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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

June 05, 2023

  • Mkt. Updates :
  • SGX Nifty +90 pts (18723) from last trade 18633 ,
  • Nikkei +427 pts ,
  • Hangseng +65 pts ,
  • Now @6.52am .
  • Dow +701.19 pts ,Nsdq +139.78 pts, S&P +61.35 pts , Bovespa +1993 pts , Ftse +117 pts , Dax +197 pts , Cac +133 pts , Crude @ $73.50 brl (+1.76), Brent @ $77.94 brl (-0.09) , Gold @ 1964.30 (-5.30), Silver @ $23.65 (-0.09), Euro @ $1.0694, JPY @ $140.20, INR @ 82.405
  • US GOVT. 10-YR YIELD : 3.72%
  • Today's Corporate Action, 05 June Ex Date :
  • HARDWYN
  • Stock  Split From Rs.10/- to Rs.1/- -
  • HARDWYN
  • Bonus issue 1:3 -
  • SHYAMMETL
  • Interim Dividend - Rs. - 1.8000 -
  • SKMEGGPROD
  • Interim Dividend - Rs. - 2.000
  • Today's Board Meetings, 05-Jun-23 :
  • ACFL
  • Audited Results
  • DHANCOT
  • General  
  • GENPHARMA
  • General  
  • INTENTECH
  • General;Dividend
  • SBICARD
  • General  
  • SEJAL
  • General
  •  
  • SEC. IN F&O BAN FOR, 05 JUN, 2023 :
  • NIL
  • ADDITION : NIL
  • DELETION : NIL
  • Tentative dates for #CycloneBiparjoy
  • June 03-07: LPA to form. Light drizzles over Mumbai.
  • June 08-10: Heavy rains over Maharashtra, Pune, Mumbai to get intense rains.
  • June 11-12: Mumbai and Konkan to get very heavy rains. Flashfloods likely in Konkan
  • Macquarie on Info Edge
  • Underperform Rating
  • Target Rs 3,000
  • Continue To Like Naukri But See Significant Optionality Built In Elsewhere
  • See Co Underperforming On Slower Growth For Naukri
  • No Clear Path To Profit In Other Verticals, Markdown Risk For Investment Book
  • Add Co To Macquarie's Asia Marquee Sell List
  • 5% Bull-case Upside Vs 50% Bear-case Downside
  • JPMorgan on Vednata-HZL
  • Downgrade Vedanta To Neutral
  • Cut Target To Rs 280 From 350
  • Remain Underweight On Hind Zinc
  • Lower Zinc Prices Mean High Earnings Pressure, Drives 23% EPS Cuts For FY24/25
  • FY24 A Challenging Year For Vedanta If LME Zinc & Aluminum Prices Do Not Recover
  • Expect Dividend Payout To Remain Elevated At Both Cos
  • Elevated Dividend Given Debt Repayments At Unlisted Parent Vedanta Resources
  • A Rebound In LME Zinc And Aluminum Prices Above $3,000/Tonne
  • Strategic Sale In Vedanta Addresses Minority Investor Concerns
  • JPMorgan on Eicher Motors
  • Neutral Rating
  • Target Rs 3,620
  • Mgmt Cautiously Optimistic On Demand, Doesn’t See Pdtn Constraints
  • Hunter Continues To See Good Response, 35% Of Buyers Are Under 25 Years
  • Co Expects RM Infln To Largely Be Flat Going Forward
  • Cost Structure Is The Same For Domestic And Export Markets
  • Exports Remain Key Focus Area, Co Looking To Grow Mkt & Cater To Higher Price Pts
  • Jefferies on Cement
  • All India Average Price Largely Stable MoM
  • Demand Growth Likely In Teens With Strong Traction In Infra & A Bit Sluggish In IHB
  • Regular Month Start Price Hike Attempts By Industry In Few Markets In June
  • Robust Demand And Sharply Falling Cost Environment
  • Have Upside Risk If There Is No Sharp Fall In Cement Prices During Monsoon
  • UBS on Aegis Logistics
  • Buy Rating
  • Target Rs 480
  • Medium-long Term Growth Outlook Intact
  • LPG Terminalling Volume Steadily Picked Up Aided By Recent Capacity Expansion
  • Expect The Trend To Continue In the Near-term With Improving Utilisation
  • Significant Capacity Expansion In Both LPG And Liquids Businesses
  • Healthy Quarter, EBITDA Up By 42% YoY
  • MS on SBI Life
  • Overweight Rating, Target At Rs1,650/Sh
  • Transfer Of Policyholder-related Assets & Liabilities Of Sahara Life
  • Co Clarified That This Is Not A Merger But a Transfer Of Assets & Liabilities
  • These Should Be Less Than 0.5% Of the Balance sheet Of The Company
  • Unlikely To Face Any Material Impact, Positive Or Negative, From Transfer
  • MS on M&M Fin
  • Equal-weight Rating
  • Target Rs 310
  • Disbursements & Collections Remained Strong In May
  • Collection Efficiency Was Marginally Better YoY
  • GS3 & GS2 Remain Range-bound YTD In FY24
  • Gross Asset Book Increased 1.9% MoM & Disbursements Rose 39% YoY
  • Jefferies on M&M Fin
  • Hold Rating
  • Target Rs 270
