Opening Bell

January 1, 2024
Market Outlook Key Macro Events
Date Event Country Period Actual Previous
The Indian stock market indices, Sensex and Nifty 50, are 01-Jan S&P Global India Manufacturing PMI (Dec) USD 56.00
likely to see a weak opening on Monday as the markets may
consolidate after a sharp rally. The trends on Gift Nifty also Mutual Fund: Whats in.. Whats out
Aptus Value Housing Finance India Ltd. Tata Steel Long Products Ltd.
indicate a negative start for the Indian benchmark index. The
Gujarat Ambuja Exports Ltd. Suzlon Energy Ltd.
Gift Nifty was trading around 21,807 level as compared to Spandana Sphoorty Financial Ltd. Ramkrishna Forgings Ltd.
the Nifty futures’ previous close of 21,861. Click here for detailed report…

Market Yesterday
Top Fundamental Picks
Domestic equity benchmarks the Sensex and the Nifty 50
Research Report
ended the year's last trading day on a negative note, Company Name Target Price
CMP
snapping their five-day winning streak, on profit-booking in HPL Electric 233 305
select heavyweights even as the mid and smallcap indices Saregama 349 445
ended with healthy gains. The market breadth favoured DCB Bank 130 165
gainers over losers as about 1,758 shares advanced, 1,533
shares declined. Daily Technical Calls
▪ Buy Dabur in the range of 552-554
Key Developments ▪ Buy Jindal Steel & power in the range of 742-744
• Registration of properties in Mumbai municipal See Momentum Pick for more details…
area is likely to rise by 33% annually to around
12,500 units during December on better demand,
according to Knight Frank. CNX Nifty Technical Picture
Intraday Short term
• The Government of Arunachal Pradesh signed a
Memorandum of Agreement (MoA) with Tehri Trend
Hydropower Development Corporation India Ltd Support 21660-21610 21000
(THDCIL), a central PSU, for developing the 1200
Resistance 21780-21830 22000
MW Kalai-II hydroelectric project in the Lohit river
20 day EMA 21126
basin.
200 day EMA 19384
Bulk Deals
Company Client Name Type No. of shares Price (₹) Index Movement
BSE
AVL ASK INVESTMENT MANAGERS PVT LTD BUY 65,290 3,462.10
Close Previous Chg (%) MTD(%) YTD(%) P/E (1yrfwd)
MANSI SHARE & STOCK ADVISORS PRIVATE Sensex 72,240 72,410 -0.2 7.8 18.7 25.0
INNOVACAP SELL 3,55,735 542.64
LIMITED Nifty 21,731 21,779 -0.2 7.9 20.0 24.8
SUYOG FORTUNE SMART LIFESTYLE PRIVATE LIMITED SELL 2,00,000 935.59

Institutional Activity
Nifty Heat Map CY21 CY22 YTD CY23 Yesterday Last 5 Days
Tata 1,087 Tata 780 Bajaj 6,797 Adani 2,849 4,144 FII (₹ cr) -95,085 -2,60,392 -1,49,297 1,459 5,820
Eicher
Consum Motors Auto Ent
4.4% 3.5% 1.4% 1.4% 1.3% DII (₹ cr) 95,934 2,59,089 5,41,012 554 2,833
26,580 2,664 Britann 5,338 Tata 140 Bajaj 7,328
Nestle HUL
1.3% 1.1% ia 1.1% Steel 1.0% Finance 1.0%
LTI Markets Today
10,503 Adani 1,024 6,295 471 10,302
Ultratech Mindtr Wipro Maruti
0.7% Ports 0.7% 0.7% 0.4% 0.3% Commodities Close Previous Chng (%) MTD(%) YTD(%)
ee
Bajaj 1,686 HDFC 1,709 3,526 Asian 3,402 Hindalc 615 Gold (₹/10 gm) 63,161 63,389 -0.4 1.0 14.8
L&T
Finserv 0.3% Bank 0.2% 0.2% Paints 0.2% o 0.1% Silver (₹/kg) 73,914 74,959 -1.4 -3.0 6.5
JSW 880 3,793 SBI 1,433 Sun 1,259 HDFC 647 Crude ($/barrel) 77.7 77.2 0.7 -6.2 -9.6
TCS
Steel -0.1% -0.2% Life -0.2% Pharma -0.2% Life -0.2% Copper ($/tonne) 8,530 8,589 -0.7 1.7 2.0
Grasim 2,135 1,729 587 462 HCl 1,466 Currency
M&M UPL ITC
Ind -0.2% -0.3% -0.4% -0.4% Tech -0.4% USD/INR 83.2 83.2 0.0 0.2 -0.6
Bharti 1,032 Axis 1,102 Kotak 1,908 Indusind 1,599 Relianc 2,585 EUR/USD 1.1 1.1 0.0 1.6 3.4
Airtel -0.4% Bank -0.5% Bank -0.7% Bank -0.7% e Ind. -0.8% USD/YEN 141.7 142.0 -0.2 4.6 -7.5
Power 237 Hero 4,140
NTPC
311 Divis 3,904 ICICI 997 ADRs
Grid Moto Lab Bank
-0.8% -0.8% -0.9% -0.9% -0.9% HDFC Bank 67.2 67.0 0.3 12.0 -1.7
Apollo
Hospital
5,704
TechM
1,273 Dr 5,798
Titan
3,675
Cipla
1,246 ICICI Bank 24.2 24.0 0.8 9.2 10.6
Reddy
s -1.0% -1.0% -1.0% -1.1% -1.2% Infosys 18.6 18.6 -0.2 5.8 3.1
Infosys
1,543 Coal 376
SBI
642
ONGC
205
BPCL
451 Dr Reddys Labs 69.8 68.2 2.3 -0.2 34.8
-1.3% India -1.3% -1.4% -1.6% -3.3%
Wipro 5.6 5.6 0.0 14.8 19.5

