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

Asian markets headed towards a positive opening on Thursday after the U.S. shares snapped its two-day losing streak. Equity benchmarks in Australia and South Korea rose less than 1%, while Japanese stocks fluctuated. The S&P 500 rose 0.8% and Treasuries rallied for a second day to close at 3.70%. The dollar weakened. At 6:07 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.26% to 18,158.5. Meanwhile, yield on 10-year Treasuries fell three basis points to 3.70%. Crude price was down nearly 5% amid demand concerns arising from longer-than-expected recovery in China. Domestic indices ended their two-day rally to end 1% lower, with the market breadth skewed in favour of bears. Overseas investors were net sellers of Indian equities for the ninth day in a row on Wednesday. Foreign portfolio investors net sold Indian equities worth Rs 2620.89 crore, while domestic institutional investors continued mopped up equities worth Rs 773.58 crore of Indian stocks. Rupee maintained its strong start against the U.S. dollar from earlier in the day to close in the green after two consecutive days of losses.

Economic Calendar:

  • USD : Initial Jobless Claims on 05th January, 2023
  • USD : Unemployment Rate (Dec) on 05th January, 2023
  • INR : FX Reserves, USD on 06th January, 2023
  • INR : CPI (YoY) (Dec) on 12th January, 2023

Brokerage Radar:

MS ON ADANI PORTS: OW, TP Rs 1030; APSEZ handled 25.1mmt, 75.6mmt & 253mmt of total cargo for December 2022,F3Q23 & F9M23, respectively, which implies growth of 1%,2% & 8% YoY, respectively. Cargo growth is down 13% QoQ for APSEZ in F3Q23

MS ON HDFC BANK: A key +ve was strong retail deposit growth (+5% QoQ) & 21.5% YoY; Loan growth was 1.8% QoQ, lower than 6.1% QoQ in prior quarter; This was owing to wholesale (down 1% QoQ likely due to sell-downs); Retail/commercial loans grew 5% QoQ

CLSA ON NTPC: Buy, TP Rs 188; NTPC one of a few actually implementing projects, with India’s largest electrolyser & circular economy project; If NTPC is able to secure a 15% share of GH2 market by FY32CL, biz could add Rs14/sh

International Markets:

U.S & Europe

Particulars 04th January Chg. Chg.(%)
Nasdaq 10458.76 71.77 0.69
Dow 33269.77 133.40 0.40
FTSE 7585.19 31.10 0.41
CAC 6776.43 152.54 2.30
DAX 14490.78 309.11 2.18
Dow Fut.* 33175.80 -94.00 -0.28

Asian markets

Particulars 05th January Chg. Chg.(%)
SGX Nifty 18147.00 36.00 0.20
Nikkei 25804.12 87.26 0.34
Straits Times 3286.76 44.30 1.37
Hang Seng 21100.07 306.96 1.48
Shanghai 3147.55 24.03 0.77

ADR Watch:

Particulars 04th January  Chg.       Chg.(%)
Dr. Reddy 52.04 0.31 0.60
HDFC Bank 67.84 -0.56 -0.82
ICICI Bank 21.95 0.01 0.05
Infosys 18.10 -0.13 -0.71
Tata Motor 23.16 -0.42 -1.78
Wipro 4.69 -0.02 -0.42

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.80 -0.09
Brent 78.61 0.99
Gold 1860.95 0.10
Silver 23.907 -0.24

FIIs & DIIs:

Particulars 04th January 03rd January
FIIs                           -2620.89 -628.07
DIIs 773.58 350.57

News Update:

Mahindra & Mahindra Financial Services: The RBI has lifted restrictions against Mahindra Finance on appointing third party agents for recovery or repossession. Also, the board of the company will meet on Feb. 3 to consider its financial results for the quarter ended December 2022.

NTPC/ Hindustan Petroleum: NTPC Green Energy, a subsidiary of NTPC, signed an MoU with HPCL to develop renewable energy projects and supply 400 MW green energy to latter’s facilities.

IRB Infrastructure Developers: The board approved the proposal to split each existing share with a face value of Rs 10 into 10 shares with a face value of Re 1 each.

Bharti Airtel: The special committee of directors approved allotment of 83.5 lakh shares at a conversion price of Rs 521 apiece after certain holders converted FCCBs worth $60.4 million.

SJVN: The Cabinet approved investment of Rs 2,614 crore for the company’s 382 MW Sunni Dam Hydro Electric Project in Himachal Pradesh.

Hindustan Unilever: Completed the acquisition of 19.8% stake in Nutritionalab for Rs 70 crore.

Hindustan Petroleum Corporation: The company forayed into petrochemical business with pre-marketing of HP Durapol branded polymersin a pre-cursor to setting up a 9MMTPA refining and petrochemical complex in Rajasthan.

Tata Power: The company will compute and claim tariff from the beneficiaries based on the Central Electricity Regulatory Commission order that grants compensation for emergnecy supply from its Mundra plant.

Krishna Institute of Medical Sciences: The board apporved raising funds via issuance of non-convertible debentures of Rs 300 crore in one or more tranches.

Source: Moneycontrol, Bloomberg Quint, Investing

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