Indices snap 5-day losing streak; Nifty ends above 16,980; FMCG stocks climb.

The key equity indices ended a volatile session with small gains on Thursday, snapping a five-day losing streak. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty settled above the 16,980 mark after hitting the day's low of 16,850.15 in morning trade. FMCG, media and realty shares were in demand. On the other hand, metals, IT and private banks witnessed selling.

The barometer index, the S&P BSE Sensex gained 78.94 points or 0.14% to 57,634.84. The Nifty 50 index rose 13.45 points or 0.08% to 16,985.60. In the past five trading sessions, the Sensex slipped 4.63% while the Nifty fell 4.41%.

Nestle India (up 2.45%), Asian Paints (up 2.32%), Hindustan Unilever (up 2.23%) and HDFC Bank (up 0.69%) were major market movers.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.05% while the S&P BSE Small-Cap index slipped 0.69%.

The market breadth was weak. On the BSE, 1,387 shares rose and 2,139 shares fell. A total of 114 shares were unchanged.

Credit Suisse shares soared on Thursday after Switzerland's central bank stepped in to support the lender, triggering a rally in bank stocks across Europe on easing investor concern that the firm's troubles would trigger a global banking crisis.

The initial market sell-off came amidst risks of contagion in the global financial sector, after fresh turbulence at Credit Suisse. Credit Suisse Group AG announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called decisive action to boost its liquidity.

The decision came shortly after shares of the lender fell sharply on Wednesday after its largest investor, Saudi National Bank, said it could not provide more financial assistance because of regulatory constraints.

The difficulties in the global banking sector have put the spotlight on the European Central Bank's meeting later in the session. The ECB had previously signaled the likelihood of another interest rate increase of 50 basis points as underlying Eurozone remained elevated, but the banking turmoil moving closer to home could prompt the policy makers to opt for a more cautious stance.

Buzzing Index:

The Nifty Media index rose 4.16% to 1,735.85. The index fell 1.22% in the past trading session.

Zee Entertainment Enterprises (up 9.89%), Network 18 Media & Investments (up 6.77%), TV18 Broadcast (up 6.11%), Sun TV Network (up 2.94%), PVR (up 2.78%), Dish TV India (up 0.68%) jumped.

On the other hand, Hathway Cable & Datacom (down 3.15%), New Delhi Television (down 1.88%) and Navneet Education (down 1.24%) edged lower.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.360 from 7.363 in previous trading session.

In the foreign exchange market, the rupee edged lowest against the dollar. The partially convertible rupee was hovering at 82.80, compared with its close of 82.65 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement fell 0.30% to Rs 58,161.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 104.55.

The United States 10-year bond yield shed 0.10% to 3.490.

In the commodities market, Brent crude for May 2023 settlement advanced 80 cents or 1.09% to $74.49 a barrel.

Stocks in Spotlight:

Patanjali Foods fell 2.38% after stock exchanges freeze shares of the company's promoter groups for not complying with the regulator's minimum public shareholding norms. The NSE and the BSE have frozen 29.25 crore shares of Patanjali Foods, representing 80.82% of the equity, held by promoters and group entities, for not complying with the regulator's minimum public shareholding norms within the stipulated deadline.

DLF rallied 4.05% after the company announced that its latest luxury high-rise residence 'The Arbour' had witnessed pre-formal launch sales worth more than Rs 8,000 crore, in three days.

ICICI Prudential Life Insurance Company jumped 6.50%. The life insurer announced that Anup Bagchi will replace N. S. Kannan as managing director (MD) and chief executive officer (CEO) effective from 19 June 2023. N. S. Kannan, MD & CEO will superannuate from the services of the company on the completion of tenure of his appointment on 18 June 2023.

Shriram Finance rose 1.64% after the NBFC announced that its allotment committee-NCDs approved and allotted non-convertible debentures (NCDs) under two options, on private placement basis.

Samvardhana Motherson International tumbled 10.87%, amid large volumes. On the BSE, over 2.70 crore shares of the company had changed hands at the counter as against an average trading volume of 4.81 lakh shares in the past two weeks.

In an exchange filing made today, Samvardhana Motherson said that Sumitomo Wiring Systems, Japan (SWS), a promoter of Samvardhana Motherson International (SAMIL) has intimated selling of 3.4% shares held in SAMIL through 'Bulk deal' at stock exchange in India, as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.

Eris Lifesciences declined 0.84%. The pharma company announced that it will acquire part of the dermatology portfolio of Dr.Reddy's Laboratories by way of acquisition of nine trademarks along with their applicable line extensions for Rs 275 crore. The transaction will be completed on or before 31 March 2023.

