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

Stocks in Asia fell after a robust U.S. jobs heightened chances for the Federal Reserve to maintain an assertive stance on inflation and rise in oil prices. Equities declined in Japan and Australia. US futures were volatile after the S&P 500 retreated for an eighth week in nine. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.55 to 16,498 points as of 7:15 am. Elsewhere, crude oil rose past $120 a barrel as shortage worries persist.

Economic Calendar:

  • INR: Cash Reserve Ratio on 8th June 2022.
  • INR: Interest Rate Decision on 8th June 2022.
  • USD: Wholesale Trade Sale 8th June, 2022.
  • USD: US Interest Rate 15th June, 2022.

Brokerage Radar:

JEFFERIES ON INFOSYS: Buy, TP cut to Rs 1830 from Rs 2050 Co well positioned to deliver 11/15% CAGR in revenue/EPS over FY23-25 as cloud adoption is still low, low US unemployment rates may spur offshoring & reappointment of CEO for another 5 yrs provides confidence in execution.

BANK OF AMERICA ON NMDC: Neutral, TP cut to Rs 146 vs Rs 160 June prices cut by 20-25% as per SteelMint; significant downside risks to consensus Lumps cut by Rs1320/t & fines cut by Rs1100/t 2nd cut post imposition of export duty of 50% on iron ore & 45% on pellets by govt.

CITI ON CIPLA: Buy, TP Rs 1170 Co has filed two peptide drugs in US & after the approval of Lanreotide, believe this is the 2nd drug In terms of economics, this can be a mid sized generic opportunity with a potential of c3-5% impact on EPS.

BANK OF AMERICA ON M&M FINANCE: Buy, TP 206 May’22: CE strong at 95%, disbursements up 272% YoY; Stage-3 less volatile in 1Q Strong medium term (FY25) guidance: 2x AUM, GS-3 Key concern: quantum of provisions to comply with IRACP

International Markets:

U.S & Europe:

Particulars       3rd June    Chg Chg(%)
Nasdaq 12,012.73 -304.17  -2.47
Dow 32899.70 -348.58  -1.05
FTSE 7,532.95 -74.71 -0.98
CAC 6,485.30 -15.14 -0.23
DAX 14,460.09 -25.08 -0.17
Dow Fut.* 32999.20   100.50   0.31

Asian markets:

Particulars    6th June    Chg. Chg(%)
SGX Nifty 16,532.50 -56.5 -0.34
Nikkei 27,844.26 82.69 0.3
Straits Times 3,219.06 -12.91 -0.4
Hang Seng 21,226.75 144.62 0.69
Shanghai 3,214.91 19.45 0.61

ADR Watch:

Particulars     3rd June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 58.34 -0.57 -0.97
ICICI Bank 19.07 -0.48 -2.46
Infosys 19.38 -0.13 -0.67
Tata Motor 27.5 -1.3 -4.51
Wipro 6.04 -0.13 -2.11

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.62 0.02
Brent 120.73 0.84
Gold 1857.25  0.38
Silver 22.275  1.68

FIIs & DII:

Particulars         3rd June                                   2nd June
FIIs -3770.51                       -451.82                     
DIIs  2360.51  130.63

News Update

Adani Transmission: The company will acquire Essar’s Mahan-Sipat transmission project for Rs 1,913 crore. The 673 circuit kilometers operational 400 KV inter-state transmission line links Mahan in Madhya Pradesh to Sipat in Chhattisgarh state. ATL will reach 19,468 circuit kilometres, including 14,952 circuit kilometres of operational lines, after the deal is completed.

NTPC: The company has signed a memorandum of understanding with MECON for consultancy and project management services for its coal mines.

Punjab & Sind Bank: The Reserve Bank of India imposed a monetary penalty of Rs 27.5 lakh for violation of RBI’s External Benchmark Based Lending directions.

Hemisphere Properties: The company has invited Expression of Interest for Farm House Plots on land parcel of Company located in Chattarpur, New Delhi. PNB Gilts: Chairman Swarup Kumar Saha has resigned with immediate effect.

PNB Gilts: Chairman Swarup Kumar Saha has resigned with immediate effect.

Reliance Infrastructure: The company approved raising of $500 million (Rs 3,884 crore) via foreign currency convertible bonds.

Poonawalla Fincorp: SEBI found that Managing Director Abhay Bhatuda had not communicated Unpublished Price Sensitive Information and hence the interim and confirmatory orders was revoked.

Aurobindo Pharma gets US FDA nod for Naproxen, Pseudoephedrine drug, used to treat aches, pains, and congestion of cold

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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