Key barometers hit fresh intraday high; FMCG stocks edged higher.

STOCKS

The key equity indices regained upward momentum and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,050 level. FMCG stocks witnessed decent buying demand.

The barometer index, the S&P BSE Sensex, was up 432.03 points or 0.75% to 57,959.13. The Nifty 50 index advanced 132.05 points or 0.78% to 17,077.10.

In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index slipped 0.98%.

The market breadth was weak. On the BSE, 1,005 shares rose, and 2,557 shares fell. A total of 151 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.323 from 7.318 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.35, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.44% to Rs 59,014.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.06.

The United States 10-year bond yield advanced 1.44% to 3.427.

In the commodities market, Brent crude for May 2023 settlement was up 43 cents or 0.57% to $75.42 a barrel.

Gainers & Losers:

Reliance Industries (RIL) (up 1.75%), Grasim Industries (up 1.34%), Oil & Natural Gas Corporation (ONGC) (up 1.34%), Divi's Laboratories (up 1.23%) and Cipla (up 1.21%) were the top Nifty gainers.

Adani Ports and Special Economic Zone (down 1.65%), Tata Motors (down 1.32%), Axis Bank (down 1.13%), Mahindra & Mahindra (down 1.03%) and Adani Enterprises (down 0.93%) were the top Nifty losers.

Stocks in Spotlight:

Reliance Industries (RIL) was up 1.75%. RIL said on Friday that its board has designated Srikanth Venkatachari, joint chief financial officer, as chief financial officer (CFO) of the company with effect from 1 June 2023. The current CFO, Alok Agarwal, will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from 1 June 2023, after 30 years of service.

Tata Steel added 0.20%. The company announced on Friday that it acquired 4,65,116 equity shares of its wholly owned subsidiary, Tata Steel Utilities and Infrastructure Services (TSUISL), on rights basis amounting to Rs 10 crore. TSUISL allotted the shares to Tata Steel at Rs 215 each.

Sun Pharmaceutical Industries gained 1.17%. The pharmaceutical major said that it has entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods from its existing shareholders. The acquisition is being made for a cash consideration of Rs 143.30 crore. The company expects to complete the acquisition by the end of May 2023.

Crompton Greaves Consumer Electricals rose 0.97% while Butterfly Gandhimathi Appliances slipped 3.34%. Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. Both are listed companies and the merger will take place through shares swap.

Upon Merger, the public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly, as a consideration for the merger. Post-merger, the public shareholders of Butterfly will hold around 3% stake in the combined entity.

L&T Finance Holdings shed 1.35%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.

Larsen & Toubro (L&T) rose 0.05%. The company on Monday announced that its Power Transmission & Distribution business has secured 'large' orders in India and overseas. As per L&T classification, the value of the large project is Rs 2,500 crore to Rs 5,000 crore.

Buzzing Index:

The Nifty FMCG index advanced 0.60% to 45,332. The index had lost 0.46% in past trading session.

Dabur India (up 1.48%), Marico (up 0.97%), ITC (up 0.81%), Hindustan Unilever (up 0.63%) and Varun Beverages (up 0.59%), Nestle India (up 0.56%), Godrej Consumer Products (up 0.39%), Britannia Industries (up 0.36%) and Colgate-Palmolive (India) (up 0.34%)advanced .

On the other hand, Emami (down 2.28%), United Spirits (down 1.22%) and United Breweries (down 0.68%) declined.

Stocks in Spotlight:

FDC rose 0.22%. The pharma company said that the US drug regulator successfully completed its inspection at its Raigad active pharmaceutical ingredients (API) facility with no observations.

Arvind SmartSpaces added 0.87%. The company sold out the entire launched inventory of 2nd phase of its residential plotted development project, Arvind Greatlands in Devanahalli, Bengaluru, within 7 hours of launch. It consisted of more than 150 units valued at more than Rs 100 crore.

ISGEC Heavy Engineering advanced 0.58%. The company received order worth Rs 197.25 crore from Maharashtra State Power Generation (MAHAGENCO) for renovation of electrostatic precipitators (ESPs) at Chandrapur thermal power, Maharashtra.

Equity benchmarks pare some gains; metal stocks edge higher.

