Nifty nears 17,400; positive market breadth. 23March2022

The domestic equity barometers traded with decent gains in early trade, amid some buying in index pivotals. The Nifty hovered around the 17,400 mark. Shares across sectors advanced, with banks, financials and consumer durables gaining the most.

The barometer index, the S&P BSE Sensex, was up 351.49 points or 0.61% to 58,340.79. The Nifty 50 index added 83.45 points or 0.48% to 17,398.95.

Dr Reddy's Lab (up 1.73%), SBI Life (up 1.61%), Bajaj Finance (up 1.42%), Hindalco (up 1.27%) and Axis Bank (up 1.27%) were the top Nifty gainers.

Coal India (down 1.75%), Bharti Airtel (down 1.06%), Britannia Industries (down 0.46%), BPCL (down 0.38%) and ITC (down 0.12%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index gained 0.98%.

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

Stocks in Spotlight:

Infosys added 0.13% to Rs 1889.75. The IT major announced a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency.

SBI rose 1.35% to Rs 500.55. The state-run bank has acquired 7.84% stake in ONDC (Open Network for Digital Commerce) for a consideration of Rs 10 crore.

Adani Ports and Special Economic Zone (APSEZ) gained 0.68% to Rs 744.70. The company crossed a historic milestone by handling 300 MMT of cargo well ahead of the year end (March 2022).

Global Markets:

Asian stocks are trading higher on Wednesday as investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

U.S. stocks rebounded Tuesday as traders digested Federal Reserve Chair Jerome Powell's latest rate hike comments. Powell said “inflation is much too high” and vowed to take “necessary steps” to curb inflation.

Nifty ends above 17,300; IT shares outperform. 22March2022

The domestic equity barometers ended near the day's high after a volatile session on Tuesday. The Nifty closed above the 17,300 mark after hitting a day's low of 17,006.30 in mid morning trade. Most shares across sectors advanced, with IT, oil & gas and auto stocks gaining the most.

As per provisional closing data, the S&P BSE Sensex surged 696.81 points or 1.22% at 57,989.30. The Nifty 50 index rallied 197.90 points or 1.16% to 17,315.50.

In broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index added 0.15%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,638 rose and 1,773 shares fell. A total of 102 shares were unchanged.

Economy:

The Reserve Bank of India will ensure ample liquidity to support the recovery of its economy, Governor Shaktikanta Das reportedly said, signaling above-target inflation was not as much of a threat to Asia's third-largest economy at the moment. The RBI continues to be supportive of growth, Das reportedly said, addressing an industry lobby in Mumbai on Monday.

Premature tightening of monetary policy settings would have proved counter-productive to demand, he reportedly said. The statement reiterates Das's view from last month that the nature of inflation in India is different from the US, and hence there was no hurry to follow peers in raising borrowing costs.

Buzzing Index:

The Nifty IT index rose 2.06% to 36,105.25. The index had declined 0.98% in the past two sessions.

Tech Mahindra (up 4.21%), Mphasis (up 3.06%), TCS (up 2.10%), Larsen & Toubro Infotech (up 2.20%), L&T Technology Services (up 2.06%), Infosys (up 1.83%), Wipro (up 1.69%) and MindTree (up 1.56%) advanced.

Stocks in Spotlight:

Tata Motors rose 2.94% to Rs 440.55. The automobile manufacturer on Tuesday announced a price hike of its commercial vehicle (CV) range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant, the auto maker said.

Larsen & Toubro (L&T) rose 0.95% to Rs 1773. 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 1.64% to Rs 610. 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.

REC added 0.88% to Rs 125.75. 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 1.89% to Rs 54. 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.

Indoco Remedies fell 2.05% to Rs 401.15. 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.

Hester Biosciences advanced 0.92% to Rs 2492.70 after the company said that it will expand into the rapidly growing Pet Care sector this April. India has the fastest-growing pet care market worldwide, with it growing by 14% in 2022, making this an exciting and valuable opportunity for the company.

Global Markets:

European markets advanced across the board while most Asian stocks traded higher on Tuesday.

China Eastern Airlines shares fell after the carrier's Boeing 737 passenger jet crashed in southern China on Monday.

Investors continue to watch the situation in Ukraine as ongoing peace talks between Moscow and Kyiv fail to make progress. On Monday, Ukraine refused to surrender the port city of Mariupol to Russian forces following an ultimatum from Moscow.

However, reports started coming in from Kyiv on Tuesday morning that Ukrainian President Volodymyr Zelensky was prepared to discuss a commitment from Ukraine not to seek NATO membership in exchange for a ceasefire, the withdrawal of Russian troops and a guarantee of Ukraine's security.

Market watchers are also monitoring the omicron subvariant as it spreads across Europe along with one of the worst Covid-19 outbreaks in China since 2020.

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.

Indices at day's high; breadth remains negative. 22March2022

Key indices pared all losses and rebounded from the day's low in afternoon trade. The Nifty traded above the crucial 17,200 mark after hitting a day's low of 17,006.30 in mid morning trade. IT, oil & gas and metal stocks advanced while realty and FMCG shares declined.

The S&P BSE Sensex surged 392.86 points or 0.69% at 57,685.48. The Nifty 50 index rallied 112.15 points or 0.66% at 17,229.50.

In broader market, the S&P BSE Mid-Cap index shed 0.38% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,472 rose and 1,818 shares fell. A total of 135 shares were unchanged.

Nifty Gainers & Losers:

ONGC (up 2.93%), RIL (up 2.09%), Tech Mahindra (up 1.95%), Indian Oil Corporation (up 1.65%) and TCS (up 1.53%) were top gainers in Nifty 50 index.

Nestle India (down 3.13%), HUL (down 3%), Britannia Industries (down 2.4%), Cipla (down 2.18%) and Tata Consumer Products (down 1.18%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Tata Motors fell 0.35%. The automobile manufacturer on Tuesday announced a price hike of its commercial vehicle (CV) range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant, the auto maker said. The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles.

Larsen & Toubro fell 0.36%. The EPC company after market hours on Monday announced that the company's board will meet on 24 March 2022 to seek approval for raising funds through issue of debt securities as part of company's refinancing program.

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.