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

Asian markets were set to fall after the U.S. equities dropped and government bonds rallied against the backdrop of weaker-than-expected economic data that supported forecasts for recession. Contracts for share benchmarks in Japan and Australia declined. The S&P 500 retreated 0.3% as selling pressure clustered in vulnerable corners of the market. The tech-heavy Nasdaq 100 dropped 1%, eroding a stellar first quarter in which the tech-heavy index rose by fifth. An index of non-profitable tech companies fell 4%. Meanwhile, the yield on 10-year treasuries was trading at 3.30%. Crude prices trade above $85-mark, while Bitcoin was hovering around 28,000-level. At 6:19 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.20% at 17,590. Investors await the Reserve Bank of India’s decision on the monetary policy later today. Indian benchmark indices—Sensex and Nifty—gained almost 1% as a rally in non-banking financial companies boosted markets on Wednesday in the truncated week. Rupee strengthened against the U.S. dollar tracking positive sentiments in the domestic equity market. Overseas investors in Indian equities remained net buyers for the fifth day in a row on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 806.8 crore, whereas the domestic institutional investors were net sellers for the second straight day and offloaded stocks worth Rs 947.2 crore, the NSE data showed.

Economic Calendar:

  • USD: Initial Jobless Claims on 06th April, 2023
  • USD: Nonfarm Payrolls (Mar) on 07th April, 2023
  • INR: Interest Rate Decision on 06th April, 2023
  • INR: Cash Reserve Ratio on 06th April, 2023

Brokerage Radar:

CITI On Avenue Supermart: Sell, TP Rs Rs 3460 Avg rev/store came in at only +2.3% 3yr CAGR (+2.3% YoY), while avg revenue per sq ft (throughput) was further disappointing at -3.0% 3yr CAGR (despite lower base) & -2.6% on YoY basis Remain cautious at current vals.

UBS on IEX: Buy, TP Rs 200 CERC approved transaction fee at current level; overhang cleared IEX vol fell 6% in Q4FY23, real-time market vol contributed about c25% of total vol, while green market accounted for 4-5%

CLSA on Banks: Deposit accretion remains key deliverable & ICICI/PSU banks are relatively better placed Expect PPOP growth to be strongest for Axis/ICICI (38-53% YoY), & Kotak/HDFCB should deliver 20% YoY core PPOP growth ICICI, Axis & SBI preferred picks

International Markets

U.S & Europe:

Particulars     06th April Chg. Chg.(%)
Nasdaq 11996.86 -129.46 -1.07%
Dow 33482.72 80.34 0.24%
FTSE 7662.94 28.42 0.37%
CAC 7316.30 -28.66 -0.39%
DAX 15520.17 -83.30 -0.54%
Dow Fut.* 33435.50 -47.20 -0.14%

Asian markets

Particulars 06th April Chg. Chg.(%)
SGX Nifty 17592.00 -33.00 -0.19%
Nikkei 27513.68 -299.58 -1.09%
Straits Times 3312.37 -6.50 -0.2%
Hang Seng 20268.79 -5.80 -0.03%
Shanghai 3309.650 -2.91 -0.09%

ADR Watch:

Particulars 05rd April Chg. Chg.(%)
Dr. Reddy 57.95 0.47 0.82%
HDFC Bank 67.95 0.99 1.48%
ICICI Bank 21.66 0.07 0.32%
Infosys 17.33 -0.04 -0.23%
Tata Motor 25.140 0.00 0.00%
Wipro 4.50 0.00 0.00%

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.96 0.02%
Brent 84.28 -0.84%
Gold 2027.45 -0.40%
Silver 24.938 -0.40%

FIIs & DIIs:

Particulars 05th April 03rd April
FIIs 806.82 321.93
DIIs -947.21 -328.24

News Update:

Hero MotoCorp: The company announced a voluntary retirement scheme open for all its staff members. The plan offers a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, etc.

Reliance Industries: Reliance Retail Ventures, the retail arm of the conglomerate, opened its flagship store in Mumbai, and launched the app and website for its beauty brand Tira.

Larsen & Toubro/Chambal Fertilisers and Chemicals: Chambal Fertilisers and Chemicals awarded a contract worth Rs 960.71 crore to Larsen & Toubro for building a technical ammonium nitrate manufacturing plant with an annual capacity of 2.4 lakh metric tonnes.

Infosys: The company extended its collaboration with data and analytics company LexisNexis to provide end-to-end information services across their range of content, enterprise, and product applications.

Rail Vikas Nigam: The company emerged as the lowest bidder for provision of E1 based automatic signalling with continuous track circuiting and other associated works in Jhansi-Gwalior section of Jhansi Division of North Central Railway at a cost of Rs 121.06 crore.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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