The key equity indices some gains as they came off the day's high in mid-morning trade. The Nifty slipped below the 17,000 mark. Metal stocks recorded across the board buying after Friday's sell-off.

The barometer index, the S&P BSE Sensex, was up 157.64 points or 0.27% to 57,684.74. The Nifty 50 index advanced 51.05 points or 0.3% to 16,996.10.

Volatility continued to persist on the domestic bourses, with the NSE India Vix rising 2.11% to 15.56.

In the broader market, the S&P BSE Mid-Cap index fell 0.20% while the S&P BSE Small-Cap index slipped 1.15%.

Dhani Services (down 5.57%), Triveni Engineering & Industries (down 5.14%), Rossari Biotech (down 5.01%), Alok Industries (down 4.47%), RattanIndia Enterprises (down 4.76%) were the top losers in the broader market segment.

Vijaya Diagnostic Centre (up 5.25%), EPL (up 5.09%), Lupin (up 4.80%), Metropolis (up 2.97%) and Phoenix Mills (up 2.75%) were the top broader market outperformers.

The market breadth was weak. On the BSE, 949 shares rose, and 2451 shares fell. A total of 153 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Buzzing Index:

The Nifty Metal index added 0.15% to 5,381.20. The index had fallen 2.27% to end at 5,372.90 in the previous trading session.

Hindalco Industries (up 1.63%), Hindustan Zinc (up 1.02%), Vedanta (up 0.87%), JSW Steel (up 0.35%), Tata Steel (up 0.24%) and Jindal Stainless (up 0.19%) edged higher.

Meanwhile, Adani Enterprises (down 2.34%), Welspun Corp (down 2.14%) and MOIL (down 1.52%), Laurus Labs (down 1.22%), Glaxosmithkline Pharmaceuticals (down 0.73%) and Pfizer (down 0.59%) moved lower.

Buzzing Index:

The Nifty Pharma index rose 0.85% to 11,855.05. The index had declined 0.22% to end at 11,855.05 yesterday.

Aurobindo Pharma (up 3.01%), Lupin (up 2.09%), Glenmark Pharmaceuticals (up 1.89%), Biocon (up 1.36%) and Alkem Laboratories (up 1.24%) were the top gainers.

Among the other gainers were Gland Pharma (up 1.15%), Dr Reddys Laboratories (up 1.07%), Zydus Lifesciences (up 0.94%), Torrent Pharmaceuticals (up 0.66%) and Divis Laboratories (up 0.65%).

On the other hand, Laurus Labs (down 1.22%), Glaxosmithkline Pharmaceuticals (down 0.73%) and Pfizer (down 0.59%) moved lower.

Stocks in Spotlight:

Godawari Power & Ispat rose 1.58%. The company said that the sponge iron plant, power plants, steel melting shop (SMS plant), rolling mill and wire drawing plants at Siltara, Chhattisgarh have partially resumed its operations with effect from 24 March 2023.

Morepen Laboratories zoomed 15.02%. The company announced successful completion of US drug regulator's inspection of API facility at Baddi in Himachal Pradesh.

L&T Finance Holdings shed 0.79%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.

Global Markets:

Asian stocks traded mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.

US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.

Market ends with modest cuts amid volatility; Nifty settles below 17,100.

Nifty Settles 

The domestic equity barometers ended a volatile session with modest losses on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty closed below the 17,100 level after hitting day's high of 17,205.40 in afternoon trade. FMCG, pharma and healthcare shares advanced while banking, realty and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 289.31 points or 0.50% to 57,925.28. The Nifty 50 index lost 75 points or 0.44% to 17,076.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index slipped 0.15%.

The market breadth was negative. On the BSE, 1,446 shares rose and 2,055 shares fell. A total of 133 shares were unchanged.

The Federal Reserve on Wednesday raised interest rates by another 25 basis points to 4.75% to 5%, the highest level since September 2007. However, indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two US banks.

New Listing:

Shares of Global Surfaces were locked in an upper circuit of 5% at Rs 171.15 on the BSE, representing a premium of 22.25% compared with the issue price of Rs 140.

The scrip was listed at a price of Rs 163, at a premium of 16.43% as compared to the issue price.