  • For May 23, Co’s Loans Grew 1.9% MoM
  • Disbursement Growth Was Healthy At 39% YoY, Broadly As Expected
  • Collection Efficiency At 96% Was Slightly Higher Vs May 2022
  • Co Indicated Stage 2 & Stage 3 Assets Were Range-bound
  • At 2.1x FY24 BV, Risk/Reward Appears Balanced Given 13-14% RoE Outlook Over FY24-25
  • CLSA on Banks
  • Strong Start To FY24 As Credit Growth Supports
  • Expect A Moderation Of 11-12% By FY24-25
  • Expect 11-12% Credit Growth With Retail Growth Of 15%
  • SME/Services At 11-12% & Corporate Growth Of 8%
  • ICICI Bank, Axis Bank & SBI Are Top Picks
  • MS on OMCs
  • India's Fuel Basket Is Priced At $110/bbl
  • OMCs Should Recover More Than Their Pre-Ukraine War Book Values Over Next 2 Mths
  • IOC & BPCL Are Preferred Picks
  • Update:
  • Over the weekend, OPEC+ nations met and decided to reduce oil production further. Saudi Arabia decided to extend 500K barrel per day cuts until 2024 and an additional 1 Mn barrels per day voluntarily in July 2023. Extension of production cuts into 2024 was supported by Iraq and Russia.
  • Crude Oil futures have moved higher by 6% in the last 3 days. While WTI Crude futures opened higher by 3.5% in morning trade, it is up 1.1% currently.
  • Higher crude oil prices impacts Indian fiscal deficit as Oil is the largest import basket and also impacts the margins of downstream plastic and related chemical industries.
  • Note: SGX Nifty is up 85 pts currently from Friday's closing as US markets rallied on Friday post Debt Ceiling suspension.
  • Fund Houses Recommendations
  • CLSA on Banks: Credit growth: strong start to FY24. ICICI Bank, Axis Bank & SBI are top picks (Positive)
  • MS on SBI Life: Maintain Overweight on Company, target price at Rs 1650/sh (Positive)
  • JP Morgan on Hindalco: Maintain Overweight on Company, target price at Rs 490/sh (Positive)
  • UBS on Aegis Logistics: Maintain Overweight on Company, target price at Rs 480/sh (Positive)
  • MS on OMCs: India's Fuel Basket Is Priced At $110/bbl, IOC & BPCL Are Preferred Picks (Positive)
  • Jefferies on Cement: Demand Growth Likely In Teens With Strong Traction In Infra & A Bit Sluggish In IHB (Positive)
  • JP Morgan on Eicher Motors: Maintain Neutral on Company, target price at Rs 3620/sh (Neutral)
  • Macquarie on Info Edge: Maintain Underperform on Company, target price at Rs 3000/sh (Neutral)
  • MS on M&M Fin: Maintain Equal weight on Company, target price at Rs 310/sh (Neutral)
  • Jefferies on M&M Fin: Maintain Buy on Company, target price at Rs 270/sh (Neutral)
  • JP Morgan on Vedanta: Downgrades to Neutral on company, target price at Rs 280/sh (Negative)
  • JP Morgan on Hind Zinc: Downgrades to Underweight on company (Negative)
  • Citi on Au Bank: Downgrades to Neutral on company, target price at Rs 765/sh (Negative)
  • Sector in news
  • Shrimp #Avantifeed #Waterbase
  • Multiple sources believe that U.S. shrimp import prices may have bottomed out. Import volume of shrimp in the United States decreased by 23% import unit price rose by 1.85% (source: NOAA)
  • FMCG - Two wheeler
  • India’s growth in FY24 is expected to cross 6.5% on the back of robust Rural demand- CII President.
  • Meanwhile, The onset of south west monsoon over Kerala may be slightly delayed even as eastern India is about to receive another spell of heatwave in the next 5 days
  • ⚕Pharma sector
  • FDCs banned by the Centre includes a commonly used medication – Nimesulide and paracetamol combination – which is used to relieve pain and fever. Certain antibiotic FDCs have also been prohibited – for example amoxicillin and bromhexine combination which is used to treat respiratory tract infections. On top of this, some codeine-based formulations have also been banned. Codeine is used to treat runny nose, sneezing, cough, and common cold symptoms
  • -The Indian market snapped a two-day losing streak to close with moderate gains in a highly volatile session on June 2.
  • -Sensex was up 119 points or 0.2% at 62,547 and the Nifty50 was up 46 points or 0.3% at 18,534.
  • -FIIs net sold shares worth Rs 659 cr while DIIs net bought shares worth Rs 582 cr in the Indian equity market on 2nd June.
