Hawkish US Fed tone hits D-Street; Sensex slips 179 pts; IT stocks shine

A mild recovery post a gap-down start quickly dismantled during the last hour of the session as market participants offloaded metal and rate-sensitive counters

8:56 AM

Nomura on LIC Housing Finance

8:54 AM

Heat Map (Sensex)

How Sensex stocks performed on Wednesday

8:52 AM

Edelweiss on Infosys

Infosys has good demand visibility combined with robust deal wins of $14.1bn in FY21 which will support its revenue growth. The company has outperformed peers in the past 7-8 quarters and has improved margin every quarter since the low point of FY20 led by higher offshoring. Management believes cloud migration and integration are start of a multiyear tech cycle and once the migration gets completed, it will open up new opportunities.

 

The company believes there is huge potential in cloud and digital transformation. It is expected to deliver strong double digit revenue growth on the back of robust deal wins and strong pipeline. The stock trades at 25x FY22E. We maintain ‘BUY/SO’ with target price of Rs 2,124 (36x Q2FY23E).

Infosys

8:51 AM

Stocks to watch in trade today

SBI: The company Board is slated to meet on June 21 to consider a fundraising plan for FY22.

 

ISGEC Heavy Engineering: The company has received an order for the fabrication of above-ground piping spools from Tata Projects.

 

IDFC First Bank: The lender has approved the re-appointment of V Vaidyanathan as the MD & CEO for a further period of three years, with effect from December 19, 2021.

GET THE FULL LIST HERE

 

8:48 AM

Goldman Sachs on Tata Consumer

8:47 AM

Anand Rathi on Deccan Cements

On more demand and better pricing, Deccan Cements’ Q4 performance improved. The southern region manufacturer’s B/S was net debt free and profitability improved. By FY24, the 2.2m-ton expansion is expected to be complete, and the WHRS would contain power costs. We retain our Buy on the stock, at a higher target of Rs752 (earlier Rs596).

8:46 AM

IPO watch

Shyam Metalics IPO gets healthy response, subscribed 121 times on Day 3

The initial public offering of Shyam Metalics and Energy garnered 121 times subscription on Wednesday, the final day of the bidding. It generated bids of over Rs 78,000 crore. The qualified institutional buyer (QIB) portion of the issue was subscribed 153 times, the high net-worth individual portion was subscribed 340 times and the retail portion was bought nearly 12 times. Shyam Metalics’ IPO size was Rs 909 crore — of which Rs 657 crore was fresh fundraise to help retire debt. READ MORE HERE 

8:44 AM

US economy well on way to robust post-Covid recovery: Janet Yellen

Treasury Secretary Janet Yellen (pictured) said the US is “well on the way” to a strong recovery from the Covid-19 pandemic, and urged lawmakers to turn to addressing long-run problems ailing the economy. Yellen said in testimony she’s scheduled to deliver before the Senate Finance Committee Wednesday that she came into her job in January hoping to help Americans “make it to the other side of the crisis.” READ MORE HERE

US Treasury Secretary Janet Yellen

8:43 AM

Commodity watch: Crude oil

We expect Brent to test levels of $78 and in MCX, prices may even come till 5,500. This is not a market for taking short positions and periodic profit booking should be done when market makes new high. -- Bhavik Patel, Senior Commodity/Currency Research Analyst at TradeBulls Securities

8:39 AM

Bulk deals on BSE on Wednesday

Read here in detail

8:37 AM

Bulk deals on NSE on Wednesday

Read here in detail

8:32 AM

FIIs, DIIs both turned net sellers on Wednesday

8:30 AM

SGX Nifty signals gap-down start

> Nifty futures on the Singapore Exchange traded 109 points down at 15,666 around 8.30 am

8:22 AM

Crude oil prices drop, pressured by stronger U.S. dollar

Crude oil prices fell on Thursday pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. 

 

Brent crude oil futures dropped by 74 cents, or 1%, to $73.65 a barrel after reaching its highest since April 2019 in the previous session. US crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its highest since October 2018 the previous day.

(Source: Reuters)

8:19 AM

Asia stocks, US futures slip as traders mull Fed

Asian stocks and U.S. futures declined Thursday after Federal Reserve officials sped up their expected pace of policy tightening.

 

• S&P 500 futures fell 0.4% 
• Nasdaq 100 fell 0.3%
• Topix index fell 0.8%
• Australia’s S&P/ASX 200 Index lost 0.3%
• Kospi index retreated 0.6%
• Hang Seng Index was little changed
• Shanghai Composite Index rose 0.2%
• Euro Stoxx 50 futures fell 0.5%

 

(Source: Bloomberg)