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

Asian markets primed for a mixed open on Wednesday following a late rally in the U.S. shares in a volatile session after Federal Reserve Chair Jerome Powell rebuffed an opportunity to tamp down investor optimism. The S&P 500 rose more than 1%, reversing a 0.6% drop. The tech-heavy Nasdaq 100 outperformed major benchmarks, climbing more than 2%. Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong. At 6:05 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.27% at 17,777.5. Meanwhile, the yield on 10-year Treasuries advanced to 3.66%. Crude prices were above $83-mark, Bitcoin hovered around $23,000-level. The Indian benchmark indices declined in trade on Tuesday after opening with slim gains amid volatility. Rupee closed higher against the U.S. dollar even as traders awaited the monetary policy decision, scheduled today.

Economic Calendar:

  • USD : Initial Jobless Claims on 09th February, 2023
  • USD : GDP (QoQ) (Q4) on 14th February, 2023
  • INR : Interest Rate Decision on 08th February, 2023
  • INR : Manufacturing Output (MoM) on 10th February, 2023

Q3FY23 Results Today: Shree Cement, Adani Power, Adani Wilmar, Cummins

India, Escorts Kubota, Dreamfolks Services, Endurance Technologies, Equitas Small Finance Bank, GATI, Gujarat Pipavav Port, Graphite India, HG Infra Engineering, Honeywell Automation India, IRCON International, ITD Cementation India, Minda Corporation, Samvardhana Motherson International, Narayana Hrudayalaya, Oberoi Realty, Piramal Enterprises, Speciality Restaurants, Symphony, Tracxn Technologies, Trent, and Windlas Biotech

Brokerage Radar:

CLSA ON TATA STEEL: O-P, TP cut to Rs 125; Margins to recover in 4Q; Growth projects in focus; Deleveraging pushed back; Europe relining capex a key risk to cashflows; Play on rising regional demand; cut FY23-25 Ebitda by up to 5%

MACQUARIE ON PAYTM: Double upgrade to OP, TP raised to Rs Rs800; FY23–25E loss/sh est. lowered 18–72%; Biggest surprise is distribution business, control of cashbacks, Opex; Risks – Adverse cycle in retail segment, competition, regulations

GS ON ADANI PORTS: Buy, TP Rs 840; In-line Q3, near-term focus on deleveraging

Port EBITDA margins at 69.5%, while vols flat yoy; FY24 EBITDA guidance at Rs145-150bn, capex guidance of Rs40-45bn, debt repayment of Rs50bn, & net debt/EBITDA guidance of 2.5X

International Markets:

U.S & Europe

Particulars 07th February Chg. Chg.(%)
Nasdaq 12113.79 226.34 1.90
Dow 34156.69 265.67 0.78
FTSE 7864.71 28.00 0.36
CAC 7132.35 -4.75 -0.07
DAX 15320.88 -25.03 -0.16
Dow Fut.* 34150.00 -6.70 -0.02

Asian markets

Particulars 08th February Chg. Chg.(%)
SGX Nifty 17796.00 66.00 0.37
Nikkei 27543.39 -142.08 -0.52
Straits Times 3391.54 10.70 0.32
Hang Seng 21323.05 24.35 0.11
Shanghai 3249.10 1.01 0.03

ADR Watch:

Particulars 07th February  Chg.       Chg.(%)
Dr. Reddy 54.22 1.26 2.38
HDFC Bank 67.19 0.28 0.42
ICICI Bank 20.72 0.08 0.39
Infosys 19.03 0.21 1.12
Wipro 4.86 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.70 -0.06
Brent 83.88 -0.29
Gold 1889.15 0.23
Silver 22.330 0.69

FIIs & DIIs:

Particulars 07th February 06th February
FIIs                           -2559.96 -1218.14
DIIs 639.82 1203.09

News Update:

Vodafone Idea: The company allocated 16.13 crore shares, or 33.44% stake, to the government in lieu of conversion of interest dues from deferment of adjusted gross revenue and spectrum auction payments.

ONGC: The company interacted with global oil majors, including ExxonMobil, Equinor, Baker Hughes, and France-based Institut Français du Pétrole, to collaborate in its exploration ventures in deepwaters of India at the India Energy Week.

BSE: The stock exchange will divest 2.5% stake in Central Depositary Services Ltd. to meet regulatory shareholding norms.

Canara Bank: The bank appointed K Satyanarayana Raju as MD & CEO, with effect from Feb. 7, 2023, till his superannuation on Dec. 31, 2025. The board also appointed Hardeep Singh Ahluwalia as executive director, for three years.

PC Jeweller: Four more banks—IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank—have issued loan recall notices against the company.

Blue Star: The company detected a cyberattack at certain locations, following which, its technical team had taken all necessary precautions to retrieve and restore the systems. The company said it has not found any material impact on the operations due to this incident.

Rail Vikas Nigam: The company emerged as the lowest bidder for provision of automatic block signalling on Madar-Sakhun section of Jaipur division over North-Western Railway. The project cost is Rs 69.48 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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