1.4% 1.4% 1.2% 1.2% 0.8% Finserv Ind. HDFC Bank Opening ...

Opening Bell

Market Outlook

Indian markets are likely to open gap-up tracking positive global cues as investors shrugged off initial jitters following the Fed's first hike in interest rates in more than three years.

March 17, 2022

Today's Highlights Events: EU CPI, UK Interest Rate, US Industrial Production, Japan CPI

Index Movement

Markets Yesterday

64000

19000

Domestic markets ended higher on the back of gains across

61000

18000

BFSI, auto and IT stocks amid positive global cues and

58000

17000

advances in Russian-Ukrainian negotiations

55000

16000

52000

15000

US markets ended higher tracking gains in technology

49000

14000

stocks amid the Fed's rate hike

Key Developments

Reliance Industries is planning to make a foray into coalbased power generation by submitting an application to acquire bankrupt Lanco's Amarkantak unit. RIL had earlier made an announcement to get into the renewable power generation business by investing $10 billion in three years but its bid for a coal-based power plant is considered as deviation from its green energy policy

PNC Infratech has received | 82.7 crore towards bonus for early completion of one of its EPC projects viz. 'Development of Purvanchal Expressway (Package V) from Sansarpur to Gobindpur in Uttar Pradesh' from UPEIDA. The project has been completed 132 days ahead of the scheduled completion date. Accordingly, bonus @ 0.04% of the contract price (| 1,566 crore), is for each day of early completion, in terms of the contract agreement. We note that bonus receipt is as per the guidance of the company

Sensex Nifty

Close 56,817 16,975

BSE (LHS)

NSE (RHS)

Previous Chg (%) MTD(%) YTD(%) P/E (1yrfwd)

55,777

1.9

1.0 -2.5

24.8

16,663

1.9

1.1 -2.2

23.9

Institutional Activity

FII (| cr) DII (| cr)

CY20 CY21 YTD CY22 Yesterday Last 5 Days

64,379 -95,085 -1,31,484

312

-10,490

-28,544 95,934 96,311

773

7,105

World Indices ? Monthly performance

Dow Jones 34,063 -0.7% Nasdaq 13,437 -4.9%

NSE 16,975 -2.0% France 6,589 -5.2%

BSE 56,817 -2.0% Germany 14,441 -5.4%

Kospi 2,659 -2.6% Nikkei 25,762 -6.2%

U.K. 7,292 -3.3% Shanghai 3,171 -8.5%

Nifty Heat Map

Ultratech 6,306 Axis Bank 724

4.7%

3.7%

Indusind Bank

929 3.6%

Shree Cement

23,595 Bajaj Auto 3.5%

3,570 3.4%

Britannia 3,314 2.8%

Infosys

1,889 Tata Motors 425

2.7%

2.7%

Bajaj 16,125 Bajaj Finserv 2.6% Finance

6,841 2.6%

Tata Steel 1,265 Grasim Ind 1,604 HDFC Life 517

IOC

122 Hindalco 573

2.6%

2.5%

2.5%

2.5%

2.3%

Coal India 177 HDFC Ltd 2,292

2.3%

2.3%

Eicher

2,358 Hero Moto 2,370 JSW Steel 655

2.3%

2.2%

2.2%

ONGC 167 TechM 1,490 Nestle 17,823 ITC

2.2%

2.1%

2.1%

243 HCL Tech 1,200

2.0%

1.9%

Asian Paints

3,042 1.8%

Wipro

598 1.8%

TCS

3,656 BPCL 1.7%

356 HDFC Bank 1,448

1.7%

1.7%

Reliance 2,403

Ind.

1.7%

HUL

2,072 M&M 774

1.7%

1.6%

UPL

752 Kotak Bank 1,761

1.5%

1.5%

ICICI Bank 708

SBI

493 SBI Life 1,086 NTPC

133 Bharti Airtel 712

1.5%

1.4%

1.4%

1.3%

1.3%

Titan 2,587 Dr Reddy 3,944 Maruti 7,486 L&T 1,756 Divis Lab 4,402

1.2%

1.1%

0.9%

0.7%

0.4%

Adani Ports 724 0.3%

Tata Consum

748 Power Grid 209 Sun Pharma 889

-0.1%

-0.1%

-0.3%

Cipla

1,056 -1.1%

Markets Today (Updated till Yesterday)

Commodities Gold (|/10 gm) Silver (|/kg) Crude ($/barrel) Copper ($/tonne) Currency USD/INR EUR/USD USD/YEN ADRs HDFC Bank ICICI Bank Tata Motors Infosys Dr Reddys Labs Wipro

