STREET INVESTMENT easy money: March 2022

Barometers close near day's high; Nifty ends below 17,500 mark. 30March2022

The benchmark indices surged on Wednesday amid across the board buying support. The Nifty settled below the 17,500 mark after hitting the day's high of 17,522.50 in late trade.

As per provisional closing figures, the barometer index, the S&P BSE Sensex rose 740.34 points or 1.28% at 58,683.99. The Nifty 50 index gained 172.95 points or 1% at 17,498.25.

In the broader market, the S&P BSE Mid-Cap index added 0.78% and the S&P BSE Small-Cap index rose 1.09%.

The market breadth was strong. On the BSE, shares 2,116 rose and 1,285 shares fell. A total of 108 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Meanwhile, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, approved the time extension (36 months) to identify 10 provisional mega certified projects for furnishing the final mega certificates to the tax authorities.

The extension of time period for furnishing final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per policy terms. The increased liquidity will boost the overall growth of the country and also ensure the revival of various stressed power assets.

The time period for the 10 provisional mega projects which are commissioned/ partly commissioned for furnishing the final mega certificates to the tax authorities has been extended to 156 months instead of 120 months from the date of import.

Hariom Pipe Industries IPO:

The initial public offer (IPO) of Hariom Pipe Industries received bids for 49,25,382 shares as against 85,00,000 shares on offer, according to stock exchange data on Wednesday (30 March 2022). The issue was subscribed 0.58 times.

The issue opened for bidding on Wednesday (30 March 2022) and it will close on Tuesday (5 April 2022). The price band of the IPO is fixed at Rs 144 - 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.

HariomPipe Industries is an integrated manufacturer of mild steel (MS) pipes, scaffolding, HR (hot rolled) strips, MS billets and sponge iron. The company uses iron ore to produce sponge iron which is then processed across various stages to manufacture final products viz. MS pipes and scaffolding.

Buzzing Index:

The Nifty Media index advanced 2.13% to 2,357.10. The index lost 1.22% in the past trading session.

Dish TV India (up 3.92%), Zee Entertainment Enterprises (ZEEL) (up 2.79%), TV18 Broadcast (up 2.52%), Sun TV Network (up 2.10%) and Network18 Media & Investments (up 1.54%) were the top gainers in the Media segment.

Stocks in Spotlight:

Saregama India hit an upper circuit limit of 5% at Rs 4,598.55. The company said its board approved the demerger of e-commerce distribution business into a new company, Digidrive Distributors, on a going concern basis. Saregama India will demerge its entire distribution business relating to sale of all its physical products including carvaan on digital marketplaces alongwith identified non-core assets (including investments in publication business) and other activities and/or arrangements incidental or relating thereto (e-commerce distribution business).

No cash consideration is payable under the proposed demerger scheme. The existing shareholders will receive 2 fully paid up equity shares of Digidrive Distributors, for 1 equity share of Saregama India. Further, Saregama India is currently in process of seeking its shareholders approval for splitting 1 equity share to be sub-divided into 10 equity shares of face value of Re 1 each. In case the stock split is approved by the shareholders, the share entitlement ratio for the proposed demerger would be, 1 equity share of Rs 10 each of Digidrive Distributors, for every 5 equity share of Re 1 each of Saregama India. The equity shares of Digidrive Distributors will be listed on the BSE and the National Stock Exchange of India.

Tata Consumer Products advanced 2.81% while Tata Coffee soared 8.87%. Tata Consumer Products (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. The plantation business of Tata Coffee (TCL) will demerge into TCPL's wholly-owned arm TCPL Beverages & Foods (TBFL). The remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.

The demerger will happen as the first step and the merger will happen as the immediate second step, both being proposed through a composite scheme of arrangement. On effectiveness of the scheme, the shareholders of TCL (other than TCPL) as on the record date will receive an aggregate of 3 equity shares of TCPL for every 10 equity shares held by them in TCL. This will be carried out through the issuance of 1 equity share of TCPL for every 22 equity shares of TCL in consideration for the demerger. For the merger, 14 equity shares of TCPL will be issued for every 55 equity shares of TCL.

Axis Bank gained 2.37%. As per media reports, the private sector lender is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon. The deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.

Aurionpro Solutions was locked in 5% upper circuit at Rs 322.50. Integro Technologies (Integro), an Aurionpro subsidiary based in Singapore, has won orders from the two large banks in Singapore. The orders are together valued more than 3 million Singapore dollars.

G R Infraprojects jumped 4.69%. The company announced that it has received Letter of Award (LoA) for five projects worth Rs 5,774 crore from National Highways Authority of India (NHAI).

Global Markets:

European stocks traded mixed while most Asian stocks settled higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

According to the media reports, Russian claimed it would reduce its attacks on Ukraine as delegates from the two countries met for their latest face-to-face peace talks in Istanbul. Moscow said it would cut back its military activity near Ukraine's capital of Kyiv and the northern city of Chernihiv. However, the General Staff of Ukraine's Armed Forces says the Russian withdrawal pledge is designed to mislead.

