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

A global selloff in stocks continued in Asia on Tuesday amid concern that surging prices for raw materials such as crude oil will stoke inflation and sap economic momentum. Shares declined in Japan, South Korea and Australia. U.S. contracts stabilized after the S&P 500 retreated to the lowest since July and the Nasdaq 100 shed over 2%, dragged down by mega cap tech firms like Amazon.com Inc. and Facebook Inc. The energy sector was among the few to rise in the U.S. session. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.75% to 17,578.00, as of 8:10 a.m.

Economic Calender:

  • INR:  Nikkei Markit Services PMI on 5th October, 2021
  • INR:  M3 Money Supply on 6th October, 2021
  • INR:  Interest Rate Decisionon 8th October, 2021.
  • USD: ISM Non-Manufacturing PMI (Sept) on 5th October, 2021
  • USD: Crude Oil Inventories on 6th October, 2021

Brokerage Radar:

JEFFERIES ON MARUTI: Maintain buy at the price of Rs 7170.3 for the target price of Rs 8600. Chip shortages, rising metal prices & weaker SUV presence hurting Co. Expect a better 2022 for the company. PV demand is already strong & replacement cycle should provide another boost. Fall in metal prices along with continued price hikes should revive margin. Co. likely to launch a new SUV next year. Product cycle should strengthen as key models get upgraded. Cut FY22 EPS estimate by 21% & retain FY23 EPS estimate.

CLSA ON TATA COMM: Maintain outperform at the price of Rs 1429.45 for the target price of Rs 1570 (previous target-1475). It’s a digital transformation play. Data revenue expected to grow at a 17% CAGR by FY24. 2nd Covid wave caused service delivery delays. They cut FY22 revenue & EBITDA estimates by 2-4%. Data growth is expected to accelerate to double digits YoY in FY23.

International Markets:

U.S & Europe

Particulars 4th Oct Chg Chg(%)
Nasdaq 14,255.48 -311.22 -2.14
Dow 34,002.92 323.54 -0.94
FTSE 7,011.01 -16.06 -0.23
CAC 6,477.66 -40.03 -0.61
DAX 15,036.55 -119.89 -0.79
Dow Fut.* 33,838.00 37.00 -0.11

Asian markets:

Particulars 4th Oct Chg Chg(%)
SGX Nifty 17,578.00 -132.50 -0.75
Nikkei 27,658.31 -786.58 -2.77
Straits Times 3,053.41 -36.24 -1.17
Hang Seng 23,948.95 -87.42 -0.36
Shanghai* 3,568.17 31.88 0.90

ADR Watch:

Particulars 4th Oct Chg Chg(%)
Dr Reddy 67.25 0.92 1.39
HDFC Bank 72.68 -1.03 -1.40
ICICI Bank 18.74 -0.20 -1.06
Infosys 22.15 -0.18 -0.81
Tata Motor 22.72 -0.06 -0.26
Wipro 8.85 -0.09 -1.01

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.48 0.24
Brent 81.72 0.57
Gold 1762.30 -0.30
Silver 22.505 -0.60

FIIs & DII

Particulars 4th Oct 1st Oct
FIIs 860.50 131.39
DIIs 228.06 -613.08

News Update:

Adani Green: Founder Gautam Adani said that the conglomerate would invest a fresh $20 billion in its green value chain over the next decade. This would include funds for areas such as electrolyzer manufacturing, backward integration plans to secure the supply chain for solar and wind generation businesses, and AI-based industrial cloud platforms.

SREI Infrastructure Finance: RBI has superseded the boards of SREI Infra and SREI Equipment Finance with immediate effect due to governance concerns and defaults. The banking regulator appointed Rajneesh Sharma, former chief general manager from Bank of Baroda, as the administrator for both firms. RBI said it would now initiate insolvency proceedings against the NBFCs. SREI has said invoking insolvency will be unfair and lead to massive public loss.

Zee Entertainment Enterprises: Invesco Developing Markets Fund said at the National Company Law Tribunal that Zee’s decision to reject EGM requisition was ‘mala fide’ and that their apprehensions about CEO Puneet Goenka had been proven right. The NCLT will continue the hearing on Tuesday.

JSW Energy: Company has signed a contract with Senvion India to procure 591 MW of wind turbines for its pipeline of renewable energy projects. Supply of the turbines will begin by the second half of 2022.

Vedanta: Aluminum production in the July-September period rose 4% quarter-on-quarter. Zinc mined metal output also climbed 4% while oil and gas output remained flat. Output of saleable steel rose 13% year-on-year.

Hindustan Zinc: Q2 integrated metal production 209,000 tonnes; Q2 mined metal production 248,000 tonnes.

HFCL: Company has a bagged a Rs 287.9 crore order from RailTel Corporation of India, a government-owned company, for setting up network infrastructure for the defense forces. The stock rated new Buy at ICICI Securities with a price target of Rs 92.

EID Parry India: Board approved the sale of plant and equipment of the sugar factory at Pettavaithalai that is currently not operational. The board also approved an investment of Rs 19 crore in joint venture company Algavista Greentech Pvt. Ltd.

Rail Vikas Nigam: Company entered into a memorandum of understanding with Tata Steel Ltd. for implementation of infrastructure projects either on nomination basis or through special purpose vehicle route.

Bharti Airtel:The company’s Rs 21,000-crore rights issue will open on October 5 and close on October 21.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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