Street Investment Institute in Indore

Market rally for 5th day, Nifty near 17,600, VIX drops 5%.

The benchmark indices reversed early losses and settled with decent gains on Thursday, rising for the fifth trading session. The Nifty ended near the 17,600 level, reversing from the day's low of 17,502.85 in the morning trade. Realty, auto and healthcare stocks were in demand while IT, FMCG and consumer durables shares declined. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 143.66 points or 0.24% to 59,832.97. The Nifty 50 index added 42.10 points or 0.24% to 17,599.15. Both the indices surged 3.8% in five sessions.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 0.70%.

The market breadth was strong. On the BSE, 2,387 shares rose and 1,139 shares fell. A total of 110 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 4.95% to 11.80.

The domestic stock market will remain shut on Friday, 7 April 2023 on account of Good Friday.

RBI monetary policy:

RBI's Monetary Policy Committee (MPC) at its meeting today (April 6, 2023) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

All members of the MPC unanimously voted to keep the policy repo rate unchanged. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

Assuming an annual average crude oil price (Indian basket) of $85 per barrel and a normal monsoon, CPI inflation is projected at 5.2% for 2023-24 (vs. 5.3% projected in the previous meeting), with Q1 at 5.1%, Q2 at 5.4%, Q3 at 5.4% and Q4 at 5.2%, and risks evenly balanced.

Real GDP growth for 2023-24 is projected at 6.5% (vs. 6.4% projected in the previous meeting) with Q1:2023-24 at 7.8%; Q2 at 6.2%; Q3 at 6.1%; and Q4 at 5.9%, with risks evenly balanced.

IPO Update:

The initial public offer (IPO) of Avalon Technologies received bids for 2.51 crore shares as against 1.14 crore shares on offer, according to stock exchange data at 15:36 IST on Thursday (6 April 2023). The issue was subscribed 2.19 times.

The issue opened for bidding on Monday (3 April 2023) and it will close on Thursday (6 April 2023). The price band of the IPO is fixed at Rs 415-436 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 2.84% to 404, extending gains for the fifth day in a row. The index surged 8.6% in five trading session

Godrej Properties (up 6.31%), DLF (up 4.35%), Oberoi Realty (up 3.94%), Mahindra Lifespace Developers (up 2.6%), Sobha (up 2.01%), Macrotech Developers (up 1%), Brigade Enterprises (up 0.79%), Prestige Estates Projects (up 0.77%), Indiabulls Real Estate (up 0.74%) advanced.

Macrotech Developers gained 1%. The realty major said that the it had achieved pre-sales of Rs 3,025 crore in Q4 FY23, recording a decline of 12% on a YoY basis. The real estate developer's pre-sales in the same period last year were Rs 3,456 crore. Collections stood at Rs 2,933 crore, up 3% on a YoY basis in Q4 FY23 and Rs 10,606 crore for FY23 up 23% on a YoY basis.

Stocks in Spotlight:

Tata Steel added 0.14%. The steel major's India business reported 5.1% rise in crude steel production to 5.15 million tons in Q4 FY23 as compared with 4.90 million tons posted in Q4 FY22. On quarter on quarter basis, crude steel production increased 3% from 5 million tons in Q3 FY23.

Infosys shed 0.04%. The IT major announced that it has extended its collaboration with LexisNexis, a data and analytics company, to provide end-to-end information services across their range of content, enterprise, and product applications.

Hero MotoCorp declined 0.20%. The 2-wheeler maker launched a voluntary retirement scheme (VRS) for its staff. The VRS has been designed in line with the vision to make the organization agile and 'Future-ready', consolidating roles and reducing layers to increase empowerment and agility.

Dabur India fell 3.91%. The FMCG major announced that its India business is expected to report mid-single digit revenue growth however, the International business is expected to deliver high single-digit growth in constant currency in Q4 FY23. Overall, Dabur's consolidated revenue is expected to post mid-single digit growth during the quater.

Avenue Supermarts slipped 4.52%. The company's standalone revenue from operations for the quarter ended 31 March 2023 stood at Rs 10,337.12 crore as compared to Rs 8,606.09 crore in the quarter ended 31 March 2022.

Kalyan Jewellers India declined 1.36%. The company said that it continued to see strong operating momentum in its business in the recently concluded quarter despite the sharp rise in gold prices during the second half of the quarter. The company recorded consolidated revenue growth of approximately 17% in Q4 FY23.

