Market Highlights

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

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May 10, 2023

• *Good Morning*
• • Israel to Allow Entry of 42,000 Foreign Workers From India
• • India Trade Ministry Suggests Duty on Optical Fibers From China
• • India Court to Give Order on Go Air Insolvency Plea Wednesday
• • Tata and IndiGo Prepare to Swoop on Go Air’s Aviation Assets
• • Prosus Is Said to Explore Divestments From Fintech Arm PayU
• • Dr Reddy’s US Sales Likely Slow on Revlimid Loss: Preview
• • Larsen to Gain From Construction Rebound in India: Preview
• • Stocks in India Little Changed; ITC, Banks Lead Decline
• • Global Funds Buy Net INR19.4B of India Stocks on May 9: NSE
• o Domestic funds buy net 4.05b rupees of stocks
• • India-UAE trade pact transforming bilateral partnership, DPIIT Secy: PTI
• • AKI India (AKII): Approves splitting each share in to 5 shares
• • Apollo Tyres (APTY): 4Q net income 4.27b rupees vs. 1.13b y/y, beats est. 3.16; revenue +12% to 62.5b
• • Castrol India (CSTRL): 1Q Net Income 2.03b rupees Vs. 2.28b Y/y; revenue +4.4% to 12.94b
• • Eveready Industries (EVRIN): 4Q net loss 143.9m rupees Vs. loss 384.1m Y/y; revenue +19% to 2.86b
• • Godrej Agrovet (GOAGRO): 4Q net income -75% Y/y to 310.2m rupees, misses est. 560m; revenue +0.5% to 20.9b
• • IRB Infrastructure (IRB): April gross toll collection up 19% Y/y to 3.88b rupees
• • LIC of India (LICI): Increases stake in Hindustan Petroleum (HPCL) to 5.01%
• • Manappuram Finance (MGFL): BNP Paribas Arbitrage bought 4.99m shares of MGFL: NSE
• • Nazara Technologies (NAZARA): To invest INR150m in its unit Next Wave Multimidia
• *SGX 35 (18346)*
• 9 May Nifty spot 18266 (2) BN 43198 (-86)
• FII on 9 May
• *Cash 1942 DII 404*
• F&O -11274 ( IF -515 IO -10573 SF 60 SO -245)
• *PCR Nifty 1.01 , BN 0.76*
• Stock in F&O Ban : *GNFC, Manappuram BHEL & Canbk*
• *BRENT Fut 77.09 (-.27%) WTI Fut 73.40 (-.42%)*
• Gold 2041 (-.12%) Silver 25.83 (-.24%), Copper 8604 (-.25%) Zinc 2670 (-.00%) , Aluminium 2321 (.13%)
• India Vix 12.67 (.34%) S&P VIX 17.71 (4.30%)
• 10y US *3.507 (-.42%)*, Ind 7.046
• *USDINR 82.09*, *DXY 101.58 (-.02%)* € 1.0972 (.11%),¥ 135.15 (-.04%) CNY 6.9260 (.08%)
• *Dow -57 (Fut 24) Nsdaq -91 (Fut 10) S&P 500 -19 (Fut 5)*
• Nikkei -119 China -24 Taiwan -48 Hsang -136 Kospi -5 straits Times 9
• Regards: Sanjay Bindal Ashika Stock
• *Mehta Equities Market kya lagta hain@ 7.30am – Wednesday, May 10th 2023*
• # *SGX Nifty (+35, 18346)*
• # This Wednesday morning, Nifty is flirting above the dotted lines.
• # The positive catalyst: In yesterday’s trade too, FIIs bought shares worth Rupees 1942 crores while DIIs too bought worth Rupees 405 crore.
• # That said, our call of the day suggests Nifty may struggle to find acceptance above the 18350 mark.
• # That’s because, traders will wait for the biggest catalyst: The US CPI for April, which will be wired today at 6 PM IST.
• # Strictly speaking, Friday’s upbeat US jobs report needs validation from CPI to renew hawkish Fed bias.
• When it comes any economic data, the markets want to see an economy on strong footing.
• Slowing growth is positive for the market — as it signifies slowing inflation — but a collapse in growth would signal a recession, the ultimate fear.
• Meanwhile, Friday’s US jobs data does help ease recession worries, but it also creates uncertainty as to how long the Fed will keep interest rates elevated in its efforts to rein in inflation.
• Long story short: The US CPI for April, which will be wired today at 6 PM IST will command investors attention.
