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STOCKS |
The key equity indices regained upward momentum and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,050 level. FMCG stocks witnessed decent buying demand.
The barometer index, the S&P BSE Sensex, was up 432.03 points or 0.75% to 57,959.13. The Nifty 50 index advanced 132.05 points or 0.78% to 17,077.10.
In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index slipped 0.98%.
The market breadth was weak. On the BSE, 1,005 shares rose, and 2,557 shares fell. A total of 151 shares were unchanged.
Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.
Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose to 7.323 from 7.318 previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.35, compared with its close of 82.40 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement declined 0.44% to Rs 59,014.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.06.
The United States 10-year bond yield advanced 1.44% to 3.427.
In the commodities market, Brent crude for May 2023 settlement was up 43 cents or 0.57% to $75.42 a barrel.
Gainers & Losers:
Reliance Industries (RIL) (up 1.75%), Grasim Industries (up 1.34%), Oil & Natural Gas Corporation (ONGC) (up 1.34%), Divi's Laboratories (up 1.23%) and Cipla (up 1.21%) were the top Nifty gainers.
Adani Ports and Special Economic Zone (down 1.65%), Tata Motors (down 1.32%), Axis Bank (down 1.13%), Mahindra & Mahindra (down 1.03%) and Adani Enterprises (down 0.93%) were the top Nifty losers.
Stocks in Spotlight:
Reliance Industries (RIL) was up 1.75%. RIL said on Friday that its board has designated Srikanth Venkatachari, joint chief financial officer, as chief financial officer (CFO) of the company with effect from 1 June 2023. The current CFO, Alok Agarwal, will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from 1 June 2023, after 30 years of service.
Tata Steel added 0.20%. The company announced on Friday that it acquired 4,65,116 equity shares of its wholly owned subsidiary, Tata Steel Utilities and Infrastructure Services (TSUISL), on rights basis amounting to Rs 10 crore. TSUISL allotted the shares to Tata Steel at Rs 215 each.
Sun Pharmaceutical Industries gained 1.17%. The pharmaceutical major said that it has entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods from its existing shareholders. The acquisition is being made for a cash consideration of Rs 143.30 crore. The company expects to complete the acquisition by the end of May 2023.
Crompton Greaves Consumer Electricals rose 0.97% while Butterfly Gandhimathi Appliances slipped 3.34%. Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. Both are listed companies and the merger will take place through shares swap.
Upon Merger, the public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly, as a consideration for the merger. Post-merger, the public shareholders of Butterfly will hold around 3% stake in the combined entity.
L&T Finance Holdings shed 1.35%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.
Larsen & Toubro (L&T) rose 0.05%. The company on Monday announced that its Power Transmission & Distribution business has secured 'large' orders in India and overseas. As per L&T classification, the value of the large project is Rs 2,500 crore to Rs 5,000 crore.
Buzzing Index:
The Nifty FMCG index advanced 0.60% to 45,332. The index had lost 0.46% in past trading session.
Dabur India (up 1.48%), Marico (up 0.97%), ITC (up 0.81%), Hindustan Unilever (up 0.63%) and Varun Beverages (up 0.59%), Nestle India (up 0.56%), Godrej Consumer Products (up 0.39%), Britannia Industries (up 0.36%) and Colgate-Palmolive (India) (up 0.34%)advanced .
On the other hand, Emami (down 2.28%), United Spirits (down 1.22%) and United Breweries (down 0.68%) declined.
Stocks in Spotlight:
FDC rose 0.22%. The pharma company said that the US drug regulator successfully completed its inspection at its Raigad active pharmaceutical ingredients (API) facility with no observations.
Arvind SmartSpaces added 0.87%. The company sold out the entire launched inventory of 2nd phase of its residential plotted development project, Arvind Greatlands in Devanahalli, Bengaluru, within 7 hours of launch. It consisted of more than 150 units valued at more than Rs 100 crore.
ISGEC Heavy Engineering advanced 0.58%. The company received order worth Rs 197.25 crore from Maharashtra State Power Generation (MAHAGENCO) for renovation of electrostatic precipitators (ESPs) at Chandrapur thermal power, Maharashtra.
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