From Advisory Desk 6th June 2023

From Advisory Desk 6th June 2023

 

Market Outlook: US stocks ended slightly lower as the data from S&P and ISM on services activity was a bit weaker than expected. Following the news, Bond yields reacted and reversed the earlier gains. Asian markets have started with a mixed performance, while the SGX Nifty indicates a flat opening. On the domestic front, our markets started the week on a positive note yesterday, closing higher by 0.35%. After the recent consolidation breakout, the Nifty is moving within a range of 18450-18670 levels from the past few sessions. However, the positive trend remains intact and expect stock specific action to continue. The RBI MPC meeting is set to begin today, with the outcome announcement scheduled for 8th June.

 

Actionable: Buy M&M, L&T.

 

Global market:

DOW:  - 199

SGX NIFTY:   - 10   (prev. close 18725)

NIFTY 50 : 18593

Sensex : 62787

 

Institution:

FII:                -   701     Cr

DII:               +  1196   Cr

NSE:

Advances:  2128  / Declines:  1543

Currency:

Dollar: $ 82.67

Dollar Index: 103.99

 

Commodity:

Gold: $ 1975  per ounce

Crude: $ 76.15  per barrel

 

Bonds:

10 year US bond rate: 3.69

10 year Indian Bond rate: 7.00

Derivative:

PCR: 0.95

VIX:  11.13

Updates:

SBI Cards: SBI Cards and Payment Services Ltd on Monday announced that its board of directors has approved the raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to ₹3,000 crore in one or more tranches, on a private placement basis.

 

Adani Group | The group on Monday said it has repaid loans totalling $2.65 billion that were taken by pledging shares in the conglomerate's listed firms and another $700 million in loans taken for the acquisition of Ambuja Cement.

Godrej Consumer Product - Company announced the appointment of Aasif Malbari as its Chief Financial Officer, with effect from August 10, 2023. Aasif Malbari is currently the CFO of Tata Passenger Electric Mobility and Director of Tata Motors Passenger.

 

Sugar Sector - Sugar prices tumbled to 6-week lows yesterday. The arrival of monsoon rains in India and ramped-up sugar production in Brazil are weighing on sugar prices.

Securities in ban: IBULHSGFIN, INDIACEM, MANAPPURAM FINANCE.

 

Derivative View: On option front, weekly maximum Call OI is at 18600 then 18700 strike while Maximum Put OI is at 18500 then 18600 strike. Option data suggests an immediate trading range in between 18400 to 18700 zones.