RULE THE MARKET

14TH MARCH, 2020

ISSUE: 080

From The Desk Of Research Head

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It is confirmed that KSBL and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. It is confirmed that Research Analyst did not serve as an officer, director or employee of the companies mentioned in the report. KSBL 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 KSBL 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 KSBL by any Regulatory Authority impacting Equity Research Analyst activities.

CoViD-19 - Effect on the World economyThe CoViD-19 which originated in the city of Wuhan, China has killed around 5000 people and infected

over 1.30 lakh people across 100 countries. As it is predicted, this global pandemic outbreak may

cause severe economic downturn to the world economy. The extent of its damage may depend on

how the virus spreads and how effectively it is contained by the governments. However, we can also

assess and predict the damage by gaining insights into the ongoing conditions across the globe. If we

see, globalization has encouraged the corporates to become transnational companies to build the

supply chains that cut across national borders. In such a scenario, the connectivity and mobility across

the nations helped the disease to spread more rapidly. It is estimated that it could cause economic

losses equal to nearly 5% of global GDP, or more than $3 trillion.

However, the most important factor is that the pace of economic slowdowns depends on how swiftly

governments, businesses and consumers act in both containing the disease and reviving from the

shutdowns. If the movements of the population are restricted for longer periods like that of in China,

it will limit it partially addresses the issue of contagion, while creating economic problems. Similarly,

production halts, closed factories and shops may disrupt the supply, which may in turn result in

increased costs for the dependant manufacturers on these raw materials or intermediate products.

Probably, in view of such rising costs or increase in inflation, several global economies have already

announced measures to ease liquidity to ease supply side shock and reignite production. The US has

gone for the largest interest rate cut in a decade to shield from a potential economic downturn due to

the global spread of the coronavirus while China has injected huge amounts of cash into markets in

order to help take the pressure off banks and borrowers.

Impact of Covid-19 has been seen on credit spreads as it has risen remarkably high with US fed repo

rate recent cut by 50 bps to support the market and to reduce the yield gap. It is also expected to

result in revival of economic activity in the US, suggesting that credit markets do not foresee funding

and financing related issues. Japan may face lowering of demand and personal consumption due to

the global pandemic and might enter into a recession with expected growth of 0.1% to 0.4% this year.

The outbreak of CoViD-19 may have a negative impact on an already slowing Indian economy and

various key sectors of the economy are expected to be affected seriously. It was widely expected

that the growth would pick up in the final quarter last fiscal, based on positive reading on some lead

indicators like Manufacturing PMI. But hopes of a rebound are now fading as coronavirus spreads,

prompting agencies and analysts to cut their growth forecasts for the country.

In view of the above, we can say that the CoViD-19 may impact the global economy severely in

the short term ahead to which the markets may likely to see further downside from current levels.

However, in the longer-term point of view, it would be good to accumulate the equities through SIPs.

In the current scenario, it would be good to invest 30% of the allocation in equities while 30% of it can

be allocated to commodities. The rest 40% can be placed in the sovereign assets for the time being

until the volatility in the markets subdues.

CONTENTSEquity 1-5

Commodity 6-7

Currency 8-10

TeamSrinivas Krishnan Bobba

Osho Krishan

Sharath Kumar Jutur

Thomas V Abraham

Sachin Mittal

Veeresh Hiremath

Siddhesh Ghare

Arpit Chandna

Bharat Sunnam

Ramesh Chenchala

Kushal Asthana

Karvy Head Office

Karvy Stock Broking Limited, Plot No.31/P, Karvy Millennium Towers, Nanakramguda, Financial District, Gachibowli, Hyderabad, Telangana-500032, India.

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Analyst CertificationThe following Karvy Research Desk, who is (are) primarily responsible for this report and whose name(s) is/ are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

- DR. RAVI SINGHVice President & Head of Research

EQUITY

Agriculture• Rain causes loss in Rabi crops of wheat, potato and mustard. The prices of mustard and potato,

the most affected commodities, are likely to increase due to damage to crops. The retail price of potato has begun firming up in some states as rains have lashed main potato sown areas in Uttar Pradesh and West Bengal.

• West Bengal government to set up a world class food processing centre to optimize business of marine products. One of the leading agri suppliers in the world, Thailand has taken affirmative steps in increasing productivity in this space through the Thailand 4.0 model, the Eastern Economic Corridor (EEC) and the Food Innopolis according to Ms Sweeta Santipitaks, Consul General, Royal Thai Consulate General in Kolkata said while addressing the stakeholders and Farmer Producers Organizations (FPOs).

• According to government, sugarcane arrears of framers are down. Government said that sugar production was high in 2017-18 and 2018-19 marketing years which led to a sharp decline in the domestic ex-mill prices of the sweetener. Low realization from sale of sugar due to surplus sugar stocks had adversely affected the financial health of sugar mills, resulting in accumulation of cane arrears of farmers,.

Finance• India faces a sharp decline in government revenues and economic growth for at least two quarters

as the coronavirus hits economic activity and a fall in investor sentiment impacts privatisation plans, government and industry sources said.

• Fake e-way bills were generated for several vehicle numbers, bogus invoices were received by the accused from the operator of fake firms for availing fraudulent ITC. Payments were made to the operator of these bogus firms through bank and the same were received back in cash by the accused after deducting the commission, up to 50% of the tax value involved in the fake invoices

• Online car buying portal CarTrade will apply for a non-banking finance company (NBFC) licence, a top company executive said, in a bid to muscle into the $30 billion used car market in the country.

Auto• Automobile sales in India across categories declined 19.08 per cent in February as economic

slowdown continued to hit demand, besides lower production in view of transition to BS-VI emission norms affecting wholesale dispatches, auto industry body SIAM said on Friday.

• Toyota, Maruti, Tata Motors and Auto giants are stopping production of some models. Some of the models to go off the shelf include the Etios, Liva, Corolla Altis from Toyota, KUV100 diesel variant and Bolero Plus from Mahindra, Hexa, Safari Storme, Zest, Bolt and all the older generation cars of Tata Motors, Maruti and Renault diesel cars.

• High two-wheeler inventory raises concern for 2-wheeler retailers. The dealers might be forced to give steep discounts towards the end of this month to liquidate their inventory. The inventory with passenger vehicle dealers averaged between 10 and 12 days while that for commercial vehicles was between 10 and 15 days. Caution amongst lenders for financing BS-IV vehicles has worsened the situation for dealers, the lobby group said.

