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

U.S. equity futures slipped, the yen weakened and the Norwegian krone climbed as the surprise production cut from OPEC+ sent oil prices about 7% higher. The bumpy open to Monday trading and fears of rising prices contrasts with the upbeat tone last week that came with turmoil in the banking sector receding and cooling in a key measure of US inflation. The group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking to a near-term peak in inflationary pressure. Contracts for the S&P 500 fell slightly early on Monday and those for the Nasdaq 100 declined 0.3% as positive sentiment from Friday ebbed. The S&P 500 had jumped 3.5% last week, the most since November, while the tech-heavy Nasdaq 100 notched its biggest quarterly gain since June 2020. Meanwhile, the yield on 10-year treasuries was trading at 3.52%. Crude prices above $74-mark, while Bitcoin was hovering around 28,000-level. At 6:11 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.36% at 17,480.5. Both Indian benchmark indices—Sensex and Nifty—closed the last trading session of the fiscal well above 1.5%, snapping three weeks of decline to rise the most in 23 weeks or five months. The Indian rupee surged against the U.S. dollar on the back of foreign investment inflow and rise in domestic equities. Foreign investors in Indian equities remained net buyers for the third day in a row on Friday. Foreign portfolio investors bagged stocks worth Rs 357.86 crore in net terms, while the domestic institutional investors kept buying for a second day, raking in stocks worth Rs 2,479.96 crore, NSE data showed. They had snapped a 13-day buying streak on Tuesday.

Economic Calendar:

  • USD : Core CPI (MoM) (Feb) on 14th March, 2023
  • USD : CPI (YoY) (Feb) on 14th March, 2023
  • INR : WPI Inflation (YoY) (Feb) on 14th March, 2023
  • INR : Trade Balance on 14th March, 2023

Brokerage Radar:

CLSA ON BEL: Buy, TP raised to Rs 115 FY23 orders in-line but execution below Raining MII orders flow finally While its specialty defence electronics firm has an impressive $7bn 3-yr backlog, it’s set for large orders in FY24-26 from an over-$15bn nomination pipeline.

CLSA ON BEL: Buy, TP raised to Rs 115 FY23 orders in-line but execution below Raining MII orders flow finally While its specialty defence electronics firm has an impressive $7bn 3-yr backlog, it’s set for large orders in FY24-26 from an over-$15bn nomination pipeline

Jefferies on RIL: Buy, TP Rs 3100 Jio-FS will open opportunity to play in India’s consumer/commercial loans & NLF side See value of Rs 900-1500bn/Rs 134-224/sh Demerger & listing can take 6mths & build-up of franchise may be staggered

International Markets

U.S & Europe:

Particulars     31st March Chg. Chg.(%)
Nasdaq 12221.91 208.44 1.74
Dow 33274.15 415.12 1.26
FTSE 7631.74 11.31 0.15
CAC 7322.39 59.02 0.81
DAX 15628.84 106.44 0.68
Dow Fut.* 33288.00 13.90 0.04

Asian markets

Particulars     03rd April Chg. Chg.(%)
SGX Nifty 17447.50 30.00 0.17
Nikkei 28149.89 108.41 0.39
Straits Times 3281.28 22.38 0.69
Hang Seng 20343.80 -56.31 -0.28
Shanghai 3281.390 8.53 0.26

ADR Watch:

Particulars 31st March Chg. Chg.(%)
Dr. Reddy 56.93 0.62 1.1
HDFC Bank 66.67 0.59 0.89
ICICI Bank 21.58 0.56 2.66
Infosys 17.44 0.30 1.75
Tata Motor 25.140 0.00 0
Wipro 4.49 0.09 2.05

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.47 0.35
Brent 84.16 5.36
Gold 1966.75 -1
Silver 23.753 -1.69

FIIs & DIIs:

Particulars 31st March 29th March
FIIs 357.86 1,245.39
DIIs 2,479.96 822.99

News Update:

HG Infra Engineering: The company received letter of award from NHAI for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Deoria to Donoreshan villages in Jharkhand at a project cost of Rs 998.36 crore.

Bank of India: The bank revised its marginal cost of fund-based lending rate in the range of 10-40 basis points with effect from April 1, 2023. The rep-based lending rate will be marked up by 10 basis points.

Dixon Technologies (India): The company incorporated wholly owned subsidiary Dixtel Communications to undertake wholesale/trading of electronic equipment and other related parts thereof.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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