So far, the stock has hit a high of 171.15 and a low of 156.30. On the BSE, over 4.36 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Larsen & Toubro lost 0.30%. The EPC major on Wednesday announced that it has entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

Nazara Technologies advanced 0.44% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

Maruti Suzuki India rose 1.18% after the company said it has planned price increase in April 2023 which shall vary across models.

Hindustan Aeronautics (HAL) fell 4.69% after the offer for sale (OFS) opened for non-retail investors today, 23 March 2023. Through the OFS, the Government of India proposes to sell up to 58,51,782 equity shares (representing 1.75% stake), with an option to sell an additional 1.75% stake or 58,51,781 equity shares in case of oversubscription. The floor price for the sale has been set at Rs 2,450, a 6.67% discount to the stock's closing price of Rs 2625.20 on Wednesday, 22 March 2023.

H.G. Infra Engineering rallied 4.83% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

Glenmark Pharmaceuticals fell 0.10%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

G R Infraprojects jumped 6.09%. The civil construction company emerged as lowest (L‐1) bidder for tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 1,226.87 crore in Uttar Pradesh.

Meanwhile yesterday, G R Infra announced that Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as L-1 for construction of civil works project in Arunachal Pradesh. The bid project cost is Rs 3,637.12 crore and the share of GR Infraprojects in the contract is 50%.

Further, the EPC company also announced that it has emerged as L‐1 bidder for the tender invited by NHAI for a road project amounting to Rs 872.17 crore in Maharashtra.

Global Markets:

European shares declined while Asian stocks traded mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Indices trade with minor gains, Nifty above 17,150 mark.

NIFTY ABOVE

The key equity indices continued to trade with minor gains in afternoon trade. The Nifty traded above the 17,150 mark. Metal, private bank and FMCG stocks were in demand while IT, realty and PSU bank scrips declined. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was up 112.91 points or 0.19% to 58,327.50. The Nifty 50 index added 35.75 points or 0.21% to 17,187.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index gained 0.15%.

The market breadth was negative. On the BSE, 1,657 shares rose and 1,759 shares fell. A total of 122 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Gainers & Losers:

Hindalco Industries (up 1.74%), IndusInd Bank (up 1.31%), Maruti Suzuki India (up 1.22%), Tata Motors (up 1.18%) and HDFC Life Insurance Company (up 1.18%) were the top Nifty gainers.

Asian Paints (down 1.79%), HCL Technologies (down 1.20%), Bajaj Auto (down 1.20%), Infosys (down 0.77%) and Reliance Industries (down 0.76%) were the top Nifty losers.

Stocks in Spotlight:

Larsen & Toubro added 0.38%. The EPC major on Wednesday announced that it has entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

Nazara Technologies advanced 1.40% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

H.G. Infra Engineering rallied 4.90% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

Glenmark Pharmaceuticals fell 0.13%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

G R Infraprojects jumped 7.84%. The civil construction company emerged as lowest (L‐1) bidder for tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 1,226.87 crore in Uttar Pradesh.

Meanwhile yesterday, G R Infra announced that Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as lowest bidder (L-1) for construction of civil works project in Arunachal Pradesh. The bid project cost is Rs 3,637.12 crore and the share of GR Infraprojects in the contract is 50%.

Further, the EPC company also announced that it has emerged as L‐1 bidder for the tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 872.17 crore in Maharashtra.

Global Markets:

Most European shares declined while Asian stocks traded mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Sensex down 41 pts; PSU banks slide.

The key equity indices traded with small losses in mid-morning trade. The Nifty traded near the 17,150 mark. PSU bank shares snapped its two days gaining streak. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex Down, was down 41.25 points or 0.07% to 58,173.34. The Nifty 50 index lost 2.75 points or 0.02% to 17,149.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.39% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,646 shares rose and 1,582 shares fell. A total of 165 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Buzzing Index:

The Nifty PSU Bank index lost 0.67% to 3,683.40. The index advanced 2.5% in the past two trading sessions.

Bank of India (down 1.54%), UCO Bank (down 1.21%), Indian Bank (down 1.13%), Union Bank of India (down 0.91%), Indian Overseas Bank (down 0.86%), State Bank of India (down 0.83%), Bank of Baroda (down 0.81%), Bank of Maharashtra (down 0.6%), Punjab & Sind Bank (down 0.58%) and Punjab National Bank (down 0.52%) declined.

