Market pares losses; bank stocks decline for 2nd day. 22March2022

 

The domestic equity barometers managed to pare losses in mid morning trade. The Nifty was trading below the 17,050 mark. Banks shares declined for the second consecutive session.

The barometer index, the S&P BSE Sensex, was down 111.45 points or 0.19% to 57,181.04. The Nifty 50 index shed 38.75 points or 0.23% to 17,078.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.72% while the S&P BSE Small-Cap index shed 0.14%.

Buyers outnumbered sellers. On the BSE, 1317 shares rose and 1864 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Bank index fell 1.01% to 35,656.10. The index has lost 2.12% in two sessions.

Bandhan Bank (down 2.88%), IDFC First Bank (down 2.51%), SBI (down 1.58%), Axis Bank (down 1.48%), HDFC Bank (down 1.13%), ICICI Bank (down 0.77%), Punjab National Bank (down 0.70%) and Kotak Mahindra Bank (down 0.57%) declined.

Stocks in Spotlight:

Indoco Remedies fell 1.65% to Rs 402.80. The company announced the receipt of final approval from the United States Food & Drug Administration (USFDA) for Lacosamide tablets, the generic version of Vimpat tablets of UCB, Inc.

Dhampur Sugar Mills rose 0.24% to Rs 533.05. The company's board has declared an interim dividend of Rs 6 per share. The record date for the same is 31 March 2022.

Global Markets:

Most Asian stocks were trading higher on Tuesday, shrugging off tepid overnight cues from Wall Street.

US stocks broadly declined on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

Nifty below 17,050; FMCG shares edge lower. 22March2022

The key equity benchmarks declined further and hit fresh intraday low in morning trade. The Nifty was trading below the 17,050 mark. FMCG shares declined for second day in a row.

The barometer index, the S&P BSE Sensex, was down 251.43 points or 0.44% to 57,041.06. The Nifty 50 index lost 76 points or 0.44% to 17,041.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.99% while the S&P BSE Small-Cap index declined 0.39%.

The market breadth was negative. On the BSE, 1237 shares rose and 1816 shares fell. A total of 129 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 1.98% to 35,432.15. The index has declined 3.67% in two sessions.

Hindustan Unilever (down 3.96%), Godrej Consumer (down 3.46%), Marico (down 3.12%), Dabur India (down 3%), Nestle India (down 2.73%), Britannia Industries (down 2.56%), United Breweries (down 2.75%), Radico Khaitan (down 2.26%), Colgate-Palmolive India (down 2.25%), Emami (down 2.02%), Tata Consumer Products (down 1.78%) and United Spirits (down 1.54%) declined.

Stocks in Spotlight:

REC shed 0.52% to Rs 124. The board of REC in its meeting held on 21 March 2022, approved the market borrowing programme under different debt segments for the financial year 2022-23. The total borrowing plan approved by the board is for Rs 85,000 crore for 2022-23.

Equitas Small Finance Bank added 2.17% to Rs 54.15. The board and the committee of independent directors, has approved a scheme of amalgamation between Equitas Holdings (EHL / transferor company) and Equitas Small Finance Bank (ESFBL / transferee company) and their respective shareholders (scheme). The scheme contemplates the amalgamation of transferor company into and with the transferee company and the dissolution without winding-up of the transferor company pursuant thereto.

Shares trade with minor cuts; positive market breadth. 22March2022

 

The key equity indices traded with modest losses in early trade. The Nifty was trading below the 17,150 mark.

The barometer index, the S&P BSE Sensex, was down 56.08 points or 0.10% to 57,236.41. The Nifty 50 index shed 0.80 points to 17,116.80.

ONGC (up 4.40%), Indian Oil (up 3.18%), BPCL (up 1.78%), Hindalco (up 1.66%) and Tata Steel (up 1.64%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index shed 0.20% while the S&P BSE Small-Cap index added 0.22%.

Buyers outnumbered sellers. On the BSE, 1371 shares rose and 1126 shares fell. A total of 118 shares were unchanged.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.15% to Rs 1759.05. L&T said that the meeting of the board of directors of the company is scheduled on 24 March 2022, to seek approval for raising funds including through issue of debt securities as part of company's refinancing program.

Wipro added 1.05% to Rs 606.45. The company has informed that the meeting of the board of directors of the company is scheduled on 25 March 2022 to consider and approve the declaration of interim dividend, for the financial year ending 2021-22.

