Kotak Institution Equities maintains Hero MotoCorp maintain reduce rating

• Nifty 50 Movement: Nifty 50 opened above 17,000 and hit the days high of 17,061.75 in early trade. It, however, reversed trend in morning trade and hit the days low of 16,913.75 in mid-afternoon trade.
• Investors were cautious amid fears of further rate tightening from the Reserve Bank of India.
• Except for gains in few banking and metal stocks, other sectors witnessed profit-booking as caution prevailed ahead of the F&O expiry on Thursday.
• Bharti Airtel (down 1.94%), Larsen & Toubro (down 0.95%) and Infosys (down 0.83%) were major drags.
• The broader market declined. The S&P BSE Mid-Cap index declined 0.42% while the S&P BSE Small-Cap index was slipped 0.79%.

• Shares in Europe and Asia advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.
• Policymakers and central bank officials have continued to stress the banking system is not heading for a crash, though jitters remain.
• Overnight in the U.S., stocks on Wall Street ended higher – bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

Stocks in Spotlight:

? Morgan Stanley expects top line boost for Paytm Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions. Brokerage firm Morgan Stanley said the new guidelines from NCPI could generate additional revenue and potentially result in higher charges for wallet loading for Paytm Payments Bank.

? Kotak Institution Equities maintains Hero MotoCorp maintain reduce rating Kotak Institutional Equities maintained a reduced rating on Hero MotoCorp Ltd and lowered its target price. This can be attributed to the launch of Honda’s competitively priced 100cc motorcycle in the entry-level segment, which may result in Hero MotoCorp experiencing a further decline in its market share.

? IndusInd Bank preferred pick by BofA in midcap; stock price up 2 percent Bank of America Securities highlighted that the IndusInd bank was its preferred pick within the midcap space. It has reiterated its Buy rating with a price target of Rs 1,500, implying a potential upside of 50 percent. The brokerage said that the hard part is done for the bank and the results of its work will show up as soon as the next quarter.

• Avalon Technologies sets IPO price band at Rs 415 – 436
• Sotac Pharma IPO schedules for subscription this week
• Jaipur base Motisons Jewellers files DRHP with SEBI for IPO

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