Cholamandalam Investment and Finance Company jumped 7.42% after the company's disbursements surged 65% year on year (YoY) to approximately Rs 21,020 crore in Q4 FY23. The company had recorded disbursements of Rs 12,718 crore in Q4 FY22.

Ujjivan Small Finance Bank skid 0.11% after the bank announced that its total deposits aggregated to Rs 25,481 crore as of 31 March 2023, a growth of around 39% over Rs 18,292 crore as of 31 March 2022. On a sequential basis, the bank's deposits have increased by 10%. Total depoits amounted to Rs 23,203 crore as of 31 December 2022.

KEC International rallied 3.23% after the company announced that it has secured new orders of Rs 1,213 crore across its various businesses. In the transmission & distribution (T&D) business, the company has secured orders for T&D projects in India, SAARC, Middle East, East Asia Pacific and Americas. The Civil business of KEC has bagged an order in the urban infra segment in India. The company's Cables business has secured orders for various types of cables in India and overseas.

Equitas Small Finance Bank surged 6.40% after its gross advances surged 36% to Rs 28,061 crore as on 31 March 2023 as against Rs 20,597 crore as on 31 March 2022.

Punjab & Sind Bank gained 1.34% after the bank's gross advances increased by 15.85% to Rs 81,544 crore as on 31 March 2023 as against Rs 70,387 crore as on 31 March 2022. The bank's total business stood at Rs 1,91,212 crore as on 31 March 2023, registering a growth of 10.83% from Rs 1,72,524 crore recorded in the same period last year.

Global Markets:

European markets advanced while Asian stocks ended mixed on Thursday as Wall Street digested the latest ADP private payrolls report, which showed slowing job growth in March.

China's service sector activity continued to expand in March, according to the latest Caixin services purchasing managers' index that rose to 57.8. The reading marks the fourth month of acceleration and above the 50-point mark that separates growth from contraction.

It also reached the highest reading since November 2020. The increase in activity was supported by a sustained and sharper rise in new business, Caixin said in its release.

Private company hiring fell sharply in March and was well below expectations, according to a report from payroll processing firm ADP. Payrolls rose by just 145,000 for the month, down from 261,000 in February and below the Dow Jones estimate for 210,000.

Losses in financial activities, profession and business services and manufacturing pushed the total lower. Leisure and hospitality, trade, transportation and utilities and construction led hiring.

US stocks ended mixed on Wednesday as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

The key equity benchmarks hit fresh intraday high in afternoon trade. The Nifty traded tad above the 17,600 level. Financials, metals and pharma stocks led the gains while IT, FMCG and consumer durable stocks lagged behind. Markets in Europe traded in the green while their Asian peers traded in a mixed manner today.

The barometer index, the S&P BSE Sensex, was up 151.7 points or 0.25% to 59,841.01. The Nifty 50 index added 49.50 points or 0.28% to 17,606.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.75% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was strong. On the BSE, 2,311 shares rose and 1,087 shares fell. A total of 122 shares were unchanged.

RBI Monetary Policy:

RBI's Monetary Policy Committee (MPC) at its meeting today (April 6, 2023) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

Real GDP growth for 2023-24 is projected at 6.5% (vs. 6.4% projected in the previous meeting) with Q1:2023-24 at 7.8%; Q2 at 6.2%; Q3 at 6.1%; and Q4 at 5.9%, with risks evenly balanced.

Stocks in Spotlight:

Tata Steel shed 0.14%. Tata Steel India achieved highest ever annual crude steel production of about 19.9 million tons, with a growth of 4% YoY by debottlenecking across sites and ramp up of Neelachal Ispat Nigam Limited. In 4QFY23, crude steel production was up 3% QoQ and stood at around 5.15 million tons.

Avenue Supermarts slipped 3.83%. The company's standalone revenue from operations for the quarter ended 31 March 2023 stood at Rs 10,337.12 crore as compared to Rs 8,606.09 crore in the quarter ended 31 March 2022.

Hero MotoCorp lost 0.39%. The 2-wheeler maker launched a voluntary retirement scheme (VRS) for its staff. The VRS has been designed in line with the vision to make the organization agile and 'Future-ready', consolidating roles and reducing layers to increase empowerment and agility.

Infosys was down 0.09%. The IT major announced that it has extended its collaboration with LexisNexis, a data and analytics company, to provide end-to-end information services across their range of content, enterprise, and product applications.

Dabur slipped 3.39%. The FMCG major announced that its India business is expected to report mid-single digit revenue growth however, the International business is expected to deliver high single-digit growth in constant currency in Q4 FY23. Overall, Dabur's consolidated revenue is expected to post mid-single digit growth during the quater.

