Barometers trade near flat line, realty stocks edge lower.

The frontline indices continued to trade near the flat line with tiny gains in early afternoon trade. The traded above the 17,600 level after hitting the day's low of 17,590.10 mid-morning trade. Realty stocks witnessed profit booking after advancing in the past five trading sessions.

The barometer index, the S&P BSE Sensex, was up 71.7 points or 0.12% to 59,639.50. The Nifty 50 index added 4.95 points or 0.03% to 17,623.70.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index advanced 0.26%.

The market breadth was positive. On the BSE, 1,888 shares rose and 1,446 shares fell. A total of 147 shares were unchanged.

Cautiousness among investors was on the rise after strong inflation readings from the UK and Euro Zone cemented expectations of continued rate hikes by the Bank of England and the European Central Bank going forward. Hawkish remarks from Federal Reserve officials exacerbated the likelihood that the American central bank will pause its rate hike cycle as soon as June.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.22% to 12.13. The Nifty 27 April 2023 futures were trading at 17,655, at a premium of 31.3 points as compared with the spot at 17,623.70.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 92.1 lakh contracts at the 17,700 strike price. Maximum Put OI of 74.6 lakh contracts were seen at 17,700 strike price.

Buzzing Index:

The Nifty Realty index fell 0.41% to 432.75, snapping a five-day gaining streak. The index rallied 3.43% in five sessions.

DLF (down 1.35%), Godrej Properties (down 0.9%), Oberoi Realty (down 0.82%), Macrotech Developers (down 0.8%), Sobha (down 0.61%), Mahindra Lifespace Developers (down 0.22%) declined.

On the other hand, Indiabulls Real Estate (up 2.6%) ,Prestige Estates Projects (up 1.4%) and Phoenix Mills (up 0.72%) edged higher.

Buzzing Index:

The Nifty Private Bank index rose 0.34% to 21,408.90. The index had declined 0.28% to end at 21,336.20 yesterday.

Bandhan Bank (up 1.59%), RBL Bank (up 1.57%), City Union Bank (up 1.01%), IDFC First Bank (up 0.89%) and Kotak Mahindra Bank (up 0.78%) were the top gainers.

Concurrently, Federal Bank (up 0.57%), HDFC Bank (up 0.21%), ICICI Bank (up 0.11%), IndusInd Bank (up 0.09%) advanced while Axis Bank declined 0.47%.

Stocks in Spotlight:

Emkay Global Financial Services was locked in 20% upper circuit after the company announced the recipt of in-principle approval from SEBI for sponsoring a mutual fund

Torrent Power rose 0.99% after the company announced that it has incorporated a wholly owned subsidiary named 'Torrent Urja 12 (TU12)' on 18 April 20

Zydus Lifesciences declined 1.64%. The drug maker announced that it has received final approval from US Food and Drug Administration (USFDA) to manufacture and market Metoprolol Tartrate tablets USP, 25 mg, 50 mg, and 100 mg.

Global Markets:

Asian stocks mostly advanced on Thursday as investors on Wall Street digest more earnings reports from names like Netflix, IBM and Morgan Stanley.

Japan posted a trade deficit for a 20th consecutive month in March. The country's trade deficit reached a record high of 21.7 trillion yen ($161.14 billion) for the twelve months ending March, a sharp spike from the 5.59 trillion yen recorded in the same period a month ago.

US stocks closed mostly flat on Wednesday after earnings reports from Netflix and Morgan Stanley as investors worried about the Federal Reserve's next move on interest rates.

The banking crisis in March took its toll on financial activity, particularly in the New York and San Francisco regions, according to the Federal Reserve's periodic economic review released Wednesday.

Sensex, Nifty end with limited losses; IT stocks decline.

The key equity benchmarks ended with limited losses after a volatile session on Wednesday. The Nifty closed below the 17,650 mark after hitting the day's high of 17,666.15 in afternoon trade. IT, PSU bank and FMCG shares led the losses while metal, oil & gas and pharma stocks managed to end with some gains.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 159.21 points or 0.27% to 59,567.80. The Nifty 50 index lost 41.40 points or 0.23% to 17,618.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.18% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 1,817 shares rose and 1,695 shares fell. A total of 122 shares were unchanged.

