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

Stocks in Asia opened mixed Wednesday amid concerns over interest rates increases that dragged down U.S. stocks from a record. Shares in Japan were volatile, while they fell in Australia and South Korea. U.S. futures dipped after a tech selloff dragged the Nasdaq 100. The S&P 500 was little changed Tuesday. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.25% to 17,830.50, as of 7:05 a.m Crude oil in New York held gains. OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, Elsewhere, Bitcoin traded near $46,000.

Economic Calendar:

  • INR: Service PMI on 5th January, 2022.
  • INR: Forex Reserve USD on 7th January 2022.
  • USD: API Weekly Crude Stock on 5th January, 2022.
  • USD: ADP Nonfarm Employment Change on 5th January, 2022.

Brokerage Radar:

MORGAN STANLEY ON HDFC BANK : Overweight rating for the Target Price of Rs 2050 Initial update points to strong growth in loans & retail deposits, & implies continued market share gain Loan growth broad-based across its lending segments, i.e. corp, commercial & retail, where sequential growth was between 4.5-6%.

MORGAN STANLEY ON BAJAJ FINANCE: overweight, Target Price Rs 9060 3QF22 update – stronger than-expected loan growth; likely strong asset quality too AUM up 8.6% QoQ,26.3% YoY vs. 25% est (2QF22growth was 5% QoQ,21.8% YoY) New customer acquisition highest ever in a qtr at 2.6m.

JEFFERIES ON AUTOS: Sector set for a rebound in 2022 as demand continues to improve from worst slowdown in decades, chip constraints ease, & commodity cost pressures peak out Expect 14–30% vol growth in trucks, PVs & 2Ws in FY23, & see margins recovering from a cyclical trough. demand should shift towards SUVs in PVs & towards EVs/scooters/premium-bikes in 2Ws Top pick is Tata Motors, followed by MSIL, TVS & Eicher Motors Rate M&M & Motherson Sumi Underperform

JEFFERIES ON ICICI BANK: Buy, Target Price Rs 1000 After rerating last yr, Bk trades at 2.5x 1yr fwd adj. PB & 35% premium to 5yr avg Recent correction offers a good entry price Next leg of structural rerating will come with narrowing of ROE gap with HDFC Bk

CLSA ON BANDHAN BANK : Sell, TP Rs 245 Overall, collection trend strong Have been cautious as Covid waves have had a disproportionate impact on MFI asset quality vs other segments Vals corrected by c.50% over past 12 months, & improving collections could indicate a turning point.

International Markets:

U.S & Europe

Particulars 4th Jan Chg Chg(%)
Nasdaq 15,622.72 -210.08 -1.33
Dow 36585.06 214.59 0.59
FTSE 7,505.15 120.61 1.63
CAC 7,317.41 100.19 1.39
DAX 16,152.61 131.88 0.82
Dow Fut.* 36717.9 -81.7 -0.22

Asian markets:

Particulars 5th Jan Chg. Chg(%)
SGX Nifty 17,795.00 -80 -0.45
Nikkei 29,313.22 11.43 0.04
Straits Times 3,172.13 -9 -0.28
Hang Seng 23,045.25 -244.59 -1.05
Shanghai 18,523.97 -2.38 -0.01

ADR Watch:

Particulars 4th Jan Chg. Chg.(%)
Dr Reddy 65.25 -0.16 -0.24
HDFC Bank 66.52 1.45 2.23
ICICI Bank 20.35 0.56 2.83
Infosys 25.26 -0.05 -0.2
Tata Motor 33.48 1.39 4.33
Wipro 9.75 -0.01 -0.1

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.55  0.39
Brent 79.86 -0.18
Gold 1815.25  0.04
Silver 23.030 – 0.11

FIIs & DII

Particulars 4th Jan 3rd Jan
FIIs 1273.86 902.64
DIIs 532.97 803.11

News Update:

Bharti Airtel: The Board of Directors of Bharti Airtel is of the view that the existing corporate structure of the company is optimal for leveraging emerging opportunities and unlocking value while continuing to scale up Bharti Airtel’s digital businesses. Therefore, the telco has withdrawn its new corporate restructuring plan.

GAIL India: The company has acquired 26 percent equity stake in ONGC Tripura Power Company

Bandhan Bank: The lender’s total deposits were up 3 percent QoQ while advances rose 9 percent sequentially

Future Retail: Delhi High Court dismissed a petition filed by Future seeking termination of arbitration proceedings in Singapore.

Bharat Forge : Bharat Forge-backed Tork Motors to launch 1st electric vehicle by January end.

Bajaj Finance : The company’s deposits rose 4.5 percent QoQ and new loans rose 17.5 QoQ.

AU Small Finance Bank : The bank’s deposits were up 13 percent sequentially and disbursements jumped 58 percent QoQ.

Dr Reddy’s Laboratories : The company will launch COVID-drug Molnupiravir under Molflu.

Thermax : The company has concluded an order of Rs 545.6 crore from an Indian power public sector company to set up flue gas desulphurisation systems for their two units of 500 MW capacity each in Uttar Pradesh.

Affle India : Hong Kong-based Value Partners High-Dividend Stocks Fund acquired 1,05,739 equity shares in the company at Rs 1,194.25 per share. However, Malabar India Fund Limited FDI was the seller on the BSE, data showed.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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