  • -Coal India share sale over-subscribed, govt to get more than Rs 4,000 crore.
  • -Go First's IRP submits 6-month revival plan to DGCA.
  • -SAIL eyes long-term coking coal contracts with Australia, Russia, US and Canada.
  • -GAIL infuses Rs 2,100 crore in insolvent chemical firm JBF Petrochemicals.
  • -Bank of Baroda board approves raising Rs 5,000 crore by March 2024.
  • -Gold price rose to ₹60,308/10 gm and price of silver advanced to ₹72,358/kg: IBJA.
  • -Indian Rupee settles 9 paise higher at 82.31 against US dollar.
  • -Brent crude future trading at $77.0 a barrel, up 1.1%.
  • Nifty likely to touch all-time high of 18,887
  • The Nifty is likely to continue its upward momentum and can touch previous all-time high level of 18,887, according to technical analysts. The mid- and small-cap baskets, which remained active throughout last week, will continue their rally, analysts added. Hudco, Apollo Hospitals, Tech Mahindra, Tata Elxsi, Jindal Steel, Hindustan Copper, and RHI Magnesita are some of the top trading picks for the week.
  • SAMEET CHAVAN - CHIEF ANALYST-TECHNICAL & DERIVATIVES, ANGEL ONE
  • Where is Nifty headed this week?
  • If global markets support, we can construe last week’s price development as a pullback. This view remains valid as long as a cluster of support around 18,460 – 18,400 – 18,330 is not violated on a closing basis. On the flip side, the sturdy wall is visible around 18,600 – 18,670, and the moment it’s surpassed, we may see an alltime high getting challenged.
  • What should investors do?
  • Broadly, we are in a strong uptrend, and it’s advisable to focus on the larger picture. We recommend buying Hudco for a target of Rs 68. Traders can participate by following a strict stop loss at Rs 57.80. Apollo Hospitals looks attractive. It can be bought for a target of Rs 5,250, with stop loss at Rs 4,820.
  • MEHUL KOTHARI - AVP - TECHNICAL RESEARCH, ANAND RATHI SHARES & STOCK BROKERS
  • Where is Nifty headed this week?
  • Nifty’s recent high of 18,662 would remain an immediate trigger for the bulls. A sustainable move above this level might result in a new life high for the index. We expect the ongoing momentum to halt near 18,900 – 19,000. The volatility index VIX is once again near the reversal zone of 11-10, indicating high volatility. On the downside, 18,450 seems to be an important support. A close of 18,450 might bring the expected corrective impulse move in the markets.
  • What should investors do?
  • It would be wiser for traders to keep booking profits. We expect a decent relief rally or a pullback in Aditya Birla Fashion. Buy in Rs 202-198 range with a stop loss of Rs 180 on a closing basis for upside target of Rs 230 and Rs 240 levels in 1-3 months. Even Nykaa looks ready for a bounce. Traders can buy the stock in Rs 132-128 range with a stop loss of Rs 114 on closing basis for the upside potential target of Rs 154 and Rs 162 levels in 1-3 months.
  • ARPAN SHAH - SENIOR RESEARCH ANALYST, MONARCH NETWORTH CAPITAL
  • Where is Nifty headed this week?
  • Nifty will likely continue its upside momentum in June and can touch its all-time high of 18,887 in the current series. Bank Nifty has crossed its previous all-time high of 44,151 but failed to sustain above that level. However, the current dip can be a buying opportunity as the index is heading for 45,000-45,500 in June.
  • What should investors do?
  • The IT index has bounced from its support and closed with a reversal candlestick formation in May. Tech Mahindra and Tata Elxsi are the top IT picks. In metals, Jindal Steel and Hindustan Copper are good trading opportunities. Among mid- & small-caps, Steelcast, Sansera Engg, Carysil, and RHI Megnesita are the top picks.
  • Exciting Opportunity Alert!
  • Bank of Baroda (BOB) is selling up to 21,00,000 equity shares of NSEIL through a competitive bidding process. Here are the details:
  • Sale Details:
  • a) Fully paid-up unencumbered equity shares of NSEIL on offer
  • b) Bids ranked by highest price per share
  • c) Reserve Price: Rs. 3150/- per share
  • d) Minimum Bid Quantity: 25,000 shares, with increments of 5,000 shares
  • e) Multiple quotes allowed within a single bid
  • Eligibility Criteria:
  • a) Insurance companies, mutual funds, banks, PSUs, and government departments eligible
  • b) Body Corporates, Trusts, LLPs, Resident Individuals, Resident HNIs, FIIs, and Non-Residents can also participate
  • c) Partnership firms are not eligible to bid
  • Bid Process:
  • a) Submit bids via email with Technical Bid and Financial Bid attachments
  • b) Refundable Earnest Money Deposit (EMD) required with the bid
  • Timelines:
  • a) Last date for Pre-bid Queries: June 15, 2023
  • b) Last date for Bid Submission: July 10, 2023
  • c) Date of Opening of Bids: July 11, 2023
Panchkarma