Paisalo Digital gained 1.91% after Canara Bank approved a disbursal of Rs 75 crore as term loan for 5 years to the company for onward lending.

JSW Energy shed 0.35%. The finance committee of the company's board approved the allotment of 25,000 unsecured, redeemable, rated, listed, taxable, non-convertible debentures having face value of Rs 1 lakh each, at coupon rate of 8.45%, aggregating to Rs 250 crore. The tenure of instrument is 2 years 11 months and 26 days and date of maturity is 13 March 2026. NCDs will be listed on BSE.

Global Markets:

European markets advanced on Thursday as embattled lender Credit Suisse moved to shore up its liquidity position ahead of a European Central Bank policy-setting meeting.

However, Asian stocks declined across the board in today's session.

Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.

The Dow Jones Futures were down 136 points, indicating a weak opening in the US stocks today.

European markets advanced on Thursday as embattled lender Credit Suisse moved to shore up its liquidity position ahead of a European Central Bank policy-setting meeting. However, Asian stocks declined across the board in today's session.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month. It also followed the recent collapse of three U.S. regional banks, most notably Silicon Valley Bank.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

It also followed the recent collapse of three U.S. regional banks, most notably Silicon Valley Bank.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

Indices trade with minor gains, Sensex gains 147 pts.

The key equity indices pared all the losses and traded with minor gains in mid-morning trade. The Nifty traded near the 17,000 level after hitting the day's low of 16,850.15 in the morning trade. Media, consumer durables and pharma stocks advanced while metal, IT and private bank shares corrected. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was up 147.43 points or 0.26% to 57,703.33. The Nifty 50 index rose 27.60 points or 0.16% to 16,999.75.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.25% while the S&P BSE Small-Cap index slipped 0.60%.

The market breadth was weak . On the BSE, 1,198 shares rose and 2,085 shares fell. A total of 130 shares were unchanged.

The initial sell-off came amidst risks of contagion in the global financial sector, after fresh turbulence at Credit Suisse. Credit Suisse announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called decisive action to boost its liquidity.

The decision came shortly after shares of the lender fell sharply on Wednesday after its largest investor, Saudi National Bank said it could not provide more financial assistance because of regulatory constraints.

Buzzing Index:

The Nifty Media index rose 1.46% to 1,690.80. The index declined 1.22% in the past trading session.

Network 18 Media & Investments (up 4.42%), TV18 Broadcast (up 3.84%), Navneet Education (up 2.7%), Zee Entertainment Enterprises (up 1.93%), PVR (up 1.53%) and Sun TV Network (up 0.51%) advanced.

On the other hand, New Delhi Television (down 2.34%), Hathway Cable & Datacom (down 1.75%) and Dish TV India (down 1.02%) edged lower.

Stocks in Spotlight:

DLF gained 2.86% after the company announced that its latest luxury high-rise residence 'The Arbour' had witnessed pre-formal launch sales worth more than Rs 8,000 crore, in three days.

Paisalo Digital advanced 2.34% after Canara Bank approved a disbursal of Rs 75 crore as term loan for 5 years to the company for onward lending.

Shriram Finance rose 1.45% after the NBFC announced that its allotment committee-NCDs approved and allotted non-convertible debentures (NCDs) under two options, on private placement basis.

Global Markets:

Asian stocks tumbled on Thursday as turmoil around Credit Suisse added onto banking fears in the region.

Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

Market drifts lower in early trade, breadth weak.

The domestic equity benchmarks were trading with modest losses in early trade. The Nifty traded below the 16,950 mark. Pharma, healthcare and consumer durables stocks edged higher while metal, PSU bank and IT shares declined .

The barometer index, the S&P BSE Sensex, was down 182.08 points or 0.32% to 57,373.82. The Nifty 50 index lost 54.75 points or 0.32% to 16,917.40.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index slipped 1.20%.

The market breadth was weak. On the BSE, 729 shares rose and 1,900 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,271.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,823.94 crore in the Indian equity market on 15 March, provisional data showed.

Investors sentiment was dented amidst risks of contagion in the global financial sector after fresh turbulence at Credit Suisse. Credit Suisse announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called decisive action to boost its liquidity.

Stocks in Spotlight:

ITC added 0.17%. ITC Infotech India (I3L), a wholly owned subsidiary (WOS), said that it has incorporated a WOS in Germany under the name of ITC Infotech GmbH (ITC Germany) on 10th March 2023. Consequently, ITC Germany has become a step-down wholly owned subsidiary of the company.