Global Markets:

European markets advanced while Asian stocks traded mixed on Thursday as Wall Street digested the latest ADP private payrolls report, which showed slowing job growth in March.

It also reached the highest reading since November 2020. The increase in activity was supported by a sustained and sharper rise in new business, Caixin said in its release.

US stocks ended mixed on Wednesday as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

The headline equity indices reversed losses in morning trade after the Reserve Bank of India (RBI) kept the repo rate unchanged after its monetary policy decision. The Nifty traded above the 17,550 mark. PSU bank, realty and media stocks were in demand while consumer durables, FMCG and IT scrips declined.

The barometer index, the S&P BSE Sensex, was up 92.86 points or 0.16% to 59,782.17. The Nifty 50 index added 26.05 points or 0.15% to 17,583.1

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was strong. On the BSE, 2,173 shares rose and 925 shares fell. A total of 126 shares were unchanged.

RBI Monetary Policy:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted unanimously to keep the repo rate unchanged at 6.5%.

The MPC also decided by a majority of five out of six members to remain focused on 'withdrawal of accommodation' to ensure that inflation progressively aligns with the target while supporting growth.

He also clarified that the decision to pause on rate is for this meeting only. Monetary Policy Committee will not hesitate to take any action in future, said the RBI governor.

RBI Governor Shaktikanta Das raised 2023-24 GDP growth forecast to 6.5% from 6.4% previously.

Meanwhile, 2023-24 CPI inflation forecast was lowered to 5.2% from 5.3% previously.

While we have kept the policy rate unchanged, this decision was taken based on our assessment of the macroeconomic and financial conditions with reference to information available upto today. Our job is not yet finished and war against inflation has to continue until durable decline in inflation closer to target is seen, said Das.

Das added that the present policy rate can still be regarded as accommodative. He said RBI will continue to adopt a nuanced and agile approach to liquidity management, said Governor Shaktikanta Das. The central bank will remain flexible in meeting productive requirements of the economy, as well as use two-way operations as may be necessary.

Buzzing Index:

The Nifty PSU Bank index gained 1.05% to 3,764.80. The index declined 0.79% in the past trading session.

Bank of Maharashtra (up 2.92%), Punjab & Sind Bank (up 2.5%), Indian Overseas Bank (up 2.19%), UCO Bank (up 1.97%), Indian Bank (up 1.71%), State Bank of India (up 1.54%), Canara Bank (up 1.39%), Punjab National Bank (up 1.28%), Central Bank of India (up 1.21%) and Union Bank of India (up 1.19%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.280from 7.273 in previous trading session.

In the foreign exchange market, the rupee edged slightly lower against the dollar. The partially convertible rupee was hovering at 82.91, compared with its close of 81.9050 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.43% to Rs 60,592.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15 to 102.01.

The United States 10-year bond yield advanced 0.27% to 3.296.

In the commodities market, Brent crude for June 2023 settlement fell 82 cents or 0.96% to $84.17 a barrel.

Stocks in Spotlight:

Ujjivan Small Finance Bank rallied 4.33% after the bank announced that its total deposits aggregated to Rs 25,481 crore as of 31 March 2023, a growth of around 39% over Rs 18,292 crore as of 31 March 2022. On a sequential basis, the bank's deposits have increased by 10%. Total depoits amounted to Rs 23,203 crore as of 31 December 2022.

KEC International gained 1.26% after the company announced that it has secured new orders of Rs 1,213 crore across its various businesses. In the transmission & distribution (T&D) business, the company has secured orders for T&D projects in India, SAARC, Middle East, East Asia Pacific and Americas. The Civil business of KEC has bagged an order in the urban infra segment in India. The company's Cables business has secured orders for various types of cables in India and overseas.

Global Markets:

Asian stocks were trading lower on Thursday as Wall Street digested the latest ADP private payrolls report, which showed slowing job growth in March.

US stocks ended mixed on Wednesday as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

The domestic equity benchmarks ended with major gains on Wednesday, rising for the fourth trading session. After opening at 17,422.30, the Nifty 50 index marched higher as the session progressed to settle above the 17,550 mark. FMCG, IT and financial services stocks were in demand. On the other hand, PSU bank and auto scrips declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 582.87 points or 0.99% to 59,689.31. The Nifty 50 index rose 159 points or 0.91% to 17,557.05. Both the indices climbed 3.6% in four sessions.

In the broader market, the S&P BSE Mid-Cap index added 0.11% while the S&P BSE Small-Cap index gained 0.95%.

