Actionable: Buy IRCTC, Renuka Sugars, Zomato

Insight Online News

From Advisory Desk : Vikash Sahay

10th October 2022
 
Market Outlook: US markets reacted sharply to the jobs data out on friday with the unemployment rate falling to 3.5%, benchmark indices down by 2-4%. Even futures were also trading lower by a half percent. Crude oil prices are trading near $98, rallied more than 12% in the last week after OPEC+ announced massive production cut. SGX Nifty is indicating a gap down opening for indian markets. Today, most of the Asian markets were closed due to public holiday. On friday, indian markets recovered from day’s low and ended flat following weakness in global markets. Going forward, Q2 corporate earnings, Fed minutes and global macroeconomic data will set the tone for markets. Banks will be in focus as latest credit growth remains strong and hits new nine years high.
 
Actionable: Buy IRCTC, Renuka Sugars, Zomato.
 
Tactical Ideas: Buy Ambuja Cements, Zee entertainment and Patanjali in market correction for few weeks.
 
Global market:

DOW:   -630
SGX NIFTY:   -260   (prev. close 17314)

NIFTY 50 : 17314
Sensex : 58191
 
Institution:
FII:                –  2251  Cr
DII:               +  545    Cr

NSE:
Advances:  1862 / Declines:  1576

Currency:
Dollar: $ 82.32
Dollar Index: 112.68
 
Commodity:
Gold: $1702  per ounce
Crude: $97.35  per barrel
 
Bonds:
10 year US bond rate: 3.88
10 year Indian Bond rate: 7.46

Derivative:
PCR: 0.99
VIX:  18.81

Today’s Results Announcement: TCS

Updates:

Adani Group – As per reports, Gautam Adani and family are in early discussions with investors, including Temasek, Singapore’s sovereign wealth fund GIC, and other wealth and private equity funds, to raise at least $10 billion. The capital is to be used to fund the group’s expansion plans in clean energy, ports and cement businesses.
 
IGL – Company raised CNG and PNG prices by Rs.3. With price hike, IGL’s gross margin would be around Rs.14/scm which is closer to Q1 margin of 14.3/scm.
 
Star Health Q2 Update – Gross Direct Premium underwritten Rs.5655.1cr vs Rs.5069.8cr; up 12% YoY.
 
Tata Motors- JLR 2Q Sales increased but remain constrained by semiconductor shortages. Retail sales up 12% QoQ, Wholesales up 4%, Order book remains at record level which reflects strong customer demand, particularly for New Range Rover, New Range Rover Sport and Defender.
 
Bandhan Bank Q2 Update – Loans & Advances stood at 99374cr; up 22% YoY & 3% QoQ. Total Deposits stood at 99365cr; up 21% YoY & 7% QoQ. CASA Ratio at 40.8% vs 43.2%. Bank Collection Efficiency at 97% vs 96%. LCR as on September 30, 2022 stands at ~134.
 
IDBI Bank – The government and LIC of India intend to sell a little more than 30% stake each in IDBI Bank. The government has invited expressions of interest from bidders.

Securities in Ban: Nil.
 
Derivative View: Immediate Max Put OI is at 17000 and 16500 and max Call OI is at 18000 and 17500. Option data suggests an immediate trading range in between 17000 to 17500.

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