Close 51,388 67,842

99.9 9,857

Previous 51,564 68,325 99.9 9,895

Chng (%) -0.3 -0.7 -0.1 -0.4

MTD(%) 1.2 4.5 -1.1 -0.6

YTD(%) 6.8 8.3 28.4 1.2

76.3 1.1 118.3

75.9 1.1 118.3

0.4

-1.2

-2.5

0.4

-2.0

-3.3

0.0

-2.8

-2.7

60.1

59.2

18.4

18.1

27.6

25.8

24.2

24.7

51.5

50.9

7.7

7.7

1.6

-3.3

-7.6

1.4

-5.8

-7.3

7.1

-8.9 -14.0

-2.0

7.7

-4.4

1.2

-3.6 -21.3

-0.3

5.2 -21.4

Opening Bell

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ICICI Direct Research

Key Data Points

Key Economic Indicator RBI Cash Reserve Ratio RBI Repo Rate RBI Reverse Repo Rate CPI YY Current Account Balance Exports - USD FX Reserves, USD Final GDP Quarterly yy GDP Annual Imports - USD Industrial Output yy Manufacturing Output Trade Deficit Govt - USD WPI Food yy WPI Fuel yy WPI Inflation yy WPI Manuf Inflation yy

Period N/A N/A N/A Feb Q2 Jan Mar Q3 FY21 Jan Jan Jan Jan Feb Feb Feb Feb

Latest 3.00% 4.00% 3.35% 6.07% -9.6bln $ 34.5bln$ 631.92 bln$ 5.40% -7.30% 51.93 bln $ 1.3% 1.1% -17.42 bln $ 8.2% 31.5% 13.1% 9.8%

Prior Values 4.00% 4.00% 3.35% 6.10%

6.5bln $ 30.04 bln$ 634.28 bln$

8.40% 4.20% 52.94 bln $ 0.4% 0.0% -21.7 bln $ 9.6% 32.3% 13.0% 9.4%

89,27,089 2,24,71,352

46,40,768 50,70,806

74,31,729 75,79,647

4,812 69,213

7,481 73,804

4,298 58,539

4,110 60,579

4,142 68,223

3,670 54,733

Exchange Cash Turnover (| crore)

100000

50000

0 9-Mar 10-Mar 11-Mar 14-Mar 15-Mar 16-Mar BSE Cash NSE Cash

NSE Derivative Turnover (| crore)

30000000

20000000

10000000

0 9-Mar 10-Mar 11-Mar 14-Mar 15-Mar 16-Mar NSE Derivative

Corporate Action Tracker

Security name Gulf Oil Lubricants India TCS SUN TV NETWORK

Action Buy Back Buy Back Dividend

Ex Date 18-Feb-22 22-Feb-22 17-Mar-22

Record Date 21-Mar-22

Status Ongoing Ongoing

Price (|) 600.00

4,500.00 5.00

Sectoral Performance ?Monthly Returns (%)

Metals IT

Power Consumer Durables

FMCG Healthcare

Oil & Gas PSU

BSE Midcap BSE Small Cap Capital Goods

Real Estate Banks Auto

-0.4 -0.7 -1.4 -1.7 -1.9 -2.8 -3.3 -4.0 -5.8 -9.5

5.3 3.2 2.4 0.4

-15.0 -10.0 -5.0 0.0 5.0 10.0 (%)

Key News for Today

Company/I

News

View

Impact

ndustry

Voltas

Voltas has entered into a joint venture Voltas is going to invest | 100 crore in the

agreement with Highly International (Hong next five years under the government PLI

Kong) Ltd to engage in the business of scheme to strengthen its RAC component

design,

development,

manufacture, manufacturing capability. We believe the

marketing, sale and service of inverter joint venture will reduce the company's

compressors for room air-conditioners, dependency on Imports (imports

motors for inverter compressor. Highly contributes ~35% of UCP sales) and at the

International and Voltas will hold 60% and same time strengthen its backward

40% stake in the joint venture company integration

(JVC), respectively, and the JVC would have

equity capital of | 250 crore to be contributed

in tranches

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Ashok Leyland (ALL)

In a regulatory exchange filling, ALL has ALL holds 69% stake in Hinduja Leyland

informed that its material subsidiary Hinduja Finance with total equity investment as of

Leyland Finance has approved reverse FY21 pegged at ~| 1,930 crore. We value

merger into another group company i.e. NXT ALL's stake in HLF at 2.5x P/BV thereby

Digital Ltd (formerly known as Hinduja ascribing ~| 5,000 equity valuation to it

Ventures Ltd, listed on NSE, BSE with market with contribution to our target price at ~|

capitalisation of ~|1,400 crore and loss 17/share (~12% of target price). The

making in nature) with a share swap ratio and proposed reverse merger will help in

other details yet to be worked out

ascribing market value to HFL but in the

absence of swap ratio it is difficult to give

a directional call on the proposed

transaction

Key developments (Continued...)

