Opening Bell

March 23, 2022

Market Outlook Today’s Highlights

Indian markets are likely to open on a positive note on the Events: UK Annual Budget Release, Core PPI
back of positive global cues tracking an overnight surge in Output, US New Home Sales, EU Consumer
Wall Street indices. Investors, however, remained focused Confidence
on news updates about the Russia-Ukraine war and rising
Coronavirus infections in China.

Index Movement
Markets Yesterday 64000 19000
 Domestic markets ended higher tracking gains across BFSI, 61000 18000
auto and IT stocks amid positive global cues 58000 17000
55000 16000
 US markets ended higher on the back of gains in technology 52000 15000
stocks amid positive global news-flows 49000 14000

BSE (LHS) NSE (RHS)

Key Developments
 The Brigade group has announced its maiden entry into Close Previous Chg (%) MTD(%) YTD(%) P/E (1yrfwd)
the plotted development space with a 66-acre residential Sensex 57,989 57,292 1.2 3.1 -0.5 25.1
project in Devanahalli on the Satellite Town ring road Nifty 17,316 17,118 1.2 3.1 -0.2 23.3
(Bangalore). The project is a strategic joint development
that will offer plot sizes ranging from 1200 sq ft to 2400 sq Institutional Activity
ft. North Bangalore has been witnessing significant growth CY20 CY21 YTD CY22 Yesterday Last 5 Days
driven by IT/BPM, Aerospace and R&D, which has created FII (| cr) 64,379 -95,085 -1,31,261 384 -1,276
huge demand for plotted development. The company DII (| cr) -28,544 95,934 95,283 -602 1,544
expects significant traction in its new project
 Jubilant Food Works said it will acquire the remaining 10% World Indices – Monthly performance
share in its joint venture Jubilant Golden Harvest from Nasdaq Dow Jones Nikkei NSE BSE
Golden Harvest. After this, Jubilant Food Works (JFL) 14,109 34,807 27,224 17,316 57,989
would have Golden Harvest's 49% stake in the JV, making 5.4% 3.6% 2.9% 1.5% 1.3%
JGHL, which offers Domino's Pizza in Bangladesh, a U.K. Kospi Germany France Shanghai
wholly-owned subsidiary of the company 7,477 2,710 14,473 6,659 3,260
-0.3% -0.4% -1.5% -1.8% -6.6%
 India's crude oil production was at 2.3 MMT, down 2.2%
YoY whereas natural gas production was at 2.6 BCM, up
12.8% YoY in February. Crude oil throughput was up 9.8%
YoY to 20.4 MMT during the same period