Advance/Decline
Advances Declines Unchanged
BSE 2021 1749 121
Opening Bell
January 1, 2024
Key Data Points Exchange Cash Turnover (Rs crore)
Key Economic Indicator Period Latest Prior Values
RBI Cash Reserve Ratio N/A 4.50% 4.50%
60000
RBI Repo Rate N/A 6.50% 6.25%

8,997
8,610

6,886

6,943
6,479
RBI Reverse Repo Rate N/A 3.35% 3.35%
30000
CPI YY Sep 6.83% 7.44%
Current Account Balance Sep -9.20Bn $ -1.30Bn $ 0
Exports - USD Sep 34.48Bn $ 32.25Bn $ 22-Dec 26-Dec 27-Dec 28-Dec 29-Dec
FX Reserves, USD Final Sep 593.04Bn $ 593.90Bn $ BSE Cash NSE Cash
GDP Quarterly Q1 7.80% 6.10%
GDP Annual FY23 7.20% 6.80% NSE Derivative Turnover (Rs crore)
Imports - USD Sep 58.64Bn $ 52.92Bn $ 80000000

3,72,26,940

6,13,06,682
3,31,59,923
2,40,48,412
Industrial Output Sep 5.7% 3.7%
60000000

1,26,80,952
Manufacturing Output Sep 4.6% 3.1%
Trade Deficit Govt - USD Q1 -24.16Bn $ -20.67Bn $
40000000
WPI Food yy Sep 10.6% 14.3%
WPI Fuel yy Sep -6.3% -12.8% 20000000
WPI Inflation yy Sep -0.5% -1.4%
WPI Manuf Inflation yy Sep -2.4% -2.5% 0
22-Dec 26-Dec 27-Dec 28-Dec 29-Dec
NSE Derivative
Corporate Action Tracker Sectoral Performance – Monthly Returns (%)
Security name Action Ex Date Record Date Status Price (₹)
Akshar Spintex Ltd Interim Dividend 04-Jan-24 0.01
HCL TECHNOLOGIES LTD. Interim Dividend 19-Jan-24
Power 18.4
Angel One Ltd Interim Dividend 23-Jan-24 PSU 16.1
Ksolves India Ltd Interim Dividend 25-Jan-24 Oil & Gas 13.3
SHREE CEMENT LTD. Interim Dividend 08-Feb-24 Capital Goods 12.9
Metals 11.8
Real Estate 11.0
BSE Midcap 8.4
IT 8.4
Banks 8.1
Consumer… 7.8
FMCG 7.3
BSE Small Cap 6.7
Auto 5.9
Healthcare 5.6
0.0 5.0 10.0 15.0 20.0
(%)
 Opening Bell ICICI Direct Research