In Asia, Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

The domestic equity barometers traded in a narrow range, near the day's high in afternoon trade. The Nifty was trading above the 17,500 mark. European shares mostly declined while most Asian markets edged higher.

The barometer index, the S&P BSE Sensex was up 695.48 points or 1.20% to 58,639.13. The Nifty 50 index gained 176.50 points or 1.02% to 17,501.80

Bajaj Finserv (up 3.38%), Bajaj Finance (up 2.97%), Hero MotoCorp (up 2.95%), Maruti Suzuki (up 2.40%) and Axis Bank (up 2.33%) were the top index gainers.

Hindalco (down 4.68%), ONGC (down 4.62%), JSW Steel (down 3.65%), Tech Mahindra (down 2.07%) and Tata Steel (down 2.06%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index added 0.78% while the S&P BSE Small-Cap index rose 1.35%.

The market breadth was strong. On the BSE, 2,312 shares rose and 1,006 shares fell. A total of 106 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Stocks in Spotlight:

Sun Pharmaceutical Industries fell 0.71% to Rs 913. One of the wholly-owned subsidiaries of Sun Pharma has entered into an exclusive patent licensing agreement with H. Lundbeck A/S to market and distribute its own version of Vortioxetine, a novel antidepressant, in India under the brand name, VORTIDIF. The territory of the licensing agreement will only cover India.

Aurionpro Solutions was locked in 5% upper circuit at Rs 322.35. Integro Technologies (Integro), an Aurionpro subsidiary based in Singapore, has won orders from the two large banks in Singapore. The orders are together valued more than 3 million Singapore dollars.

Dilip Buildcon jumped 4.17% to Rs 250.50 after the company announced that it has been declared as lowest (L-1) bidder by National Highways Authority of India (NHAI) for a road project in Karnataka. The bid project cost is Rs 1,589 crore.

Global Markets:

European stocks mostly edged lower on Wednesday following the latest round of talks between Russia and Ukraine, aimed at finding a solution to the conflict.

In Asia, stocks were trading higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

Russian claimed it would reduce its attacks on Ukraine as delegates from the two countries met for their latest face-to-face peace talks in Istanbul. Moscow said it would cut back its military activity near Ukraine's capital of Kyiv and the northern city of Chernihiv, as per reports. Ukrainian officials have pushed for a cease-fire agreement and a resolution to the humanitarian crisis sparked by Moscow's invasion.

However, the General Staff of Ukraine's Armed Forces says the Russian withdrawal pledge is designed to mislead, media reported.

The general staff reportedly said the Russian units were continuing to move away from both Kyiv and Chernihiv. Russia has already said it will now focus on operations in the eastern Donbas region.

Ukraine's military believes the withdrawals are probably a rotation of individual units aimed at misleading Ukraine's military leadership and creating a misconception about the meaning of their deployment, media reports added.

The update echoes statements made by Pentagon spokesman John Kirby, who reportedly said the threat to Kyiv remained despite Russian troop movements away from the city.

Meanwhile, Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

US stocks rose on Tuesday, extending Wall Street's winning streak as traders monitored ceasefire negotiations in Europe and key levels in the bond market.

Barometers at day's high; Nifty nears 17,500 level. 30March2022

The benchmark indices hit intraday high during mid-morning trade, buoyed by strong demand in financial services, auto and bank stocks. The Nifty index touched 17,500 mark, retracting quickly to hover tad below 17,500 level.

The barometer index, the S&P BSE Sensex rose 643.55 points or 1.11% at 58,587.20. The Nifty 50 index gained 165.85 points or 0.96% at 17,491.15.

The S&P BSE Mid-Cap index added 0.79%. The S&P BSE Small-Cap index rose 1.32%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,353 rose and 876 shares fell. A total of 109 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Buzzing Index:

The Nifty Bank index rose 1.51% to 36,390.35. The index added 2.76% in three trading sessions.

Axis Bank (up 3.38%), Bandhan Bank (up 3.25%), RBL Bank (up 2.49%), IDFC First Bank (up 2.24%) and ICICI Bank (up 1.88%) were the top gainers in the Bank segment.

Axis Bank advanced 3.38%. As per media reports, private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon. According to the media sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.

ICICI Bank rose 1.88%. ICICI Bank said that it has accepted the offer to acquire 10,00,000 equity shares of face value of Rs 100 each of Open Network for Digital Commerce (ONDC). The shares have been acquired for a total cash consideration of Rs 10 crore at Rs 100 per share. Post allotment, ICICI Bank will hold 5.97% stake in ONDC. The shareholding is subject to change and is dependent on closure of transaction by other participating investors.

Stocks in Spotlight:

Welspun Corp lost 0.43%. On Tuesday, the company announced that its associate company, East Pipes Integrated Company for Industry (EPIC) received an order of SAR 497 million from Saline Water Conversion Corporation. East Pipes Integrated Company will complete the supply of its spiral steel pipes to Saline Water Conversion Corp within one year.