Nifty Heat Map
1,538 368 440 Reliance 2,531 121
TechM BPCL Tata Motors IOC
3.9% 3.1% 2.9% Ind. 2.6% 2.2%
697 250 3,701 Bajaj 16,495 3,656
JSW Steel ITC TCS Bajaj Auto
2.2% 2.1% 2.0% Finserv 1.9% 1.9%
209 1,887 1,808 175 Bajaj 6,986
Power Grid Infosys Kotak Bank ONGC
1.9% 1.9% 1.7% 1.7% Finance 1.7%
610 Indusind 928 719 2,424 529 Markets Today (Updated till Yesterday)
Wipro Bharti Airtel Hero Moto HDFC Life
1.7% Bank 1.6% 1.6% 1.3% 1.3%
Commodities Close Previous Chng (%) MTD(%) YTD(%)
718 1,774 1,583 7,767 731 Gold (|/10 gm) 51,600 51,655 -0.1 1.7 7.3
ICICI Bank L&T Grasim Ind Maruti Axis Bank
1.0% 1.0% 0.8% 0.8% 0.8% Silver (|/kg) 68,250 68,349 -0.1 5.1 8.9
1,176 Tata 753 781 4,030 494 Crude ($/barrel) 115.4 115.6 -0.2 14.2 48.3
HCL Tech UPL Dr Reddy SBI Copper ($/tonne) 10,285 10,327 -0.4 3.7 5.6
0.7% Consum 0.7% 0.7% 0.6% 0.6%
Currency
593 183 739 1,494 2,403 USD/INR 76.2 76.2 -0.1 -1.1 -2.4
Hindalco Coal India Adani Ports HDFC Bank HDFC Ltd
0.6% 0.6% 0.5% 0.5% 0.5% EUR/USD 1.1 1.1 -0.1 -1.9 -3.2
USD/YEN 120.9 122.2 -1.1 -4.8 -4.8
6,212 786 2,713 Asian 3,051 1,098
Ultratech M&M Titan SBI Life ADRs
0.3% 0.3% 0.2% Paints 0.2% 0.2% HDFC Bank 61.9 62.9 -1.6 -0.5 -4.9
2,380 914 133 Shree 23,373 1,302 ICICI Bank 18.7 19.0 -1.6 -4.1 -5.7
Eicher Sun Pharma NTPC Tata Steel
0.1% 0.0% 0.0% Cement -0.1% -0.1% Tata Motors 27.8 28.6 -2.7 -8.2 -13.3
Infosys 24.2 25.0 -3.3 7.8 -4.3
4,449 1,033 3,158 17,429 1,994 Dr Reddys Labs 52.5 53.6 -2.1 -1.8 -19.8
Divis Lab Cipla Britannia Nestle HUL
-0.2% -1.7% -2.4% -2.5% -2.8% Wipro 7.9 8.0 -1.9 8.1 -19.3
 Opening Bell ICICI Direct Research

Key Data Points Exchange Cash Turnover (| crore)

Key Economic Indicator Period Latest Prior Values

60,579

68,223

86,008

61,821
58,916
100000

54,733
RBI Cash Reserve Ratio N/A 3.00% 4.00%
RBI Repo Rate N/A 4.00% 4.00%
50000

4,160
4,110

4,142

4,016
3,992
3,670
RBI Reverse Repo Rate N/A 3.35% 3.35%
CPI YY Feb 6.07% 6.10%
0
Current Account Balance Q2 -9.6bln $ 6.5bln $
14-Mar 15-Mar 16-Mar 17-Mar 21-Mar 22-Mar

Opening Bell
Exports - USD Jan 34.5bln$ 30.04 bln$ BSE Cash NSE Cash
FX Reserves, USD Final Mar 631.92 bln$ 634.28 bln$
GDP Quarterly yy Q3 5.40% 8.40%
GDP Annual FY21 -7.30% 4.20% NSE Derivative Turnover (| crore)
Imports - USD Jan 51.93 bln $ 52.94 bln $ 20000000

1,67,76,456

76,23,122
Industrial Output yy Jan 1.3% 0.4%

75,79,647
74,31,729
15000000

50,70,806

50,01,856
Manufacturing Output Jan 1.1% 0.0%
Trade Deficit Govt - USD Jan -17.42 bln $ -21.7 bln $ 10000000

WPI Food yy Feb 8.2% 9.6% 5000000

WPI Fuel yy Feb 31.5% 32.3%
0
WPI Inflation yy Feb 13.1% 13.0% 14-Mar 15-Mar 16-Mar 17-Mar 21-Mar 22-Mar
WPI Manuf Inflation yy Feb 9.8% 9.4% NSE Derivative

Corporate Action Tracker Sectoral Performance –Monthly Returns (%)

Security name Action Ex Date Record Date Status Price (|)
Metals 13.9
VARDHMAN TEXTILES Stock Split 24-Mar-22 26-Mar-22 1:5

ICICI Securities – Retail Equity Research

IT 6.6
GAIL LTD. Dividend 21-Mar-22 22-Mar-22 5.00 Oil & Gas 5.1
BHARAT ELECTRONICS LTD. Dividend 24-Mar-22 26-Mar-22 1.50 Consumer Durables 4.3
BSE Small Cap 4.3
Healthcare 3.4
Real Estate 3.1
Power 2.8
PSU 2.3
BSE Midcap 1.2
FMCG 0.5
Capital Goods -0.9
Banks -2.7
Auto -6.4
-10.0 -5.0 0.0 5.0 10.0 15.0
(%)