Federal Bank shed 0.79%. A meeting of the board of directors of bank is scheduled on 18 March 2023 to consider and approve the proposal to raise funds by way of issue of Unsecured Basel III Tier-II Subordinate Bonds in the nature of Debentures, amounting up to Rs. 100 crore on a private placement basis.

Patanjali Foods tumbled 4.26%. Stock exchanges BSE and NSE have frozen shareholding of promoters and promoter group in the company. The freezing is applicable till compliance of minimum public shareholding requirements as per regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Godawari Power And Ispat rose 0.54%. A meeting of the board of directors of the company is scheduled on 18 March 2023 to consider and approve a proposal for buyback of fully paid up equity shares of the company.

Sarda Energy & Minerals added 0.64%. The Chhattisgarh Environment Conservation Board, Raipur has granted to the company, the consent to operate under water (Prevention and Control of Pollution) Act, 1974 and air (Prevention and Control of Pollution) Act, 1981, for expansion in existing Rolling Mill from 1,80,000 tonnes per annum to 2,50,000 tonnes per annum.

Global Markets:

Asian stocks were trading lower on Thursday as turmoil around Credit Suisse added onto banking fears in the region.

Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

Market slides for 5th day, Sensex drops 344 pts, Nifty ends below 17,000.

The domestic equity benchmarks ended with modest losses on Wednesday, sliding for the fifth trading session. The Nifty slipped below 17,000 level after hitting the day's high of 17,211.35 in early trade. Metal, consumer durables and healthcare stocks were in demand while bank, media and financial services shares dragged lower.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 344.29 points or 0.59% to 57,555.90. The Nifty 50 index fell 71.15 points or 0.42% to 16,972.15. In five consecutive sessions, the Sensex slipped 4.63% while the Nifty fell 4.41%.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was negative. On the BSE, 1,553 shares rose and 1,963 shares fell. A total of 127 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Global Surfaces received bids for 8.90 crore shares as against 77.49 lakh shares on offer, according to stock exchange data at 15:33 IST on Wednesday (15 March 2023). The issue was subscribed 11.49 times.

The issue opened for bidding on Monday (13 March 2023) and it will close on Wednesday (15 March 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 1.80% to 5,616.50. The index witnessed bargain hunting after declining 2.91% in the past three trading sessions.

Adani Enterprises (up 5.46%), Jindal Stainless (up 2.22%), Tata Steel (up 2.16%), National Aluminium Company (up 1.76%), Jindal Steel & Power (up 1.44%), JSW Steel (up 0.94%), Hindalco Industries (up 0.73%), Steel Authority of India (up 0.63%), APL Apollo Tubes (up 0.62%) and Welspun Corp (up 0.45%) advanced.

On the other hand, Ratnamani Metals & Tubes (down 0.59%), Hindustan Zinc (down 0.05%), edged lower.

Stocks in Spotlight:

Reliance Industries (RIL) declined 1.69%. The Competition Commission of India (CCI) has approved the acquisition of METRO Cash and Carry India by Reliance Retail Ventures, a subsidiary of Reliance Industries. In a statement released yesterday, the competition regulator said: “The proposed combination involves acquisition of 100% of the issued and paid-up equity share capital of METRO Cash and Carry India (target) by the Reliance Retail Ventures (acquirer).” Shares of index heavyweight RIL hit 52-week low of Rs 2,228 during intraday today.

Nazara Technologies added 0.44% after the company announced that Kiddopia Inc and Mediawrkz Inc have been given unrestricted access to the entire amount of $7.75 million that was held at Silicon Valley Bank (SVB). From this amount, a sum of $7.25 million (about Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of $0.5 million (about Rs 4 crore) remains in SVB accounts for unrestricted operational use.

Cipla rose 0.84%. The company and its wholly owned subsidiaries, Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a Share Purchase Agreement with Africa Capitalworks SSA 3 for sale of 51.18% stake held in Cipla Quality Chemical Industries (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of the company.

TVS Motor Company fell 1.35%. The company said that its board has approved the allotment of non convertible debentures (NCDs) aggregating to Rs 125 crore on private placement basis. The tenure of the NCDs is 3 years and date of maturity is on 13 March 2026.

RailTel Corporation of India gained 1.81%. The company has received the work order from Centre for Development of Advanced Computing (C-DAC) for Supply, Installation, Integration, Testing and Commissioning of IT infrastructure in green field Data Centre at New Delhi and Bengaluru along with Training and Support amounting to Rs. 287.57 crore (including taxes).

PNC Infratech rose 0.88%. PNC Infratech has been declared the L1 (Lowest) bidder for a Highway Project from Pachmon village to Anarbansalea village, 'Package 6' under Bharatmala Pariyojana in Bihar on Hybrid Annuity Mode” from NHAI with a Bid Project Cost of Rs. 1260 crore.