Bharat Electronics (BEL) gained 1.40%. The company secured two separate orders from India's Ministry of Defence worth an aggregate Rs 3,102 crore. The Ministry of Defence (MoD), Government of India, and Navratna Defence PSU BEL on Tuesday, 29 March 2022, signed a contract for Instrumented Electronic Warfare Range (IEWR) for the Indian Air Force. The IEWR will be used to test and evaluate airborne Electronic Warfare (EW) equipment and validate their deployment in an Operational Scenario. The overall cost of the contract is estimated to be Rs 1,109 crore.

Separately, MoD and BEL on Tuesday, 29 March 2022, concluded a contract for supply of Advanced Electronic Warfare (EW) suite for Fighter aircraft of Indian Air Force. The overall cost of the contract is estimated to be Rs 1,993 crore.

Global Markets:

Asian stocks were trading higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

US stocks rose on Tuesday, extending Wall Street's winning streak as traders monitored ceasefire negotiations in Europe and key levels in the bond market.

The barometer indices rallied during mid-morning trade, buoyed by strong demand in auto, financial services and bank scrips. The Nifty traded 17,450 mark.

The barometer index, the S&P BSE Sensex rose 520.52 points or 0.90% at 58,464.17. The Nifty 50 index gained 137.50 points or 0.79% at 17,462.80.

The S&P BSE Mid-Cap index added 0.72%. The S&P BSE Small-Cap index rose 1.22%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,326 rose and 776 shares fell. A total of 104 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Buzzing Index:

The Nifty Auto index rose 1.63% to 10,585.95. The index lost 0.05% in the past trading session.

Hero MotoCorp (up 2.73%), Maruti Suzuki India (up 2.22%), Mahindra & Mahindra (M&M) (up 2.15%), TVS Motor Company (up 2.02%) and Bharat Forge (up 1.80%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Tata Consumer Products jumped 4.39% while Tata Coffee soared 11.72%. Tata Consumer Products (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. The plantation business of Tata Coffee (TCL) will demerge into TCPL's wholly-owned arm TCPL Beverages & Foods (TBFL). The remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.

Rail Vikas Nigam gained 0.60%. The company announced that it has entered into a Memorandum of Understanding with Jaykaycem (Central) for the construction of new railway line in Madhya Pradesh. The EPC company said it entered into a Memorandum of Understanding with Jaykaycem (central), a wholly owned subsidiary of J. K. Cement, for development of new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. The length of the railway line is approximately 50 kilometers.

Equity indices opened higher and traded with decent gains in early trade. The Nifty traded above the 17,400 mark. Barring metal shares, buying demand was seen across the board.

The barometer index, the S&P BSE Sensex, was up 274.33 points or 0.47% to 58,217.08. The Nifty 50 index added 87.15 points or 0.5% to 17,412.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.9%.

Buyers outnumbered sellers. On the BSE, 1889 shares rose and 551 shares fell. A total of 72 shares were unchanged.

Stocks in Spotlight:

ONGC declined 4.76%. The government has proposed to sell more than 9.43 crore equity shares (0.75% of total paid up equity) through offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing 1.5% stake. The floor price for the offer has been fixed at Rs 159 per share.

Lemon Tree Hotels gained 2.49%. The company has signed a License Agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company's brand Aurika Hotels & Resorts - Luxury by Lemon Tree Hotels. The hotel is expected to be operational by March 2025.

Global Markets:

Asian stocks were trading higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

US stocks rose on Tuesday, extending Wall Street's winning streak as traders monitored ceasefire negotiations in Europe and key levels in the bond market.

Benchmarks sharply pare gains; auto shares in demand. 29 March 2022

The key equity benchmarks sharply pared gains in afternoon trade. The Nifty traded a tad above the 17,250 mark. Auto shares advanced for the second day in a row.

The barometer index, the S&P BSE Sensex was up 77.03 points or 0.13% to 57,670.52. The Nifty 50 index added 29.85 points or 0.17% to 17,251.85.

Divi's Lab (up 3.15%), Ultratech Cement (up 2.32%), Bharti Airtel (up 2.22%), HDFC (up 2.06%) and SBI Life (up 2.02%) were the top Nifty gainers.

ONGC (down 2.98%), Coal India (down 2.75%), IndusInd Bank (down 0.98%), ITC (down 0.31%) and Power Grid Corp (down 0.78%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index added 0.32% while the S&P BSE Small-Cap index rose 0.39%.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, shares 1,421 rose and 1,879 shares fell. A total of 130 shares were unchanged.

Global Markets:

European stocks advanced on Tuesday. Investors in the European region remain focused on developments in Russia's invasion of Ukraine. Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

Meanwhile, Asian stocks advanced as crude oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

In Washington, President Joe Biden released an annual $5.8 trillion (S$7.89 trillion) budget plan that would steer $6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

Buzzing Index:

The Nifty Auto index rose 0.71% to 10,495.40. The index has added 1.36% in two sessions.