Key News for Today

Company/I News View Impact
ndustry
Infosys Infosys informed the stock exchanges that it Oddity has a comprehensive service
has signed a definitive agreement to acquire portfolio comprising digital-first brand
Oddity, a Germany-based digital experience & management and communication, in-
marketing agency. Infosys would be paying house production, including virtual and
€50 mn including earn outs , management augmented reality, experience design and
incentives and bonuses (2.3x price to sales) e-com services across Europe, China.
for 100% stake. With more than 300 digital
experts located in Stuttgart, Berlin, Cologne,
Belgrade, Shanghai and Taipei, Oddity is one
Oddity would become part of infosys’
earlier acquisition of WONGDOODY (that it
acquired in 2018, offering marketing &

of the largest independent digital agencies brand engagement expertise). This
from Germany. The acquisition of Oddity is acquisition would further strengthen
expected to get closed during the first quarter Infosys’ digital experience capabilities in
of FY23 (April 2022) Germany, across Europe, and Northeast
Asia, with Oddity’s digital commerce and
marketing knowledge and its metaverse-
ready set-up

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research

Tata Tata Motors has notified a price increase With the recent sudden spike in
Motors across its CV portfolio amounting to 2-2.5%
starting April 2022, primarily tracking increase
in key raw material prices viz. steel,
commodity prices, the announced price
hikes bode well for the company and
would help in recovery of increased cost.

aluminium among others The company reported ~50 bps erosion in
EBITDA margins in Q3FY22 at 2.6%

Hester Hester Biosciences is set to expand into the India has the fastest-growing pet care
Bioscience rapidly growing pet care sector this April. market worldwide, with it growing by 14%


s Hester’s initial pet care portfolio will include in 2022 and estimated market size of ~ |
products ranging from dermatology, 700 crore. This foray somewhat aligns with
grooming, anti-infective and specialty Hester’s existing operations with
products. Hester plans to eventually expand comprehensive knowledge of animal
by way of pet biologicals and diagnostics. biology, R&D capabilities, and experience
The complete portfolio will target both in animal healthcare. However, the pet
veterinarians and pet parents care market in India will pose challenges
for Hester in terms of competition and
marketing activity. The management
guidance for | 8 - 12 crore revenues in the
first year and growth of 30-50% in
subsequent years is subject to execution
capabilities. We expect Hester’s revenues
to grow at a CAGR of 17.2% over FY21-
24E
Indoco Indoco Remedies has received final USFDA Vimpat (Lacosamide) was accessed by
Remedies approval for Lacosamide tablets USP 50 mg, over 8,00,000 people living with epilepsy
100 mg, 150 mg and 200 mg, (generic for and showed strong growth in all regions
Vimpat Tablets of UCB). Lacosamide tablets for UCB. It lost US exclusivity in March,
are indicated for the prevention and control of
seizures and has an estimated market size of
~ US$1.7 billion (MAT January 2022, IQVIA)
2022. Lacosamide presents a blockbuster
generic opportunity in US amid loss of
exclusivity. With Alembic and Glenmark

Pharma already having approvals and
multiple players lined up for this drug,
gaining market share for Indoco will be a
key monitorable. We expect the
incremental contribution from approved
drug from Q1FY23 providing additional leg
of growth to Indoco’s US revenues

Steel As per media sources, India’s top steelmakers The steel players have taken price hikes
Sector have announced rebar and hot rolled coil due to rising raw material costs, especially
(HRC) price increases by around | 1,500- coking coal. Coking coal prices have
2,000/ tonne due to rising raw material costs. climbed to US$ 650-700/tonne from just
JSW Steel has decided to increase rebar US$300/tonne a month ago. This is the
prices by | 1250/tonne with effect from March fourth round of increase in March.
23, 2022 for end-March sales. SAIL has also Effective price for HRC is at | 72,500-
increased HRC and cold rolled coil (CRC) 73,500/tonne and CRC price is at | 78,500-
prices by | 1500/tonne. Other top steelmakers 79,000/tonne. Rebar price is at | 71,000-
will also be undertaking a hike in the coming 71,500/tonne. There is also the possibility
days of further price hikes, going forward

