· Expects market to open on a flat note but intra-day may cross record high level today back of strong micro data along with persistent FIIs buying interest and rally in the global markets. The tech-heavy Nasdaq 100 ended the week 4% higher, logged its longest weekly winning streak since March 2019. Previous day, both Sensex and Nifty close on a record high and just 20 points from the lifetime high and expectation of new all time high level today. Sentiments remain robust due to CPI data falling to 25-month low, strong direct tax of above 11% to in April-June, nearly 8-year low WPI data, USDINR fall to 1-month low to below 82 and hope of good monsoon will boost the market sentiment. Foreign institutions net bought Rs 16,406 crore worth of equities in June. They have been net buyers of Rs 45,665 crore worth of Indian equities so far in 2023. US market on Friday marginally decline due to profit booking and Asian markets open on a mixed bag. SGX Nifty is flat to negative. Expects range bound market today on account of US market will be shut today. Expects stocks specific action in the market and any decline will be good buying opportunity. Expects, rally to continue on defense stocks on ahead of the Indian PM visit in US for defense collaboration this week. Metal stocks may be positive on hope of China to stimulus announcement. FMCG stocks may be positive on hope of good monsoon to improve rural demand and the government cut base import taxes on refined soybean and sunflower oils. Moreover, rally may continue on realestate, mid and small cap stocks. Watch on HDFC Bank – its ADR gained by 2.5% on Friday
· US Market – U.S. stocks ended lower on Friday on account of profit booking as investors weighed the path of monetary policy tightening by the Federal Reserve and the sustainability of the recent bull market. Nasdaq Composite slipped 0.5% while Dow Jones declined marginally by 0.3%. However, Nasdaq logged its longest weekly winning streak since March 2019. Wall Street appeared to cheer signs that the Fed's tightening cycle has helped to ease price pressures, while two Fed officials warned that the central bank may have to raise rates further to tame inflation.
· Global market summary –US Dollar Index fell to 2-month low at 102. The Nasdaq logged its longest weekly winning streak since March 2019.
· Asian Market –Asian equities are witnessing mixed bag. US equity futures reversed earlier gains and the offshore yuan weakened as investors parsed news on signs of improving ties between Washington and Beijing and hopes for further stimulus in China to boost its flagging recovery.
· European Market - European shares rose on Friday, posting their biggest weekly advance since April, buoyed by gains in the luxury goods and utilities sectors. France Index gained over 1% while Germany Index advance 0.50%
· Oil – Brent Crude advance 2% to above $76/bbl. The oil rig count in the US decreased by 4 this week, according to the latest data released by oilfield services company Baker Hughes on Friday.
· Gold –Gold slipped marginally to $1956/ounce after hawkish signals from the Federal Reserve and the European Central Bank.
· Previous Day market Update- Equity benchmark Sensex and Nifty ended at an all-time high on a closing basis on account of relentless buying interest across the sectors and a rally in the global markets along with strong domestic data and FIIs inflow. Both Sensex and Nifty are just a few points away from a record high today. Nifty touched an intra-day high of 18865 while the all-time high was 18887. On the domestic front, May CPI data fell to 25-month low and multi years low WPI data which have a positive sentiment in the market. Moreover, FIIs were net buyers of over Rs5000cr this week, USDINR fell to a 1-month low to below 82, and the hope of a good monsoon and stable oil prices have positive sentiment in the market. Sensex surged 467 points or 0.7% to close at 63385 while touching a high of 63520 (all-time 63583). Nifty advance 138 points or 0.7% to close at Rs18826 while touching an intra-day high of 18865. Banking, defense, FMCG, cement, and insurance stocks were major gainers today. Both Mid-cap and Small-cap Index gained 1% each. Both FIIs and DIIs were net buyers Rs795cr while DIIs Rs681cr respectively.