The market breadth was strong. On the BSE, 2,583 shares rose and 953 shares fell. A total of 118 shares were unchanged.

The Reserve Bank of India (RBI) kicked off its monetary policy meeting on 3 April 2023. The outcome of the meeting will be announced on Thursday, 6 April 2023. The RBI's monetary policy committee (MPC) is expected to hike the repo rate by 25 basis points (bps) in order to combat rising inflation.

Economy:

India's gross domestic product (GDP) growth will likely soften to 6.3% in FY2024, as against earlier estimate of 6.6%, the World Bank stated in its India Development Update.

The bank stated that growth is set to be constrained by slower consumption growth and challenging external conditions. Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures.

IPO Update:

The initial public offer (IPO) of Avalon Technologies received bids for 8.76 lakh shares as against 1.14 crore shares on offer, according to stock exchange data at 15:24 IST on Wednesday (5 April 2023). The issue was subscribed 0.08 times.

Buzzing Index:

The Nifty FMCG index rose 1.36% to 46,361.25. The index declined 0.36% in the past trading session.

Varun Beverages (up 2.86%), ITC (up 2.05%), Hindustan Unilever (up 1.89%), Tata Consumer Products (up 1.51%), Colgate-Palmolive (India) (up 1.12%), United Spirits (up 0.77%), Procter & Gamble Hygiene and Health Care (up 0.67%), Nestle India (up 0.63%), Marico (up 0.59%) and Godrej Consumer Products (up 0.55%) advanced.

On the other hand, Radico Khaitan (down 1.18%), Emami (down 0.98%) and United Breweries (down 0.86%) edged lower.

Britannia Industries added 0.11%. The FMCG major announced that its board has declared an interim dividend of Rs 72 per equity share for the financial year 2022‐23. The record date for determining the eligibility of shareholders for payment of interim dividend is Thursday, 13th April, 2023.

Marico gained 0.59%. The FMCG major said that its India business witnessed some improvement in year on year volume growth as against the preceding quarters and stayed in the mid-single digit zone.

Godrej Consumer Products rose 0.55%. The FMCG company on Wednesday announced that in India, it expects to deliver double-digit volume and value growth in Q4 FY23. The company stated that its domestic branded business growth was very strong registering volume and value growth in teens. This is in line with its strategy of volume driven category development. Overall, the growth was broad based and led by double-digit volume and value growth in both Home Care and Personal Care.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) advanced 2.97% after the corporation announced that it had assigned individual loans amounting to Rs 9,340 crore during the quarter ended 31 March 2023, thereby recording a growth of 12% on YoY basis.

HDFC Bank gained 2.71%. The private lender said that its advances aggregated to approximately Rs 16,00,500 crore as of 31 March 2023, a growth of around 16.9 % over Rs 13,68,800 crore as of 31 March 2022. The bank's advances are higher by 6.2 % over Rs 15,06,800 crore as of 31 December 2022.

Bajaj Finance rose 0.87%. On a consolidated basis, customer franchise stood at 69.1 million as of 31 March 2023 as compared to 57.6 million as of 31 March 2022. In Q4 FY23, the customer franchise increased by 3.1 million. The company recorded highest ever increase in its customer franchise of 11.5 million in FY23.

Tata Motors added 0.58%. The auto major announced its partnership with Inchcape plc, a leading global automotive distributor, as their distributor for their commercial vehicles in Thailand. Through this partnership, Tata Motors will commence the sales and service of its commercial vehicles (CVs) across Thailand.

Vedanta rose 1.45%. The miner announced that its total aluminum production rose 0.35% to 5,74,000 tonnes in Q4 FY23 compared with 5,72,000 tonnes in Q4 FY22.

IndusInd Bank fell 1.27%. The private lender's net advances improved to Rs 2,89,965 crore as of 31 March 2023, registering a growth of 21% as compared to Rs 2,39,052 crore as of 31 March 2022.

Grasim Industries gained 1.89%. The cement major announced that it has entered into three term loan agreements to avail the rupee term loan facility aggregating to Rs 5,000 crore from Axis Bank in terms of the approval by the finance committee of the company.

Hindustan Zinc advanced 2.60%. The company announced that its mined metal production grew by 2% to 301,000 tonnes in Q4 FY23 as against 295,000 tonnes registered in Q4 FY22.

Adani Ports and Special Economic Zone (APSEZ) rose 1.30% after the company said it handled about 32 MMT of total cargo in March 2023, implying a year-on-year growth of about 9.5%. For the first time since July 2022, the company's volumes crossed the 30-MMT mark.