• According to SIAM, vehicle production may be critically hampered due to coronavirus outbreak. Indian auto industry had already maintained an inventory in the beginning of the year in anticipation of the Chinese New Year holiday but with the current lockdown in China, supply for BS-VI vehicles is likely to get impacted, SIAM President Ranjan Wadhera said in a statement.

Banking• Cabinet approves Yes Bank reconstruction plan as proposed by RBI on Mar 13, 2020. The Union

Cabinet on March 13 2020 approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance Minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank. On March 5, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The moratorium on the bank will be lifted within 3 days of notification of the reconstruction scheme, while its board will be in place in 7 days, she said.

• Banks take emergency steps to reduce disruption caused by coronavirus impact. Axis Bank has invoked its emergency business continuity plan (BCP) and asked two-thirds of employees in its headquarters to work from home. Deutsche Bank has asked some of its employees to not come to office.

• Seven investors join SBI to invest over Rs. 12000 Cr in Yes Bank with a proposal to appoint Prashant Kumar as new CEO. Private bankers include ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Radhakrishna Damani, Rakesh Jhunjhunwala and Azim Premji Trust. According to Economic Times, a proposal was sent to RBI, wherein these invest would invest 12000 cr to acquire 49% stake with SBI holding largest share of 45%.

FMCG• Hindustan Unilever losing market share in skin-cleansing category. Parent Unilever, at the

Consumer Analyst Group of New York (CAGNY) conference in Florida last month, acknowledged that penetration for the top two skin cleansing brands in India has been down

• ITC Ltd will accelerate the rollout of new FMCG products, bucking the industry trend amid consumption slowdown, aiming to drive sales and capture market share, said executive director B Sumant. ITC, a late entrant in the FMCG goods space, will launch 50-plus products in the next financial year and is on course to introduce 17 products during the current quarter, which is traditionally the slowest due to exams.

• Sanitisers and masks sold out and prices peak in India amid coronavirus terror. As Covid-19 patients continue to rise in India, some retailers and mask manufacturers are cashing in on the virus terror by jacking up prices by 2-3 times. E-commerce platforms have not had stocks of frontline sanitiser brands at several locations. Chemist shops in several cities said they are not getting any fresh supplies of sanitiser.

Realty/Infra• Blackstone to double down on India’s commercial realty Stephen, Schwarzman, Chairman

Blackstone Group said. According to him, in real estate, Blackstone is the largest owner in the world and in India, they specialize in office buildings. He said that the company is planning on doubling its investments in real estate.

• According to Anarock Chairman Anuj Puri, almost eighty percent of the builders in the country will vanish from the scene in the next three years in the prevailing conditions. Of about 2,20,000 units of buildings constructed across the country there is hardly one unit per builder. Only trustworthy builders focusing on quality of construction will be able to survive in the future, he told media persons at the state conference of Kerala chapter of Real Estate Developers’ Conference of India (Credai) being held here on Mar 13 2020.

• The ongoing Covid-19 virus mayhem and concerns over the global economy are likely to curtail a number of residential project launches across the country during the upcoming festive season of Gudi Padwa, Ugadi and Akshaya Tritiya, which usually sees several new launches. Developers are keen to focus on executing their ongoing projects rather than adding new inventory as they continue to grapple with liquidity challenges.

NEWS

INTERNATIONAL NEWS

• British Airways to cut jobs over coronavirus. “To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost -- perhaps for a short period, perhaps longer term,” Cruz said in an internal memo confirmed by the group. Global airlines have cancelled thousands of flights worldwide, as COVID-19 decimates demand for passenger travel.

• Coronavirus drags China’s FDI down to 8.6% in Jan-Feb. FDI totalled 134.4 billion yuan (about USD 19.2 billion) for January and February, Zong Changqing, director of the foreign investment department under the Ministry of Commerce said. A breakdown of the data showed FDI inflows climbed 4 per cent year on year in January but plunged 25.6 per cent in February, Zong told a press conference.

• ECB deploys stimulus to ease virus damage. The money is newly created and injected into the financial system. It comes on top of purchases worth 20 billion euros a month it is already carrying out, and would be aimed at corporate bonds, which should help keep credit available to companies. The ECB is also providing additional cheap, long-term loans to banks to make sure they have the liquidity they need.

FORTHCOMING EVENTSCOMPANY NAME EVENT EX-DATE

ADANI PORTS LTD Interim Dividend – Rs. 3.20 16 Mar 2020

ALEMBIC PHARMACEUTICALS

LTDInterim Dividend – Rs. 8.00 16 Mar 2020

HAVELLS INDIA LTD Interim Dividend – Rs. 4.00 16 Mar 2020

Ion Exchange Ltd Interim Dividend – Rs. 4.50 16 Mar 2020

POWER GRID (INDIA) LTD Interim Dividend – Rs. 5.96 16 Mar 2020

ARVIND FASHIONS LTD Rights issue of equity shares 17 Ma 2020

GODFREY PHILLIPS INDIA LTD Interim Dividend – Rs. 24.00 17 Mar 2020

KARNATAKA BANK LTD Bonus issue – 1:10 17 Ma 2020

SASKEN TECHNOLOGIES LTDSpecial & Interim Dividend –

Rs. 35.00 &15.0017 Mar 2020

TVS SRICHAKRA LTD Interim Dividend – Rs. 20.10 17 Mar 2020

TORRENT PHARMA LTDSpecial & Interim Dividend – Rs.

17.00 &15.0018 Mar 2020

CEAT LTD Interim Dividend – Rs. 12.00 19 Mar 2020

CIPLA LTDSpecial & Interim Dividend – Rs.

3.00 &1.0019 Mar 2020

COAL INDIA LTD Interim Dividend – Rs. 12.00 19 Mar 2020

EICHER MOTORS LTD Interim Dividend – Rs. 125.00 19 Mar 2020

GRANULES INDIA LTD Buyback of shares 19 Mar 2020

TCS LTD Interim Dividend – Rs. 12.00 19 Mar 2020

THERMAX LTD Interim Dividend – Rs. 7.00 20 Mar 2020

Visaka Industries Ltd Interim Dividend – Rs. 5.00 20 Mar 2020

1KSTREET - 14TH MARCH, 2020

INDIAN INDICES (% CHANGE)

GLOBAL INDICES (% CHANGE)

NIFTY MIDCAP100TOP GAINERS & LOSERS (1W)

SECTORAL INDICES (% CHANGE)

FII/FPI & DII TRADING (IN RS. CRORES)

NSE NIFTY TOP GAINERS & LOSERS (1W)