Steel Authority of India (SAIL) has approved the payment of second interim dividend for FY21-22 of | 2.50/- per equity share (25% on the paid up equity share capital of the company). The record date for the payment of second interim dividend is March 29, 2022

As per the MoRTH, Bharatmala Pariyojana (BMP) Phase-I, - initially proposed to be completed by 2022 - will now be completed by 2027. Owing to the five-year delay, the estimated project cost has doubled from | 5.35 lakh crore to | 10.63 lakh crore. As of December 2022, 20,632 km (59.3%) has been awarded while 7,375 km (21.2%) has been constructed out of the overall target of 34,800 km. The delays happened on account of Covid19 as it became difficult to get the workers back to sites in 2020 and 2021. However, all works under the BMPPhase 1 will be awarded latest by 2024

Tata Communications and Formula 1 have announced a multi-year strategic collaboration as the Official Broadcast Connectivity Provider of Formula 1. The company will facilitate the transfer of over 100 video feeds and over 250 audio channels, which will be transmitted between the Grand Prix venue and F1's Media and Technology Centre in the UK every race weekend in under 200 milliseconds

As per The Economic Times, Bharti Group-backed OneWeb has received the crucial global mobile personal communications by satellite services (GMPCS) permit from the Department of Telecommunications (DoT), paving the way for the launch of broadband-from-space services in India later this year. The launch in India though is likely to get delayed beyond the May 2022 timeline, due to challenges brought by the ongoing Russia-Ukraine war

NBCC (India) has secured a total business of | 104.4 crore in February, 2022. While its overall order book remains robust at | 60,000+ crore, pick-up in execution and normalization in margin remains key

Shree Cement has commenced trial run of its new clinkerisation unit (Kiln -3) at Baloda Bazar, near Raipur in Chhattisgarh. This unit will now augment the company's clinker supply to its various grinding units in the eastern region

Wonderla's board of directors have approved the appointment of K Ullas Kamath) as an Additional (Independent) Director of the company for five years commencing from April 1, 2022. He was Joint MD of Jyothy Labs earlier

India Cements has launched two new cement products 1) Concrete Super Kings and 2) Halo Super Kings, a product exclusively designed for pre-cast hallow blocks

JSW Cement has signed a Memorandum of Understanding (MoU) with Punjab Renewable Energy Systems Pvt Ltd (PRESPL) to use agricultural waste as biomass energy in its cement-manufacturing operations

As per media reports, petrol and diesel sales by PSU OMCs increased 18% and 23.7% YoY, respectively, in first fortnight of March. On an MoM basis, petrol and diesel sales were up 18.8% and 32.8%, respectively, during the same period

As per The Times of India, BPCL has delayed the maintenance shutdown of a crude unit of 120,000 bpd capacity at Mumbai refinery to May to take advantage of high fuel cracks

According to Business Standard, Indian companies are planning to import 2 MMT oil from Russia in 2022 taking advantage of Russian oil at discount

As per Business Standard, The Banks Board Bureau (BBB) has recommended A Manimekhalai for the position of managing director and chief executive (MD & CEO) of Union Bank of India. She is currently Executive Director at Canara Bank. Rajkiran Rai G, the incumbent MD & CEO of Union Bank, will complete his term by May end. The government had extended his term beyond June 30, 2020

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According to Business Standard, The Banks Board Bureau (BBB) recommended the name of Alok Kumar Choudhary for the post of managing director of State Bank of India. Mr Choudhary, who is deputy managing director (Finance), will replace Ashwini Bhatia who has been appointed a whole time member of Sebi. Prior to this, he was chief general manager of Delhi region for three years. The final decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi

As per The Economic Times, the Kerala Legislative Assembly passed a unanimous resolution, voicing concern over the Centre's move to sell stakes in insurance behemoth LIC and urging it to retain the institution, which played a key role in the development of the nation. Chief Minister Pinarayi Vijayan, who moved the resolution in the Assembly, opined that leaving the insurance giant to the interests of private players would not be beneficial to the country. Hence, the Union government should revisit its decision