· Nifty Technical Levels – Nifty formed a Bullish candle on daily scale and has been making higher highs from the last four sessions. It formed a Bullish candle on weekly frame and has been making higher highs from the last twelve weeks. Now it has to hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18676 zones
· Bank Nifty Technical Levels – formed a Bullish candle on daily scale as buying was seen in heavyweights and ended with decent gains of 500 points. On weekly scale it formed a small bodied candle with long shadow as buying is visible at lower zones but negated the formation of highs lows after thirteen weeks. Now it has to hold above 43750 zones for a bounce towards 44144 then 44250 levels while on the downside support is seen at 43750 then 43500 zones.
· Actionable BUY – Titan, HAL, Rites, IRCTC, HDFC Bank, Tata Steel
· Brokers Radar – HSBC TGT on Mahindra Finance at 360, Manappuram Finance TGT by Morgan Stanley at 160, Britannia TGT by Nomura at 5425. Infosys – Citi TGT at 1395 AND Macquarie TGT at 1310. HCL Tech Macquarie TGT 1520. Wipro TGT by Citi at 335. Wipro TGT by Macquarie at 440.
· Events – SBI AGM, Can Fin Home board meeting for fund raising, Mahindra CIE will change it new name, SAT verdict on Zee Entertainment, Global Surfactant end of promoters lock in period. Sovergren Gold issue open today at Rs5926 per gram.
· Corporate Action - Ex-dividend - LG Balkrishnan Rs16, Ashirbad Capita Bonus 1:2, Vintage Coffee Right issue
· Global Data – NAHB Housing Market Index (US), Housing Price Index (UK)
· Market Summary – State Bank of India, HDFC to gain from Nifty Bank index readjustment, Tata Steel sets FY24 capex at Rs 16,000 crore, Rites wins overseas order , Kotak Mahindra Plans to Raise Rs7k Via Bond Sale in 2023-24, USFDA completes inspection at Dr Reddy's Lab and oratories Ltd's Bollaram API unit and Zero observation, ABB wins order from Kanpur Metro
· IRCTC – Company has announced that around 14.5 lakh reserved tickets are booked on daily basis in Indian Railways, out of which 81% are e-tickets, booked through IRCTC.
· Tata Steel - Company is planning a consolidated capital expenditure (capex) of Rs 16,000 crore for its domestic and global operations during the current financial year, according to its top management.
· Kotak Mahindra – Company’s board approved raising as much as 70 billion rupees ($854 million) selling bonds in one or more tranches during the financial year to March 2024 - positive
· Paras Defence – Company secured a contract worth about Rs53cr from the Indian defense ministry for the supply of optical periscopes.- positive
· PVR – Company collected Rs240cr in the last two days on new movie Adipurush. – positive
· HDFC – Company has sought RBI permission to classify its outstanding bonds with a tenure of more than seven years as infrastructure bonds. The mortgage financier is awaiting RBI's decision on this even as it is preparing to complete the merger process by the end of this month, a person aware of the matter said. – We are positive on the stock.
· MosChip Technologies - A semiconductor and system design services and IP company, announced today that Dr. Naveed Ahmed Sherwani has been appointed as Non-Executive Director of the Company.- Positive
· State Bank of India, HDFC to gain from Nifty Bank index readjustment – (media report)—SBI and HDFC will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in ONGC, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics
· Skipper Limited - One of the world's leading manufacturers for Power Transmission & Distribution manufacturer of Telecom and Railway structures wins fresh orders worth Rs.1135 Crores from Domestic & International Market – positive
· ABB - The Kanpur Metro has deployed ABB India's Electrification solutions for safe, reliable and quality power distribution. ABB India has been contributing to Indian Metro systems by proving electrification solutions to 13 metro rail projects across India. – positive
· Dr Reddy - The USFDA completed a GMP inspection at Dr. Reddy's Lab's API manufacturing facility in Bollaram, Hyderabad (CTO-3). The inspection was conducted from June 12, 2023 to June 16, 2023. The inspection closed with zero observations.- positive
· Adani Enterprises - The Adani Group owned Mumbai International Airport has registered a 23% increase in the total passenger in May. The Chhatrapati Shivaji Maharaj International Airport saw a footfall of 43.44 lakh passengers in May. With that, the passengers hadled by one of the busiest airports in the country has risen higher than pre-Covid levels.
