Market-View-Feature-Image

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

Stocks were volatile in Asia and bonds fell as stagflation risks persisted. Equities were mixed in Japan and declined in Australia and South Korea. US futures wavered after the Wall Street snapped a two-day rally, as crude oil prices surged above $122/barrel igniting concerns about rising costs and monetary tightening. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.15% to 16,324 points as of 6:40 am. The European Central Bank is all set to wind down trillions of euros of asset purchases in a prelude to a rate hike expected in July. Elsewhere Bitcoin fell to $30,000 levels.

Economic Calendar:

  • INR: Manufacturing Output on 13th June 2022.
  • INR: Industrial Production on 13th June 2022.
  • USD: OPEC Monthly Report 14th June, 2022.
  • USD: US Interest Rate 15th June, 2022.

Brokerage Radar:

NOMURA ON L&T: Buy, TP Rs 1995 Capex Level Could Sustain If Crude Oil Prices Are Within $80-100/bbl Expect Ordering Momentum To Remain Strong In Near Term Co Expects Govt’s Capex Momentum To Be Strong Improvement On ESG Metrics Over FY22-26, May Drive Re-rating.

GOLDMAN SACHS ON AUTO: Separately, Domestic steel prices have cooled 8% month on month (still 25% above pre-Covid levels) Maruti Buy, TP Rs 9200 Hero Mot – sell , TP Rs 2080 TVS Mot – Neutral, TP Rs 660 Bajaj A – buy, TP Rs 4250.

UBS ON 2Ws: 4.5x jump in search interest for TVS iQube TVS’s strong in all categories ex entry bikes TVS- top pick followed by Eicher; Neutral on Bajaj & Hero TVS– TP Rs 1000 Eicher M– TP Rs 3100 Bajaj A– TP Rs 4000 Her Mot – TP Rs 2500.

International Markets:

U.S & Europe:

Particulars       8th June    Chg Chg(%)
Nasdaq 12,086.27 -88.96 -0.73
Dow 32910.90 -269.24 -0.81
FTSE 7,593.00 -5.93 -0.08
CAC 6,448.63 -51.72 -0.8
DAX 14,445.99 -110.63 -0.76
Dow Fut.* 32875.50 -36.4 -0.11

Asian markets:

Particulars    9th June    Chg. Chg(%)
SGX Nifty 16,263.00 -86 -0.53
Nikkei 28,278.45 44.16 0.16
Straits Times 3,217.37 -8.43 -0.26
Hang Seng 21,904.91 -109.68 -0.5
Shanghai 3,248.66 -15.13 -0.46

ADR Watch:

Particulars     8th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 58.68 0.25 0.43
ICICI Bank 18.71 -0.27 -1.42
Infosys 19.16 -0.22 -1.14
Tata Motor 27.89 -0.28 -0.99
Wipro 5.97 -0.04 -0.67

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.71 0.10
Brent 124.00 0.34
Gold 1854.95 -0.09
Silver 22.078 -0.07

FIIs & DII:

Particulars        8th June                                  7th June
FIIs -2484.25                     -2293.98                    
DIIs  1904.33   1311.14

News Update:

Tata Power: Tata Power Solar Systems has commissioned a 450 MW DC capacity solar pant for Brookfield Renewable India.

Tech Mahindra: The company has entered into share subscription agreement to acquire 26% equity stake in Huoban Energy 6 for Rs 1.6 crore.

Vedanta: The encumbrances created by the company on its 64.92% stake in Hindustan Zinc in the form of a pledge has been released.

Tata Steel: The firm has acquired 16.5 crore 12.17% non-cumulative, non-convertible, non-Participating, redeemable preference shares of TRF Ltd. for Rs 165 crore.

Indian Oil: The company has signed a long-term agreement with US-based Air Products & Chemicals Inc. The American company will build, own, and operate a new industrial gases complex supplying hydrogen, nitrogen and steam to Indian Oil’s Barauni refinery in Bihar.

Bank of India: The bank raised its repo-based lending rate from 7.25% to 7.75% with immediate effect.

Punjab National Bank: The bank raised repo-linked lending rate from 6.90% to to 7.40% effective June 9.

Wipro: The company along with ServiceNow will help Brazil’s largest publicly traded company, Petrobras SA, to advance its digital journey.

IL&FS Transportation: Khed Sinnar Expressway, a subsidiary, has received a settlement sum of Rs 736.07 crores from NHAI.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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