Eicher Motors (up 2.02%), TVS Motor Company (up 1.10%), Mahindra & Mahindra (up 0.96%), Bharat Forge (up 0.86%), Tata Motors (up 0.80%), Maruti Suzuki (up 0.59%), Ashok Leyland (up 0.31%) and Hero MotoCorp (up 0.28%) advanced.

Sensex up 171 pts; breadth turns negative. 29March2022

Equity indices traded sideways with small gains in early afternoon trade. Pharma and auto scrips advanced while metal and media shares were under pressure. The Nifty traded below the 17,300 mark.

The barometer index, the S&P BSE Sensex rose 170.98 points or 0.3% at 57,764.67. The Nifty 50 index gained 50.65 points or 0.29% at 17,272.65.

In the broader market, the S&P BSE Mid-Cap index added 0.41% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, shares 1,501 rose and 1,751 shares fell. A total of 123 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.5% to 21.8175. The Nifty 31 March 2022 futures were trading at 17,315.50, at a premium of 50 points as compared with the spot at 17,265.5.

Buzzing Index:

The Nifty Metal index slipped 0.72% to 6,512, snapping its eight day winning run. The index saw profit booking after rising 11% in eight days.

Coal India (down 2.51%), NMDC (down 1.61%), Steel Authority of India (down 1.05%), Tata Steel (down 0.71%), Hindalco Industries (down 0.68%) and Vedanta Ltd (down 0.54%) were top losers in metal space.

Stocks in Spotlight:

HDFC Bank rose 0.57%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company for Rs 7.5 crore. The bank said that the equity investment will be done in tranches, the first of which for Rs 3 crore is expected to be complete by 31 March 2022. Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL, it said. Post investment of all tranches, the bank will hold upto 15% of the equity share capital of the IDRCL.

Shriram Transport Finance was down 0.9%. The NBFC on Tuesday announced that the company's board will consider and approve fund raising by issuing non-convertible debt securities / bonds during the month ending 30 April 2022.

The benchmark indices extended its gaining momentum throughout the mid-morning session, as pharma and auto scrips continued to support the market. The Nifty traded below its 17,300 mark.

The barometer index, the S&P BSE Sensex rose 245.18 points or 0.43% at 57,838.67. The Nifty 50 index gained 74 points or 0.43% at 17,296.

The S&P BSE Mid-Cap index added 0.59%. The S&P BSE Small-Cap index rose 0.55%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,650 rose and 1,546 shares fell. A total of 131 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 801.41 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,161.70 crore on 28 March 2022, as per provisional data available on the NSE.

Buzzing Index:

The Nifty Media index fell 1% to 2,313. The index jumped 9.51% in the past eight trading sessions.

Inox Leisure (down 4.56%), PVR (down 3.24%), Network18 Media and Investments (down 2.51%), TV18 Broadcast (down 1.65%) and Dish TV India (down 0.01%) were the top losers in the Media segment.

Recently, INOX Leisure, PVR had announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Upon obtaining all approvals, INOX will merge with PVR. INOX shareholders will receive 3 shares in PVR for 10 shares of INOX. Post the merger, PVR promoters will have 10.62% stake while INOX promoters will have 16.66% stake in the combined entity. The board of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the board with 2 board seats each.

Stocks in Spotlight:

HDFC Bank rose 0.54%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company Limited (IDRCL) for Rs 7.50 crore. HDFC Bank said that the equity investment will be done in tranches, the first of which for Rs 3 crore is expected to be complete by 31 March 2022. Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL, it said. Post investment of all tranches, the bank will hold upto 15% of the equity share capital of the IDRCL.

The lender has received approval from the Reserve Bank of India and the Department of Economic Affairs, Ministry of Finance, for the deal. HDFC Bank added that the bank and its subsidiaries in the ordinary course of business may have business dealings with IDRCL at an arm's length basis.

Sudarshan Chemical Industries gained 0.87%. After market hours on Monday, the company announced that its board has approved the fund raising upto Rs 200 crore. In an exchange filing, the company said, “the Board of Directors, at its meeting held today approved fund raising by way of issue of Non-Convertible Debentures aggregating up to Rs 200 crore, on private placement basis in one or more series / tranches.”

Global Markets:

Asian stocks rose, following a tumble in oil prices overnight. Oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual US$5.8 trillion (S$7.89 trillion) budget plan that would steer US$6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

Sensex, Nifty extend decent gains; Nifty nears 17,300 mark. 29March2022

The benchmark indices extended modest gains during mid-morning trade, buoyed by strong demand in pharma stocks. The Nifty traded tad below 17,300 level, beneath its 100-DMA placed at 17326.60.

The barometer index, the S&P BSE Sensex rose 233 points or 0.40% at 57,826.49. The Nifty 50 index gained 76.15 points or 0.44% at 17,298.15.

The S&P BSE Mid-Cap index added 0.74%. The S&P BSE Small-Cap index rose 0.61%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,762 rose and 1,286 shares fell. A total of 117 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 1.09% to 13,710.25. The index fell 1.18% in the past two trading sessions.