EQUITY

Source: Karvy Research

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FII/FPI DII

2KSTREET - 14TH MARCH, 2020

% OF SHAREHOLDING

in Rs.Mn ACTUAL ESTIMATE

Y/E Mar (Rs Mn) FY19 FY20E FY21E

Net Revenues 604270 709766 806999

EBITDA 139260 163246 183189

EBITDA margin(%) 23.0 23.0 22.7

Net Profit 101200 110690 120972

EPS (Rs.) 36.8 40.3 44.0

RoE (%) 24.4 22.9 21.0

P/E (x) 14.8 12.2 11.2

BEAT THE STREET - FUNDAMENTAL ANALYSIS

HCL Technologies Ltd CMP Rs.492.9Target Price Rs.688Upside 40%

VALUE PARAMETERSFace Value (Rs.) 2.0

52 Week High/Low (Rs.) 624/400

M.Cap (Rs. mn/US $mn) 1336887 /18066

EPS (Rs.) 44.0

P/E Ratio (times) (FY20E) 11.2

Dividend Yield (%) 0.75

Stock Exchange BSE

EQUITY

Investment Rationale

• In Q3FY20 HCLT reported yet another industry-leading performance with products business largely contributing to incremental revenues. HCLT reported CC revenue of 2.1% QoQ and 16.3% YoY. In $ terms, at $2543 Mn, revenue grew at 2.3% QoQ and 15.5% YoY. At Rs. 181350 Mn, HCLT’s revenue grew at 3.5% QoQ and 15.5% YoY. Two-thirds of incremental revenues were contributed by Mode 3, due to integration of IBM products. Mode 3 revenues grew 11.1% sequentially in CC terms. While Mode 1’s growth was flat at 0.3%, Mode 2 grew at 1.1%. Flattish performance of Mode 1 and Mode 2 businesses is attributable to seasonality.

• HCLT narrowed the lower end of the guidance band from 15-17% earlier to 16.5-17%, implying a expected Q4FY20 revenue growth of 0.3-2% in Q4FY20. Of this, inorganic component is expected to be 6% and organic growth to be around 10.5-11%, which is industry-leading. It has also narrowed EBIT margin guidance to 19-19.5% vs 18.5-19.5% earlier. While FY20’s strong growth performance was driven by high inorganic growth and ramp up of large deals, we see some moderation in FY21E growth rate due to high base and stagnation of deal momentum.

• HCLT’s Mode 3 revenues for Q3FY20 stood at $402 Mn. vs. $365 Mn in Q2FY20, registering a QoQ CC growth of 11%. While markets were skeptic about integration of IBM’s products, we believe HCLT is progressing well on its integration and execution. In terms of revenue from select IBM products, HCLT posted a jump of 40% to $140 Mn vs. $106 Mn in Q2FY20. As per management, the company on-boarded 4600 clients and 1800 partners (500 during Q3FY20) over past two quarters. It is encouraging to hear from the management that it is on track to on-board 90% of clients over next 2 quarters.

Valuation

Despite likely moderation in FY21E growth rates, we believe sharp correction makes it a BUY. Hence we recommend a “BUY” on HCLT with a target price of Rs. 688, upside potential of 40%. We value HCLT based on historical 3-Yr average FY21E PE of 15.6x.

RELATIVE PERFORMANCE

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Promoters60.0%

FII27.7%

DII8.5%

Others3.9%

3KSTREET - 14TH MARCH, 2020

EQUITY

BEAT THE STREET - TECHNICAL ANALYSIS

Dr. Reddy’s Laboratories Ltd

DRREDDY has given price breakout around 2890 levels November 2019 and since then the stock has been trading comfortably above the same. Over all the stock is making higher highs and higher lows on daily charts and has been moving up on price action with time bound consolidation and corrections. The historical price action in the stock reflects that any meaningful dip in the stock attract market participants. This helps stock to resume its up move. Recent price action with rise in volume indicates the breakout at levels of 3100 is meaningful and the stock is poised to take a decent up move in short to near term. On technical setup, the 14 period RSI is hovering above the 40 levels. The stock on daily, weekly and monthly charts is looking strong, Also the stock is very well placed and trading above its major Exponential moving averages of 200 days on daily charts, indicating the inherent trend in the stock to remain bullish in near to long term. The recent development in the stock suggests that the stock is well placed to take it up move. The support is placed around 2850 levels and below that is 2770 levels. Whereas, resistance is placed at placed at 3100 levels and above that is 3150 levels. Holding our bullish view in the stock and expecting that up move in the stock will remain intact in near term and stock is well placed to take it up move for upside target of 3150.

LIC Housing Finance Ltd

LICHSGFIN is one of the preferred pick from the universe of financial sector. The stock is trading with a bearish biasness making lower highs and lower lows on all time frames indicating inherent weakness in the counter. Also the stock has headed strongly from past few months and made a recent low of 219 odd levels from where it is expected to surge higher as it is hovering near to its multi-year support zone placed around 190-200 odd levels, suggesting a great opportunity to accumulate the counter at current levels. On weekly chart, according to the formation which the counter has made it is indicating bulls to remain intact near the support zone of 190-200 levels which is the historical breakout zone. On technical front, the 14 period RSI is placed near to the support zone of the oversold region on weekly chart and on daily chart suggesting a potential reversal in the counter. On the daily chart, the stock is hovering below its 200 DEMA indicating a potential reversal in the counter after a massive correction of around 28% in the past month. Also on weekly charts the stock is well placed near to its long term moving averages indicating potential pull back. On the other hand, recently the stock is expected to take resistance near to its breakout zone of 300-310 levels and is expected to surge above it to the mentioned level of recent high. At current juncture, Stock is witnessing support near the breakout zone on longer time duration, colliding with the long term moving average on daily chart. Stock has strong Support around 190-200 zone and any dip towards the same can be used for buying in the stock for the mentioned target in the coming future.

