Nifty ends below 17,250; metal stocks outperform. 23March2022

  

The key equity barometers ended with modest losses on Wednesday. The Nifty closed above the 17,250 mark. While most sectoral indices on the NSE declined, metals, oil & gas and pharma shares bucked the trend.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 304.48 points or 0.53% to 57,684.82. The Nifty 50 index fell 69.85 points or 0.40% to 17,245.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index shed 0.02%.

The market breadth turned negative. On the BSE, 1468 shares rose and 1927 shares fell. A total of 130 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.21% to 6,399.95. The index has added 8.29% in five sessions.

SAIL (up 3.62%), Jindal Steel & Power (up 3.59%), Hindalco Industries (up 2.53%), Tata Steel (up 2.23%), Welspun Corp (up 1.38%), Vedanta (up 1.14%), JSW Steel (up 0.79%), and National Aluminum Co. (up 0.78%) advanced.

Meanwhile, APL Apollo Tubes (down 3.11%), Ratnamani Metals Tubes (down 3.10%) and Adani Enterprises (down 1.12%) and Hindustan Zinc (down 0.51%) declined.

Stocks in Spotlight:

Shares of One 97 Communications (Paytm) fell 3.62% to Rs 524.30, extending decline for fourth consecutive session. The stock has lost 17.31% in four sessions.

The BSE sought a clarification from Paytm over the sharp fall in its share prices. Paytm clarified that there is no information, which may have a bearing on the price/volume behaviour in the scrip of the company. The company would also like to point out the business fundamentals remain robust, it added.

Infosys shed 0.97% to Rs 1868.90. The IT major announced a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency.

SBI lost 0.61% to Rs 490.90. 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) declined 0.85% to Rs 733.35. The company crossed a historic milestone by handling 300 MMT of cargo well ahead of the year end (March 2022).

Adani Power jumped 5.37% to Rs 130.40 after the company said its board approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.

Bajaj Electricals gained 2.26% to Rs 1061.90 after the company said it renewed trademark license agreement with Morphy Richards for fifteen years with effect from 1 July 2022.

Bhansali Engineering Polymers (BEPL) advanced 5.07% to Rs 137.70 after the company received approval from the Madhya Pradesh Pollution Control Board for expansion of high rubber graft from 15,000 TPA to 50,000 TPA.

MTAR Technologies lost 0.85% to Rs 1960.85. The company announced that it has been declared as L1 bidder for tenders floated by Nuclear Power Corporation of India (NPCI). The combined value of orders is approximately Rs 135 crore and purchase orders for the same are expected in Q1 FY23.

Indian Hotels Company advanced 3.50% to Rs 216.05. The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022. Floor price is set at Rs 203.48. The board is scheduled to meet on 25 March 2022 to approve the issue price.

Hero MotoCorp fell 1.33% to Rs 2389.05. According to the media report, search operations are currently underway at about 25 premises of Hero MotoCorp, including at offices and residences of senior management in Delhi, Gurgaon and other parts of North India.

Steel Strips Wheels (SSWL) said that it has prepaid the long term debt of Rs 35.76 crore, thereby making the total prepayment of Rs 97.03 crore till date. After this pre-payment along with normal repayments for the period, the company's long term debt is reduced to Rs 405.96 crore.

Global Markets:

Most European shares declined while Asian stocks ended higher on Wednesday.

Investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

Investors kept an eye on the moves in the oil markets, with media reports suggesting that the European Union is unlikely to impose an immediate oil embargo on Russia over its unprovoked invasion of Ukraine.

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.

Barometers trade lower; metal stocks advance for 5th day. 23March2022

The key equity barometers traded with small losses in mid-afternoon trade. The Nifty traded above the 17,270 mark. Metal shares rose for the fifth day in a row.

The barometer index, the S&P BSE Sensex, was down 182.44 points or 0.31% to 57,806.86. The Nifty 50 index fell 40.65 points or 0.23% to 17,274.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth turned negative. On the BSE, 1571 shares rose and 1797 shares fell. A total of 124 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.31% to 6,406.25. The index has added 8.40% in five sessions.

