Highlights of 23rd January '23 Fundamental Weekly Podcast:

- Nifty Index gained 0.40%, while Sensex gained around 0.60%

- BSE Midcap and BSE SmallCap Index underperformed - FII continues to be net seller to the tune of Rs. 19880 crore, till date in Jan’23

- Indian equity markets turned hopeful ahead of the upcoming Union Budget, while macro indicators continued to be weak

- PICK OF THE WEEK – FEDERAL BANK - TARGET - Rs 160

- Federal Bank reported ~50% yoy earnings growth due to a 7% yoy decline in provisions and 40% yoy operating profit growth.

- RoE, which is currently at a 9-year high at 16%, is partly driven by operating leverage and tailwinds from NIM expansion that would moderate from hereon.