INVESTMENT PRODUCTS

MORNING CUPPA
Jan 23, 2023

Equity :
• Nifty closed @18,027.65 (-80.20) and Sensex @60,621.77 (-236.7) on Friday. SGX Nifty is trading at
97 points higher (as of 7.30 a.m.)
• FIIs net sold equities in cash worth of Rs. 2,002 cr whereas DIIs net bought Rs. 1,510 cr on January
20, 2023
• Reliance Industries Q3: consol net profit slipped by 15% YoY but topped estimates, revenue grew by
15% YoY
• ICICI Bank Q3 profit jumped by 34% to Rs 8,312 cr YoY on robust net interest income growth
• Kotak Mahindra Bank's consolidated net profit rose by 17% YoY in Q3 FY23
• Ultratech Cement's Q3 net profit fell by 38% to Rs 1,062 cr even as revenue grew by 19.5% YoY
• LTI Mindtree Q3: net profit declined by 15.8% QoQ, revenue grew 2.4% QoQ
• JSW Steel Q3 net profit fell by over 85% YoY to Rs 474 cr on higher expenses
• HDFC Life posted 15% YoY surge in Q3 net profit to Rs 315 cr YoY
• SBI Life Insurance Q3 net profit fells over 16% YoY to Rs 304 cr YoY
• JSW Energy Q3 net dips 45% YoY to Rs 180 cr despite revenue surging by 18% to Rs 2,350 cr YoY
• Punjab & Sind Bank Q3 profit grew by 24% YoY to Rs 373 cr on rising interest income
• IDFC First Bank Q3 net profit doubled to Rs 605 crore YoY
• RBL Bank's Q3 results: Net profit jumped by 34% YoY on firm NII growth
• YES Bank Q3 net profit declined by 80.7% YoY at Rs 52 cr as ageing bad loans hurt
• Petronet LNG booked 3.5% YoY profit growth at Rs 1,181 cr in Q3
• RBI to appeal HC order on Yes Bank AT-1 bonds
• Indian ADRs: Tata Motors (+2.3%), HDFC Bank (+1.5%), ICICI Bank (+0.6%)
Debt:
• 10yr G-sec yield rose by 4 bps to 7.35% on Friday
• RBI accepted entire notified amount of Rs. 28,000 cr in weekly G-sec auction
• Bombay High Court set aside YES Bank's erstwhile administrator's decision to write off AT1 bonds
worth Rs. 8,415 cr. RBI is likely to appeal the court ruling, as per Mint
• Credit rating agencies have asked RBI to issue 'default recognition' criteria, which determines how
missed or delayed payment in one kind of debt impacts rating of other debt
• Government is unlikely to announce capital infusion for PSBs in the upcoming FY24 Union Budget as
their financial health has improved significantly
Commodities:
• Oil prices were up for the second consecutive week as brent crude prices closed 1.7% higher at
$87.6 per barrel on Friday on the back of expectations for higher fuel demand in China
• Gold prices are up for the 5th consecutive week as gold future rose 0.3% last week adding to its
6.7% gain over previous four weeks. Gold prices trading close to their highest level since April and
less than $100 away from record highs at the time of writing
• Natural gas prices were down for the 5th week in a row as New York Mercantile Exchange’s Henry
Hub fell 5% last week, adding to the 48% drop over four previous weeks
• Flows in gold ETF plunged 90% to Rs. 459 cr in 2022 as compared to Rs. 4814 cr in 2021
• US treasury secretary Janet Yellen said Russian oil price cap could save African countries $6 billion
annually as they could negotiate steeper discounts for Russian oil
 Currency:
• Rupee appreciated by 24 paisa against the US dollar on Friday and closed at 81.13 on the back of
broad dollar weakness
• India's foreign exchange reserves hit over a five-month high and rose by $10.4 billion to $572
billion in the week ending on January 13
• US dollar index was choppy on Friday and closed 0.05% lower at 102.01
• GBP/USD seesawed on Friday and closed 0.03% higher against the dollar at 1.2393
• AUD/USD climbed on Friday by 0.83% and closed at 0.6966 underpinned by investors’ upbeat
mood

International Markets:
• U.S. stocks rallied to close higher on Friday, with Dow Jones, S&P 500, and Nasdaq up by 1%,
1.89%, and 2.66% respectively. All 3 major futures indices are down by 10-20 bps at the time of
writing
• U.S. existing home sales plunged by 1.5% MoM to a 12-year low of 4.02 mn units in Dec-22
• UK retail sales unexpectedly fell by 1% MoM in Dec-22 against a forecast for a 0.5% MoM
increase in a Reuters poll of economists. On a YoY basis fell by 5.8% against a forecast of -4.1%
• China kept benchmark lending rates unchanged for a fifth month in a row with 1 yr loan prime
rate (LPR) at 3.65% and 5 yr LPR at 4.3%
• China reported 12,658 Covid linked deaths at hospitals between January 13-19, as per the
Chinese CDCP. It reported 59,938 such deaths between 8-Dec-22 and 12-Jan-23
• Google parent Alphabet Inc. will cut about 12,000 jobs, more than 6% of its global workforce
after years of abundant growth and hiring

Change (%)
Last Traded Price 1D MTD YTD 1Y
Sensex 60,622 -0.4% -0.4% -0.4% 1.9%
Nifty 50 18,028 -0.4% -0.4% -0.4% 1.5%
S&P BSE Mid Cap 25,005 -0.7% -1.2% -1.2% -1.8%
S&P BSE Small Cap 28,630 -0.5% -1.0% -1.0% -6.3%
Dow Jones 33,374 1.0% 0.7% 0.7% -3.9%
Nasdaq 11,140 2.7% 6.4% 6.4% -21.3%
Hang Seng 22,045 1.8% 11.4% 11.4% -11.7%

Gold (USD/ounce) 1,927 -0.2% 5.6% 5.6% 4.8%

Silver (USD/ounce) 23.9 0.5% -0.1% -0.1% -2.0%
Crude(Brent)(USD/Barrel) 87.6 1.7% 2.0% 2.0% -0.8%
Copper(USD/pound) 4.25 0.5% 11.6% 11.6% -7.2%
Steel HRC FoB China
625.0 0.0% 9.4% 9.4% -17.0%
(USD/tonne) (derived)
Levels
10 Year G-Sec (India) 7.35 7.31 7.33 7.33 6.61
US 10 Year 3.48 3.40 3.88 3.88 1.81

USD INR 81.13 81.36 82.74 82.74 74.51

EUR USD 1.09 1.08 1.07 1.07 1.13
USD JPY 129.57 128.42 131.11 131.11 114.09

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