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research

Key developments (Continued…)

 Airtel Africa, Bharti Airtel’s Africa arm, plans to raise $194 million via debt from International Finance
Corporation (IFC) to fund capex needs of key subsidiaries and refinance existing loans. The debt financing
package for Airtel Africa Plc will comprise a direct $150 million investment from IFC and an additional $44
million in mobilisation from its managed co-lending portfolio programme
 Karnataka Bank said it will raise up to | 300 crore by issuing Basel III compliant bonds on a private placement
basis. The board of directors approved the fundraising plan at its meeting held on March 22, 2022, the bank
said in a regulatory filing. It will issue Basel III compliant unsecured tier-2 subordinated bonds in the nature of
debentures with a base issue size of | 150 crore and a greenshoe option to retain oversubscription up to | 150
crore, aggregating up to | 300 crore in one or more tranches
 Unified Payments Interface (UPI) has emerged as the most preferred payment mode among consumers, with a
person-to-merchant (P2M) market share of 56% in volume terms in calendar year (CY) 21, according to a report
by Wordline India. In value terms, UPI merchant transactions account for 41% of the market share. Cards are
still dominating the merchant acceptance payments ecosystem, with 26% market share in volume terms, and
53% in value terms. Among cards, credit cards have 26% and 8% market share in value and volume terms,
respectively
 According to Business Line, HDFC Bank is working on a strategy for a ‘Buy Now Pay Later’ product that would
enable it to provide small ticket, short tenure loans, and possibly use it as a means for customer acquisition.
The bank already has FlexiPay, a BNPL product for its pre-approved current and savings account customers,
which offers loans between | 1,000 and | 20,000. The move comes at a time when the Reserve Bank of India
has lifted the embargo on the lender’s business generating activities under its ‘Digital 2.0 programme’
 According to CNBC TV-18, the Assam government has cut its budget allocation sharply for the microfinance
institution (MFI) relief scheme. The outlay was reduced to | 2,500 crore from | 7,500 crore earlier and
microloan borrowers who have no overdue are to be compensated first. Assam accounts for 10% of Bandhan
Bank’s microloan portfolio. Bandhan Bank has a very high market share in Assam. Total 60% market share
comes to Bandhan Bank itself from microloans in Assam
 SBI Life Insurance Company has declared an interim dividend of | 2 per equity share for FY22, the company
said in an exchange filing. The company has fixed March 30 as the record date to determine the shareholders
eligible for interim dividend which will be paid on or before April 20, 2022
 As per The Economic Times, Yes Bank has held discussions with Brookfield and BlackRock for raising capital
against 5-10% equity stake via qualified institutional placement (QIP). The bank is also in touch with multiple
private equity players for raising | 10,000 crore. Among other potential investors, Yes Bank has also held
discussions with Carlyle and Advent
 As per Bloomberg, Axis Bank has approved 1.75 crore shares Esop to staff at | 725.90 per share
 SBI Cards has declared an interim dividend of | 2.5 per share of face value of | 10
 The MoS Finance has said that multiple expressions of interest (EoIs) have been received for privatisation of
BPCL and the transaction is in the second stage of the process
 As per Bloomberg, SBI has acquired 7.84% stake in Open Network for Digital Commerce for | 10 crore

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research
Nifty Daily Chart Technical Outlook
Equity benchmarks staged a strong
comeback and recovered Monday’s losses
tracking firm global cues. The Nifty ended
the session at 17315, up 198 or 1.2%. In the
coming session, index is likely to open on a
positive note tracking buoyant global cues.
We expect, the index to trade with a positive
bias while forming a higher high-low and
extend the ongoing up move. Hence use
pullback towards 17365-17395 for creating
long position for target of 17482