Bajaj Auto added 0.57%. The two wheeler maker's total sales declined 2% to 2,91,567 units in March 2023 compared with 2,97,188 units sold in March 2022. The domestic sales surged 47% to 1,86,522 units, while exports slumped 38% to 1,05,045 units in March 2023 over March 2022.

Indian Energy Exchange (IEX)rallied 2.05%. IEX announced that it has recorded 9,212 MU overall volume in March 2023, registering a 4% decline on year on year basis. On a sequential basis, the company's total volume grew 12% month on month (MoM) in March 2023.

Mahindra & Mahindra Financial Services rose 0.84%. The company said that overall disbursements in March 2023 were approximately Rs 5,600 crore, recording a growth of 42% on Y-o-Y basis.

Poonawalla Fincorp gained 0.33%. The company's total disbursements on standalone basis zoomed 151% to approximately Rs 6,370 crore in Q4 FY23 as against Rs 2,539 crore recorded in Q4 FY22. Assets under management (AUM) stood at Rs 16,120 crore as of 31 March 2023, recording a growth of 37% YoY and 16% QoQ.

Yes Bank shed 0.46%. The private lender's loans & advances improved to Rs 201,523 crore as on 31 March 2023, registering a growth of 11.3% as compared to Rs 181,052 crore as on 31 March 2022. Sequentially, loans & advances grew by 5.2% as against Rs 191,542 crore posted on 31 December 2022. The bank's deposits increased by 10.6% year on year (YoY) and 2.1% quarter on quarter (QoQ) to Rs 218,018 crore as on 31 March 2023.

Federal Bank slipped 3.38%. The private lender said that its total deposits aggregated to Rs 2,13,384 crore as of 31 March 2023, registering a growth of 17.4% as compared with Rs 1,81,701 crore as of 31 March 2022.

Global Markets:

Most of the European markets declined on Wednesday after data released today showed that German industrial orders soared 4.8% in February.

Additionally, French industrial production rose 1.2% on the month in February, ahead of the 0.5% growth expected, and a significant improvement from the revised drop of 1.4% the prior month.

Risk sentiments, however, continued to remain fragile with investors wary about the possibility of recessions on both sides of the Atlantic.

Meanwhile, markets in Asia ended mixed on Wednesday as Wall Street digested a key U.S. labor report that showed job openings dropped to their lowest level in nearly two years in February.

New Zealand's central bank raised its benchmark cash rate by 50 basis points to 5.25%. New Zealand's central bank said its latest rate hike decision was supported by the fact that inflation is still “too high and persistent.”

US stocks snapped four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

The headline equity indices were trading with modest gains in the early trade on buying demand in index pivotals. The Nifty traded above the 17,450 mark. Financial services, consumer durables and realty stocks were in demand while PSU bank, metal and auto stocks declined.

The barometer index, the S&P BSE Sensex, was up 249.41 points or 0.42% to 59,355.85. The Nifty 50 index gained 61.70 points or 0.35% to 17,459.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% while the S&P BSE Small-Cap index gained 0.36%.

The market breadth was strong. On the BSE, 1,902 shares rose and 866 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 321.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 328.24 crore in the Indian equity market on 3 April, provisional data showed.

Economy:

India's gross domestic product (GDP) growth will likely soften to 6.3% in FY2024, as against earlier estimate of 6.6%, the World Bank stated in its India Development Update. The bank stated that growth is set to be constrained by slower consumption growth and challenging external conditions. Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures.

Stocks in Spotlight:

HDFC Bank rose 1.94%. The private lender said that its advances aggregated to approximately Rs 16,00,500 crore as of 31 March 2023, a growth of around 16.9 % over Rs 13,68,800 crore as of 31 March 2022. The bank's advances are higher by 6.2 % over Rs 15,06,800 crore as of 31 December 2022.

Bajaj Finance rallied 3.47%. On a consolidated basis, customer franchise stood at 69.1 million as of 31 March 2023 as compared to 57.6 million as of 31 March 2022. In Q4 FY23, the customer franchise increased by 3.1 million. The company recorded highest ever increase in its customer franchise of 11.5 million in FY23.

Vedanta added 0.02%. The miner announced that its total aluminum production rose 0.35% to 5,74,000 tonnes in Q4 FY23 compared with 5,72,000 tonnes in Q4 FY22.

IndusInd Bank shed 0.77%. The private lender's net advances improved to Rs 2,89,965 crore as of 31 March 2023, registering a growth of 21% as compared to Rs 2,39,052 crore as of 31 March 2022.