As per Bloomberg, Bajaj Finserv has reappointed Sanjiv Bajaj as the managing director for five years

ICICI Securities | Retail Research

Opening Bell 5Nifty Daily Chart (updated)

ICICI Direct Research

Technical Outlook

Equity benchmarks recouped Tuesday's losses and settled on a positive note ahead of Fed meet outcome. Further, cool off in Crude oil prices and VIX provided impetus to the global recovery. The Nifty ended the session at 16975, up 312 points or 1.8%. In the coming session, index is likely to witness gap up opening tracking buoyant global cues. We expect index to trade with a positive bias while maintaining higher highlow formation. Thus, any dip towards 1718017210 should be used to create long position for target of 17295

The formation of higher high-low along with multi sector participation makes us believe, Nifty would endure its northbound journey and head towards 17300 in coming weeks as it is 61.8% retracement of January-March decline (18350-15672). Thus, dips from hereon should be capitalized as buying opportunity as we do not expect Nifty to breach the key support of 16200 in coming weeks.

Pivot Points (updated)

Index/Stocks S&P BSE SENSEX INDEX NIFTY 50 AARTI INDUS LTD ASIAN PAINTS LTD DIVI LABS LTD STATE BANK IND DR REDDY'S LABS IPCA LABS LTD TATA MOTORS LTD INDUSIND BANK BATA INDIA LTD TATA CONSULTANCY GRANULES INDIA BHARAT PETROL INDIAN RAILWAY C RELIANCE INDS AU SMALL FINANCE CESC LTD

Trend Neutral Neutral Positive Positive Positive Positive Neutral Negative Positive Neutral Positive Positive Neutral Neutral Positive Neutral Neutral Negative

Close 55776.9 16663.0

859.4 2987.2 4386.3

485.9 3899.9

993.2 413.7 896.7 1836.5 3593.9 302.6 350.3 756.4 2363.5 1169.5

75.9

S1 55223 16502

846 2958 4342

482 3853

978 406 882 1815 3567 298 345 748 2326 1140

75

S2 54670 16342

833 2929 4297

476 3807

961 399 867 1794 3539 293 340 740 2290 1110

75

R1 56525 16875

877 3024 4455

491 3972 1023

422 917 1862 3641 311 358 767 2413 1191

76

Nifty Call ? Put Strike (Number of shares in lakh) ? February, 2022 (updated)

R2 57274 17088

895 3061 4523

496 4045 1051

431 937 1888 3687 319 366 778 2464 1212

77

16650 16750 16850 16950 17050 17150 17250 17350 17450

30.0

22 13

17 11

20.0

10.0

4 4

6

2 1 1

0 0

0.0 Put

10.0 Call

20 13

22 24 25

20.0

30.0

34 40.0

CNX Nifty Technical Picture

Intraday

Trend

Up

Support

17150-17070

Resistance

17290-17350

20 day EMA

200 day EMA

Short term Up

16200 17300 16708 16692

Advances/Declines (updated)

Advances Declines Unchanged

BSE

2265

1168

101

NSE

1512

605

62

Daily Technical Calls Daily Technical Calls 1. Buy Bajaj Finance in the range 6896.0-6904.0 2. Buy Mindtree of India in the range of 3980.3986.00 All recommendations of February Future

See Momentum Pick for more details

Intraday Derivative Strategy

i) Nippon Life India Asset Management (CMP: 337.35)

Buy RELNIP March Fut at | 336.85-337.85

Target 1: 343

Target 2: 351.4

Stop Loss: 331.7

ii) Gujarat Gas Limited (CMP: 505.1)