Going ahead, we expect index to witness

follow through strength amid broad based
participation and gradually head towards
18000 in coming weeks as buying on decline
strategy should continue to work in favor of
market participants. Therefore, temporary
breather should be capitalized on as
incremental buying opportunity.
Structurally, the Nifty staged a strong
rebound after forming a higher base above
52 weeks EMA. The formation of higher peak
and trough signifies rejuvenation of upward
momentum that makes us confident to
revise support base at 16800

`Pivot Points CNX Nifty Technical Picture

Index/Stocks Trend Close S1 S2 R1 R2 Intraday Short term
S&P BSE SENSEX INDEX Negative 57989.3 57261 56534 58384 58780 Trend Up Up
NIFTY 50 Negative 17315.5 17104 16891 17432 17547 Support 17350-17290 16800
AARTI INDUS LTD Neutral 908.4 896 883 919 929 Resistance 17420-17490 18000
ASIAN PAINTS LTD Negative 3051.2 2997 2942 3085 3118 20 day EMA 16872
DIVI LABS LTD Negative 4448.6 4408 4367 4492 4535 200 day EMA 16712
STATE BANK IND Negative 493.7 482 470 501 508
DR REDDY'S LABS Negative 4030.4 3981 3932 4068 4106 Advances/Declines
IPCA LABS LTD Negative 999.8 993 985 1011 1021 Advances Declines Unchanged
TATA MOTORS LTD Neutral 440.4 427 414 447 454 BSE 1540 1858 115
INDUSIND BANK Negative 927.7 910 893 938 949 NSE* 877 1217 65
*NSE As on 22nd Mar 22'
BATA INDIA LTD Negative 1936.1 1906 1875 1972 2007
TATA CONSULTANCY Neutral 3701.0 3647 3593 3733 3765 Daily Technical Calls
GRANULES INDIA Neutral 312.5 309 305 316 319 Daily Technical Calls
BHARAT PETROL Positive 368.4 360 352 373 378 1. Buy Mindtree in the range 4050.00-4055.00
INDIAN RAILWAY C Negative 765.8 754 742 776 786 2. Buy Titan in the range of 2720.00-2724.00
RELIANCE INDS Positive 2531.2 2479 2426 2560 2588 3. Buy Gokaldas Export in the range 402-410
AU SMALL FINANCE Positive 1196.1 1174 1151 1210 1223 4. Buy JK Paper in the range 308-316
CESC LTD Positive 75.3 74 73 76 77 All recommendations of February Future
See Momentum Pick for more details
Nifty Call – Put Strike (Number of shares in lakh) – February, 2022 Intraday Derivative Strategy
i) Bajaj Auto Limited (CMP: 3652.75)
16950 11 1
17050 16 6
Buy BAAUTO March Fut at | 3649.75-3655.75
17150 10 5 Target 1: 3688.8 Target 2: 3742.8
17250 10 11 Stop Loss: 3616.8
17350 9 19
17450 1 14 ii) Hindustan Unilever Limited (CMP: 2000.3)
17550 0 16
Sell HINLEV March Fut at | 1997.3-2003.3
17650 0 17
17750
Target 1: 1970.3 Target 2: 1925.3
0 20
Stop Loss: 2030.3
20.0 15.0 10.0 5.0 0.0 5.0 10.0 15.0 20.0 25.0
Put Call

See Derivatives view for more details

See Daily Derivatives for more details

ICICI Securities |Retail Research
 Opening Bell ICICI Direct Research

Results/Events Calendar

07 March 08 March 09 March 10 March 11 March 12 March

Monday Tuesday Wednesday Thursday Friday Saturday
CH FX Reseve EU Unemployment Change JP PPI YoY US CPI YoY IN Industrial Production 0
0 EU GDP YoY 0 US Federal Budget Balance IN Manufacturing Output 0
0 US Trade Balance 0 0 0 0
0 JP GDP QoQ 0 0 0 0
0 CH CPI YoY 0 0 0 0