Key News for today

Company/
News View Impact
Industry
BHEL As per media sources, BHEL has emerged the best Given lack of orders given low capacity addition in the
bidder for a ₹19,422-crore turnkey contract for thermal power sector, this order win will provide a strong 👍
building a thermal power plant for govt owned utility respite in terms of visibility of revenue growth over 3-5
at Talabira, Odisha, quoting a better price than L&T- years.
MHI. BHEL will build three ultra supercritical units of
800 MW each at Talabira.
Hindustan Aeronautics Hindustan Aeronautics has opened a new design and The new facility will pave the way for faster design and
test facility for development of aero engines including development of engines for large scale programs like
joint development (with French company Safran) of IMRH and AMCA and thus faster execution timeline. Also,
engines for upcoming IMRH (Indian Multi Role the company is working towards increasing the
Helicopter) and AMCA (Advanced Medium Combat indigenisation level of existing engines currently used in
Aircraft). The new facility is at the company's existing LCH (Light Combat Helicopter) and LUH (Light Utility
Aero Engine Research and Development Centre Helicopter) which are also co-developed and co-
(AERDC) at Bengaluru, Karnataka. The AERDC is produced by HAL and Safran.
currently involved in the design and development of 👍
several new engines including two strategic engines -
Hindustan Turbo Fan Engine (HTFE) of 25 kN thrust for
powering trainers, UAV’s, twin engine small fighter
aircraft or regional jets and Hindustan Turbo Shaft
Engine (HTSE) of 1200 KW thrust for powering light
and medium weight helicopters (3.5 to 6.5 tonnes in
single/ twin engine configuration).
Indian Automobile Sector OEMs are expected to announce wholesale volume We expect 2-W space to report healthy double digit
numbers for the month of December 2023 volume growth on YoY basis primarily tracking low base,
wedding season during the month and green shoots of
rural recovery. On a high base, CV space is expected to
report a YoY decline in volumes while it could be single
digit growth on YoY in the PV space amidst conflicting
↔
factors of low base and higher channel inventory. On the
OEM’s front, Eicher Motors (Royal Enfield) and Bajaj Auto
are seen outperforming.

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 Opening Bell ICICI Direct Research

Key Developments (Continued…)

• As per media sources, Tinplate Company of India (a subsidiary of Tata Steel) is likely to invest ~₹ 1,800
crore for setting up a steel plant of ~3 lakh tonne annual capacity in Jamshedpur (Jharkhand). It is
envisaged to be commissioned by 2026.
• Registration of properties in Mumbai municipal area is likely to rise by 33% annually to around 12,500
units during December on better demand, according to Knight Frank. Of the overall registered properties,
residential units constitute 80 per cent. Mumbai city is estimated to see registrations of more than
1,27,000 units for CY23.
• Wipro has claimed damages of ₹ 25.15 crore along with an annual interest payout at the rate of 18% per
annum from September 29 from its former chief financial officer (CFO) Jatin Dalal, who the company says
has violated the non-compete clause in his employment contract.
• Newgen Software has informed the stock exchange that it has received an order of ₹ 14.25 crore for Loan
originating system platform. The company further mentioned that the order is to be executed over 3 years.
• Info Edge has informed the stock exchange that its stake in Aisle has increased from 76% to ~89% on
fully diluted basis as the promoter of Aisle has accepted the offer of buyback of 4,158 equity shares
(14.71% share of share capital) at price of ₹ 10 per equity share.
• iTorrent Power announced the incorporation of its wholly-owned subsidiary Torrent Green Hydrogen
Private Limited.
• Torrent Green Hydrogen Private Limited (TGHPL) was incorporated to carry on the business of
manufacture, assemble, purchase, purify, store, transport, experiment with, the supply, trade and
generally deal in hydrogen, its byproducts and/or its derivatives like ammonia, chemicals, compressed
natural gas and mineral substance.
• The Government of Arunachal Pradesh signed a Memorandum of Agreement (MoA) with Tehri
Hydropower Development Corporation India Ltd (THDCIL), a central PSU, for developing the 1200 MW
Kalai-II hydroelectric project in the Lohit river basin.
• The Apparel Retail sector is likely to see another quarter of slowdown as most of them reported a low
single digit return. This was primarily due to slowdown during peak season, impact of World Cup during
weekends, late onset of winter season.

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research

Major Economic Events this Week Recent Releases

Date Event Country Period Actual Previous Date Report
01-Jan S&P Global India Manufacturing PMI (Dec) USD 56.00 Dec 29, 2023 Conviction Idea-HPL Electric Power
04-Jan USD 218K Dec 26, 2023 Shubh Nivesh-Saregama
Initial Jobless Claims
Dec 18, 2023 Shubh Nivesh-DCB Bank
05-Jan Core CPI (YoY) EUR 3.6%
Dec 13, 2023 Conviction Idea - United Spirits
05-Jan Unemployment Rate (Dec) USD 3.7% Dec 11, 2023 Shubh Nivesh-NRB Bearings
05-Jan FX Reserves, USD INR

Pankaj Pandey Head – Research

[email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,
Third Floor,Brillanto House,
Road No 13, MIDC
Andheri (East)
Mumbai – 400 093
[email protected]

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 Opening Bell ICICI Direct Research
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