Sensex, Nifty extends substantial gains; breadth strong. 30March2022

The barometer indices rallied during mid-morning trade, buoyed by strong demand in auto, financial services and bank scrips. The Nifty traded 17,450 mark.

The barometer index, the S&P BSE Sensex rose 520.52 points or 0.90% at 58,464.17. The Nifty 50 index gained 137.50 points or 0.79% at 17,462.80.

The S&P BSE Mid-Cap index added 0.72%. The S&P BSE Small-Cap index rose 1.22%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,326 rose and 776 shares fell. A total of 104 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Buzzing Index:

The Nifty Auto index rose 1.63% to 10,585.95. The index lost 0.05% in the past trading session.

Hero MotoCorp (up 2.73%), Maruti Suzuki India (up 2.22%), Mahindra & Mahindra (M&M) (up 2.15%), TVS Motor Company (up 2.02%) and Bharat Forge (up 1.80%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Tata Consumer Products jumped 4.39% while Tata Coffee soared 11.72%. Tata Consumer Products (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. The plantation business of Tata Coffee (TCL) will demerge into TCPL's wholly-owned arm TCPL Beverages & Foods (TBFL). The remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.

The demerger will happen as the first step and the merger will happen as the immediate second step, both being proposed through a composite scheme of arrangement. On effectiveness of the scheme, the shareholders of TCL (other than TCPL) as on the record date will receive an aggregate of 3 equity shares of TCPL for every 10 equity shares held by them in TCL. This will be carried out through the issuance of 1 equity share of TCPL for every 22 equity shares of TCL in consideration for the demerger. For the merger, 14 equity shares of TCPL will be issued for every 55 equity shares of TCL.

Rail Vikas Nigam gained 0.60%. The company announced that it has entered into a Memorandum of Understanding with Jaykaycem (Central) for the construction of new railway line in Madhya Pradesh. The EPC company said it entered into a Memorandum of Understanding with Jaykaycem (central), a wholly owned subsidiary of J. K. Cement, for development of new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. The length of the railway line is approximately 50 kilometers.

Indices open higher; breadth strong. 30March2022

Equity indices opened higher and traded with decent gains in early trade. The Nifty traded above the 17,400 mark. Barring metal shares, buying demand was seen across the board.

The barometer index, the S&P BSE Sensex, was up 274.33 points or 0.47% to 58,217.08. The Nifty 50 index added 87.15 points or 0.5% to 17,412.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.9%.

Buyers outnumbered sellers. On the BSE, 1889 shares rose and 551 shares fell. A total of 72 shares were unchanged.

Stocks in Spotlight:

ONGC declined 4.76%. The government has proposed to sell more than 9.43 crore equity shares (0.75% of total paid up equity) through offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing 1.5% stake. The floor price for the offer has been fixed at Rs 159 per share.

Lemon Tree Hotels gained 2.49%. The company has signed a License Agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company's brand Aurika Hotels & Resorts - Luxury by Lemon Tree Hotels. The hotel is expected to be operational by March 2025.

Global Markets:

Asian stocks were trading higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

US stocks rose on Tuesday, extending Wall Street's winning streak as traders monitored ceasefire negotiations in Europe and key levels in the bond market.

Russian claimed it would reduce its attacks on Ukraine as delegates from the two countries met for their latest face-to-face peace talks in Istanbul. Moscow said it would cut back its military activity near Ukraine's capital of Kyiv and the northern city of Chernihiv, as per reports. Ukrainian officials have pushed for a cease-fire agreement and a resolution to the humanitarian crisis sparked by Moscow's invasion.

Benchmarks sharply pare gains; auto shares in demand. 29 March 2022

 

The key equity benchmarks sharply pared gains in afternoon trade. The Nifty traded a tad above the 17,250 mark. Auto shares advanced for the second day in a row.

The barometer index, the S&P BSE Sensex was up 77.03 points or 0.13% to 57,670.52. The Nifty 50 index added 29.85 points or 0.17% to 17,251.85.

Divi's Lab (up 3.15%), Ultratech Cement (up 2.32%), Bharti Airtel (up 2.22%), HDFC (up 2.06%) and SBI Life (up 2.02%) were the top Nifty gainers.

ONGC (down 2.98%), Coal India (down 2.75%), IndusInd Bank (down 0.98%), ITC (down 0.31%) and Power Grid Corp (down 0.78%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index added 0.32% while the S&P BSE Small-Cap index rose 0.39%.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, shares 1,421 rose and 1,879 shares fell. A total of 130 shares were unchanged.

Global Markets:

European stocks advanced on Tuesday. Investors in the European region remain focused on developments in Russia's invasion of Ukraine. 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.

Meanwhile, Asian stocks advanced as crude oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

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

Buzzing Index:

The Nifty Auto index rose 0.71% to 10,495.40. The index has added 1.36% in two sessions.

Eicher Motors (up 2.02%), TVS Motor Company (up 1.10%), Mahindra & Mahindra (up 0.96%), Bharat Forge (up 0.86%), Tata Motors (up 0.80%), Maruti Suzuki (up 0.59%), Ashok Leyland (up 0.31%) and Hero MotoCorp (up 0.28%) advanced.

Sensex up 171 pts; breadth turns negative. 29March2022

Equity indices traded sideways with small gains in early afternoon trade. Pharma and auto scrips advanced while metal and media shares were under pressure. The Nifty traded below the 17,300 mark.

The barometer index, the S&P BSE Sensex rose 170.98 points or 0.3% at 57,764.67. The Nifty 50 index gained 50.65 points or 0.29% at 17,272.65.

In the broader market, the S&P BSE Mid-Cap index added 0.41% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, shares 1,501 rose and 1,751 shares fell. A total of 123 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.5% to 21.8175. The Nifty 31 March 2022 futures were trading at 17,315.50, at a premium of 50 points as compared with the spot at 17,265.5.

Buzzing Index:

The Nifty Metal index slipped 0.72% to 6,512, snapping its eight day winning run. The index saw profit booking after rising 11% in eight days.

Coal India (down 2.51%), NMDC (down 1.61%), Steel Authority of India (down 1.05%), Tata Steel (down 0.71%), Hindalco Industries (down 0.68%) and Vedanta Ltd (down 0.54%) were top losers in metal space.

Stocks in Spotlight:

HDFC Bank rose 0.57%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company for Rs 7.5 crore. The 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.

Shriram Transport Finance was down 0.9%. The NBFC on Tuesday announced that the company's board will consider and approve fund raising by issuing non-convertible debt securities / bonds during the month ending 30 April 2022.

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.