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

Equity markets in Asia were poised for a cautious open after U.S. stocks halted a four-day winning streak amid a selloff in banks. Contracts for the U.S. benchmarks edged higher in early Asia trading Wednesday after the S&P 500 Index dropped 0.6% a day earlier. Banks came under renewed pressure on Tuesday trading in the U.S., with a gauge of financial heavyweights falling the most in almost two weeks. In a wide-ranging annual letter to shareholders, JPMorgan Chase & Co.’s chief Jamie Dimon warned the U.S. banking crisis that sent markets careening last month will be felt for years. Vacancies at U.S. employers sank in February to the lowest since May 2021, the Labor Department’s Job Openings and Labor Turnover Survey showed Tuesday. The reading was below all estimates in a Bloomberg survey. Meanwhile, the yield on 10-year treasuries was trading at 3.34%. Crude prices trade above $85-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 down 0.24% at 17,532.5. Both Indian benchmark indices—Sensex and Nifty—closed higher after a session of volatility led by auto, baking, and real estate stocks. Indian rupee weakened against the U.S. dollar as investors were spooked by the greenback surge and crude rates firmed up. Foreign institutional investors were net buyers for the fourth straight day and mopped up stocks worth Rs 321.93 crore during the day. On the other hand, domestic institutional investors turned net sellers and sold Rs 328.24 crore, NSE data showed.

Economic Calendar:

  • USD: JOLTs Job Openings (Feb) on 05th April, 2023
  • USD: ADP Nonfarm Employment Change (Mar) on 05th April, 2023
  • INR: Nikkei Services PMI (Mar) on 05th April, 2023
  • INR: Interest Rate Decision on 06th April, 2023

Brokerage Radar:

Jefferies on UPL: Buy, TP cut to Rs 905 from Rs 970 STK down 10% in last 4M Crop protection inventory is elevated in LatAm, N-America & India, which could impact co’s vols & pricing. Cut FY24-26e EPS by 5-8% But, OPM is est. to sustain at 22% led by optimizing mix.

Jefferies on Bandhan BK: Buy, TP Rs 340 Pre-qtr for 4Q shows uptick in loan growth 10% YoY/ 12% QoQ that is led by MFI & SME loans; growth is tad deflated by sale of NPLs to ARC. Collection efficiency improved to 98.5% & shows normalisation after 2 weak qtrs

MS on Bajaj Fin: OW, TP Rs 8000 Loan growth of 7.2% QoQ, 29% YoY core & 25.3% YoY headline, better than MSe(6.5% /28% /24.5%). F4Q22core AUM (net of short term IPO financing) was Rs192.1bn New customer acquisition strong at 3.1mn

International Markets

U.S & Europe:

Particulars     05th April Chg. Chg.(%)
Nasdaq 12126.33 -63.13 -0.52%
Dow 33402.38 -198.77 -0.59%
FTSE 7634.52 -38.48 -0.5%
CAC 7344.96 -1.00 -0.01%
DAX 15603.47 22.55 0.14%
Dow Fut.* 33421.20 18.80 0.06%

Asian markets

Particulars 05th April Chg. Chg.(%)
SGX Nifty 17515.50 -59.50 -0.34%
Nikkei 27917.89 -369.53 -1.32%
Straits Times 3325.59 14.47 0.44%
Hang Seng 20274.59 -134.59 -0.66%
Shanghai 3312.560 16.16 0.49%

ADR Watch:

Particulars 03rd April Chg. Chg.(%)
Dr. Reddy 57.48 0.14 0.24%
HDFC Bank 66.96 0.20 0.30%
ICICI Bank 21.59 -0.04 -0.18%
Infosys 17.37 -0.05 -0.29%
Tata Motor 25.140 0.00 0.00%
Wipro 4.50 0.00 0.00%

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.11 0.00%
Brent 85.44 0.59%
Gold 2039.60 0.07%
Silver 25.247 0.58%

FIIs & DIIs:

Particulars 03rd April 31st March
FIIs 321.93 357.86
DIIs -328.24 2,479.96

News Update:

Britannia Industries: The board approved an interim dividend of Rs 72 for each share for the current fiscal. The record date for the dividend has been fixed at April 13, 2023.

NBCC (India): The company received a work order for construction of 88.58-km border and road in Mizoram along Indo Bangladesh Border at a cost of Rs 448.02 crore.

Lemon Tree Hotels: The company signed a new property in Greater Bengaluru—Peninsula Suites. The property will be managed by Carnation Hotels, a wholly owned subsidiary and the management arm of the company.

Dhampur Sugar Mills: The board approved an interim dividend of Rs 5 per share and special dividend of 10% on successful commissioning of new distillery project.

Cyient: The board of the company appointed Karthik Natarajan as executive director and CEO. It also appointed Krishna Bodanapu as executive vice chairman and managing director, and Prabhakar Atla as chief financial officer.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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