Nifty hovers below 17,300; Media stocks witness profit booking. 29 March 2022

The benchmark indices extended its gaining momentum throughout the mid-morning session, as pharma and auto scrips continued to support the market. The Nifty traded below its 17,300 mark.

The barometer index, the S&P BSE Sensex rose 245.18 points or 0.43% at 57,838.67. The Nifty 50 index gained 74 points or 0.43% at 17,296.

The S&P BSE Mid-Cap index added 0.59%. The S&P BSE Small-Cap index rose 0.55%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,650 rose and 1,546 shares fell. A total of 131 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 801.41 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,161.70 crore on 28 March 2022, as per provisional data available on the NSE.

Buzzing Index:

The Nifty Media index fell 1% to 2,313. The index jumped 9.51% in the past eight trading sessions.

Inox Leisure (down 4.56%), PVR (down 3.24%), Network18 Media and Investments (down 2.51%), TV18 Broadcast (down 1.65%) and Dish TV India (down 0.01%) were the top losers in the Media segment.

Recently, INOX Leisure, PVR had announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Upon obtaining all approvals, INOX will merge with PVR. INOX shareholders will receive 3 shares in PVR for 10 shares of INOX. Post the merger, PVR promoters will have 10.62% stake while INOX promoters will have 16.66% stake in the combined entity. The board of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the board with 2 board seats each.

Stocks in Spotlight:

HDFC Bank rose 0.54%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company Limited (IDRCL) for Rs 7.50 crore. HDFC Bank said that the equity investment will be done in tranches, the first of which for Rs 3 crore is expected to be complete by 31 March 2022. Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL, it said. Post investment of all tranches, the bank will hold upto 15% of the equity share capital of the IDRCL.

The lender has received approval from the Reserve Bank of India and the Department of Economic Affairs, Ministry of Finance, for the deal. HDFC Bank added that the bank and its subsidiaries in the ordinary course of business may have business dealings with IDRCL at an arm's length basis.

Sudarshan Chemical Industries gained 0.87%. After market hours on Monday, the company announced that its board has approved the fund raising upto Rs 200 crore. In an exchange filing, the company said, “the Board of Directors, at its meeting held today approved fund raising by way of issue of Non-Convertible Debentures aggregating up to Rs 200 crore, on private placement basis in one or more series / tranches.”

Global Markets:

Asian stocks rose, following a tumble in oil prices overnight. Oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual US$5.8 trillion (S$7.89 trillion) budget plan that would steer US$6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

Sensex, Nifty extend decent gains; Nifty nears 17,300 mark. 29March2022

The benchmark indices extended modest gains during mid-morning trade, buoyed by strong demand in pharma stocks. The Nifty traded tad below 17,300 level, beneath its 100-DMA placed at 17326.60.

The barometer index, the S&P BSE Sensex rose 233 points or 0.40% at 57,826.49. The Nifty 50 index gained 76.15 points or 0.44% at 17,298.15.

The S&P BSE Mid-Cap index added 0.74%. The S&P BSE Small-Cap index rose 0.61%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,762 rose and 1,286 shares fell. A total of 117 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 801.41 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,161.70 crore on 28 March 2022, as per provisional data available on the NSE.

Buzzing Index:

The Nifty Pharma index rose 1.09% to 13,710.25. The index fell 1.18% in the past two trading sessions.

Divi's Laboratories (up 2.72%), Cipla (up 1.97%), Ipca Laboratories (up 1.78%), Glenmark Pharmaceticals (up 1.59%) and Torrent Pharma (up 1.42%) were the top gainers in the Pharma segment.

Stocks in Spotlight:

Tata Power gained 1.17%. On Monday, the company announced that it has collaborated with Rustomjee Group to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR). Under this collaboration, Tata Power will install charging infrastructure for residents of Rustomjee in Mumbai MMR. 28 EZ charging points will be set up at Rustomjee Groups' residential and commercial projects. EV owners will have the access to a 24x7 charging facility along with maintenance support.

G R Infraprojects advanced 2.32%. The EPC company announced that it has emerged as L-1 bidder for two tenders invited by National Highways Authority of India (NHAI). The first project involves construction of four lane road of existing two lane stretch from Govindpur to Rajura in Maharashtra. The bid project cost is Rs 907 crore and the project is to be completed on hybrid annuity mode. The completion date for the project is 730 days from the date of appointment while operational period is 15 years from the commercial operation date.