G R Infraprojects advanced 2.11% to Rs 1457.45. The company has emerged as L-1 bidder for the tender invited by National Highways Authority of India for '4-Laning of Ujjain-Badnawar Section (Length-69.1 kms) in the State of Madhya Pradesh on HAM.'

Global Markets:

Asian stocks are trading mostly higher on Tuesday, shrugging off tepid overnight cues from Wall Street as Federal Reserve Chair Jerome Powell sounded a hawkish note on monetary policy.

US stocks declined broadly on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

Sensex tumbles 571 pts, Nifty ends at 17,117.60; banks drag. 21March2022

 

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.

Shares end at the low point of the day; FMCG stocks decline. 21March2022

The domestic equity barometers ended at the day's low on Monday. The Nifty closed below the 17,150 level. Barring metals, most of the sectoral indices on the NSE ended in the red.

As per provisional closing data, 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.

In the broader market, the S&P BSE Mid-Cap index declined 0.68% while the S&P BSE Small-Cap index added 0.38%.

The market breadth was negative. On the BSE, 1561 shares rose and 1953 shares fell. A total of 144 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 1.84% to 36,106.85. The index had advanced 3.35% in the past three sessions.

Marico (down 3.83%), Britannia Industries (down 3.45%), Godrej Consumer (down 3.41%), Tata Consumer Products (down 3.10%) and United Breweries (down 2.73%) declined.

Further, Hindustan Unilever (down 2.41%), Nestle India (down 2.23%), Dabur India (down 1.80%), United Spirits (down 1.69%) and Radico Khaitan (down 1.11%) edged lower.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.49% to Rs 2467.55. Reliance Retail Ventures (RRVL), subsidiary of RIL and holding company of all the retail companies under the RIL Group, has announced acquisition of 89% equity stake in Purple Panda Fashions, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment.

Atul advanced 1.28% to Rs 9837. The company said that a meeting of the board of directors will be held on 25 March 2022, to consider a proposal for buy-back of equity shares.

SMS Pharmaceuticals jumped 11.91% to Rs 108.05. The company received non-exclusive license to manufacture and supply of nirmatrelvir through the Medicine Patent Pool (MPP), an oral COVID-19 medicine developed by Pfizer.

Zydus Lifesciences fell 1.71% to Rs 366.80. The company received Prior Approval Supplement (PAS) approval from the USFDA to market Mycophenolate Mofetil for Injection USP (US RLD: CellCept injection).

Glenmark Pharmaceuticals added 2.67% to Rs 455.75. The company said that it has received final approval by the United States Food & Drug Administration (USFDA) for its lacosamide tablets.

Wockhardt zoomed 11.98% to Rs 327.25 after the company and Serum Life Sciences UK announced collaboration for manufacturing multiple vaccines in the United Kingdom. Serum Life Sciences UK is a subsidiary of the Serum Institute of India.

Strides Pharma Science jumped 5.04% to Rs 350.95 after the company announced d a sub-license agreement with Medicines Patent Pool (MPP) to commercialize a generic version of Pfizer's COVID-19 oral treatment in 95 low and middle-income markets.

Jindal Steel & Power (JSPL) gained 2.33% to Rs 488 after the steel maker said its wholly-owned subsidiary, Jindal Steel & Power (Mauritius), prepaid a $357 million loan to its lenders.

Avantel surged 13.86% to Rs 1041.10 after the company received an order for an amount $13,66,000 from Lockheed Martin Corporation. The order is for the supply of Satcom Equipment.

Aurobindo Pharma jumped 6.10% to Rs 679.30 after the company announced the signing of sub-license agreement for manufacturing a generic version of Pfizer's COVID-19 oral treatment nirmatrelvir.

Alembic Pharmaceuticals advanced 3.81% to Rs 754.15 after the drug company announced the receipt of final approval from the US Food & Drug Administration (USFDA) for its ANDA for Lacosamide Tablets.

Global Markets:

European stocks advanced while Asian markets ended mostly higher on Monday. Markets in Japan are closed today for a holiday.

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.

Wall Street's three major indexes closed higher on Friday, with the biggest boost from recently battered technology stocks, after talks between U.S. President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises.

Indices at day's low; Nifty slips below 17,150. 21March2022

Benchmark indices hit the day's low and traded with losses in early afternoon trade. The Nifty was trading below the 17,150 level. Metal, media and pharmaceutical stocks saw buying while banking and financial shares came under selling pressure.