• # Technically, caution for bulls only below Nifty 18181 mark.
• # Now, before we get into detail, here is the preferred trade on Nifty and Bank Nifty:
• # Nifty (18266): Buy at CMP. Stop at 17971. Targets 18321/18500. Aggressive targets at 18888-19000 zone.
• # Bank Nifty (43198): Buy at CMP. Stop at 42293. Targets 43501/43741. Aggressive targets at 44153-44500 zone.
• # The Nifty options data suggests Nifty is likely to be in a trading range of 17800-18500 zone. Maximum Call OI is at 18300 followed by 18500 strike price. So, the 18500 mark will be Nifty’s crucial resistance zone. Maximum Put open interest stands at 18200 levels followed by 18000 levels. Call writing was seen at 18400 and then at 18300 strike price, while there was meaningful Put writing at 17800 and then at 18300 strike prices.
• # The Volatility index is hovering at 12.68 level.
• # Q4 earnings to trickle in today: LARSEN & TOUBRO, DR REDDY'S LABORATORIES, BOSCH, ESCORTS KUBOTA, GODREJ CONSUMER PRODUCTS, BASF INDIA, CERA SANITARYWARE, CHAMBAL BREWERIES & DISTILLERIES, GUJARAT GAS, HG INFRA ENGINEERING, JBM AUTO, NOVARTIS INDIA, ORCHID PHARMA, PROCTER & GAMBLE HYGIENE & HEALTH CARE, PRICOL, RELAXO FOOTWEARS, SANOFI INDIA
• *Disclaimer:* This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments.
• Good Morning
• News Headline from Leading Financial News Papers,
• Wednesday, 10 May, 2023
• • Reliance Jio & Bharti Airtel see data usage rise amid 5G rollouts
• • Go First lessors queue up to stitch deals with rival airlines
• • 664,000 families got Rs 13,290 crore under PM Jeevan Jyoti Bima Yojana: Nirmala Sitharaman
• • Fertiliser flying squads to crack down on diversion of agriculture-grade urea
• • Small towns stocking up on branded kitchen staples
• • Give banks capital leeway for insurance-backed trade finance products: IBA to RBI
• • Gabriel India inks pact with Inalfa to manufacture sunroofs
• • Suzlon Energy plans to raise Rs 2000 crore via NCDs
• • RattanIndia Power looks to refinance costly debt
• • Adani Ports to prepay $130m of $650m bonds due July 24
• • ITC among 10 cos in which LIC had maximum holding till Q4
• • No decision on banning diesel vehicles in cities: Petroleum Ministry
• • Forex reserve ratios point to lower rupee volatility
• • Stage set for high-stake Karnataka elections, polling starts
• • ONGC's Russia revenue stream just got a little more complicated
• • MGL shares hit 52-week high on bumper Q4 earnings
• •Kansai Nerolac spurt on strong Q4 show, bonus issue
• • Cheaper pizzas, burgers! Zomato starves in trade as ONDC poses a threat
• • Reliance Industries' capex benefits to flow in FY25, risk-reward attractive: JPMorgan
• •‘It’s India’s moment in the sun. More reforms will increase its attractiveness to investors
• • US sales, brand deals to seal the fortune for Dr Reddy's in Q4
• • Mankind Pharma takes a 32% leap on debut despite volatility gripping the market
• • Nexus Select Trust REIT IPO subscribed 28% on first day of offer
• • Wall Street closes down as focus shifts to inflation data, debt talks
• • FIIs’ equity holdings in smallcap firms hit a 20-quarter high
• • Nexus Select Trust REIT IPO: A better option with low risk, higher yield
• • Three Adani firms lose endorsement of UN-backed climate group
• • FMCG shares may benefit from fall in commodity prices
• • Avaada Energy bags 280 MW solar project in Rajasthan
• • Hotels are at peak occupancy, growth will come via higher room rates: Royal Orchid's chairman
• • Raymond board approves NCDs up to Rs 2,200 crore
• • Dalmia Cement to invest Rs 4,600 crore in Assam
• • Blue Star targets to achieve market share of 15% by FY25 in room air conditioners segment
• • Nazara Technologies' Q4 profit up 18%, revenue up 65% YoY to Rs 289.3 crore
• • Stan Druckenmiller says US on brink of a recession, sees hard landing
• Today's Market at 7:23am
• US Market
•       Nasdaq = -77.36
•       Dow Jones = -56.88
• European
•       Ftse 100 = -14.29
•       Cac 40 = -43.74
•       Dax = +2.65
• Asian
•       Nikkei 225 = -117.60
•       Straits Times = +9.31
•       Hang Seng = -104.79
•       Taiwan weighted = -57.15
•       Kospi = -4.71
• SGX Nifty = 18347(+36)
• On 9th May
• Fii buys 1942.19 crore stocks
• Dii buys 404.70 crore stocks
• Good News :
• 1. Lupin profit rise from -Rs518 to Rs236 crore
• 2. Apollo Tyre profit rise 277.8%
• 3. Nuvoco profit rise 593.1%
• 4. SCI profit rise 156%
• 5. Toll collection of IRB Infra rise 19%
• 6. Direct premium rise 25% of Star Health
• 7. LIC increase stake in HPCL
• Bad News:
• 1. Rain Ind profit decline 62%
• 2. Nazara profit decline 84%
• 3. Birlacorp profit decline 23.5%
• 4. Godrej Agrovet profit decline 83.2%
• 5. Hatsun Agro profit decline 15.7%
• 6. SEBI gave notice to PTC india and PTC India Fin
• Other News:
• 1. Result today: DrReddy, L&T, Bosch, Escorts, Godrej consumer, Gujarat Gas
• 2. 54% dissatisfied with IRCTC food
• 3. Inflation data will come today of America
• 4. FED target for 2% inflation will take 2 Years - FED member
• Pharma, Chemical, Plastic and Hotel stocks will go upside today
• *WHAT HAPPENED OVERNIGHT*
• - Risk-off continued overnight
• - SPX -0.46%, Nasdaq -0.63%
• - US 2y yield > 4.00%, 10y +1 bps to 3.52%
• - Dollar Index +0.18% to 101.63
• - Oil +0.4% to $77.31/bbl
• - US NFIB small biz survey showed resilient credit conditions
• - US CPI later tonight
• INDIA RUPEE-Rupee may fall further ahead of key U.S. inflation data - Reuters
• MUMBAI, May 10 (Reuters) - The Indian rupee is likely to extend losses on Wednesday ahead of crucial U.S. inflation data, having weakened below an important level in the previous session.
• Non-deliverable forwards indicate the rupee INR=IN will open at around 82.08-82.10 to the U.S. dollar compared with 82.0375 in the previous session.
• The rupee on Tuesday declined past 81.95-82, a level that traders reckoned was the near-term resistance for the USD/INR pair. Hedging by importers, possible dollar outflow and stop-losses were among the reasons cited by traders for the currency weakening past 82.
• "After yesterday's session, you would have to say the bias (on USD/INR) has shifted slightly to the upside," a senior sales official said.
• "Today, it will be about how much follow through is there and then obviously the U.S. inflation data will be crucial for the dollar's direction."
• Economists polled by Reuters expect the U.S. core inflation rate to rise 0.4% month-on-month in April, matching the pace in March. The headline inflation rate is expected to rose 5% on-year.
• Risk assets struggled ahead of the data. Asian shares, tracking the overnight fall in U.S. equities, dropped.
• "Anxiety may be building ahead of today’s inflation figures out of the U.S., where progress lower is likely to be limited, non-existent or even possibly go into reverse," ING Bank said in a note.
• Near maturity U.S. yields were up with the 2-year reaching 4.07% overnight. The odds that the U.S. Federal Reserve will opt for a pause were slightly lower at near 80%. FEDWATCH
• Meanwhile, on the U.S. debt ceiling front, U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy remained divided over raising the $31.4 trillion U.S. debt limit following talks on Tuesday.
• KEY INDICATORS:
• ** One-month non-deliverable rupee INRNDFOR= forward at 82.20; onshore one-month forward premium at 10.75 paisa
• ** USD/INR NSE May futures settled on Tuesday at 82.1225
• ** USD/INR May forward premium INR1FC= at 6.5 paisa
• ** Dollar index =USD at 101.56
• ** Brent crude futures LCOc1 down 0.6% at $77 per barrel
• ** Ten-year U.S. note yield at 3.51%
• ** SGX Nifty SINc1 nearest-month futures up 0.2% at 18,344
• ** As per NSDL data, foreign investors bought a net $386.8mln worth of Indian shares on May. 8
• ** NSDL data shows foreign investors bought a net $107.1mln worth of Indian bonds on May. 8