Grasim Industries fell 0.58%. The cement major announced that it has entered into three term loan agreements to avail the rupee term loan facility aggregating to Rs 5,000 crore from Axis Bank in terms of the approval by the finance committee of the company.

Hindustan Zinc rose 0.60%. The company announced that its mined metal production grew by 2% to 301,000 tonnes in Q4 FY23 as against 295,000 tonnes registered in Q4 FY22.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.291 from 7.315 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0875, compared with its close of 82.32 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement added 0.06% to Rs 60,990.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 101.56.

The United States 10-year bond yield advanced 0.49% to 3.353.

In the commodities market, Brent crude for June 2023 settlement gained 44 cents or 0.52% to $85.38 a barrel.

Global Markets:

Asian stocks were trading mixed on Wednesday as Wall Street digested a key U.S. labor report that showed job openings dropped to their lowest level in nearly two years in February.

The headline equity indices ended with minor gains after a volatile session on Monday. The Nifty managed to settle near the 17,400 level after hitting the day's low of 17,312.75 in mid-morning trade. Auto, PSU bank and realty stocks were in demand. On the flip side, oil & gas, FMCG and metal stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 114.92 points or 0.19% to 59,106.44. The Nifty 50 index rose 38.30 points or 0.22% to 17,398.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index gained 1.17%.

The market breadth was strong. On the BSE, 2,772 shares rose and 856 shares fell. A total of 133 shares were unchanged.

The Reserve Bank of India (RBI) monetary policy meeting begins today. The outcome of the meeting will be announced on April 6. The RBI's monetary policy committee (MPC) may reportedly increase the repo rate by 25 basis points (bps) in order to combat rising inflation.

The domestic stock market will remain shut on Tuesday, 4 April 2023 on account of Mahavir Jayanti.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far. That said the PMI average for the final fiscal quarter (55.7) came in below that recorded in the prior period (56.3 in Q3).

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: Underlying demand for Indian goods remained strong in March, underscored by the quickest upturn in factory orders for three months. Hence, production continued to expand at a robust clip and firms stepped up their stock-building efforts.

Companies reported abundant capacity among themselves and their suppliers. Pending workloads expanded only marginally in March, hindering job creation. As for supply chains, improved availability of raw materials among vendors resulted in shorter delivery times and retreating price pressures. Overall, input costs rose at the second-slowest rate since September 2020.

Firms tried to benefit as much as possible from this moderation in inflation by acquiring additional raw materials and semi-finished items. This contributed to one of the strongest increases in input inventories in over 18 years of data collection.

Although manufacturers were upbeat towards future new orders, they somewhat doubted that inflation would continue to recede. Such worries restricted optimism towards output prospects.

Meanwhile, the gross GST revenue collected in March 2023 is Rs. 1,60,122 crore. The total gross collection for 2022-23 stands at Rs 18.10 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year. This was the fourth time in the current financial year that the gross GST collection has crossed Rs 1.5 lakh crore, marking the second-highest collection ever.

New Listing:

Shares of Udayshivakumar Infra settled at Rs 33.39 on the BSE, representing a discount of 4.6% compared with the issue price of Rs 35.

The scrip was listed at Rs 35, matching the initial public offer (IPO) price.

So far, the stock has hit a high of 35 and a low of 33.25. On the BSE, over 14.02 lakh shares of the company were traded in the counter so far.

IPO Update:

The initial public offer (IPO) of Avalon Technologies received bids for 2.46 lakh shares as against 1.14 crore shares on offer, according to stock exchange data at 15:18 IST on Monday (3 April 2023). The issue was subscribed 0.02 times.

Buzzing Index:

The Nifty Auto index gained 1.49% to 12,425.85, extending gains for the third session. The index rallied 4.26% in three trading sessions.

Hero MotoCorp (up 3.53%), Bajaj Auto (up 2.83%), Maruti Suzuki India (up 2.68%), Eicher Motors (up 1.92%), Sona BLW Precision Forgings (up 1.56%), Ashok Leyland (up 1.33%), Mahindra & Mahindra (up 0.97%), Samvardhana Motherson International (up 0.89%), Tata Motors (up 0.84%) and Tube Investments of India (up 0.72%) advanced.

Tata Motors added 0.84%.The auto major's total domestic sales rose 3% to 89,351 units sold in March 2023 as against 86,718 units sold in March 2022.The total domestic sales increased by 14.54% last month compared with 78,006 units in February 2023.

