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

Asian stocks followed US shares lower after unexpectedly strong services data bolstered the case for the Federal Reserve to deliver higher interest rates.  Oil fell 2.7% on weaker equity market conditions and sell-off ahead of the end of the year. Gold futures fell 1.6%, while Bitcoin fell 0.1% to trade around $17,100-level. The Indian benchmark indices recouped most of their losses to end flat on Monday. Rupee erased all its opening against the U.S. dollar after opening strong on account of weak domestic markets and rise in crude prices. At 7 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.35% to 18,744.5.

Economic Calendar:

  • USD : Initial Jobless Claims on 8th December, 2022
  • USD : PPI (MoM) (Nov) on 9th December, 2022
  • INR : Interest Rate Decision on 7th December, 2022
  • INR : FX Reserves, USD on 9th December, 2022

Brokerage Radar:

UBS ON HDFC BANK: Buy, TP Raised to Rs 1900 from Rs 1750; Merger related concerns reduced in last 6months; Raise FY23E/FY24E EPS by 1%/4%; Operating metrics seem more sustainable in FY24 Vs peers

GS ON BHARTI AIRTEL: Buy, TP Rs 880; See Co’s comments around focus on high-quality subscribers, market share outlook, & prevailing inflationary environment not having any meaningful impact on potential tariff increases in near term, as +ve read-across

JEFFERIES ON ICICI BK: Buy, TP Rs 1150; Analyst day focussed on strategic initiatives & priorities. Focus is on smoother customer journey, digitisation & network expansion; SME, supply chain financing, ecosystem bkg. & retail are focus segments

International Markets:

U.S & Europe:

Particulars 05th December Chg. Chg.(%)
Nasdaq 11239.94 -221.56 -1.93
Dow 33947.10 -482.78 -1.40
FTSE 7567.54 11.31 0.15
CAC 6696.96 -45.29 -0.67
DAX 14447.61 -81.78 -0.56
Dow Fut.* 34017.10 70.00 0.21

Asian markets

Particulars 06th December Chg. Chg.(%)
SGX Nifty 18705.00 -105.00 -0.56
Nikkei 27902.11 81.71 0.29
Straits Times 3255.18 -12.36 -0.38
Hang Seng 19398.25 -120.04 -0.62
Shanghai 3215.50 3.69 0.11

ADR Watch:

Particulars 05th December  Chg.       Chg.(%)
Dr. Reddy 54.79 -1.50 -2.66
HDFC Bank 68.39 0.19 0.28
ICICI Bank 22.86 -0.34 -1.47
Infosys 19.75 -0.44 -2.18
Tata Motor 25.55 -1.00 -3.77
Wipro 5.04 -0.07 -1.37

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.79 0.58
Brent 83.37 0.83
Gold 1784.75 0.19
Silver 22.562 0.65

FIIs & DIIs:

Particulars 05th December 02nd December
FIIs -1139.07 5445.62
DIIs 2607.98 712.34

News Update:

Adani Enterprises: The company closed its open offer to buy 26% stake in NDTV, becoming its biggest shareholder.

Bajaj Consumer Care: The board of the company will meet on Dec. 9 to consider and approve a proposed share buyback plan.

HDFC: Life Insurance Corporation of India has increased its stake in the company to 5% from 4.99%.

Natco Pharma: Delhi High Court ruled that the Natco chlorantraniliprole process does not infringe FMC Corporation’s Indian patent and dismissed the appeal against the company.

Ahluwalia Contracts (India): The company secured an order for construction of public stadium with 5,000 seating capacity public auditorium at Guwahati for Rs 174.88 crore from Assam government.

JSW Energy: JSW Renew Energy Two Limited, a 100% subsidiary of the company, started phase-wise commissioning of the 450 MW ISTS-connected Wind Power Project awarded under SECI Tranche X with the commissioning of the first phase of 27 MW at Tuticorin, Tamil Nadu.

Vedanta: The company clarified that it has received the Odisha government’s in-principle approval to provide hot metal to aluminium-dependent industries by inviting them to set up their plants in the vicinity of Vedanta’s primary aluminium plant at Jharsuguda.

Karur Vysya Bank: The bank raised lending rates by 25 basis points across tenors with effect from Dec. 7.

Kalpataru Power Transmission: The board of the company will meet on Dec. 8 to consider raising funds.

Dreamfolks Services: The company partnered with Vidsur Golf to offer customers access to premium golf courses across India and Asia Pacific.

IRB Infrastructure Developers: The company and its private InvIT arm reported 39% increase in toll collection figures in November 2022 on year-on-year basis at Rs 365.95 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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