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

Stocks in Asia were mixed and US futures climbed ahead of additional crucial jobs data, on Friday morning. U.S. stocks were weighed down by strong labour market data on Thursday, which is considered a precursor to further rate hikes by the Fed. Equities rose in Australia but fluctuated in Japan and South Korea. Futures for Hong Kong and Chinese benchmarks advanced, indicating an extension to the rally seen this week following positive news on China’s reopening. The S&P 500 fell 1.2% by mid-day in New York, while the tech-heavy Nasdaq 100 was also down 1.2%. Meanwhile, yield on 10-year Treasuries advanced four basis points to 3.72%. At 6:22 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.32% to 18,007.5. Overseas investors were net sellers of Indian equities for the tenth day in a row on Thursday. Foreign portfolio investors net sold Indian equities worth Rs 1,449.45 crore, while the domestic institutional investors broke their 21-day buying streak and sold 194.09 crore worth of Indian stocks on Thursday. Domestic indices closed in the red for the second day in a row after trading flat for most of the session, even though the market breadth saw most stocks advance. Rupee extended its rally against the U.S. dollar to close 25 paise higher at the day’s high of 82.55.

Economic Calendar:

  • USD : Unemployment Rate (Dec) on 06th January, 2023
  • USD : ISM Non-Manufacturing PMI (Dec) on 06th January, 2023
  • INR : FX Reserves, USD on 06th January, 2023
  • INR : CPI (YoY) (Dec) on 12th January, 2023

Brokerage Radar:

NOMURA ON GCPL: Buy, TP Rs 1050; 3Q biz update better than expectations on 1) India vol coming back to growth, 2) Indonesia biz sees almost full recovery; India FMCG sector witnessed slow growth in 3Q due to weakness in rural consumption & slowdown in demand after festive season

JEFFERIES ON ICICI BANK: Buy, TP Rs 1150; Next leg of growth will have 3 drivers; 1) micro-mkt. targeting in urban centre, 2) local staff to work with PPOP target, instead of sales-target, 3) branches & staff transition from sales to service centre; See 19% profit Cagr over FY22-25

JEFFERIES ON RIL: Buy, TP Rs 3100; Forecast 18% EBITDA growth in FY24E with 21% in Retail & 24% in Jio; See potential earnings upside from O2C if China’s demand recovers by mid-CY2023 & export duties are eliminated; Val moderated imputing little value to green energy

International Markets:

U.S & Europe

Particulars 05th January Chg. Chg.(%)
Nasdaq 10305.24 -153.52 -1.47
Dow 32930.08 -339.69 -1.02
FTSE 7633.45 48.26 0.64
CAC 6761.50 -14.93 -0.22
DAX 14436.31 -54.47 -0.38
Dow Fut.* 33059.00 128.90 0.39

Asian markets

Particulars 06th January Chg. Chg.(%)
SGX Nifty 18071.50 6.50 0.04
Nikkei 25975.14 154.34 0.60
Straits Times 3282.03 -10.63 -0.32
Hang Seng 21075.30 23.13 0.11
Shanghai 3157.35 2.13 0.07

ADR Watch:

Particulars 05th January  Chg.       Chg.(%)
Dr. Reddy 51.61 -0.43 -0.83
HDFC Bank 66.96 -0.88 -1.30
ICICI Bank 21.20 -0.75 -3.42
Infosys 17.68 -0.42 -2.32
Tata Motor 22.99 -0.17 -0.73
Wipro 4.60 -0.09 -1.92

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.56 -0.30
Brent 79.73 1.32
Gold 1844.75 0.23
Silver 23.525 0.43

FIIs & DIIs:

Particulars 05th January 04th January
FIIs  -1449.45 -2620.89
DIIs -194.09 773.58

News Update:

IDBI Bank: SEBI allowed classification of government stake as public shareholding after divestment of the bank.

Tata Motors: The board of the company will convene on Jan. 25 to consider and approve the financial results for quarter ended December 2022.

Rail Vikas Nigam: The company received order worth Rs 166 crore from Gujarat Metro Rail Corporation for design, supply, installation, testing and commissioning of ballast-less track from Sarthana to Dream City under first phase of Surat Metro Rail Project.

Coal India: The company’s registered a growth of 10.3% in production on-year, while India’s total coal production increased by 10.81% to 82.87 million tonnes.

Ambuja Cement: The company incorporated Ambuja Resources for manufacturing cement and allied products, alternate fuel and power generation.

Larsen & Toubro: The company’s subsidiary L&T Realty Developers entered into an Agreement to sell its entire stake of 99% in Think Tower Developers for Rs 1 lakh.

Aster DM Healthcare: The company’s chief financial officer Sreenath Pocha Reddy resigned from the post, effective Jan. 5, 2023.

Reliance Industries: English football club Manchester City has partnered with Jio Platforms, a subsidiary of the company, where the latter will be the club’s official mobile communications network partner in India.

Mahindra & Mahindra: The company’s subsidiary Mahindra and Mahindra South Africa (Proprietary) informed that step-down subsidiary Mahindra West Africa was dissolved as on Jan. 4, 2023 by the Corporate Affairs Commission, Nigeria.

 Source: Moneycontrol, Bloomberg Quint, Investing

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