STOCK DRREDDY

CMP 2920

ENTRY 2900-2920

AVERAGE 2850

STOP LOSS 2775

TARGET 1 3100

TARGET 2 3150

TIME FRAME 3-4 weeks

STOCK LICHSGFIN

CMP 280

ENTRY 275-280

AVERAGE 220

STOP LOSS 190

TARGET 1 380

TARGET 2 425

TIME FRAME 3-4 weeks

4KSTREET - 14TH MARCH, 2020

EQUITY

SECTORAL SNIPPETS

NIFTYAUTO has underperformed the benchmark index Nifty 50 on week to week basis and ended the week on a negative note with fall of around 9%. The index has witnessed a massive correction from the recent swing high of 8450-8460 levels from past few consecutive weeks and retraced below the Fibonacci and where it has been hovering from past couple of weeks, supported by increase in average traded volumes indicating weakness at lower technical levels for the time being. Major heavyweights have witnessed plunged in price post the pandemic corona virus from the highs and have contributed in the movement for the index. On weekly chart the index has witnessed resistance from its recent swing high and has plunged from the same majorly due to the threat possessed because due to the increase in cases of corona virus worldwide. On charts, the immediate support for the index is pegged around 6000-5950 level breaching, below which the next support could be seen around 5600-5700 levels. While on the contrary, the resistance is pegged around 6700-6750 level which is the recent break down levels, followed by 7000 odd zone which is the next crucial resistance levels for the index. On oscillator front, the index has witnessed resistance at the higher band of the Bollinger band (20, 2) has plunged lower to the lower band, at the same time the band has started getting broader indicating a higher probability of index to burst or to be volatile in near future, this is further being supported by the 14 period RSI which is placed around 20-26 levels and is likely to take support near the same looking at the historical data and trend suggesting some pullback may be witnessed in the coming trading day. Going forward for the coming week, it is advisable to trade cautiously in the counter as stock specific action could be seen and it is advised to keep the positions hedge to avoid heavy losses in this market scenario.

NIFTY IT has underperformed the benchmark index and has witness a massive fall in-line to the market trend and settled the week in red with negative returns of around 13%, while Nifty 50 index which has lost around 8.79% during the same period. Index has seen selling pressure from last couple of days which was being supported by increase in average traded volumes indicating inherent weakness in the overall counter, until the index is being able to show a closing above its 200 DEMA on daily chart. The Index is hovering below all its major EMAs of 21, 50, 100 and 200 days on daily charts as well as on weekly charts, indicating the momentum in the index to remain strong in short to medium term. Technically, the index is trading below the lower band of keltner channel which is signalling continuation in the trend for the index for at least near to short term. As long as index is trading below the 200 DEMA placed around 14400 levels, it is poised to be in bear grip and may test the ATR or the midline of the channel in the weeks to come by, which is around 14000-14150 levels. On Bollinger band (20, 2) index is currently hovering just below the lower line on weekly charts, and below the median line on daily charts. On the indicator front 14 period RSI on weekly charts has taken a huge dip and pointing southwards and has at the same time has witnessed some rally in the last week, situated near 20-22 levels, indicating the bearishness is intact in the counter, which may take index to the towards the swing lows of 13300-13400 levels. For now supports may be assumed at 13300 levels and below at 13000 levels, while resistance may be at assumed at 14400 levels followed by 14700 levels.

NIFTY BANK slightly underperformed the Nifty by losing 8.83% during the week passed by while the broader index Nifty lost by 8.79%. From December 2019, the index after witnessing correction from 32600 levels is forming lower lows indicating the bears’ firm grip on the index. However, the index may resume its bullish bias if it crosses and sustains above 26560 levels. In a recent development, The Reserve Bank of India (RBI) has asked state governments not to transfer their deposits out of private sector banks saying apprehensions about the safety of deposits in private lenders are highly misplaced. On the other hand, Government-owned State Bank of India will be joined by private lenders ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank as well as investors Radhakishan Damani, Rakesh Jhunjhunwala and the Azim Premji Trust in the rescue plan for Yes Bank to invest more than Rs 12,000 crore, said three people aware of the development. As per the proposal sent to the Reserve Bank of India (RBI), these investors will together hold more than 49%, with SBI holding the largest share at 45%.On the stock-specific front, all the stocks in the index except YESBANK closed in red during the week. The bank gained a whopping 57.59%. Among the losers, INDUSINDBK, RBLBANK and IDFCFIRSTB lost by 20.21%, 18.93% and 16.83% respectively. As indicated by the derivatives data, BankNifty may face resistance at 26000 levels followed by 27000 levels. For the week ahead, support for the index can be pegged at 24000 levels followed by 23000 levels.

NIFTY FMCG underperformed the Nifty with a loss of 9.03% during the week passed by while the broader index Nifty lost by 8.79%. From January 2020, the index after witnessing correction from 31550 levels is forming lower lows indicating the bears’ firm grip on the index. However, the index may resume its bullish bias if it crosses and sustains above 27100 levels. Fast-moving consumer goods companies stand to gain from the slide in crude prices since many use oil and its derivatives in their products. The forecast is that oil prices will remain depressed owing to coronavirus concerns as well as the price war that has begun between oil producers, Russia and Saudi Arabia. On the other hand, ITC Ltd will accelerate the rollout of new FMCG products, bucking the industry trend amid consumption slowdown, aiming to drive sales and capture market share, said executive director B Sumant. ITC, a late entrant in the FMCG goods space, will launch 50-plus products in the next financial year and is on course to introduce 17 products during the current quarter, which is traditionally the slowest due to exams. On the stock-specific front, all the index stocks closed in red during the week. UBL, GODREJCP and EMAMILTD lost by 14.41%, 13.60% and 12.63% respectively. The index may face resistance at 26900 levels followed by 28300 levels. For the week ahead, support for the index can be pegged at 25700 levels followed by 25200 levels.

WEEKLY VIEW OF THE MARKET

NIFTY (9955.55): Indian equity benchmark index Nifty 50 closed lower by 8.79% during the week. During the last month, the index witnessed correction from 12150 levels towards the low of 8555 levels. Technically, from January 2020, the index after witnessing correction from 12430 levels is forming lower lows indicating the bears’ firm grip on the index. However, the index may resume its bullish bias if it crosses and sustains above 10100 levels. On the global front, Asian markets traded wildly during the week after shares of Wall Street saw a historic drop, as fears over the global coronavirus outbreak continued to weigh on investor sentiment. European stocks logged major losses for the week as the rapid spread of the coronavirus pandemic continued to dominate investor sentiment. On the other hand, US Equities rallied to their session highs into the close after President Donald Trump also said 50,000 new coronavirus tests will be available next week. Trump also said he asked the Energy Department to purchase oil for the US strategic petroleum reserve, boosting crude prices. In the week ahead, market participants may lay their focus on WPI Inflation (YoY) (Feb) releasing on Mar 16th. On the derivatives front, open interest data suggests that the index may find its supports around 9500 followed by 9000 levels while on the higher side, 10500 and 11000 levels may act as strong resistance.