· Nexus Select Trust - Company has successfully raised Rs. 1,000 crores of coupon-bearing Non-Convertible Debentures ("NCDs") – positive
· Gufic Biosciences – Company received approval from National Medical Products Administration (NMPA), China for our product PRILOCAINE (API) which is an amide-type local anaesthetic of fast onset and intermediate duration of action. This approval shall help commercialization of the said product in China and explore Chinese market. – positive
· Ram Ratna Wires- Company announced the setting up of new manufacturing facility for expansion its plant at Salarpur, Bhiwadi, Distt - Alwar, Rajasthan – positive
· Wipro – Company announced the launch of the Wipro Industry Innovation Experience for Energy and Utilities, featuring a new suite of integrated digital solutions built on Microsoft Cloud.- positive
· Ashok Leyland, Aidrivers develop India’s first autonomous electric terminal - Ashok Leyland and Aidrivers, the global specialist in AI- enabled autonomous solutions are partnering to produce autonomous electric terminal trucks to address the net zero emissions needs of the port industry.- positive
· Kalpataru Projects - Company has acquired the rights to redevelop a housing society in the Borivali suburb of Mumbai, and is planning to develop an over seven lakh sq. ft. residential project with an investment of around Rs 700 crore.- positive.
· NLC India – Company announced the incorporation of a subsidiary company to undertake its existing renewable energy projects. NLC India Renewables (NIRL) was incorporated as a wholly-owned subsidiary - positive
· Adani Green – Rating agency Fitch Affirms Adani Green Energy Restricted Group 2's Notes at 'BBB-'; Outlook Stable
· TCS – Company and U.S. insurer Transamerica have agreed to terminate the 10-year, $2-billion outsourcing deal after five-and-a-half years. Transamerica plans to cut its dependence on third-party IT services firms such as TCS, electing to do much of the tech work itself, according to an executive familiar with the development. – Not yet major impact ,
· Adani Power - Adani Electricity Mumbai has received over 3,000 applications from the customers of rival Tata Power for migration in the last two months after state regulator's multi-year tariff order brought down rates for the Adani Group company. There has been migration requests for close to 350 million units of power from around 3,000 applicants across the commercial, industrial as well as well as residential household customers of Tata Power in Mumbai – We are long term positive on Tata Power while marginally positive on Adani Power
· PDS Ltd – PDS Lifestyle has proposed to buy 100% stake in U.K.-based clothing brand New Lobster for Rs 150.51 crore - Positive
· DMR Hydroengineering - Company has received a Letter of Acceptance for Consultancy Services for design and construction of Treated Water Tunnel and allied works in Dist. Raigad, subject to the approval of CIDCO with order value Rs125cr – positive
· Natco Pharma- Company has announced final approval for its ANDA for Tipiracil Hydrochloride and Trifluridine Tablets from the USFDA. Natco believes it is one of the First-to-File for the product and may be eligible for a 180-day exclusivity at the time of launch. Lonsurf® is indicated primarily for the treatment of colorectal cancer. As per IQVIA data, Lonsurf® had generated annual sales of $211 million in USA during the twelve months ending December 2022. – positive
· Rites – Company has signed a Rs 665 crore contract with National Railways of Zimbabwe for supply of 3000 diesel electric locomotives and high sided open wagons. – positive
· DroneAcharya Aerial Innovations – Company has entered into a Memorandum of Understanding (MoU) with King Mongkut's Institute of Technology Ladkrabang (KMITL) which is one of the top universities based out of Bangkok, Thailand. – positive
· Indsil Hydro Power – Company has entered into a transaction with a buyer for sale of the 12 MW power plant of the Company situated at Raipur, Chhattisgarh for an aggregate consideration of Rs. 11.40 Crores – Positive
· Naapbooks Ltd – Company has entered into MOU with the MSME Promotion Council, New Delhi to Provide digitization and digitalization services to MSMEs and to make MSMEs digitally empowered and motivate them to adopt digital tools, applications and technologies in their production & business processes. – Positive
· Amines and Plasticizers – Company has received all the required statutory clearances and the Plant at Turbhe, Navi Mumbai will be fully operational effective today. – positive
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