Indices trade with modest gains; strong market breadth. 29March2022

The domestic equity barometers traded with decent gains in early trade, amid significant buying in index pivotals. The Nifty traded tad below the 17,300 level. Shares across sectors advanced, with autos, consumer durables, PSU banks, and financials stocks gaining the most.

The barometer index, the S&P BSE Sensex, was up 285.59 points or 0.50% to 57,879.08. The Nifty 50 index added 75.65 points or 0.44% to 17,297.65.

SBI Life (up 2.32%), HDFC (up 1.79%), Bharti Airtel (up 1.45%), Asian Paints (up 1.38%) and Ultratech Cement (up 1.30%) were the top Nifty gainers.

Coal India (down 2.22%), ONGC (down 1.79%), Eicher Motors (down 0.60%), Hindalco (down 0.41%) and ITC (down 0.31%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index gained 0.69%.

Buyers outnumbered sellers. On the BSE, 1739 shares rose and 740 shares fell. A total of 93 shares were unchanged.

Stocks in Spotlight:

Aurobindo Pharma fell 1.21% to Rs 698.30. The board of directors of the company has approved the acquisition of the business and certain assets of Veritaz Healthcare Limited (Veritaz). Veritaz operates in the pharmaceutical industry in India and sells branded generic formulations and other health care-related products.

Tata Power advanced 1.94% to Rs 244.20. The company has collaborated with Rustomjee Group, the leading real estate developer, to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).

Ruchi Soya declined 2.61% to Rs 793.75. The Securities and Exchange Board of India (Sebi) provided an option to the investors in Ruchi Soya's Rs 4,300 crore follow-on public offer (FPO) to withdraw their applications. The withdrawal window will remain open till 30 March.

Global Markets:

Asian stocks rose, following a tumble in oil prices overnight. Oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual US$5.8 trillion (S$7.89 trillion) budget plan that would steer US$6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

Market ends near intraday high; Nifty above 17,200 mark. 28March2022

Despite a weak start, the benchmark indices managed to close higher on Monday. Metals, banks and auto supported the market.

The barometer index, the S&P BSE Sensex rose 231.29 points or 0.40% at 57,593.49. The Nifty 50 index gained 69 points or 0.40% at 17,222.

The S&P BSE Mid-Cap index fell 0.40%. The S&P BSE Small-Cap index slipped 0.53%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,171 rose and 2,338 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.54% to 35,714.80. The index fell 0.77% in the past trading session.

ITC (up 1.52%), Hindustan Unilever (HUL) (up 1.40%), Tata Consumer Products (up 1.17%), Godrej Consumer Products (up 0.47%) and Colgate-Palmolive India (up 0.13%) were the top gainers in the FMCG segment.

Stocks in Spotlight:

Bharti Airtel jumped 3.77%. The telecom major has entered into an agreement to acquire 7.036% stake in Avaada KNShorapur for Rs 1.74 crore as cash consideration. Avaada KNShorapur acts as a Special Purpose Vehicle (SPV) under Avaada Indiclean to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in Karnataka. The objects and effects of the acquisition are to comply with regulatory requirement for captive power plants under the provisions of Electricity Act' 2003 and Indian Electricity Rules' 2005 and procurement of cost-effective renewable energy.

Separately, Bharti Airtel's data centre subsidiary, Nxtra Data, has acquired an 11.33% equity stake in Avaada KNShorapur, an SPV formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. Nxtra Data has acquired the stake for a cash consideration of Rs 2.80 crore for acquisition of aggregate 28,07,350 equity shares of Rs 10 each, Airtel said in a regulatory filing on Friday.

Shares of INOX Leisure soared 11.88% while PVR advanced 3.07%. INOX Leisure, PVR announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Upon obtaining all approvals, INOX will merge with PVR. INOX shareholders will receive 3 shares in PVR for 10 shares of INOX. Post the merger, PVR promoters will have 10.62% stake while INOX promoters will have 16.66% stake in the combined entity. The board of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the board with 2 board seats each.