5KSTREET - 14TH MARCH, 2020

COMMODITIES

BULLIONDuring the week ended on 13th March 2020, the global precious metals market had witnessed a volatile trend. The CME gold futures started the week on a positive note extending penultimate week’s gain and hit a fresh 7 years high. Gold prices jumped past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens. Crude oil prices witnessed a heavy fall on Monday declining by more than 30% following Saudi Arabia’s action in terms of slashing its oil sales prices as well as indicating to rise the production. However, the gains were not sustained in later part of the week. During rest of week’s trading sessions, the gold had eroded all the gains made in the penultimate week. The appeal of the gold during the times of economic downtrend was disappeared during the week. The sell off in the global equities market made the investors to liquated their positions from the safe-haven gold to meet the margin calls. Japan announced a second package of measures worth about $4 billion in spending to cope with the fallout to the economy of the outbreak, focusing on support for small and mid-sized firms. The U.S. had put travel restriction on citizens from Europe. World Health Organization has officially declared the COVID-19 as pandemic. The virus is forcing Italy to tighten its nationwide lockdown by shutting bars, hairdressers and restaurants as other countries closed schools and cancelled sports events and other big gatherings. The Bank of England slashed interest rates by 50 bps on Wednesday and announced support for bank lending just hours before the unveiling of a budget splurge designed to stave off a recession triggered by the outbreak. The International Monetary Fund urged countries to work together in responding to the rapidly spreading outbreak, and called for more donations to help the poorest countries deal with the escalating pandemic. The European Central Bank approved fresh stimulus measures to help the euro zone economy cope with the growing cost of the epidemic, but kept interest rates unchanged.

BASE METALSThe base metals complex was on downtrend during the week ended on 13th March 2020 on fears of the global economic slowdown and on fears of the recession due to increasing cases of corona virus. There was intermittent recovery in the base metals, however, the gains were not sustained. China’s unwrought copper imports rose 7.2% year-on-year in the first two months of 2020 as a restocking drive before Lunar New Year offset the impact of the coronavirus, which nonetheless sent aluminium exports plunging. Imports of unwrought copper, including anode, refined and semi-finished copper products into China, the world’s biggest copper consumer, came in at 846,107 tonnes in January-February, up from 789,358 tonnes in the year-earlier period. Other industrial metals witnessed an intermittent recovery with the United States and Japan among those announcing plans to counter the impact of the virus and support economic growth. Also lifting sentiment was a visit by Chinese President Xi Jinping to the outbreak epicentre in the central city of Wuhan after a sharp drop in new cases in mainland China in the past week. The World Health Organization (WHO) had officially declared the COVID-19 as pandemic. Fears of the global economy slipping into recession is leading to reduced demand for the non-ferrous metals. Death toll in Italy, the worst hit outside China, jumped by 196 in 24 hours to 827 while the number of infections rose to 12,462. U.S. President Donald Trump suspended all travel from Europe, not including the United Kingdom, to the United States for 30 days starting on Friday to fight the virus. China confirmed only eight new coronavirus infections in Hubei province, the first time the epicentre of the pandemic recorded a daily tally in single-digits. Global shares crumbled after Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus that has extracted a heavy human and economic toll worldwide. Copper smelting declined during February in China and Europe as the coronavirus outbreak worsened, according to an index based on satellite surveillance of copper plants. Automakers in China are calling on the government to help after industry-wide sales plunged 79% in February to mark their biggest ever monthly decline, with demand pummelled by the coronavirus outbreak.

ENERGYThe global energy market started the week on a shivering note with the Brent and WTI prices falling by more than 30% the biggest decline since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Saudi Arabia is attempting to punish Russia, the world’s second-largest producer, for balking on Friday at production cuts proposed by the OPEC. OPEC and other producers supported the cuts to stabilize falling prices caused by the economic fallout from the coronavirus outbreak. Saudi Arabia plans to boost crude output above 10 million barrels per day (bpd) in April after the current supply deal between OPEC and Russia, - known as OPEC+ - expires at the end of March. According to EIA, crude oil inventories rose by 7.664 million barrels in the week to 6th March 2020 against previous week build up of just 0.785 million barrels. The U.S. put travel restriction on citizens from Europe and on concerns about the economic impact from the coronavirus increased after world health officials declared it a pandemic and many countries took measures to combat the spread by restricting public gatherings. The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia. On supply, the United Arab Emirates followed Saudi Arabia in announcing plans to boost oil output after the collapse last week of an agreement between OPEC, Russia and other producers, a grouping known as OPEC+, to withhold supply and support prices.

NEWS DIGEST

• Oil prices have plunged so much that even U.S. shale producers who have paid for the industry’s version of income insurance must deal with big holes in their budgets. Crude oil prices have crashed about 50% this year, hit by the coronavirus outbreak and the surprise price war that erupted last weekend between Saudi Arabia and Russia. The U.S. crude benchmark on Thursday closed at $31.50 a barrel, far below the $50-per-barrel price where many companies hedged. With prices at three-year lows, shale producers also are exposed because they used options in such a way that their insurance erodes the more oil declines. Shale companies protect their revenues with hedges because oil prices can swing wildly due to unforeseen events. About 43% of 2020’s oil production was hedged as of the end of the fourth quarter, according to Goldman Sachs. But that 43 percent is not fully covered. Producers use a variety of methods to hedge production. The simplest is to purchase a put option that allows the holder to sell at a fixed price at a particular time, regardless of where oil prices are trading. That locks in a selling price of, say, $50 a barrel. Many shale producers used a more complex strategy, known as three-way collars. Producers still buy the put options as insurance, but they also sell other put options, often with a lower price point - to lower or eliminate the cost of their insurance.

• Saudi Arabia will supply additional oil volumes next month to all customers in Europe who asked for an increase following a deep cut to Saudi official selling prices, five trading sources told Reuters on Friday. European oil refiners including Total, BP, Shell, Eni and SOCAR have all had allocations for additional Saudi crude oil supplies in April confirmed, the sources said. Oil prices have weakened more widely, with Brent crude on track for its worst week since the 2008 financial crisis on Friday as investors fretted over the impact of the coronavirus on demand and plans by producers to boost output.