SAIL (up 4.67%), Jindal Steel & Power (up 2.67%), Tata Steel (up 2.70%), Welspun Corp (up 2.38%), Hindalco Industries (up 2.28%), JSW Steel (up 1.50%), Vedanta (up 1.36%) and National Aluminum Co. (up 0.82%) advanced.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.817% compared with 6.831% 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 76.1850, compared with its close of 76.1800 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement added 0.27% to Rs 51,518.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 98.56.

In the commodities market, Brent crude for May 2022 settlement shed $ 1.25 or 1.08% $116.73 a barrel.

Global Markets:

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

Investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

Investors kept an eye on the moves in the oil markets, with media reports suggesting that the European Union is unlikely to impose an immediate oil embargo on Russia over its unprovoked invasion of Ukraine.

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.

Sensex, Nifty tumble to red zone; India VIX rises 1%. 23March2022

  

The benchmark indices slumped into the negative territory during early afternoon trade, as auto and financial service scrips dragged the market lower. The Nifty managed to hovered above 17,200 level.

The barometer index, the S&P BSE Sensex dropped 319.70 points or 0.55% at 57,669.60. The Nifty 50 index lost 85.20 points or 0.49% at 17,230.30.

The S&P BSE Mid-Cap index rose 0.30%. The S&P BSE Small-Cap index gained 0.16%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,607 rose and 1,700 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.40% to 24.4075. The Nifty 31 March 2022 futures were trading at 17,311.20, at a premium of 80.9 points as compared with the spot at 17,230.30.

The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 66.24 lakh contracts at the 18,000 strike price. Maximum Put OI of 95.92 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Financial Services index fell 0.39% to 17,020.05. The index rose 0.89% in the previous session.

Muthoot Finance (down 1.94%), Kotak Mahindra Bank (down 1.64%), Housing Development Finance Corporation (HDFC) (down 1.62%), Mahindra & Mahindra (M&M) Financial Services (down 1.47%) and SBI Life Insurance Company (down 0.86%) were the losers in the Financial Services segment.

Benchmarks pare gains; pharma shares in demand. 23March2022

 

The key equity benchmarks pared early gains in morning trade. The Nifty was trading below the 17,350 mark. Pharma shares were up across the board.

The barometer index, the S&P BSE Sensex, was up 107.25 points or 0.18% to 58,096.55. The Nifty 50 index added 33.90 points or 0.20% to 17,349.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index gained 0.59%.

Buyers outnumbered sellers. On the BSE, 1961 shares rose and 1104 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 1.49% to 13,714.50. The index had declined 0.27% to end at 13,513.15 yesterday.

Pfizer (up 3.37%), Torrent Pharma (up 3%), Dr. Reddy's Labs (up 2.84%), Aurobindo Pharma (up 2.39%) and Divi's Labs (up 2.35%) were the top index gainers.

Concurrently, Strides Pharma (up 2.29%), Glenmark Pharma (up 2.28%), Zydus Lifesciences (up 1.96%), Lupin (up 1.62%), Biocon (up 1.36%), Cipla (up 1.06%), Ipca Laboratories (up 1.04%), Sun Pharma (up 0.94%) and Abbott India (up 0.84%) advanced.

Stocks in Spotlight:

RailTel Corporation of India gained 1.90% to Rs 91.30. The company has received work order from Rail Vikas Nigam Limited (RVNL) for installation of RailTel''s MPLS-VPN services for 5 years at various locations of RVNL for an amount of Rs. 11.57 crore (Including GST).

Ugro Capital fell 1.19% to Rs 182.85. The company said that a meeting of the Investment and Borrowing Committee of the board is scheduled on Friday, 25 March 2022 to consider and approve raising of funds via issuance of Non-Convertible Debentures (NCDs) on private placement basis.

Indian Hotels Company advanced 0.96% to Rs 210.75. The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022. Floor price is set at Rs 203.48. The board is scheduled to meet on 25 March 2022 to approve the issue price.

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.