The company said that its sales in the domestic and international market for Q4 FY23 stood at 2,51,822 vehicles compared with 2,43,459 units during Q4 FY22, up 3.4% year on year (YoY).

Mahindra & Mahindra (M&M) rose 0.97%. The auto major said that its overall auto sales for the month of March 2023 stood at 66,091 vehicles, registering a growth of 21% as against 54,643 vehicles sold in March 2022. On a sequential basis, M&M's total auto sales rose 12.4% in March 2023 as against 58,801 units sold in February 2023.

Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for March 2023. The company's total tractor sales (domestic + exports) increased 17.6% YoY to 35,014 units in March 2023 from 29,763 units sold in March 2022.

Maruti Suzuki India advanced 2.68%. The car major on Monday announced that its total production skid 5.66% to 1,54,148 units in March 2023 compared with 1,63,392 units recorded in March 2022. Sequentially, the company's total production declined 3.58% as against 1,59,873 units produced in February 2023.

Meanwhile, the auto maker said that its total sales declined 0.19% to 170,071 units in March 2023 compared with 170,395 units in March 2022. Further, the car maker announced increase in prices across models. An estimated weighted average of increase across models stands at around 0.8% and is calculated using ex showroom prices of models in Delhi. This is effective from 1 April 2023, said the company.

Eicher Motors rose 1.92%. The auto maker said its unlisted subsidiary, VE Commercial Vehicles (VECV), reported 35.2% increase in commercial vehicles (CV) sales to 11,906 units in March 2023 over March 2022.

The company's two-wheeler brand, Royal Enfield, announced that its sales stood at 72,235 units in March 2023, registering 7% growth over March 2022.

Hero MotoCorp rallied 3.53%. Hero MotoCorp sold 519,342 units in March 2023, translating into a double-digit growth of 15% over the corresponding month of 2022, when it had sold 450,154 two-wheelers.

TVS Motor Company rose 0.71%. TVS Motor Company registered a growth of 3% with sales increasing from 307,954 units in March 2022 to 317,152 units in March 2023.

Ashok Leyland gained 1.33%. The commercial vehicles maker reported 19% rise in total vehicle sales to 23,926 units in March 2023 from 20,123 units in March 2022.

Escorts Kubota declined 1.16%. The company announced that its Agri Machinery business in March 2023 sold 10,305 tractors, registering a growth of 2.3% as against 10,074 tractors sold in March 2022.

SML Isuzu was locked in an upper circuit of 20% after the company's total sales grew 59% to 2,169 units in March 2023 compared with 1,363 units sold in March 2022.

Stocks in Spotlight:

UltraTech Cement added 0.23% after the company said that it had recorded 14% increase in consolidated cement sales volume to 31.7 million tons (MT) in Q4 FY23 from 27.7 MT in Q4 FY22. As compared with Q3 FY23, the company's consolidated sales volume has risen by 22%. Sales volume in the previous quarter stood at 25.9 MT.

Steel Authority of India (SAIL) rose 0.99% after the company said it has achieved the best ever annual production during the financial year 2022-23 ending on 31 March 2023. During the period, SAIL recorded 19.409 million tonnes (MT) of hot metal and 18.289 MT crude steel production, a growth of 3.6% and 5.3% respectively over the previous best.

Life Insurance Corporation of India gained 1.94% after the major life insurer announced that Tablesh Pandey has been appointed as the managing director of the corporation effective from 1 April 2023.

Bharat Electronics (BEL) shed 0.60%. The company said that it has achieved a turnover of about Rs 17300 crore during the financial year 2022-23, against the previous year's turnover of Rs. 15,044 crore, thereby registering a growth of 15% on YoY basis. BEL's Order Book as on 1 April 2023, was around Rs 60,500 crore.

Hindustan Aeronautics fell 0.16%. The company said that it has recorded highest-ever revenue from operations of Rs 26,500 crore (provisional and unaudited) in FY23 as against Rs 24,620 crore in FY22, registering a growth of 7.6%. The order book of the company stood at around Rs 82,000 crore at the end of March 2023, after liquidation of the supplies during 2022-23.

APL Apollo Tubes declined 1.98%. The company announced that it had registered sales volume of 649,726 ton in Q4 FY23, up by 18% from 551,723 ton in Q4 FY22. On a sequential basis, the company's sales volume has risen by 7%. Sales volume in Q3 FY23 stood at 605,049 ton. For FY23, the company reported sales volume of 2,279,846 ton compared to 1,754,963 ton in FY22, up 30% YoY.