• Shanghai Futures Exchange copper inventories rose another 10% in the past week to their highest in almost four years amid signs China’s production is holding up even as demand struggles to recover from the impact of the coronavirus. Chinese steel stocks, meanwhile, remain at record highs. Inventories of copper climbed by 34,959 tonnes from the previous week to 380,065 tonnes, the exchange said on Friday. That’s the most since March 25, 2016. The boost comes after Chinese research house Antaike said February copper output in its smelter survey was flat from January at 656,000 tonnes, much higher than expected, and as key metal consuming sectors are slow to return to work. Furthermore, copper concentrate treatment charges, a key source of smelter revenue, have jumped 20% since the end of 2019. Charges above $70 a tonne have eased the pressure on smelters, said Antaike, which is forecasting output of around 690,000 tonnes in March. ShFE copper inventories have now clocked straight weekly gains since Jan. 10, although the bourse did not report numbers for the extended Lunar New Year holiday in late January and early February. Zinc and aluminium stocks are on an even longer rising streak stretching back to Dec. 27. Zinc stocks rose 4.6% in the past week to their highest since April 2017, while aluminium stocks added a hefty 8.4% to more than half a million tonnes, the most since May 2019.

• Malaysian palm oil futures fell 7% for the week even as the contract firmed on strength in rival soybean oils, as panic over the coronavirus outbreak drove heavy selling across assets. Markets are worried that the epidemic will suppress palm oil consumption and crude oil prices, said Oscar Tjakra, senior analyst at Rabobank’s RaboResearch Food & Agribusiness. Weak crude oil futures lessen palm’s appeal as biodiesel feedstock. Brent crude and world stock markets was set for their biggest weekly drop since the 2008 financial crisis, as virus-driven panic selling has hit almost every asset class. Palm oil fell to levels last seen in October as demand concerns outweighed a drop in February stockpiles and a pick up in exports ahead of the Muslim holy month of Ramadan.

6KSTREET - 14TH MARCH, 2020

MCX CRUDE - PRICE, VOLUME & OPEN INTEREST MCX NATURAL GAS – PRICE, VOLUME & OPEN INTEREST

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COMMODITIES

TRENDSHEET

Commodities 6-Mar 13-Mar % Change52 Week

High

% Change from 52

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52 Week Low

% Change from 52

Week Low

MCX Gold (Rs/10 gms) 44158.0 41842.0 -5.2% 44961.00 -6.94% 31232.00 33.97%

MCX Silver (Rs/Kg) 46969.0 43278.0 -7.9% 50672.00 -14.59% 35826.00 20.80%

MCX Crude Oil (Rs/bbl) 3159.0 2473.0 -21.7% 4692.00 -47.29% 2151.00 14.97%

MCX Natural Gas (Rs/mmBtu) 129.4 141.9 9.7% 205.90 -31.08% 119.60 18.65%

MCX Copper (Rs/kg) 433.6 425.0 -2.0% 462.95 -8.21% 399.55 6.36%

MCX Lead (Rs/kg) 145.0 143.3 -1.2% 169.90 -15.69% 123.80 15.71%

MCX Zinc (Rs/kg) 156.3 154.1 -1.4% 233.65 -34.07% 149.30 3.18%

MCX Nickel (Rs/kg) 965.0 943.0 -2.3% 1314.80 -28.28% 825.60 14.22%

MCX Aluminium (Rs/kg) 138.1 138.2 0.0% 158.25 -12.70% 128.00 7.93%

NCDEX Soybean (Rs/Quintal) 3794.0 3502.0 -7.7% 4506.00 -22.28% 3318.00 5.55%

NCDEX Refined Soy Oil (Rs/10 kg) 793.2 753.8 -5.0% 955.00 -21.07% 719.55 4.76%

NCDEX RM Seed (Rs/Quintal) 4087.0 3904.0 -4.5% 4744.00 -17.71% 3711.00 5.20%

MCX CPO (Rs/10 kg) 669.0 624.0 -6.7% 839.80 -25.70% 491.30 27.01%

NCDEX Castor Seed (Rs/Quintal) 3854.0 3832.0 -0.6% 6102.00 -37.20% 3672.00 4.36%

NCDEX Turmeric (Rs/Quintal) 5952.0 5430.0 -8.8% 7360.00 -26.22% 5372.00 1.08%

NCDEX Jeera (Rs/Quintal) 13855.0 13340.0 -3.7% 18195.00 -26.68% 13110.00 1.75%

NCDEX Dhaniya (Rs/Quintal) 6224.0 5690.0 -8.6% 7688.00 -25.99% 5267.00 8.03%

MCX Cardamom (Rs/kg) 2457.9 2562.8 4.3% 4265.30 -39.92% 1480.90 73.06%

NCDEX Wheat (Rs/Quintal) 2105.0 2000.0 -5.0% 2290.00 -12.66% 1770.00 12.99%

NCDEX Guar Seed (Rs/Quintal) 3780.0 3528.0 -6.7% 4508.00 -21.74% 3266.00 8.02%

NCDEX Guar Gum (Rs/Quintal) 6237.0 5617.0 -9.9% 9138.00 -38.53% 5300.00 5.98%

MCX Cotton (Rs/Bale) 18630.0 18290.0 -1.8% 22540.00 -18.86% 17680.00 3.45%

NCDEX Cocud (Rs/Quintal) 1878.0 1800.0 -4.2% 3698.00 -51.33% 1507.00 19.44%

MCX Mentha Oil (Rs/kg) 1189.6 1162.9 -2.2% 1737.70 -33.08% 1130.00 2.91%

FUTURE PRICES (% CHANGE)

-21.72%

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7KSTREET - 14TH MARCH, 2020

CURRENCY

USD/INR

USDINR traded strong during the week but closed weaker, it made a high of 74.49 and low of 73.55. The RSI is at 70.10. Moving average of 50 is at 71.76. The trend is looking positive for the week. Hence, recommend Buying at 73.00-73.50 TP 74.50 SL 72.30.

EUR/INR

EURINR traded negative during the week, it made a low of 82.34 and high of 85.0825. The RSI is trading at 64.33. Moving average of 50 is at 78.60. The trend is looking negative for the week. Hence, recommend selling at 83.00 TP 81.00 SL 84.00.

