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On Wednesday, the Indian market is expected to consolidate as per market pundits. The Sensex fell over 400 points and the Nifty50 closed below 18300 levels on Tuesday, and the India VIX rose 0.93% from 13.17 to 13.29 levels. The options data suggests a broader trading range in the 18000 to 18600 zone while an immediate trading range is within 18100 to 18450 zones. Various experts recommend Transport Corporation of India, ICICI Securities, Coal India, Tata Power, Maharashtra Seamless, Gujarat Narmada Valley, Devyani International, and Sanghi Industries for traders with a short-term horizon.

The BSE Sensex was trading 80 points or 0.13% lower at 61,853. Nifty50 was trading at 18,268, down 18 points or 0.10% at around 9.23 am.

Jubilant Foodworks is expected to report a more than 50% decline in net profit at INR54.7 crore for Q4 2022, with sales rising by a meagre INR1,175 crore. Reports forecast a 9-10% like-for-like decline across QSR brands, while Kotak Institutional Equities predicts a 12-13% decline in average revenue per store due to store splits and subdued demand. Meanwhile, Devyani International’s net profit is expected to halve to INR37.8 crore in March Q4, with sales rising around 26% to INR746 crore, with KFC expected to report low single-digit sames-store sales growth while Pizza Hut experiences a mid-single digit decline.

United Spirits, incorporated in the year 1999, is a Large Cap company (having a market cap of Rs 58399.00 Crore) operating in Beverages - Alcoholic sector.

Indian IT major Wipro has announced a buyback of up to around 26.97 crore shares at INR 445 ($6.05) per share as part of plans to extinguish about 4.91% of its total share issuance. The tender offer will be worth INR 12,000 crore ($1.62bn) and will be open from the end of June. Wipro is conducting a remote e-voting of shareholders to seek buyback deal approval, with the result set to be declared on 3 June, followed by the release of the buyback timeline.

Disappointing forecasts from Home Depot and soft April US retail sales data led to US stock indexes closing lower on Tuesday, with sentiment hit by uncertainty around interest rates and debt limit negotiations. Home Depot was one of the biggest drags on the Dow Industrials and S&P 500 after it cut its annual sales forecast and projected a deeper-than-expected decline in profit. Recent data indicates slowing in the US economy after a string of rate hikes by the Federal Reserve to fight high inflation.

Oil prices have decreased by 0.4% as a result of rising concerns surrounding demand following weaker-than-expected economic data from China and the US, which are the biggest oil consumers. The international Energy Agency has increased its global oil demand forecast for this year by 200k bpd to 102 million bpd, although analysts predict that too much oil is still available and the economic outlook remains uncertain. In addition, talks on raising the US debt ceiling continue to weigh on the market, while the G7 is expected to announce new steps on expanding sanctions on Russia at its upcoming summit in Japan.

The dollar hit a two-week high of 136.69 yen due to a safety bid as the US approached its borrowing limit, while strong economic data diminished market expectations of immediate rate cuts. Analysts forecast that the dollar would continue to rise if further rate cuts were taken off the table. Meanwhile, President Joe Biden has edged closer to a deal with Republican Kevin McCarthy to prevent a US debt default. Japanese growth figures beat market expectations, providing stability to the yen, which had been falling as US yields drove the dollar up.

The US Fed has signalled a pause while it waits for the impact of the policy rate hikes taken till now to percolate through the real economy. The labour market in the USA remains very tight and this is one critical area in which the US Fed expects to cool off.

I think clearly there are the organised companies and organised hospitals are offering superior quality services, and they are able to charge a premium for that which is visible in their superior returns on equity and hence, I think that is the reason why we are fairly positive on this particular micro segment within the healthcare space.