Divi's Laboratories (up 2.72%), Cipla (up 1.97%), Ipca Laboratories (up 1.78%), Glenmark Pharmaceticals (up 1.59%) and Torrent Pharma (up 1.42%) were the top gainers in the Pharma segment.

Stocks in Spotlight:

Tata Power gained 1.17%. On Monday, the company announced that it has collaborated with Rustomjee Group to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR). Under this collaboration, Tata Power will install charging infrastructure for residents of Rustomjee in Mumbai MMR. 28 EZ charging points will be set up at Rustomjee Groups' residential and commercial projects. EV owners will have the access to a 24x7 charging facility along with maintenance support.

G R Infraprojects advanced 2.32%. The EPC company announced that it has emerged as L-1 bidder for two tenders invited by National Highways Authority of India (NHAI). The first project involves construction of four lane road of existing two lane stretch from Govindpur to Rajura in Maharashtra. The bid project cost is Rs 907 crore and the project is to be completed on hybrid annuity mode. The completion date for the project is 730 days from the date of appointment while operational period is 15 years from the commercial operation date.

The domestic equity barometers traded with decent gains in early trade, amid significant buying in index pivotals. The Nifty traded tad below the 17,300 level. Shares across sectors advanced, with autos, consumer durables, PSU banks, and financials stocks gaining the most.

The barometer index, the S&P BSE Sensex, was up 285.59 points or 0.50% to 57,879.08. The Nifty 50 index added 75.65 points or 0.44% to 17,297.65.

SBI Life (up 2.32%), HDFC (up 1.79%), Bharti Airtel (up 1.45%), Asian Paints (up 1.38%) and Ultratech Cement (up 1.30%) were the top Nifty gainers.

Coal India (down 2.22%), ONGC (down 1.79%), Eicher Motors (down 0.60%), Hindalco (down 0.41%) and ITC (down 0.31%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index gained 0.69%.

Buyers outnumbered sellers. On the BSE, 1739 shares rose and 740 shares fell. A total of 93 shares were unchanged.

Stocks in Spotlight:

Aurobindo Pharma fell 1.21% to Rs 698.30. The board of directors of the company has approved the acquisition of the business and certain assets of Veritaz Healthcare Limited (Veritaz). Veritaz operates in the pharmaceutical industry in India and sells branded generic formulations and other health care-related products.

Tata Power advanced 1.94% to Rs 244.20. The company has collaborated with Rustomjee Group, the leading real estate developer, to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).

Ruchi Soya declined 2.61% to Rs 793.75. The Securities and Exchange Board of India (Sebi) provided an option to the investors in Ruchi Soya's Rs 4,300 crore follow-on public offer (FPO) to withdraw their applications. The withdrawal window will remain open till 30 March.

Global Markets:

Asian stocks rose, following a tumble in oil prices overnight. Oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Despite a weak start, the benchmark indices managed to close higher on Monday. Metals, banks and auto supported the market.

The barometer index, the S&P BSE Sensex rose 231.29 points or 0.40% at 57,593.49. The Nifty 50 index gained 69 points or 0.40% at 17,222.

The S&P BSE Mid-Cap index fell 0.40%. The S&P BSE Small-Cap index slipped 0.53%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,171 rose and 2,338 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.54% to 35,714.80. The index fell 0.77% in the past trading session.

ITC (up 1.52%), Hindustan Unilever (HUL) (up 1.40%), Tata Consumer Products (up 1.17%), Godrej Consumer Products (up 0.47%) and Colgate-Palmolive India (up 0.13%) were the top gainers in the FMCG segment.

Stocks in Spotlight:

Bharti Airtel jumped 3.77%. The telecom major has entered into an agreement to acquire 7.036% stake in Avaada KNShorapur for Rs 1.74 crore as cash consideration. Avaada KNShorapur acts as a Special Purpose Vehicle (SPV) under Avaada Indiclean to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in Karnataka. The objects and effects of the acquisition are to comply with regulatory requirement for captive power plants under the provisions of Electricity Act' 2003 and Indian Electricity Rules' 2005 and procurement of cost-effective renewable energy.

Separately, Bharti Airtel's data centre subsidiary, Nxtra Data, has acquired an 11.33% equity stake in Avaada KNShorapur, an SPV formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. Nxtra Data has acquired the stake for a cash consideration of Rs 2.80 crore for acquisition of aggregate 28,07,350 equity shares of Rs 10 each, Airtel said in a regulatory filing on Friday.

Shares of INOX Leisure soared 11.88% while PVR advanced 3.07%. INOX Leisure, PVR announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Larsen & Toubro lost 0.52%. The Ministry of Defence has signed a contract with Larsen & Toubro (L&T) for acquisition of two multi-purpose vessels (MPVs) for Indian Navy at an overall cost of Rs 887 crore under “Buy-Indian” category. The MPVs will be the first of its kind platform, constructed to provide a cost-effective solution to meet a variety of requirements of Indian Navy.