Stocks in Spotlight:

G R Infraprojects jumped 7.05% after Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as lowest bidder (L-1) for construction of civil works project in Arunachal Pradesh.

Chalet Hotels rose 0.58% after the company executed share purchase agreement to acquire 82.28% stake in Dukes Retreat in Khandala for consideration of Rs 81.75 crore.

Kalpataru Power Transmission (KPTL) added 0.13%. The company along with its international subsidiaries has secured new orders aggreagating to Rs 2,477 crore. The civil construction company bagged orders worth Rs 1,181 crore in India and overseas markets in the transmission and distribution (T&D) business. It also received EPC projects in the water business for Rs 1,296 crore.

Global Markets:

Asian stocks were trading mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Indices end with modest losses; Nifty holds 16,950; VIX spurts over 8%.

 

The key equity barometers ended a volatile session with moderate losses on Monday. The Nifty settled below the 17,000 level. FMCG and media shares advanced while metal, PSU bank and IT stocks saw a bit of selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 360.95 points or 0.62% to 57,628.95. The Nifty 50 index lost 111.65 points or 0.65% to 16,988.40.

In the broader market, the S&P BSE Mid-Cap index slipped 1.12% while the S&P BSE Small-Cap index fell 0.99%.

The market breadth was weak. On the BSE, 1,155 shares rose and 2,467 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 8.39% to 16.01.

Investors reacted negatively to news of a Credit Suisse bailout by its bigger rival UBS. Credit Suisse shares tumbled 60% while UBS was down 8%.

On Sunday, Switzerland's biggest bank, UBS, agreed to buy Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month, media reports stated.

UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse in an all-share deal, about 60% less than the amount the bank was worth when markets closed on Friday, the reports added. Credit Suisse investors will reportedly get one UBS share for every 22.48 Credit Suisse shares held.

Meanwhile, caution prevailed ahead of the US Federal Reserve's meeting outcome due later this week. Investor will keep an eye on the actions of the American Central Bank to see how it will proceed in its fight against inflation in light of the shakeup in the banking sector.

Stocks in Spotlight:

HDFC Bank fell 0.64% and HDFC declined 0.02%. HDFC Bank announced that the National Company Law Tribunal (NCLT) on Friday approved the proposed merger scheme of Housing Development Finance Corporation (HDFC) with the bank. HDFC had announced its merger with HDFC Bank on 4 April 2022. According to the merger scheme, HDFC Bank will become 100% owned by public shareholders and existing shareholders of HDFC will own 41% of HDFC Bank.

Tata Steel slipped 2.20%. The company announced that it has acquired 1,55,34,738 equity shares of its wholly owned subsidiary, Tata Steel Advanced Materials (TSAML) for an amount aggregating to approximately Rs 19.90 crore.

Bharat Petroleum Corporation (BPCL) jumped 2.32%. The company said that it allotted 93,561 non-convertible debentures (NCD's) aggregating to Rs 935.61 crore on a private placement basis.

Separately, BPCL announced the appointed Krishnakumar Gopalan as the chairman & managing director (C&MD) of the company with effect from 17 March 2023. The appointment is until Gopalan's superannuation or “until further orders”, the Ministry of Petroleum and Natural Gas said. Gopalan replaces Arun Kumar Singh, who retired as chairman in October 2022.

Glenmark Pharmaceuticals added 0.71%. The pharma company said that it has received final approval by the United States Food & Drug Administration (US FDA) for Prochlorperazine Maleate tablets, the generic version of Compazine tablets of GlaxoSmithKline. Prochlorperazine is used in the treatment of nausea, vomiting, and migraine caused by various conditions.

Rail Vikas Nigam (RVNL) gained 2.85% after TTIPL-RVNL consortium emerged as the lowest bidder (L1) for a National Highway Authority of India (NHAI) project. The cost of the project is Rs 1,271.99 crore in which Tracks & Towers Infratech (TTIPL) share stands at 51% while the remaining 49% remains with RVNL.