Larsen & Toubro lost 0.52%. The Ministry of Defence has signed a contract with Larsen & Toubro (L&T) for acquisition of two multi-purpose vessels (MPVs) for Indian Navy at an overall cost of Rs 887 crore under “Buy-Indian” category. The MPVs will be the first of its kind platform, constructed to provide a cost-effective solution to meet a variety of requirements of Indian Navy.

These vessels, to be built by M/s L&T shipyard at Kattupally (Chennai), will perform multi-role support functions such as maritime surveillance& patrol, launching/ recovery of torpedoes and operation of various types of aerial, surface and underwater targets for Gunnery/ ASW firing exercises. These vessels would also be capable of towing ships and rendering humanitarian assistance & disaster relief (HADR) support with limited hospital ship capability.

Godrej Properties declined 2.96%. The company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with 5% area share to the landowners.

Aster DM Healthcare surged 10.39%. The company announced the signing of a memorandum of understanding (MoU) with the Government of Tamil Nadu, India to set up healthcare facilities in the state. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the State. This will help provide quality healthcare at affordable cost to the people of Tamil Nadu and generate employment for more than 3,500 people.

IndiaMART InterMESH shed 1.37%. The firm has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company. As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount. Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.

Bharti Airtel entered into a contract with Euro Pacific Securities, an affiliate of Vodafone Group Plc to acquire 4.7% stake in Indus Towers (up 3.05%) and its wholly-owned subsidiary, Nettle Infrastructure Investments for an all cash deal of Rs 2,388.06 crore. Bharti Airtel will purchase 4.7% equity stake of Indus Towers and its wholly-owned subsidiary, Nettle Infrastructure Investments, from Euro Pacific Securities, an affiliate of Vodafone Group Plc, on the principal condition that the amount paid shall be inducted by Vodafone Idea (down 1.98%) as fresh equity in Vodafone Idea (VIL) and simultaneously remit to Indus Towers to clear VIL's outstanding dues. The transaction shall be executed at Rs 187.88 per share basis the agreed price formula in the agreement, aggregating to Rs 2,388.06 crore, upon fulfillment of all conditions precedents as agreed by the parties under the agreement.

Global Markets:

European stocks advanced on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks ended mixed as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Indices witness sharp recovery; Nifty above 17,200 level. 28March2022

The benchmark indices rallied near its intraday high during mid-afternoon trade, buoyed by bank and auto stocks. The Nifty re-claimed its 17,200 mark.

The barometer index, the S&P BSE Sensex rose 200.93 points or 0.35% at 57,563.13. The Nifty 50 index gained 59.55 points or 0.35% at 17,212.55.

The S&P BSE Mid-Cap index fell 0.42%. The S&P BSE Small-Cap index slipped 0.43%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,175 rose and 2,306 shares fell. A total of 148 shares were unchanged.

Number to Watch:

The yield on 10-year benchmark federal paper rose to 6.836% compared with 6.811% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.1825, compared with its close of 76.24 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.78% to Rs 51,472.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.44% to 99.22.

In the commodities market, Brent crude for May 2022 settlement fell $4.45 or 3.69% $116.20 a barrel.

Buzzing Index:

The Nifty Auto index rose 0.63% to 10,419.80. The index had fallen 2.06% in the past three trading sessions.

Tube Investment of India (up 4.12%), Eicher Motors (up 1.54%), Bajaj Auto (up 1.19%), Bharat Forge (up 1.09%) and Maruti Suzuki India (up 0.87%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Aster DM Healthcare soared 10.42%. The company announced the signing of a memorandum of understanding (MoU) with the Government of Tamil Nadu, India to set up healthcare facilities in the state. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the State. This will help provide quality healthcare at affordable cost to the people of Tamil Nadu and generate employment for more than 3,500 people.

IndiaMART InterMESH lost 1.15%. The firm has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company. As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount. Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.

Global Markets:

European stocks moved higher on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks traded in a mixed fashion as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Benchmarks at the high point of the day; metal stocks in demand. 28 March 2022

The domestic equity barometers were currently at the day's high in afternoon trade. The Nifty marched towards the 17,200 mark. Metal stocks extended gains for eight-day in a row.

The barometer index, the S&P BSE Sensex was up 106.11 points or 0.18% to 57,468.31. The Nifty 50 index added 35.95 points or 0.21% at 17,188.95.