These vessels, to be built by M/s L&T shipyard at Kattupally (Chennai), will perform multi-role support functions such as maritime surveillance& patrol, launching/ recovery of torpedoes and operation of various types of aerial, surface and underwater targets for Gunnery/ ASW firing exercises. These vessels would also be capable of towing ships and rendering humanitarian assistance & disaster relief (HADR) support with limited hospital ship capability.

Godrej Properties declined 2.96%. The company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with 5% area share to the landowners.

Aster DM Healthcare surged 10.39%. The company announced the signing of a memorandum of understanding (MoU) with the Government of Tamil Nadu, India to set up healthcare facilities in the state. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the State. This will help provide quality healthcare at affordable cost to the people of Tamil Nadu and generate employment for more than 3,500 people.

IndiaMART InterMESH shed 1.37%. The firm has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company. As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount. Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.

Bharti Airtel entered into a contract with Euro Pacific Securities, an affiliate of Vodafone Group Plc to acquire 4.7% stake in Indus Towers (up 3.05%) and its wholly-owned subsidiary, Nettle Infrastructure Investments for an all cash deal of Rs 2,388.06 crore. Bharti Airtel will purchase 4.7% equity stake of Indus Towers and its wholly-owned subsidiary, Nettle Infrastructure Investments, from Euro Pacific Securities, an affiliate of Vodafone Group Plc, on the principal condition that the amount paid shall be inducted by Vodafone Idea (down 1.98%) as fresh equity in Vodafone Idea (VIL) and simultaneously remit to Indus Towers to clear VIL's outstanding dues. The transaction shall be executed at Rs 187.88 per share basis the agreed price formula in the agreement, aggregating to Rs 2,388.06 crore, upon fulfillment of all conditions precedents as agreed by the parties under the agreement.

Global Markets:

European stocks advanced on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks ended mixed as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

The benchmark indices rallied near its intraday high during mid-afternoon trade, buoyed by bank and auto stocks. The Nifty re-claimed its 17,200 mark.

The barometer index, the S&P BSE Sensex rose 200.93 points or 0.35% at 57,563.13. The Nifty 50 index gained 59.55 points or 0.35% at 17,212.55.

The S&P BSE Mid-Cap index fell 0.42%. The S&P BSE Small-Cap index slipped 0.43%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,175 rose and 2,306 shares fell. A total of 148 shares were unchanged.

Number to Watch:

The yield on 10-year benchmark federal paper rose to 6.836% compared with 6.811% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.1825, compared with its close of 76.24 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.78% to Rs 51,472.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.44% to 99.22.

In the commodities market, Brent crude for May 2022 settlement fell $4.45 or 3.69% $116.20 a barrel.

Buzzing Index:

The Nifty Auto index rose 0.63% to 10,419.80. The index had fallen 2.06% in the past three trading sessions.

Tube Investment of India (up 4.12%), Eicher Motors (up 1.54%), Bajaj Auto (up 1.19%), Bharat Forge (up 1.09%) and Maruti Suzuki India (up 0.87%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Aster DM Healthcare soared 10.42%. The company announced the signing of a memorandum of understanding (MoU) with the Government of Tamil Nadu, India to set up healthcare facilities in the state. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the State. This will help provide quality healthcare at affordable cost to the people of Tamil Nadu and generate employment for more than 3,500 people.

IndiaMART InterMESH lost 1.15%. The firm has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company. As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount. Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.

Global Markets:

European stocks moved higher on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks traded in a mixed fashion as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Benchmarks at the high point of the day; metal stocks in demand. 28 March 2022

The domestic equity barometers were currently at the day's high in afternoon trade. The Nifty marched towards the 17,200 mark. Metal stocks extended gains for eight-day in a row.

The barometer index, the S&P BSE Sensex was up 106.11 points or 0.18% to 57,468.31. The Nifty 50 index added 35.95 points or 0.21% at 17,188.95.

Bharti Airtel (up 1.56%), ICICI Bank (up 1.52%), Axis Bank (up 1.49%), Eicher Motors (up 1.41%) and Bajaj Auto (up 1.25%) were the top Nifty gainers.

Dr Reddy's Lab (down 2.12%), Nestle India (down 1.66%), UPL (down 1.55%), HDFC (down 1.22%) and Adani Ports (down 1.04%) were the top Nifty losers.

The broader markets witnessed significant selling pressure. The S&P BSE Mid-Cap index fell 0.51% while the S&P BSE Small-Cap index slipped 0.52%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1163 rose and 2256 shares fell. A total of 155 shares were unchanged.

Global Markets:

European stocks moved higher on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Buzzing Index:

The Nifty Metal index rose 0.94% to 6,561.05. The index has added 11.01% in eight sessions.

Ratnamani Metals Tubes (up 3.94%), Coal India (up 3.65%), NMDC (up 2.20%), APL Apollo Tubes (up 2.18%), Hindalco Industries (up 1.17%), JSW Steel (up 0.85%) and National Aluminum Co. (up 0.86%) were the top index gainers.