14 March 15 March 16 March 17 March 18 March 19 March

Monday Tuesday Wednesday Thursday Friday Saturday
IN WPI Food CH Industrial Production US Retail Sales EU CPI EU Trade Balance 0
IN WPI Fuel UK Unemployment Rate US Fed Interest Rate Decision UK Interest Rate Existing Home Sales 0
IN WPI Inflation EU Industrial Production 0 US Industrial Production 0 0
IN WPI Manufacturing Inflation US PPI 0 JP CPI 0 0
IN CPI JP Trade Balance 0 0 0 0

21 March 22 March 23 March 24 March 25 March 26 March

Monday Tuesday Wednesday Thursday Friday Saturday
0 EU Current Account UK Core PPI Output EU Manufacturing PMI, EU Service PMI
UK Retail Sales CH Industrial Profits YoY
0 UK Public Sector Net Borrowing UK Annual Budget Release US Core Durable Goods Orders US Pending Home Sales 0
0 EU Construction Output US New Home Sales US Manufacturing PMI US Michigan Consumer Expectations 0
0 0 EU Consumer Confidence US Current Account 0 0
0 0 0 US Service PMI 0 0

28 March 29 March 30 March 31 March 01 April 02 April

Monday Tuesday Wednesday Thursday Friday Saturday
US Goods Trade Balance US CB Consumer Confidence UK Current Account EU Unemployment Rate UK Manufacturing PMI 0
JP Unemployment Rate JP Retail Sales US ADP nonfarm Employment Change IN Federal Fiscal Deficit EU CPI 0
JP Jobs/Application ratio US House Price Index US GDP QoQ IN Foreign Debt EU Manufacturing PMI 0
US Retail Inventories Ex Auto UK M4 Money Supply JP Industrial Prod MoM IN Infrastructure Output 0 0
0 0 CH Manufacturing PMI US Core PCE Price Index 0 0

04 April 05 April 06 April 07 April 08 April 09 April

Monday Tuesday Wednesday Thursday Friday Saturday
IN Nikkei Markit Manufacturing PMI UK Services PMI IN Nikkei Services PMI CH FX Reserves US Wholesale Trade Sales 0
US OPEC Meeting UK Composite PMI UK Constrution PMI US Consumer Credit 0 0
US Factory Orders EU Service PMI EU Retail Services 0 0 0
0 US Trade Balance 0 0 0 0
0 US Service PMI 0 0 0 0

Major Economic Events this Week Bulk Deals

Date Event Country Period Actual Expected N Price
Company Client Name Type No. of shares
22-Mar Current Account EU Mar 22.6B 24.3B (|)
22-Mar Construction Output EU Mar 3.94% - NSE
22-Mar API Crude oil stock US Mar -4.280M 0.025M NORGES BANK ON ACCOUNT OF THE
BSE Limited BUY 3,00,000 953
Date Event Country Period Expected Previous GOVERNMENT PENSION FUND GLOBAL
23-Mar CPI UK Mar 5.90% 5.50%
23-Mar M3 Money Supply IN Mar - 8.70%
23-Mar Crude Oil Inventories US Mar - 4.435M
24-Mar Manufacturing PMI UK Mar 57.0 58.0
24-Mar Service PMI UK Mar 58.0 60.5
24-Mar Initial Jobless Claims US Mar 211K 214K
24-Mar Manufacturing PMI US Mar 55.8 57.3
25-Mar Bank Loan Growth IN Mar - 7.90%
25-Mar Deposits Growth IN Mar - 8.60%
25-Mar FX Reserves, USD IN Mar - 622.28B
25-Mar Pending Home Sales US Mar 1.50% -5.70% Recent Releases
Date Report
March 22, 2022 Company Update- Star Health & Allied Insurance
March 17, 2022 Sector Update- Consumer Discretionary
March 15, 2022 Company Update- Mahanagar Gas
March 14, 2022 Sector Update- Auto
March 13, 2022 Sector Update- Cement

ICICI Securities |Retail Research

 Opening Bell ICICI Direct Research

Pankaj Pandey Head – Research

pankaj.pandey@icicisecurities.com

ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

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 Opening Bell ICICI Direct Research

Disclaimer
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