The domestic equity barometers ended near the day's low with modest losses on Monday. The Nifty closed below the 17,150 level. Banks, autos and financial shares were under pressure. On the other hand, metal shares bucked the weak market trend.
The barometer index, the S&P BSE Sensex, fell 571.44 points or 0.99% to 57,292.49. The Nifty 50 index lost 169.45 points or 0.98% to 17,117.60.
Kotak Mahindra Bank (down 2.42%), Hindustan Unilever (down 2.41%), TCS (down 1.36%), ICICI Bank (down 1.3%) and HDFC (down 1.04%) were major drags.
In the broader market, the BSE Mid-Cap index slipped 0.68% and the BSE Small-Cap index rose 0.38%.
The market breadth was negative. On the BSE, 1502 shares rose and 2025 shares fell. A total of 143 shares were unchanged.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.785% as compared with 6.778% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.15, compared with its close of 75.84 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement rose 0.10% to Rs 51,500.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.02% to 98.25.
In the commodities market, Brent crude for May 2022 settlement rose $3.80 at $111.73 a barrel. The contract rose $1.29, or 1.21% to settle at $107.93 a barrel in the previous trading session.
Foreign Markets:
Shares in Europe and Asia were mixed on Monday. Global markets continue to be roiled by events in Ukraine as the war continues. Ukraine's President Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war.
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.
Investors are also evaluating a rise in COVID-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus.
China's one-year loan prime rate was kept unchanged at 3.7% on Monday. Investors have been watching for hints of policy support from Beijing following a Chinese state media report last week that reportedly signaled support for Chinese stocks.
Stocks in Spotlight:
Maruti Suzuki India rose 0.15%. The stock reversed trend after jumping 3.2% in the morning session. Japanese automobile giant, Suzuki Motor Corporation (SMC), on Sunday announced that it has signed a Memorandum of Understanding (MoU) with Gujarat government to invest 150 billion yen (approximately Rs 10,440 crore) for electric vehicle (BEV) and battery manufacturing locally.
Suzuki Motor Gujarat will invest Rs 3100 crore by 2025 to increase production capacity for battery EV manufacturing and Rs 7300 crore by 2026 for construction of plant for BEV batteries (land neighboring to SMG). Maruti Suzuki Toyotsu India will invest Rs 45 crore by 2025 for construction of vehicle recycling plant.
Jubilant Pharmova jumped 10.40%. The company's subsidiary received Abbreviated New Drug Application (ANDA) final approval for Doxepin hydrochloride capsules, 10 mg, 25mg, 50mg, 75mg, and 100mg. The drug is the generic version of Sinequan, which is used for the treatment of anxiety, depression, and other target symptoms of psychoneurosis.
SMS Pharmaceuticals surged 11.55%. The company has received a non-exclusive license through the Medicines Patent Pool (MPP) to manufacture nirmatrelvir, an oral antiviral COVID-19 medicine developed by Pfizer. Th approval will increase broad access of treatment in 95 low- and middle-income countries.
Godrej Properties rose 0.67%. The real estate developer said it has achieved FY22 sales worth Rs 1,002 crore for its township project #Riverhills in Mahalunge, Pune. The company has sold 1,550+ homes accounting for over 1.5 million square feet in the current financial year for this township project.
Dodla Dairy surged 15.02%. The dairy company said it has acquired Karnataka-based Sri Krishna Milks for Rs 50 crore to expand its business. Dodla Dairy said it executed an agreement with Sri Krishna Milks for the acquisition of a business as a going concern and on a slump purchase basis for consideration of Rs 50 crore.