GBP/INR

GBPINR traded negative during the week, it made a low of 92.04 and high of 96.11. The RSI is trading at 44.49. Moving average of 50 is at 92.50. The trend is looking negative for the week. Hence, recommend selling at 93.50 TP 90.00 SL 95.00

JPY/INR

JPYINR traded negative during the week, it made a low of 69.1325 and high of 73.1900. The RSI is at 59.91. Moving average of 50 is at 65.92. The trend is looking negative for the week. Hence, recommend selling at 70.30 TP 67.50 SL 71.50

TECHNICAL RECOMMENDATIONMARKET STANCE

USD/INR closed at 73.91 after hitting a weekly high of 74.49 and a low of 73.53. Nifty ended up 365 points at 9955. The improvement in domestic macro data (IIP and easing CPI) is a good sign and helped the market gain to some extent today. However growth recovery still remains evasive and therefore there are high expectations that RBI may cut rates in its next policy meet to offset the impact of coronavirus as well as economic slowdown. India’s retail inflation rate in February stood at 6.58 percent. India’s current account deficit narrowed sharply to $1.4 billion or 0.2 percent of GDP in the December quarter. India’s industrial output grew 2 % in January against a contraction of 0.3 percent in December. RBI to offer $2 bn worth US dollars on March 16 to soothe Forex market. ECB unveiled a stimulus package that provides loans to banks with rates as low as minus-0.75% and increases bond purchases. ECB yesterday announced a stimulus package that provides loans to banks with rates as low as -0.75% and increases bond purchases, but it did not join its counterparts in the United States and Britain by cutting rates. Federal Reserve moved to provide $1.5 trillion in short-term liquidity and changed the durations of Treasuries it buys. Dollar had its biggest one-day gain against Sterling since July 2016. The dollar was up about 4% against sterling this week. US 10 year bond yield fell 7 % at 0.79. Dollar drifted higher against developed-market peers but gave up gains against emerging currencies as the market digested the Federal Reserve’s pledge to inject $1.5 trillion in reserves into the financial system. Having shrugged off the stimulus measures of the ECB, Bank of England and Federal Reserve, markets are desperate for a sign that the coronavirus epidemic is peaking. There is no such sign yet, either in Europe or the U.S for the same. USD/INR likely to find support at 73.50 and resistance at 74.50 in the near term.

NEWS FLOWS OF LAST WEEK

• USD/INR closed at 73.91 after hitting a weekly high of 74.49 and a low of

73.53.

• Nifty ended up 365 points at 9955. The improvement in domestic macro

data (IIP and easing CPI) is a good sign and helped the market gain to

some extent today.

• India’s retail inflation rate in February stood at 6.58 percent.

• India’s current account deficit narrowed sharply to $1.4 billion or 0.2

percent of GDP in the December quarter.

• India’s industrial output grew 2 % in January against a contraction of 0.3

percent in December. RBI to offer $2 bn worth US dollars on March 16 to

soothe Forex market. ECB unveiled a stimulus package that provides loans

to banks with rates as low as minus-0.75% and increases bond purchases.

• Federal Reserve moved to provide $1.5 trillion in short-term liquidity and

changed the durations of Treasuries it buys.

• Dollar had its biggest one-day gain against Sterling since July 2016. The

dollar was up about 4% against sterling this week.

CURRENCY TABLE

Currency Pair Open High Low Close

USDINR 74.03 74.49 73.55 73.92

EURINR 84.20 85.08 82.34 82.44

GBPINR 92.52 96.11 92.04 96.00

JPYINR 66.56 70.31 66.51 70.09

8KSTREET - 14TH MARCH, 2020

ECONOMIC GAUGE FOR THE NEXT WEEK

Date Time Country Indicator Name Period Poll Prefix Unit Prior

16-Mar-20 7:00 China (Mainland) China House Prices YY Feb 2020 Percent 6.3

16-Mar-20 7:30 China (Mainland) Urban Investment (YTD)YY Feb 2020 2.8 Percent 5.4

16-Mar-20 7:30 China (Mainland) Industrial Output YY Feb 2020 1.5 Percent 6.9

16-Mar-20 7:30 China (Mainland) Retail Sales YY Feb 2020 0.8 Percent 8

16-Mar-20 7:30 China (Mainland) Industrial Production YTD YY Feb 2020 Percent 5.7

16-Mar-20 7:30 China (Mainland) Retail Sales YTD YY Feb 2020 Percent 8.05

16-Mar-20 12:00 India WPI Inflation YY Feb 2020 2.65 Percent 3.1

16-Mar-20 12:00 India WPI Food Index Feb 2020 Percent 10.12

16-Mar-20 12:00 India WPI Food Articles YY Feb 2020 Percent 11.51

16-Mar-20 12:00 India WPI Fuel YY Feb 2020 Percent 3.42

16-Mar-20 12:00 India WPI Mfg Inflation Feb 2020 Percent 0.34

16-Mar-20 16:30 Euro Zone Reserve Assets Total Feb 2020 Bln EUR 846.82

16-Mar-20 18:00 United States NY Fed Manufacturing Mar 2020 3 Index 12.9

16-Mar-20 1:30 United States Net L-T Flows,Exswaps Jan 2020 Bln USD 85.6

16-Mar-20 1:30 United States Foreign Buying, T-Bonds Jan 2020 Bln USD 41.1

16-Mar-20 1:30 United States Overall Net Capital Flows Jan 2020 Bln USD 78.2

16-Mar-20 1:30 United States Net L-T Flows,Incl.Swaps Jan 2020 Bln USD 59.9

17-Mar-20 18:25 United States Redbook MM W 14 Mar Percent -0.1

17-Mar-20 18:25 United States Redbook YY W 14 Mar Percent 6

17-Mar-20 15:30 Euro Zone Construction Output MM Jan 2020 Percent -3.1

17-Mar-20 15:30 Euro Zone Labour Costs YY Q4 2019 Percent 2.6

17-Mar-20 15:30 Euro Zone Wages In Euro Zone Q4 2019 Percent 2.6

17-Mar-20 15:30 Euro Zone ZEW Survey Expectations Mar 2020 Balance 10.4

17-Mar-20 18:00 United States Retail Sales Ex-Autos MM Feb 2020 0.2 Percent 0.3

17-Mar-20 18:00 United States Retail Sales MM Feb 2020 0.2 Percent 0.3

17-Mar-20 18:00 United States Retail Ex Gas/Autos Feb 2020 Percent 0.4

17-Mar-20 18:00 United States Retail Control Feb 2020 0.4 Percent 0

17-Mar-20 18:00 United States Retail Sales YoY Feb 2020 Percent 4.38

17-Mar-20 18:45 United States Industrial Production MM Feb 2020 0.4 Percent -0.3

17-Mar-20 18:45 United States Capacity Utilization SA Feb 2020 77 Percent 76.8

17-Mar-20 18:45 United States Manuf Output MM Feb 2020 0.2 Percent -0.1

17-Mar-20 18:45 United States Industrial Production YoY Feb 2020 Percent -0.83

17-Mar-20 19:30 United States Business Inventories MM Jan 2020 -0.1 Percent 0.1

17-Mar-20 19:30 United States Retail Inventories Ex-Auto Rev Jan 2020 Percent 0.3

