MARKET OUTLOOK 2022 | Cooling Commodity Prices | Market Wrap with Pankaj Pandey | ICICI Direct

Softening commodity prices lead to marginal decline in post Q1 earnings, Nifty 12 month target: 19,425, Sensex 12 month target: 64,700#MarketWrap #Icicidirect #Sensex #Nifty #invest #Finance #Investment #NSE #BSE #Markets #Outlook #Investment #PankajPandey #Stocks #earnings #Auto #itstocks #PSUbanks #brigadegroup

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•Nifty earnings undergo a small downward revision of ~2%. Corresponding target for Sensex is at 64,700.
• As structural bets, domestic consumption plays including auto’s and PLI oriented domestic manufacturing play.
• Nifty midcap index has registered a strong breakout from falling channel encompassing past eight month corrective phase signalling resumption of uptrend while Nifty small cap index is at the cusp of breakout and expected to follow midcap peers.
•Percentage of stocks (Nifty500) rising above their long term 200-day moving average has seen sequential improvement. From June low reading of 14%, current reading has jumped to 52% indicating broad based nature of rally.
• RBI has released discussion paper on “Charges on payment system” to sought views and perspective of stakeholders. Highlighting whether intervention is at all desirable in the way charges are levied and / or recovered as one of the aspects of discussion, provides a relief.
• Brigade company have an active pipeline of ~1 mn sq ft. Going forward, the management expects majority of hard option area (already tied up) and yet to transacted area of ~2 mn sq ft to get leased by FY23- end.
• For Oberoi Mall, the company has booked revenue of | 37.6 crore during Q1FY23 up 10x YoY on benign base (vs. | 3.2 crore reported in Q1FY22 and | 30.2 crore reported in Q4FY22) with normalisation in mall operations and occupancy back to pre-covid levels and consumption 15% above pre covid.
• Surging energy costs have induced temporary shutdowns of smelters in European regions thereby supporting the recent uptick in base metal prices.
• 13 states including Andhra Pradesh, Madhya Pradesh, Rajasthan, Tamil Nadu, and Telangana which have been barred from buying and selling on power exchanges till they clear dues to power plants.
• Greaves Cotton reported a good set of Q1FY23 numbers. E-mobility segment volumes registered strong growth. E-2W volumes grew 1981% YoY to 28787 units while E-3-W volume came in at 790 units, up 3% YoY. Gross margins in the EV segment were at 20% while EBIDTA margins were at 5% for Q1FY23.




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