Meanwhile, the civil construction company on Friday announced that it emerged as the lowest bidder (L1) for composite contract package in connection with new BG Railway Line of Haryana Orbital Rail Corporation (HORC) project. The cost of the project is Rs 1,088.49 crore and it is expected to be executed within 1,460 days.

Navin Fluorine International added 0.41% after the firm announced that it's wholly owned subsidiary, Navin Fluorine Advanced Sciences, board approved a capital expenditure of Rs 450 crore for setting up a new 40,000 tonnes per annum hydrofluoric acid capacity at Dahej.

Cochin Shipyard advanced 3.21% after the firm bagged an international order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway, for the construction of two zero emission feeder container vessels with an option for two more vessels. NAVSHUTTLE 1 and 2 AS are part of the Samskip Group, headquartered in the Netherlands. The total project cost is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second to be within 34 months.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced to 7.337 from 7.354 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.63, compared with its close of 82.5950 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.20% to Rs 59,503.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 103.63.

The United States 10-year bond yield declined 0.39% to 3.384.

In the commodities market, Brent crude for May 2023 settlement slipped $2 or 2.74% to $70.97 a barrel.

Global Markets:

The Dow Jones futures were down 54 points, indicating a negative opening in the US stock market today.

Shares in Europe and Asia tumbled on Monday after UBS agreed to buy its banking rival Credit Suisse in a $3.2 billion takeover over the weekend.

The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August last year.

UBS Group AG, Switzerland's largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion deal. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.

Wall Street closed lower on Friday as investors pulled back from positions in bank shares amid lingering concerns over the state of the U.S. banking sector.

Benchmarks off day's low; Sensex down 544 pts; PSU banks slide.

The key equity indices came off the day's low but traded with significant losses in mid-morning trade. Negative global cues dented investors sentiment. The Nifty traded below the 16,950 mark. PSU banks snapped its two days rising streak.

The barometer index, the S&P BSE Sensex, was down 544.37 points or 0.94% to 57,445.53. The Nifty 50 index lost 168.40 points or 0.98% to 16,931.65.

In the broader market, the S&P BSE Mid-Cap index fell 1.31% while the S&P BSE Small-Cap index slipped 0.87%.

The market breadth was weak. On the BSE, 1,058 shares rose and 2,285 shares fell. A total of 147 shares were unchanged.

Investors are cautious ahead of the US Federal Reserve's meeting outcome later this week, to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.

Buzzing Index:

The Nifty PSU Bank index slipped 1.77% to 3,616.65. The index advanced 1.40% in previous two trading sessions.

Bank of Maharashtra (down 3.78%), UCO Bank (down 2.41%), Indian Overseas Bank (down 2.17%), Punjab & Sind Bank (down 2.13%), Bank of India (down 2.08%), Punjab National Bank (down 1.88%), Canara Bank (down 1.74%), State Bank of India (down 1.74%), Central Bank of India (down 1.64%) and Union Bank of India (down 1.47%) declined.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) rose 1.97% after the company said that it emerged as the lowest bidder (L1) for composite contract package in connection with new BG Railway Line of Haryana Orbital Rail Corporation (HORC) project. The cost of the project is Rs 1,088.49 crore and it is expected to be executed within 1,460 days.

SKF India added 0.43%. The company said that it has signed share purchase agreement with Clean Max Enviro Energy Solutions to acquire 2,600 equity share capital of Cleanmax Taiyo.

HDFC Bank fell 0.76% and HDFC declined 0.24%. HDFC Bank announced that the National Company Law Tribunal (NCLT) on Friday approved the proposed merger scheme of Housing Development Finance Corporation (HDFC) with the bank. HDFC had announced its merger with HDFC Bank on 4 April 2022. According to the merger scheme, HDFC Bank will become 100% owned by public shareholders and existing shareholders of HDFC will own 41% of HDFC Bank.

Global Markets:

Asian stocks declined across the board on Monday after UBS agreed to buy its banking rival Credit Suisse in a $3.2 billion takeover over the weekend.

The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August last year.

UBS Group AG, Switzerland's largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion deal. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.

Wall Street closed lower on Friday as investors pulled back from positions in bank shares amid lingering concerns over the state of the U.S. banking sector.