17-Mar-20 19:30 United States JOLTS Job Openings Jan 2020 Mln Person 6.423

17-Mar-20 20:30 United States NAHB Housing Market Indx Mar 2020 74 Index 74

18-Mar-20 16:30 United States MBA Mortgage Applications W 13 Mar Percent 55.4

18-Mar-20 16:30 United States Mortgage Market Index W 13 Mar Index 1172.1

18-Mar-20 16:30 United States MBA Purchase Index W 13 Mar Index 280.7

18-Mar-20 16:30 United States Mortgage Refinance Index W 13 Mar Index 6418.9

18-Mar-20 16:30 United States MBA 30-Yr Mortgage Rate W 13 Mar Percent 3.47

18-Mar-20 20:00 United States EIA Weekly Crude Stocks W 13 Mar Mln Barrel 7.664

18-Mar-20 20:00 United States EIA Weekly Dist. Stocks W 13 Mar Mln Barrel -6.404

18-Mar-20 20:00 United States EIA Weekly Gasoline Stk W 13 Mar Mln Barrel -5.048

18-Mar-20 20:00 United States EIA Weekly Crude Imports W 13 Mar Mln Barrel 0.918

18-Mar-20 20:00 United States EIA Weekly Rfg Stocks W 13 Mar Mln Barrel -0.001

CURRENCY

9KSTREET - 14TH MARCH, 2020

CURRENCY

18-Mar-20 20:00 United States EIA Weekly Heatoil Stock W 13 Mar Mln Barrel -1.034

18-Mar-20 20:00 United States EIA Weekly Prods Imports W 13 Mar Mln Brl/Day 0.328

18-Mar-20 20:00 United States EIA Weekly Dist Output W 13 Mar Mln Brl/Day 0.057

18-Mar-20 20:00 United States EIA Weekly Crude Runs W 13 Mar Mln Brl/Day 0.006

18-Mar-20 20:00 United States EIA Weekly Refining Util W 13 Mar Percent -0.5

18-Mar-20 20:00 United States EIA Wkly Crude Cushing W 13 Mar Mln Barrel 0.704

18-Mar-20 20:00 United States EIA Weekly Gasoline O/P W 13 Mar Mln Brl/Day 0.199

18-Mar-20 23:00 United States EIA Ethanol Ref Stk W 13 Mar Thou Barrel 24334

18-Mar-20 23:00 United States EIA Ethanol Fuel Total W 13 Mar Thou Brl/Day 1044

18-Mar-20 15:30 Euro Zone Eurostat Trade NSA, Eur Jan 2020 Bln EUR 23.1

18-Mar-20 15:30 Euro Zone Total Trade Balance SA Jan 2020 Bln EUR 22.2

18-Mar-20 15:30 Euro Zone HICP Final MM Feb 2020 0.2 Percent -1

18-Mar-20 15:30 Euro Zone HICP Final YY Feb 2020 1.2 Percent 1.2

18-Mar-20 15:30 Euro Zone HICP-X F&E MM Feb 2020 0.4 Percent -1.3

18-Mar-20 15:30 Euro Zone HICP-X F&E Final YY Feb 2020 1.4 Percent 1.4

18-Mar-20 15:30 Euro Zone HICP-X Tobacco MM Feb 2020 Percent -1

18-Mar-20 15:30 Euro Zone HICP-X tobacco YY Feb 2020 Percent 1.3

18-Mar-20 15:30 Euro Zone HICP-X F, E, A, T Final MM Feb 2020 0.4 Percent 0.4

18-Mar-20 15:30 Euro Zone HICP-X F,E,A&T Final YY Feb 2020 1.2 Percent 1.2

18-Mar-20 15:30 Euro Zone HICP Ex-Tobacco Revised Feb 2020 Index 104.05

18-Mar-20 15:30 Euro Zone HICP Excl Tobacco Unrevised Feb 2020 Index 104.05

18-Mar-20 18:00 United States Building Permits: Number Feb 2020 1.511 Mln No. of 1.55

18-Mar-20 18:00 United States Build Permits: Change MM Feb 2020 Percent 9.2

18-Mar-20 18:00 United States Housing Starts Number Feb 2020 1.502 Mln No. of 1.567

18-Mar-20 18:00 United States House Starts MM: Change Feb 2020 Percent -3.6

18-Mar-20 23:30 United States Fed Funds Target Rate 18 Mar 0.875 Percent 1.125

18-Mar-20 23:30 United States Fed Int On Excess Reserves 18 Mar Percent 1.1

18-Mar-20 23:30 United States FFR Projection-Current Q1 2020 Percent 1.6

18-Mar-20 23:30 United States FFR Projection-1st Yr Q1 2020 Percent 1.6

18-Mar-20 23:30 United States FFR Projection-2nd Yr Q1 2020 Percent 1.9

18-Mar-20 23:30 United States FFR Projection-3rd Yr Q1 2020 Percent 2.1

18-Mar-20 23:30 United States FFR Projection-Longer Q1 2020 Percent 2.5

19-Mar-20 18:00 United States Current Account Q4 2019 -108.6 Bln USD -124.1

19-Mar-20 18:00 United States Philly Fed Business Indx Mar 2020 10 Index 36.7

19-Mar-20 18:00 United States Philly Fed 6M Index Mar 2020 Index 45.4

19-Mar-20 18:00 United States Philly Fed Capex Index Mar 2020 Index 29.8

19-Mar-20 18:00 United States Philly Fed Employment Mar 2020 Index 9.8

19-Mar-20 18:00 United States Philly Fed Prices Paid Mar 2020 Index 16.4

19-Mar-20 18:00 United States Philly Fed New Orders Mar 2020 Index 33.6

19-Mar-20 19:30 United States Leading Index Chg MM Feb 2020 0.2 Percent 0.8

20-Mar-20 7:00 China (Mainland) Loan Prime Rate 1Y Mar 2020 Percent 4.05

20-Mar-20 7:00 China (Mainland) Loan Prime Rate 5Y Mar 2020 Percent 4.75

20-Mar-20 14:30 Euro Zone Current Account NSA,EUR Jan 2020 Bln EUR 51.2

20-Mar-20 14:30 Euro Zone Current Account SA, EUR Jan 2020 Bln EUR 32.561

20-Mar-20 19:30 United States Existing Home Sales Feb 2020 5.52 Mln No. of 5.46

20-Mar-20 19:30 United States Exist. Home Sales % Chg Feb 2020 Percent -1.3

10KSTREET - 14TH MARCH, 2020