmark indices started the week with a recovery, closing marginally higher after a volatile session through the day. Rupee continued its rally against the U.S. dollar for the third day after recovering from the weak opening earlier today.

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: Coal India, CIL, Power Grid Corporation of India, Sun Pharmaceutical Industries, UPL, ACC, BASF India, Blue Star, Edelweiss Financial Services, Great Eastern Shipping, Godrej Consumer Products, Indian Hotels, Indian Oil Corporation, Jindal Steel & Power, KEC International, KPIT Technologies, Max Financial Services, MOIL, RailTel Corporation of India, Spandana Sphoorty Financial, Star Health, TTK Prestige

Brokerage Radar:

JPM ON DR PNB: OW, TP Rs 72; 3Q net income (Rs6.3bn; ROE: 2.5%) below est. primarily due to higher provisions; Core PPOP up 31% y/y (2% ahead of JPMe) driven by pickup in loan growth (gross advances: +13% y/y) & a 16bps q/q expansion in NIM to 3.16% (driven by book re-pricing)

CITI ON L&T: Buy, TP Rs 2630; Strong core E&C order inflow & execution in 3Q & healthy NWC; Management reiterated tweaked-up OI & rev guidance but now L&T expects marginal (30bps50bps) YoY dip in core E&C margin in FY23E

CLSA ON FUSION MICRO: Initiate Buy, TP Rs 550; Among youngest large MFI players with a b/s of 1bn; Expect Fusion to deliver 25% AUM Cagr over FY22-25 with average RoA/RoE of 4.7%/20% over next 2 yrs; It is well-capitalised for its medium-term growth ambitions

International Markets:

U.S & Europe

Particulars 30th January Chg. Chg.(%)
Nasdaq 11393.81 -227.89 -1.96
Dow 33717.09 -260.99 -0.77
FTSE 7784.87 19.72 0.25
CAC 7082.01 -15.20 -0.21
DAX 15126.08 -23.95 -0.16
Dow Fut.* 33733.60 16.50 0.05

Asian markets

Particulars 31st January Chg. Chg.(%)
SGX Nifty 17786.00 81.00 0.46
Nikkei 27429.59 -3.81 -0.01
Straits Times 3380.69 2.40 0.07
Hang Seng 22006.64 -63.09 -0.29
Shanghai 3262.62 -6.70 -0.20

ADR Watch:

Particulars 30th January  Chg.       Chg.(%)
Dr. Reddy 53.52 0.18 0.34
HDFC Bank 66.00 0.23 0.35
ICICI Bank 20.24 0.13 0.65
Infosys 18.69 0.03 0.16
Wipro 4.93 0.03 0.61

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.50 -0.04
Brent 84.44 -0.07
Gold 1925.40 0.13
Silver 23.758 0.11

FIIs & DIIs:

Particulars 30th January 27th January
FIIs                           -6792.80 -5977.86
DIIs 5512.63 4252.33

News Update:

Life Insurance Corporation of India: The insurer told the exchanges that its exposure to Adani Group, including equity and debt, stands at Rs 36,474.78 crore, or 0.975% of its AUM. The company is sitting on mark to market gains to the tune of Rs 26,015 crore on account of its equity investments in Adani Group companies. Meanwhile, the Financial Services Institutions Bureau has recommended M Jagannath and Tablesh Pandey for the positions of managing directors in LIC.

Punjab National Bank: AK Goel, the bank’s MD and CEO, informed that all exposures to Adani Group companies are backed by cash flows, and there is no exposure against shares. The public sector lender has an exposure of Rs 7,000 crore to the conglomerate’s companies.

Adani Enterprises: Abu Dhabi’s International Holding Company has committed to investing $400 million (Rs 3261 crore) in the company’s Rs 20,000-crore FPO, amounting to 16% of the follow-up offer. The issue was subscribed 3% at the end of its second day.

Aditya Birla Fashion & Retail: The board appointed Ananyashree Birla and Aryaman Birla as additional non-executive directors, effective Jan. 30, 2023. The newly appointed directors are offsprings of Kumar Mangalam Birla, chairman of the Aditya Birla Group.

UltraTech Cement: The company’s UAE-based subsidiary UltraTech Cement Middle East Investments will acquire 70% stake in Oman-based Duqm Cement Project International for $2.25 million (Rs 18.34 crore) to ensure raw material stability.

 Source: Moneycontrol, Bloomberg Quint, Investing

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