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

Investor sentiment in Indian markets will be mixed after U.S. stocks tumbled over the weekend, with data showing a hot labour market that will likely keep the Fed on its aggressive hiking.Though India’s benchmark indices snapped their worst three-week losing streak, the rupee slumped to a record low against the U.S. dollar. The weekly gains came amid a surge in oil prices following the OPEC+ bloc’s decision to cut supply.Equities fell in Australia, futures dropped in Hong Kong and contracts for the S&P 500 and Nasdaq 100 slid early on Monday.At 6:20 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 1.41% to 17,070.

Economic Calendar:

  • USD : Nonfarm Payrolls (Sep) on 07th 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:

JPM ON TATA MOTORS: Downgrade To Neutral From OW, TP cut to Rs 455 From Rs 525; Downgrade Due To A Delay In Deleveraging Timelines At JLR; Delay In FCF Generation Increases Risks To JLR’s Debt Reduction Targets; Cut FY23-25 Consol EPS Est By 12-25%

CLSA ON HERO MOTO: O-P, TP Rs 2962; Launched its electric scooter with top-end features & offering services to customers to resolve issues around charging, financing and servicing of vehicle.; However, pricing is significantly higher

CLSA ON BANDHAN BANK: O-P, TP Rs 325; 2Q pre-qtry release indicates 3% QoQ growth in its loan book following contraction seen previous quarter; Its loan book size is now back to its Mar 2022 level; With 45% of its restructured book not paying, expect NPAs to increase

International Markets:

U.S & Europe:

Particulars 06th October Chg. Chg.(%)
Nasdaq 10652.60 -420.91 -3.80
Dow 29296.79 -630.15 -2.11
FTSE 6991.09 -6.18 -0.09
CAC 5866.94 -69.48 -1.17
DAX 12273.00 -197.78 -1.59
Dow Fut.* 29196.1 -100.30 -0.42

Asian markets:

Particulars 07th  October Chg. Chg.(%)
SGX Nifty 17066.50 -246.00 -1.42
Nikkei 27116.11 -195.19 -0.71
Straits Times 3109.92 -35.07 -1.11
Hang Seng 17282.76 -459.33 -2.59
Shanghai 3004.17 -20.22 -0.66

ADR Watch:

Particulars 06th October  Chg. Chg.(%)
Dr. Reddy 52.75 -1.29 -2.39
HDFC Bank 57.45 -1.94 -3.27
ICICI Bank 21.07 -0.34 -1.59
Infosys 17.06 -0.42 -2.40
Tata Motor 24.27 -0.69 -2.76
Wipro 4.73 -0.13 -2.67

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.32 0.54
Brent 97.22 -0.71
Gold 1698.20 -0.65
Silver 19.830 -2.10

FIIs & DIIs:

Particulars 07th October 06th October
FIIs  -2250.77 279.01
DIIs 545.25 -43.92

News Update:

Jaiprakash Associates/Jaiprakash Power Ventures: To meet on Oct. 10 to discuss divestment plans. Jaiprakash Power board to discuss the proposal of divestment of Nigrie Cement Grinding Unit and review the progress made in debt reduction.

Suzlon Energy: The board of the company appointed Vinod R Tanti as the Chairman and Managing Director, and Girish R Tanti as the Executive Director designated as the Executive Vice Chairman with immediate effect. Tulsi Tanti, Founder and Chairman of the company, passed away on Oct. 1.

LIC/IDBI Bank: The government has invited bids for stake sale in IDBI Bank, according to a DIPAM notification. In the divestment, the government will offload 30.48% stake in the bank, while LIC will sell 30.24%. LIC currently holds 49.24% in IDBI Bank, while the government owns 45.48%.

Star Health and Allied Insurance Co.: The insurer reported 21% increase on-year in gross direct premium for health-retail category during year-to-date Sept. 30, 2022, while the same for health-group segment saw 49% decline during the period. Personal accident insurance segment recorded 25% growth in gross direct premium. The total rise in the gross direct premium in the period ended Sept. 30, 2022.

Tata Motors: Jaguar Land Rover, a wholly owned subsidiary of the company, saw sales decline 4.9% on-year to 88,121 units during the quarter ended Sept. 30, 2022. Sale of Jaguar cars declined 9.9% to 17,340 units, while Land Rover saw 3.6% decline in sale at 70,781 units.

ICICI Prudential Life Insurance Co.: New business premium of the insurer grew 13.9% on-year to Rs 7,359 crore in the first half of the current fiscal, while annualised premium equivalent increased 10.1% to Rs 3,519 crore. Retail weighted received premium increased 1% to RS 2,613 crore.

Tata Power: The company announced plans at Invest Rajasthan summit to develop around 10,000 MW of renewable energy capacity, mainly solar energy, in the next five years in Rajasthan, PTI reported.

Source: Moneycontrol, Bloomberg Quint, Investing

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