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

Investors signaled further belief in a fledgling equity rally as US futures erased a Wednesday decline and Asian stock markets traded higher as markets downplay concern that a cut in oil production would stoke inflation. Stocks in Japan and South Korea opened higher, while Australian equities quickly pared morning losses, tracking a rise in US futures that reversed a small decline in the S&P 500 on Wednesday. At 7:00 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.5% to 17,426.50. The pound gained ground even after Fitch Ratings downgraded its UK outlook to negative. Elsewhere, OPEC+ decided to reduce daily oil production by two million barrels on Wednesday, sending the US oil benchmark to a three-week high.

Economic Calendar:

  • USD : Initial Jobless Claims on 06th October, 2022
  • USD : Unemployment Rate (Sep) on 07th October, 2022
  • INR : FX Reserves, USD on 07th October, 2022
  • INR : CPI (YoY) (Sep) on 12th October, 2022

Brokerage Radar:

GS ON GCPL: BUY, TP Rs 1,100; 2Q: India home care growth improves, Indonesia showing initial signs of recovery; See as a strong turnaround candidate; improvement in India growth; gradual recovery in Indonesia; sustained double digit growth in Africa; overall margin expansion

MS ON BAJAJ FIN: OW, TP Rs.8,500; Q2 update – back to 30% loan growth; Customer franchise grew to 62.9mn– 4% QoQ, 19% YoY; New loans were 6.8mn vs. 6.3mn in 2QF22 ; Significant ground was achieved in deposits, up 15% QoQ; CRAR moderated to 25.1% vs 26.2%

CLSA ON ZEE ENT: Buy, TP Rs 316; CCI approves Zee-Sony merger; Merger will be a stock rerating catalyst; Post-merger, Sony will hold majority 51% & merged co, will have cash of $1.5bn; Valuation compelling, currently trading at a 15x PE for FY24CL

International Markets:

U.S & Europe:

Particulars 05th October Chg. Chg.(%)
Nasdaq 11148.64 -27.77 -0.25
Dow 30273.87 -42.45 -0.14
FTSE 7052.62 -33.84 -0.48
CAC 5985.46 -54.23 -0.90
DAX 12517.18 -153.30 -1.21
Dow Fut.* 30382.90 109.00 0.36

Asian markets:

Particulars 06th  October Chg. Chg.(%)
SGX Nifty 17426.00 87.00 0.50
Nikkei 27370.37 249.84 0.92
Straits Times 3162.74 9.51 0.30
Hang Seng 17992.71 -95.26 -0.53
Shanghai 3024.39 -16.81 -0.55

ADR Watch:

Particulars 05th October  Chg. Chg.(%)
Dr. Reddy 54.04 -0.02 -0.04
HDFC Bank 59.90 -0.53 -0.88
ICICI Bank 21.65 -0.04 -0.18
Infosys 17.64 -0.06 -0.34
Tata Motor 25.25 -0.20 -0.79
Wipro 4.93 -0.03 -0.60

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.52 -0.43
Brent 93.64 0.29
Gold 1730.70 0.58
Silver 20.865 1.56

FIIs & DIIs:

Particulars 04th October 03rd October
FIIs 1344.63 590.58
DIIs 945.92 -423.16

News Update:

Zee Entertainment Enterprises: The CCI has approved the merger of Zee Entertainment Enterprises with Sony Group‘s Indian unit with modifications. The scheme of amalgamation involves merging Zee Entertainment Enterprises and Sony Group’s Bangla Entertainment with Culver Max Entertainment—an indirect wholly owned subsidiary of Sony Group Corp.

Reliance Industries: Reliance Jio Infocomm, the telecom arm of the conglomerate, will start beta trials of its 5G services in four cities—Delhi, Mumbai, Kolkata and Varanasi—from Oct. 5, and offer a ‘Welcome Offer’ for its existing users in these circles, which can be availed for by invitation.

Sunteck Realty: Care Ratings assigned ‘CARE AA-; Positive’ ratings for the company’s long-term bank facilities.

JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, has signed a MoU with the Maharashtra government for setting up a 960 MW hydro pumped storage project at Pane Pumped Storage Project in Raigarh.

Adani Enterprises: Incorporated two wholly owned subsidiaries—Alwar Alluvial Resources for manufacturing and processing of minerals, and Adani Disruptive Ventures.

Sterlite Technologies: Completed sell its stake (through its wholly owned subsidiary) in Impact Data Solutions Ltd., U.K. to Hexatronic Group AB.

Tata Steel: The company, through wholly owned subsidiary T.S. Global Holdings Pte Ltd, has concluded the divestment of its 19% equity stake in AI Rimal to Oman National Investments Development Company on Oct. 3, 2022, thereby reducing its shareholding from 70% to 51% in Al Rimal.

Godrej Consumer Products: In the quarterly update for the September quarter, the company said it expects to deliver high single-digit growth in India, with 3-year CAGR close to double-digits.

India Energy Exchange: Achieved 8,160 MU volume in Sept. 2022, registering 5% MoM growth. This comprised 7,118 MU in the conventional power market, 454 MU in the green power market, and 588 MU (5.88 lac certificates) in the REC market.

 Source: Moneycontrol, Bloomberg Quint, Investing

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