Sell GUJGA March Fut at | 503.6-506.6

Target 1: 497.9

Target 2: 487.1

Stop Loss: 512.3

See Derivatives view for more details

See Daily Derivatives for more details

ICICI Securities |Retail Research

Opening Bell Results/Events Calendar

ICICI Direct Research

28

February

Monday

0

CH Manufacturing PMI

IN Infrastructure Output

IN GDP Annual, GDP Quarterly

IN Federal Fiscal Deficit

01

March

Tuesday

0

0

US Manufacturing PMI

UK Manufacturing PMI

EU Manufacturing PMI

02

March

Wednesday

0

0

IN Markit Maunfacturing PMI

JP Services PMI

EU CPI

03

March

Thursday

0

US Service PMI

UK Composite PMI

Eu Unemployment Rate

EU Composite PMI

04

March

Friday

0

IN Nekkei Service PMI

UK Construction PMI

EU Retail Sales

US Enemployment Rate

05

0 0 0 0 0

March Saturday

07

CH FX Reseve 0 0 0 0

March Monday

08

March

Tuesday

EU Unemployment Change

EU GDP YoY

US Trade Balance

JP GDP QoQ

CH CPI YoY

09

JP PPI YoY 0 0 0 0

March Wednesday

10

March

Thursday

US CPI YoY

US Federal Budget Balance

0

0

0

11

March

Friday

IN Industrial Production

IN Manufacturing Output

0

0

0

12

0 0 0 0 0

March Saturday

14

March

Monday

IN WPI Food

IN WPI Fuel

IN WPI Inflation

IN WPI Manufacturing Inflation

IN CPI

15

March

Tuesday

CH Industrial Production

UK Unemployment Rate

EU Industrial Production

US PPI

JP Trade Balance

16

March

Wednesday

US Retail Sales

US Fed Interest Rate Decision

0

0

0

17

March

Thursday

EU CPI

UK Interest Rate

US Industrial Production

JP CPI

0

18

March

Friday

EU Trade Balance

Existing Home Sales

0

0

0

19

0 0 0 0 0

March Saturday

21

0 0 0 0 0

March Monday

22

March

Tuesday

EU Current Account

UK Public Sector Net Borrowing

EU Construction Output

0

0

23

March

Wednesday

UK Core PPI Output

UK Annual Budget Release

US New Home Sales

EU Consumer Confidence

0

24

March

25

March

26

March

Thursday

Friday

Saturday

EU Manufacturing PMI, EU Service PMUIK Retail Sales

CH Industrial Profits YoY

US Core Durable Goods Orders US Pending Home Sales

0

US Manufacturing PMI

US Michigan Consumer Expectations0

US Current Account

0

0

US Service PMI

0

0

28

March

Monday

US Goods Trade Balance

JP Unemployment Rate

29

March

Tuesday

US CB Consumer Confidence

JP Retail Sales

JP Jobs/Application ratio

US House Price Index

US Retail Inventories Ex Auto UK M4 Money Supply

0

0

Major Economic Events this Week

Date

14-Mar 14-Mar 14-Mar 14-Mar 14-Mar 14-Mar 15-Mar 15-Mar 15-Mar

Date 16-Mar 16-Mar 17-Mar 17-Mar 18-Feb

Event

WPI Food WPI Fuel WPI Inflation WPI Manufacturing Inflation CPI Industrial Production Unemployment Rate Industrial Production (MoM) PPI (MoM)

Event Crude Oil Inventories Fed Int Rate Decision CPI Intital Job Claims Existing Home Sales

Country

IN IN IN IN IN CH UK EU US Country US US EU US US

Period

Mar Mar Mar Mar Mar Mar Mar Mar Mar Period Mar Mar Mar Mar Mar

30

March

31

March

01

April

02

April

Wednesday

Thursday

Friday

Saturday

UK Current Account

EU Unemployment Rate

UK Manufacturing PMI

0

US ADP nonfarm Employment ChangeIN Federal Fiscal Deficit

EU CPI

0

US GDP QoQ

IN Foreign Debt, Tankan Large Manufacturers Index

EU Manufacturing PMI

0

JP Industrial Prod MoM

IN Infrastructure Output

0

0

CH Manufacturing PMI

US Core PCE Price Index

0

0

Bulk Deals

Actual 8.19% 31.50%

Expected 9.55% 32.27%

N Company

NSE Dangee Dums Limited

Client Name APOLLO EARTHMOVERS LIMITED

Type No. of shares Price (|)

SELL

55,000 275

13.11% 12.10%

9.84%

9.42%

6.07%

5.93%

7.50%

3.90%

3.90%

4.00%

0.00%

0.10%

0.80%

0.90%

Expected Previous

-

-1.863M

0.50%

0.25%

0.90%

0.30%

6.15M

227K 6.50M

Recent Releases (updated)

Date

Report

March 15, 2022

Company Update- Mahanagar Gas

March 14, 2022

Sector Update- Auto

March 13, 2022 March 11, 2022 March 10, 2022

Sector Update- Cement Sector Update- Metals Initiating Coverage- GR Infraprojects Lt

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ICICI Direct Research

Pankaj Pandey

Head ? Research pankaj.pandey@

ICICI Direct Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai ? 400 093 research@

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Disclaimer

ANALYST CERTIFICATION

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Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/ beneficial ownership of one percent or more or other material conflict of interest various companies including the subject company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

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