The barometer index, the S&P BSE Sensex, was down 540.93 points or 0.934% to 57,323. The Nifty 50 index lost 163 points or 0.94% to 17,124.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.37% while the S&P BSE Small-Cap index added 0.46%.

The market breadth was negative. On the BSE, 1543 shares rose and 1891 shares fell. A total of 145 shares were unchanged.

Gainers & Losers:

Coal India (up 4.7%), Hindalco Inds (up 2.62%), Maruti Suzuki (up 2.23%), ONGC (up 1.67%) and Tata Steel (up 1.49%) were top gainers in Nifty 50 index.

Britannia Inds (down 3%), Grasim Inds (down 2.83%), UltraTech Cement (down 2.65%), Tata Consumer Products (down2.53%) and SBI Life Insurance Company (down 2.44%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Jindal Steel & Power (JSPL) gained 2.7% after the steel maker said its wholly-owned subsidiary, Jindal Steel & Power (Mauritius), prepaid a $357 million loan to its lenders. The company said that this prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML). This loan had corporate guarantees from JSP India, which will also get released.

Avantel gained 3.35% to Rs 945 after the company has received an order for an amount $13,66,000 from Lockheed Martin Corporation. The order is for the supply of Satcom Equipment.

Alembic Pharmaceuticals advanced 3.97% to Rs 755.35 after the drug company announced the receipt of final approval from the US Food & Drug Administration (USFDA) for its ANDA for Lacosamide Tablets. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD) Vimpat Tablets of UCB, Inc. Lacosamide Tablets are indicated for the treatment of partial-onset seizures in patients 4 years of age and older. It may not be indicated for certain other uses due to unexpired exclusivities for the RLD for such uses.

Nifty reclaims 17,250 level; broader market outperforms. 21March2022

The key equity barometers managed to pare most losses in mid morning trade. The Nifty was trading above the 17,250 mark. Pharma shares rose for the third consecutive session.

The barometer index, the S&P BSE Sensex, was down 81.81 points or 0.14% to 57,782.12. The Nifty 50 index lost 18.60 points or 0.11% to 17,268.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.91%.

Buyers outnumbered sellers. On the BSE, 1787 shares rose and 1523 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Pharma index added 1.35% to 13,728.30. The index has added 3.07% in three sessions.

Aurobindo Pharma (up 6.97%), Alembic Pharmaceuticals (up 3.64%), Granules India (up 3.53%), Pfizer (up 2.98%), Laurus Labs (up 2.75%) and Sun Pharma (up 1.75%) edged higher.

Simultaneously, Alkem Laboratories (up 1.57%), Cipla (up 1.18%), Lupin (up 1.17%), Biocon (up 0.97%) and Dr. Reddy's Labs (up 0.64%) advanced.

Glenmark Pharmaceuticals added 3.98% to Rs 461.55. The company said that it has received final approval by the United States Food & Drug Administration (USFDA) for its lacosamide tablets. According to IQVIA sales data for the 12 month period ending January 2022, the Vimpat Tablets market achieved annual sales of approximately $1.7 billion.

Zydus Lifesciences was up 0.16% to Rs 373.80. The company received Prior Approval Supplement (PAS) approval from the USFDA to market Mycophenolate Mofetil for Injection USP (US RLD: CellCept injection). Mycophenolate Mofetil is indicated for use in combination with other drugs i.e., cyclosporine and corticosteroids for the prophylaxis of organ rejection in patients receiving renal, hepatic or cardiac transplants.

Wockhardt jumped 13% to Rs 330.25 after the company and Serum Life Sciences UK announced collaboration for manufacturing multiple vaccines in the United Kingdom. Serum Life Sciences UK is a subsidiary of the Serum Institute of India.

Strides Pharma Science jumped 6.11% to Rs 354.50 after the company announced d a sub-license agreement with Medicines Patent Pool (MPP) to commercialize a generic version of Pfizer's COVID-19 oral treatment in 95 low and middle-income markets.

Global Markets:

Asian stocks were trading mixed on Monday, as investors reacted to the release of China's latest benchmark lending rate. Markets in Japan are closed on Monday for a holiday.

China's one-year loan prime rate was kept unchanged at 3.7% on Monday.

Wall Street's three major indexes closed higher on Friday, with the biggest boost from recently battered technology stocks, after talks between U.S. President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises.