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

Asian markets opened the week with a mixed message from equity futures with the headwinds from an unexpectedly strong U.S. jobs report and the downing of an alleged Chinese spy balloon that’s aggravated geopolitical tensions. The U.S. stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contended with data pointing to a robust labor market. The S&P 500 still notched a weekly gain that took the index to its highest level since August. Indian headline indices resumed their weekly advances and rose on Friday, snapping their previous two-week gains week. At 5:50 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.22% at 17,800. Meanwhile, the yield on 10-year Treasuries was at 3.57%. Crude prices were trading around $80-mark, while Bitcoin stayed put to trade above the $22,500-level.

Economic Calendar:

  • USD : Fed Chair Powell Speaks on 07th February, 2023
  • USD : Initial Jobless Claims on 09th February, 2023
  • INR : Interest Rate Decision on 08th February, 2023
  • INR : Manufacturing Output (MoM) on 10th February, 2023

Q3FY23 Results Today: Tata Steel, Adani Transmission, LIC Housing Finance, Muthoot Finance, Hitachi Energy India, Sansera Engineering, Suven Pharmaceuticals, Tejas Networks, Action Construction Equipment, Balaji Amines, Bls International Services, Easy Trip Planners, Fairchem Organics, Honda India Power Products, Huhtamaki India, Indo Count Industries, Infibeam Avenues, JK Paper, Kolte-Patil Developers, KPR Mill, Mold-Tek Packaging, Monte Carlo Fashions, Nuvoco Vistas Corporation, Shankara Building Products, Shree Global Tradefin, SJVN, Tasty Bite Eatables, TCPL Packaging, Unichem Laboratories, Uniroyal Marine Exports, Varun Beverages, Vinati Organics, V-Mart Retail, Wardwizard Innovations & Mobility

Brokerage Radar:

CLSA ON BOB: Upgrade to Buy, TP Rs 210; 3Q strong, with c.22% YoY loan growth, negligible net slippage & a core margin beat. Adjusted for 20bp 1off in 2Q, its core margin improved 25-30bps QoQ; Adani group loan is Rs54bn (5.3% of FY24 net worth)

JPM ON SBI: OW, TP Rs 720; 3Q net profit (Rs142bn; +68% y/y; ROE: 18%) beat Street expectations by 8%; 3Q delivered across all metrics – NIMs (+18bps q/q), loan growth (+18% y/y) & asset quality (21bps net slippage); Core PPOP up 24% y/y & better than most prvt. bks

JPM ON M&M FIN: Neutral, TP Rs 230; 3Q net income 22% ahead of JPMe on lower opex & credit cost; Lower opex seems temporary aided by RBI restrictions on collections in 3Q which were subsequently lifted; Co announced Mr Rebello will take over from Mr Iyer in Apr’24

International Markets:

U.S & Europe

Particulars 03rd February Chg. Chg.(%)
Nasdaq 12006.96 -193.86 -1.59
Dow 33926.01 -127.93 -0.38
FTSE 7901.80 81.64 1.03
CAC 7233.94 67.67 0.94
DAX 15476.43 -32.76 -0.21
Dow Fut.* 33843.00 -83.00 -0.24

Asian markets

Particulars 06th February Chg. Chg.(%)
SGX Nifty 17827.50 -12.50 -0.07
Nikkei 27801.97 292.51 1.05
Straits Times 3390.61 6.32 0.19
Hang Seng 21191.54 -468.93 -2.16
Shanghai 3237.05 -26.36 -0.81

ADR Watch:

Particulars 03rd February  Chg.       Chg.(%)
Dr. Reddy 53.09 -0.74 -1.37
HDFC Bank 67.48 0.38 0.57
ICICI Bank 20.81 -0.12 -0.57
Infosys 19.28 -0.23 -1.18
Wipro 4.99 -0.10 -1.96

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.83 -0.44
Brent 80.16 0.28
Gold 1885.75 0.49
Silver 22.410 0.02

FIIs & DIIs:

Particulars 03rd February 02nd February
FIIs                           -932.44 -3065.35
DIIs 1264.74 2371.36

News Update:

Adani Enterprises, Adani Ports and SEZ and Ambuja Cements: The three stocks will be under the NSE’s short-term additional surveillance measure or ASM starting Feb. 6. From Monday, the applicable margin on the three stocks will be 50% or existing margin, whichever is higher, subject to maximum rate of margin capped at 100%, the NSE circular had said.

Vodafone Idea: The government will convert the company’s AGR dues into equity. Vodafone Idea has been directed to issue 16.13 million equity shares of face value Rs 10 each at an issue price of Rs 10 each.

Adani Power: The company confirmed that its subsidiary, Adani Power (Jharkhand), has received a communication from Bangladesh Power Development Board to consider a discount on the energy charge, but it is not considering any amendment to the power purchase agreement.

Bajaj Finserv: Bajaj Allianz Life Insurance Co., a material subsidiary of the company, analysing the potential impact of the Budget recommendation to tax proceeds from non-linked policies with annual premium over Rs 5 lakh.

Mahindra & Mahindra Financial Services: Appointed COO Raul Rebello as MD& CEO-Designate. He will assume the position after Ramesh Iyer, the current vice chairman & managing director of the company, superannuates on April 29, 2024.

Bank of Baroda: RBI fined the bank Rs 30 lakh over violation of norms related to deposit interest rates and KYC.

Source: Moneycontrol, Bloomberg Quint, Investing

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