Meanwhile, SAIL (down 2.81%), Jindal Steel & Power (down 2%) and Hindustan Copper (down 0.65%) edged lower.

Vedanta gained 0.91% to Rs 414.30. The board of Vedanta has approved capital expenditure of $687 million in Cairn Oil & Gas to increase near-term volume. The company earmarked a capex of $466 million towards Zinc International's Gamsberg Phase 2 project. The board has also approved an investment of $348 million for an expansion project at its subsidiary ESL Steel.

Adani Enterprises rose 0.32% to Rs 1,873. The company's two units, Mahanadi Mines and Minerals and MP Natural Resources, have won a coal block each in Odisha and Madhya Pradesh.

Barometers hover near day's low; Nifty holds 17,000 level. 28March2022

The benchmark indices continued trading with modest losses in mid-morning trade. Financial stocks dragged. The Nifty traded a tad below 17,050 mark.

The barometer index, the S&P BSE Sensex dropped 333.14 points or 0.58% at 57,029.06. The Nifty 50 index lost 103.05 points or 0.60% at 17,049.95.

The S&P BSE Mid-Cap index fell 0.95%. The S&P BSE Small-Cap index slipped 0.76%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,028 rose and 2,279 shares fell. A total of 146 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 1,507.37 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,373.02 crore on 25 March 2022, as per provisional data on the NSE.

Buzzing Index:

The Nifty Financial Services index fell 1.19% to 16,418.85. The index shed 3.91% in four trading sessions.

ICICI Prudential Life Insurance Company (down 3.61%), HDFC Life Insurance Company (down 2.61%), HDFC Asset Management Company (down 2.55%), Housing Development Finance Corporation (HDFC) (down 2.31%) and SBI Life Insurance Company (down 2.30%) were the top losers in the Financial Services segment.

Stocks in Spotlight:

Larsen & Toubro lost 0.59%. The Ministry of Defence has signed a contract with Larsen & Toubro (L&T) for acquisition of two multi-purpose vessels (MPVs) for Indian Navy at an overall cost of Rs 887 crore under “Buy-Indian” category. The MPVs will be the first of its kind platform, constructed to provide a cost-effective solution to meet a variety of requirements of Indian Navy.

Godrej Properties fell 0.50%. The company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with 5% area share to the landowners.

Kalyan Jewellers India slipped 0.92%. On Monday, the company announced that the board has approved appointment of Vinod Rai as chairman and independent nonexecutive director of the company. Vinod Rai was the former chair of the United Nations Panel of External Auditors. Rai held various positions within the Indian government as well as in state governments. Vinod Rai's appointment would make him the 8th non-executive director on the Board. Mr Rai has masters degrees both in Economics as well as public administration from Delhi School of Economics and the Harvard Kennedy School, Harvard University, USA, respectively.

Global Markets:

Asian stocks were mixed on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Sensex, Nifty extend losses; breadth weak. 28March2022

The benchmark indices were trading with modest losses in morning trade, dragged by banks and IT scrips. The Nifty was trading below its 200-day simple moving average placed at 17,042.74.

The barometer index, the S&P BSE Sensex dropped 447.26 points or 0.78% at 56,914.94. The Nifty 50 index lost 115.65 points or 0.67% at 17,037.35.

The S&P BSE Mid-Cap index fell 0.77%. The S&P BSE Small-Cap index slipped 0.88%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,016 rose and 2,195 shares fell. A total of 143 shares were unchanged.

Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 1,14,855.97 crore, according to depositories data.

Buzzing Index:

The Nifty Bank index fell 1% to 35,056.25. The index skid 3.55% in four trading sessions.

IDFC First Bank (down 2.51%), RBL Bank (down 2.25%), HDFC Bank (down 1.72%), Kotak Mahindra Bank (down 1.52%) and State Bank of India (SBI) (down 1.11%) were the top losers in the Bank segment.

Stocks in Spotlight:

Bharti Airtel rose 1.28%. The telecom major has entered into an agreement to acquire 7.036% stake in Avaada KNShorapur for Rs 1.74 crore as cash consideration. Avaada KNShorapur acts as a Special Purpose Vehicle (SPV) under Avaada Indiclean to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in Karnataka. The objects and effects of the acquisition are to comply with regulatory requirement for captive power plants under the provisions of Electricity Act' 2003 and Indian Electricity Rules' 2005 and procurement of cost-effective renewable energy.

Shares of INOX Leisure soared 13.93% while PVR jumped 5.94%. INOX Leisure, PVR announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Indices drift lower in early trade. 28March2022

Indices opened tad lower and traded with tiny losses in early trade. The Nifty traded below the 17,150 level. Banks and financial stocks saw selling pressure while media shares rallied.

The barometer index, the S&P BSE Sensex, was down 193.92 points or 0.34% to 57,168.51. The Nifty 50 index lost 28.9 points or 0.17% to 17,124.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.3% while the S&P BSE Small-Cap index gained 0.17%.

