Insight Online News
From Advisory Desk : Vikash Sahay
28th April 2023; Market Outlook: Strong earnings, especially from major tech companies, drove the US markets to close on a high note. Earnings season so far has been quite strong, despite weakness in the financial sector. On the data front, Q1 GDP was below consensus at 1.1% but personal consumption remained solid at 3.7%. Asian markets including SGX Nifty is indicating a positive opening. On the domestic front, Nifty has been consistently forming higher highs and higher lows for the past few sessions and yesterday, it closed comfortably above the 17850 level. The markets are getting more broad-based, with the midcaps participation in the upmove. We expect the strong momentum to continue. Auto stocks will be in focus ahead of monthly sales numbers.
Actionable: Buy Tata Motors, Zomato, Godrej Properties.
Delivery Idea: Buy IDFC First Bank
DOW: + 524
SGX NIFTY: + 70 (prev. close 17993)
NIFTY 50 : 17915
Sensex : 60649
FII: + 1653 Cr
DII: + 97 Cr
Advances: 1952 / Declines: 1528
Dollar: $ 81.84
Dollar Index: 101.50
Gold: $ 1998 per ounce
Crude: $ 78.35 per barrel
10 year US bond rate: 3.52
10 year Indian Bond rate: 7.10
Today’s Result Announcement – UltraTech Cement, SBI Cards and Payment Services, CSB Bank, L&T Finance Holdings, Mahindra & Mahindra Financial Services, Vedant Fashions, Atul, CarTrade Tech, eMudhra, Himadri Speciality Chemical, Ramkrishna Forgings, Star Health and Allied Insurance Company, Tata Metaliks, Orient Cement, Supreme Ind.
Tomorrow’s Result Announcement – Kotak Mahindra Bank, IDBI Bank, RBL Bank, IDFC First Bank, Aarti Drugs, Central Bank of India, GHCL, Meghmani Organics, Parag Milk Foods, Rossari Biotech, and Satin Creditcare Network.
Above estimates: Axis Bank, Indian Hotels, Glenmark Lifesciences, Surya Roshni, Chennai Petro, Welspun India, Can Fin Homes.
Inline estimates: LTIM, ACC, Bajaj Finserve, Shriram Finance, Usha Martin
Below estimates: HUL, Laurus Labs, Wipro, Tech Mahindra, Mphasis
Godrej Consumer Products/Raymond – Godrej Consumer product is acquiring the consumer goods business of Raymond Consumer Care Ltd for $345 million. Raymond will sell its popular brands to Godrej as part of the deal, which will turn it debt-free and reduce the number of business lines.
PI Industries – Subsidiary PI Health Sciences will acquire Indian subsdiairiy of Therachem Research Medilab—TRM India—for $42 million (Rs.343.37 crore). It will also acquire Solis Pharmachem for $3 million and Archimia for €34.2 million. The company will purchase certain identified products of PI Health Sciences US for $5 million.
IRB Infrastructure – The company bagged 158 kilometre-long Hyderabad outer ring road project under the toll-operate-transfer model for Rs.7,380 crore.
Adani Green Energy – As per reports, Adani Group is considering raising almost USD 800 million to fund new green energy projects.
Securities in Ban: NIL.
Derivative View: On option front, Weekly maximum Call OI is at 18500 then 18000 strike while Maximum Put OI is at 17500 then 17800 strike. Option data suggests an immediate trading range in between 17700 to 18200 zones.