Broader markets edge lower; metal shares fall for 3rd day.

The key equity barometers continued to trade in a volatile manner in early afternoon trade. The Nifty traded tad above the 16,950 mark. Metal shares declined for third consecutive session.

The barometer index, the S&P BSE Sensex, was down 42.63 points or 0.07% to 57,611.23. The Nifty 50 index lost 30.40 points or 0.18% to 16,955.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index was declined 0.89%.

The market breadth was weak. On the BSE, 952 shares rose and 2,410 shares fell. A total of 130 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.21% to 15.26. The Nifty 29 March 2023 futures were trading at 17,001.15, at a premium of 45.85 points as compared with the spot at 16,955.30.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 183.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 142.6 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index slipped 0.77% to 5,331.30. The index has fallen 3.03% in three sessions.

Adani Enterprises (down 6.89%), Jindal Stainless (down 4.08%), Welspun Corp (down 2.13%), MOIL (down 1.51%) and Hindustan Copper (down 1.25%) were the top losers.

Among the other losers were Vedanta (down 0.79%), Hindustan Zinc (down 0.73%), JSW Steel (down 0.4%), Jindal Steel & Power (down 0.28%) and National Aluminium Company (down 0.26%).

On the other hand, Hindalco Industries (up 0.85%), Ratnamani Metals & Tubes (up 0.67%) and APL Apollo Tubes (up 0.45%) turned up.

Buzzing Index:

The Nifty Realty index declined 0.40% to 375.05. The index has fallen 5.05% in seven sessions.

Sunteck Realty (down 3.38%), Indiabulls Real Estate (down 2.43%), Phoenix Mills (down 2.14%), Sobha (down 1.43%) and Prestige Estates Projects (down 1.37%) were the top losers.

Further, Brigade Enterprises (down 0.57%), DLF (down 0.4%), Oberoi Realty (down 0.33%) and Godrej Properties (down 0.03%) edged lower.

Buzzing Index:

The Nifty Oil & Gas index slipped 0.84% to 7,005.15. The index has lost 2.42% in four sessions.

Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 2.13%), Hindustan Petroleum Corporation (down 2.01%), Oil & Natural Gas Corporation (down 1.66%) and Gujarat Gas (down 1.21%) were the top losers.

Among the other losers were Indian Oil Corporation (down 1.17%), Aegis Logistics (down 0.79%), Indraprastha Gas (down 0.58%), Oil India (down 0.42%) and Gujarat State Petronet (down 0.2%).

On the other hand, Castrol India (up 1.48%), Mahanagar Gas (up 0.7%) and Reliance Industries (up 0.2%) turned up.

Stocks in Spotlight:

Sterlite Technologies fell 2.43%. The company announced that it has signed an amended and restated agreement to transfer its Telecom Products and Software business as an asset sale to Skyvera LLC.

Zydus Lifesciences was up 0.08%. The drug maker said that it has received final approval from US Food and Drug Administration (USFDA) for Levothyroxine Sodium injection and Doxepin Hydrochloride capsules.

Levothyroxine Sodium Injection is indicated for the treatment of myxedema coma. The drug will be manufactured at the group's injectable manufacturing facility at Jarod, near Vadodara (India).

Carysil rose 3.23%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.

Paras Defence and Space Technologies added 2.03%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.

Gujarat Ambuja Exports (GAEL) advanced 1.32%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.

Global Markets:

Asian stocks are largely advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

Sensex

The key equity barometers ended with limited gains after a volatile session on Monday. After hitting the day's high at 17,091 in mid-afternoon trade, selling in the last hour of trade forced the Nifty to pare most gains and it ended below the 17,000 level. Pharma, healthcare and IT stocks were in demand while realty, media and auto stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, added 126.76 points or 0.22% to 57,653.86. The Nifty 50 index advanced 40.65 points or 0.24% to 16,985.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.37% while the S&P BSE Small-Cap index slipped 1.50%.

Sellers outnumbered buyers. On the BSE, 926 shares rose, and 2,708 shares fell. A total of 154 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 Pharma index rose 1.03% to 11,876.55. The index had declined 0.22% to end at 11,755.35 on Friday.

Biocon (up 3.85%), Glenmark Pharmaceuticals (up 3.02%), Lupin (up 2.73%), Alkem Laboratories (up 2.7%) and Aurobindo Pharma (up 2.27%) were the top gainers.

Among the other gainers were Natco Pharma (up 1.87%), Abbott India (up 1.75%), Cipla (up 1.39%), Ipca Laboratories (up 1.23%) and Torrent Pharmaceuticals (up 1.2%).

On the other hand, Pfizer (down 1.42%), Gland Pharma (down 1.09%) and Glaxosmithkline Pharmaceuticals (down 0.93%) turned lower.

Sun Pharmaceutical Industries advanced 0.91%. 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.

Morepen Laboratories zoomed 7.37%. The company announced successful completion of US drug regulator's inspection of API facility at Baddi in Himachal Pradesh.

Stocks in Spotlight:

Reliance Industries (RIL) advanced 1.50%. 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.

Crompton Greaves Consumer Electricals rose 0.91% while Butterfly Gandhimathi Appliances slipped 3.39%. 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 0.95%. 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) lost 0.43%. 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.

Bharat Electronics (BEL) rose 0.33%. BEL announced that it has bagged orders worth Rs 4,300 crore from Indian Army and Indian Navy.

Indian Overseas Bank (IOB) declined 3.72%. IOB said that it has raised Rs 1,000 crore via issue of 1,000 unsecured, non-convertible, listed, redeemable, Basel-III compliant tier-II bonds through private placement basis.

Dalmia Bharat rose 2.27%. The company said its material wholly owned subsidiary, Dalmia Cement (Bharat), entered into binding agreement to sell its entire stake of 42.36% of Dalmia Bharat Refractories (DBRL) to Sarvapriya Healthcare Solutions for a consideration of Rs 800 crore. The said transaction will be completed on or before 25 April 2023.

ISGEC Heavy Engineering fell 3.48%. 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.

Global Markets:

Shares in Europe advanced while Asian stocks ended mostly lower on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.

In the U.S. early on Monday, First Citizens Bank agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said. However, investors remained on high alert for signs of stresses in the banking system, while fears of contagion remain.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

Last Friday, Deutsche Bank shares saw a sell-off after the German lender's credit default swaps jumped. The stock was up 3.2% in mid-morning trade on Monday.

Over the weekend, International Monetary Fund chief Kristalina Georgieva said in a speech that risks to financial stability have increased, though actions by advanced economies have calmed market stress.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.