Paras Defence and Space Technologies added 1.98% after the firm said that it has entered into MoU with Israel based-CONTROP Precision Technologies, to create new opportunities and expand both parties' business in the Indian and Global Defence sector.

KPIT Technologies surged 8.79% after the company announced its partnership with Honda to realize the journey of Honda's Software-Defined Mobility (SDM).

Ramkrishna Forgings jumped 7.06% after the company's consortium with Titagarh Wagons emerged as the lowest (L-1) bidder for supply of forged wheels to the Ministry of Railways, Government of India. The consortium has to manufacture and supply around 15,40,000 wheels to the Indian Railways over a period of twenty years.

GMR Airports Infrastructure advanced 4.56% after the company said that its board will consider raising of funds through appropriate instruments in a meeting on Friday, 17 March 2023.

KPI Green Energy rallied 4.11% after the company received the commissioning certificate from Gujarat Energy Development Agency (GEDA) for capacity of 31 MWdc solar power project under its Captive Power Producer (CPP) segment.

Global Markets:

The Dow Jones futures were down 161 points, indicating a negative opening in the US stock market today.

European markets tumbled while Asian stocks advanced across the board on Wednesday.

The U.K. is gearing up for Chancellor Jeremy Hunt's Spring Budget today in which he's expected to announce key pension and child-care reforms as the country continues to battle a cost of living crisis.

China's industrial output rose 2.4% in the January to February period, official data showed. Retail sales rose 3.5% for the same period. The People's Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.

US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.

Underlying US consumer prices rose in February by the most in five months. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday. The overall CPI climbed 0.4% in February and 6% from a year earlier.

Moody's Investors Service on Tuesday revised its outlook on the US banking system to negative from stable, citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.

Sensex, Nifty spurt in early trade amid positive global cues.

The domestic equity barometers were trading with strong gains in early trade, tracking positive global cues. The Nifty traded above the 17,150 mark. All the sectoral indices on the NSE were in the green with metal, PSU bank and media stocks gaining the most.

The barometer index, the S&P BSE Sensex, was up 496.02 points or 0.86% to 58,396.21. The Nifty 50 index gained 124.05 points or 0.73% to 17,167.35.

In the broader market, the S&P BSE Mid-Cap index added 0.67% while the S&P BSE Small-Cap index rose 1.03%.

The market breadth was strong. On the BSE, 2,121 shares rose and 553 shares fell. A total of 78 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,086.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,121.94 crore in the Indian equity market on 14 March, provisional data showed.

Stocks in Spotlight:

Cipla rose 0.38%. The company and its wholly owned subsidiaries, Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a Share Purchase Agreement with Africa Capitalworks SSA 3 for sale of 51.18% stake held in Cipla Quality Chemical Industries (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of the company.

TVS Motor Company gained 0.64%. The board of directors of the company approved the allotment of 12,500 Listed, Rated, Unsecured, Redeemable, Floating rate, Non-Convertible Debentures of the face value of Rs. 1 lakh each, aggregating to Rs. 125 crores, through private placement.

RailTel Corporation of India rallied 3.04%. The company has received the work order from Centre for Development of Advanced Computing (C-DAC) for Supply, Installation, Integration, Testing and Commissioning of IT infrastructure in green field Data Centre at New Delhi and Bengaluru along with Training and Support amounting to Rs. 287.57 crore (including taxes).

PNC Infratech advanced 3.09%. PNC Infratech has been declared the L1 (Lowest) bidder for a Highway Project from Pachmon village to Anarbansalea village, 'Package 6' under Bharatmala Pariyojana in Bihar on Hybrid Annuity Mode” from NHAI with a Bid Project Cost of Rs. 1260 crore.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.386 from 7.378 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3525, compared with its close of 82.37 during the previous trading session

MCX Gold futures for 5 April 2023 settlement declined 0.15% to Rs 57,395.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 103.47.

The United States 10-year bond yield advanced 0.83% to 3.666.

In the commodities market, Brent crude for May 2023 settlement rose 99 cents or 1.28% to $78.44 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risk from Silicon Valley Bank being contained.

China's industrial output rose 2.4% in the January to February period, official data showed. Retail sales rose 3.5% for the same period. The People's Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.

US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.

Underlying US consumer prices rose in February by the most in five months. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday. The overall CPI climbed 0.4% in February and 6% from a year earlier.

Moody's Investors Service on Tuesday revised its outlook on the US banking system to negative from stable, citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.