Bharti Airtel (up 1.56%), ICICI Bank (up 1.52%), Axis Bank (up 1.49%), Eicher Motors (up 1.41%) and Bajaj Auto (up 1.25%) were the top Nifty gainers.

Dr Reddy's Lab (down 2.12%), Nestle India (down 1.66%), UPL (down 1.55%), HDFC (down 1.22%) and Adani Ports (down 1.04%) were the top Nifty losers.

The broader markets witnessed significant selling pressure. The S&P BSE Mid-Cap index fell 0.51% while the S&P BSE Small-Cap index slipped 0.52%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1163 rose and 2256 shares fell. A total of 155 shares were unchanged.

Global Markets:

European stocks moved higher on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks traded in a mixed fashion as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Buzzing Index:

The Nifty Metal index rose 0.94% to 6,561.05. The index has added 11.01% in eight sessions.

Ratnamani Metals Tubes (up 3.94%), Coal India (up 3.65%), NMDC (up 2.20%), APL Apollo Tubes (up 2.18%), Hindalco Industries (up 1.17%), JSW Steel (up 0.85%) and National Aluminum Co. (up 0.86%) were the top index gainers.

Meanwhile, SAIL (down 2.81%), Jindal Steel & Power (down 2%) and Hindustan Copper (down 0.65%) edged lower.

Vedanta gained 0.91% to Rs 414.30. The board of Vedanta has approved capital expenditure of $687 million in Cairn Oil & Gas to increase near-term volume. The company earmarked a capex of $466 million towards Zinc International's Gamsberg Phase 2 project. The board has also approved an investment of $348 million for an expansion project at its subsidiary ESL Steel.

Adani Enterprises rose 0.32% to Rs 1,873. The company's two units, Mahanadi Mines and Minerals and MP Natural Resources, have won a coal block each in Odisha and Madhya Pradesh.

Barometers hover near day's low; Nifty holds 17,000 level. 28March2022

The benchmark indices continued trading with modest losses in mid-morning trade. Financial stocks dragged. The Nifty traded a tad below 17,050 mark.

The barometer index, the S&P BSE Sensex dropped 333.14 points or 0.58% at 57,029.06. The Nifty 50 index lost 103.05 points or 0.60% at 17,049.95.

The S&P BSE Mid-Cap index fell 0.95%. The S&P BSE Small-Cap index slipped 0.76%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,028 rose and 2,279 shares fell. A total of 146 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 1,507.37 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,373.02 crore on 25 March 2022, as per provisional data on the NSE.

Buzzing Index:

The Nifty Financial Services index fell 1.19% to 16,418.85. The index shed 3.91% in four trading sessions.

ICICI Prudential Life Insurance Company (down 3.61%), HDFC Life Insurance Company (down 2.61%), HDFC Asset Management Company (down 2.55%), Housing Development Finance Corporation (HDFC) (down 2.31%) and SBI Life Insurance Company (down 2.30%) were the top losers in the Financial Services segment.

Stocks in Spotlight:

Larsen & Toubro lost 0.59%. The Ministry of Defence has signed a contract with Larsen & Toubro (L&T) for acquisition of two multi-purpose vessels (MPVs) for Indian Navy at an overall cost of Rs 887 crore under “Buy-Indian” category. The MPVs will be the first of its kind platform, constructed to provide a cost-effective solution to meet a variety of requirements of Indian Navy.

These vessels, to be built by M/s L&T shipyard at Kattupally (Chennai), will perform multi-role support functions such as maritime surveillance& patrol, launching/ recovery of torpedoes and operation of various types of aerial, surface and underwater targets for Gunnery/ ASW firing exercises. These vessels would also be capable of towing ships and rendering humanitarian assistance & disaster relief (HADR) support with limited hospital ship capability.

Godrej Properties fell 0.50%. The company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with 5% area share to the landowners.

Kalyan Jewellers India slipped 0.92%. On Monday, the company announced that the board has approved appointment of Vinod Rai as chairman and independent nonexecutive director of the company. Vinod Rai was the former chair of the United Nations Panel of External Auditors. Rai held various positions within the Indian government as well as in state governments. Vinod Rai's appointment would make him the 8th non-executive director on the Board. Mr Rai has masters degrees both in Economics as well as public administration from Delhi School of Economics and the Harvard Kennedy School, Harvard University, USA, respectively.

Global Markets:

Asian stocks were mixed on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.