CSB Bank advanced 3.44% after the bank's total deposits jumped 21.39% to Rs 24,505.81 crore as on 31 March 2023 from Rs 20,188.30 crore as on 31 March 2022.

Dhanlaxmi Bank jumped 4.71% after the bank's gross advances increased by 16.85% to Rs 9,867 crore as on 31 March 2023 from Rs 8,444 crore as on 31 March 2022.

Global Markets:

The Dow Jones futures were up 104 points, indicating a positive opening in the US stock market today.

Markets in Europe and Asia advanced on Monday. Crude oil prices surged after OPEC+ members agreed to cut more than 1 million barrels per day to extend through the end of 2023.

China's Caixin/Markit manufacturing Purchasing Managers' Index for March was 50. The reading for March fell from 51.6 seen in February. China's official PMI for March stood at 51.9.

Japan's factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2% for March, higher than February's figure of 47.7%, based on a private survey.

U.S. stocks rose Friday after the Federal Reserve's preferred inflation gauge showed a cooler-than-expected increase in prices.

The Federal Reserve's preferred inflation gauge climbed at a 0.3% monthly pace in February, marking a slight slowdown from the month before as pricing pressures show signs of gradually easing.

The core personal consumption expenditures price index increased 4.6% in February from a year earlier, the Commerce Department reported Friday, compared to January's 4.7% annual pace.

The benchmark indices traded with modest losses and hit the day's low in mid-morning trade. The Nifty traded below the 17,350 mark after hitting the day's high of 17,428.05 in early trade. Metal index witnessed profit booking after increasing in the past two trading session.

The barometer index, the S&P BSE Sensex, was down 187.6 points or 0.32% to 58,803.92. The Nifty 50 index shed 45.60 points or 0.26% to 17,314.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.15% while the S&P BSE Small-Cap index gained 0.90%.

The market breadth was strong. On the BSE, 2,479 shares rose and 863 shares fell. A total of 150 shares were unchanged.

The gross GST revenue collected in March 2023 is Rs. 1,60,122 crore. The total gross collection for 2022-23 stands at Rs 18.10 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year. This was the fourth time in the current financial year that the gross GST collection has crossed Rs 1.5 lakh crore, marking the second-highest collection ever.

India Manufacturing PMI:

Although manufacturers were upbeat towards future new orders, they somewhat doubted that inflation would continue to recede. Such worries restricted optimism towards output prospects.

Buzzing Index:

The Nifty Metal index fell 0.81% to 5,452.95. The index witnessed profit booking after advancing 3.14% in two trading sessions.

Adani Enterprises (down 2.13%), JSW Steel (down 1.49%), Hindalco Industries (down 1.28%), APL Apollo Tubes (down 1.28%), Jindal Steel & Power (down 1.19%), Ratnamani Metals & Tubes (down 0.74%), Tata Steel (down 0.33%) edged higher.

On the other hand, Welspun Corp (up 2.37%) ,Vedanta (up 1.84%) and Steel Authority of India (up 0.97%) declined.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 0.79%. The auto major said that its overall auto sales for the month of March 2023 stood at 66,091 vehicles, registering a growth of 21% as against 54,643 vehicles sold in March 2022. On a sequential basis, M&M's total auto sales rose 12.4% in March 2023 as against 58,801 units sold in February 2023.

Life Insurance Corporation of India gained 1.88% after the major life insurer announced that Tablesh Pandey has been appointed as the managing director of the corporation effective from 1 April 2023.

Bharat Electronics (BEL) shed 0.35. The company said that it has achieved a turnover of about Rs 17300 crore during the financial year 2022-23, against the previous year's turnover of Rs. 15,044 crore, thereby registering a growth of 15% on YoY basis. BEL's Order Book as on 1 April 2023, was around Rs 60,500 crore.

Global Markets:

Asian stocks traded mixed on Monday as investors further digested key manufacturing data in the region. Crude oil prices surged after OPEC+ members agreed to cut more than 1 million barrels per day to extend through the end of 2023.

China's Caixin/Markit manufacturing Purchasing Managers' Index for March was 50. The reading for March fell from 51.6 seen in February. China's official PMI for March stood at 51.9.

U.S. stocks rose Friday after the Federal Reserve's preferred inflation gauge showed a cooler-than-expected increase in prices.

The Federal Reserve's preferred inflation gauge climbed at a 0.3% monthly pace in February, marking a slight slowdown from the month before as pricing pressures show signs of gradually easing. The core personal consumption expenditures price index increased 4.6% in February from a year earlier, the Commerce Department reported Friday, compared to January's 4.7% annual pace.