Buyers outnumbered sellers. On the BSE, 1385 shares rose and 1194 shares fell. A total of 123 shares were unchanged.

Stocks in Spotlight:

PVR jumped 5.34% while shares of INOX Leisure rallied 12.55% after the board of directors of PVR and INOX Leisure, at their respective meetings, approved an all stock amalgamation of INOX with PVR. INOX shareholders will receive 3 shares in PVR for 10 shares of INOX.

GAIL (India) gained 2.4%. The board of GAIL (India) will consider a share buyback on 31 March 2022.

Dilip Buildcon rose 0.74%. The road construction company on Saturday announced that it has been declared as L-1 bidder for road construction project by the National Highways Authority of India in the state of Telangana.

Global Markets:

Asian stocks were trading mixed on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Market ends in red; Nifty ends below 17,200. 25March2022

The key equity benchmarks ended with modest losses on Friday. The Nifty closed a tad above the 17,150 level. While most sectoral indices on the NSE ended in the red, realty, oil & gas and PSU banks advanced.

The barometer index, the S&P BSE Sensex fell 233.48 points or 0.41% to 57,362.20. The Nifty 50 index lost 69.75 points or 0.40% to 17,153.

Tech Mahindra (down 2.35%), Maruti Suzuki India (down 1.79%), Nestle India (down 1.24%) and Wipro (down 1.18%) were major drags.

In the broader market, the BSE Mid-Cap index fell 0.36% and the BSE Small-Cap index lost 0.33%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,256 rose and 2,158 shares fell. A total of 96 shares were unchanged.

Economy:

India's projected economic growth for 2022 has been downgraded by over 2% to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday.

The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.814% as compared with 6.834% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 76.22, compared with its close of 76.33 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.22% to Rs 51,966.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, declined 0.13% to 98.66.

In the commodities market, Brent crude for May 2022 settlement rose 8 cents at $119.11 a barrel. The contract fell $2.57 or 2.11% to settle at $119.03 a barrel during the previous trading session.

Foreign Markets:

European shares advanced while Asian stocks ended mixed on Friday.

Global markets have been tracking negotiations over Russia's invasion of Ukraine closely, and Thursday saw a host of high-level meetings between world leaders and international bodies.

US President Joe Biden said Thursday that NATO would respond “in kind” if Russia uses weapons of mass destruction in Ukraine. The president spoke after a marathon of summit meetings with the European Union, G-7 partners and NATO allies. Biden also said he would support an effort to expel Russia from the G-20 group of economies.

Buzzing Segment:

The Nifty Consumer Durables index fell 1.96% to 27,017.50. The index has fallen 3.54% in two sessions.

Rajesh Exports (down 3.48%), Titan Company (down 3.38%), Voltas (down 2.14%), Kajaria Ceramics (down 2.01%), Whirlpool of India (down 1.87%) and Dixon Technologies (India) (down 1.11%) tumbled.

Stocks in Spotlight:

Bharti Airtel advanced 0.42%. The telecom company on Friday announced that it has paid Rs 8,815 crore to the Department of Telecom (Government of India) towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015. The prepayment is for instalments due in FY 2027 and FY 2028.

In the past four months, Bharti Airtel has settled Rs 24,334 crore of its deferred spectrum liabilities much ahead of scheduled maturities. These liabilities carried an interest rate of 10% and have been paid off through a combination of strong free cash generated by business, equity proceeds and significantly lower cost debt of similar tenor.

Motherson Sumi Systems rose 2.49%. The company announced that it has won an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. This is the first order for Motherson from Boeing. The order will commence from Q3 FY23 and will be produced in a Motherson plant situated in Noida, located in the state of Uttar Pradesh in India.

Zen Technologies rose 4.93%. The company has received a Project Sanction Order (PSO) from the Indian Army for design and development of prototype of Integrated Air Defence Combat Simulator (IADCS). The prototype is to be made ready for User Trial Readiness Review (UTRR) within a period of 30 weeks.

Tata Consumer Products fell 0.80%. The company's board will meet on 29 March 2022 to consider raising funds via preferential share sale. The Tata Group firm plans to issue preferential shares equivalent to 1.5% of its paid-up equity capital to a foreign buyer, it said in a stock exchange filing on Thursday.

Multi Commodity Exchange of India (MCX) rose 1.52% after the market regulator Sebi allowed exchanges having a commodity derivative segment to facilitate trading in options on commodity indices. Exchanges will have to seek a prior approval from the market regulator for allowing the same, the Securities and Exchange Board of India (Sebi) said in a circular on Thursday. The move is part of efforts to have more products in the commodity derivatives market.

Atul rose 2.30% to Rs 10,112.10. The company announced buyback of shares worth up to Rs 70 crore from shareholders, excluding promoters. The buyback of shares will be at a price not exceeding Rs 11,000 per equity share through the open market route. Atul's promoters held 45.04% stake as on 18 March 2022.

Vikram Thermo (India) jumped 6.32% after the company said its board will consider bonus share issue on 1 April 2022.