Investors turned cautious as uncertainty over the path of U.S. monetary policy largely outweighed optimism over an economic recovery in China. Focus is now on the Fed's Beige Book report, due later on Wednesday, for the central bank's take on the state of the U.S. economy.

Market concerns about rising interest rates returned in recent sessions as hawkish comments from Fed officials and indications of some economic resilience in the US stoked apprehension about when the Fed Fed will pause its rate hike cycle.

COVID-19 Update:

According to the Union Health Ministry data updated on Wednesday, India has logged 10,542 new coronavirus infections, while the active cases have increased to 63,562. The Covid case tally was recorded at 4.47 crore (4,48,45,401). The daily positivity rate was recorded at 4.39 per cent and the weekly positivity rate was pegged at 5.1 per cent. Recovery rate currently stands at 98.67%.

Buzzing Index:

The Nifty IT index fell 1.85% to 26,664.55. The index had advanced 0.59% to end at 26,664.55 yesterday.

Coforge (down 3.21%), LTI Mindtree (down 2.98%), HCL Technologies (down 2.44%), Infosys (down 2.14%) and Wipro (down 1.96%) were the top losers.

Among the other losers were Tata Consultancy Services (down 1.26%), Tech Mahindra (down 1.07%), Persistent Systems (down 0.85%), L&T Technology Services (down 0.44%).

Stocks in Spotlight:

Tata Communications (down 1.79%), ICICI Securities (down 0.16%), Mastek (down 0.20%), Alok Industries (up 1.20%) are some of the companies that will announce their quarterly earnings today.

State Bank of India (SBI) fell 1.15%. The executive committee of the central Board has approved long term fund raising in single / multiple tranches up to US$ 2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2023-24.

Pidilite Industries lost 1.02%. The company has entered into an agreement with Basic Adhesives LLC, USA for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress etc at an agreed consideration to be paid by company in tranches over a period of time.

ICICI Lombard General Insurance Company tumbled 4.91%. The company reported net profit of Rs 436.96 crore in Q4 March 2023 as compared to net profit of Rs 312.51 crore in Q4 March 2022. Total income rose to Rs 5255.58 crore in Q4 March 2023 from Rs 4636.34 crore in Q4 March 2022.

Bank of India slipped 1.14%. The bank's board of directors approved the raising of capital for the FY 2023-24 aggregating up to Rs 6,500 crore, through the issue of fresh equity capital in the form of FPO/QIP/Rights issue/preferential issue and/or Basel III compliant additional Tier-1 (AT-1) upto an amount of Rs.4,500 crores, and issue of Basel III compliant Tier-2 bonds upto an amount of Rs.2,000 crore.

Piramal Pharma jumped 7.57%. The company informed that US FDA has issued an Establishment Inspection Report (EIR) for the manufacturing facility located at Sellersville, USA and the inspection has now been successfully closed by the US FDA.

Rattanindia Enterprises added 3.37%. The company announced that it has launched direct-to-consumer (D2C) apparel fashion brands business with its wholly owned subsidiary, Neobrands.

Som Distilleries & Breweries zoomed 6.52%. The company said it started commercial production at its expanded capacity at the facility in Hassan, Karnataka.

CMS Info Systems gained 2.59%. The company announced that the deployment of its proprietary security application 'ALGO OTC' across 30% ATMs in India. This application helps banks implement RBI guidelines on OTC lock activation to ensure the mitigation of risks during ATM operations and enhancing security, the company said. The company plans to further implement the software application ALGO OTC to existing 15,000 ATMs of the largest bank in India in CY2023.

Global Markets:

Shares in Europe declined while Asian stocks traded mixed on Wednesday as officials of the U.S. Federal Reserve delivered mixed signals on future rate hikes.

U.K. consumer price inflation came in at 10.1% in March, down from 10.4% in February. Downward moves were driven by motor fuels, and housing and household services, while food and recreation/culture became more expensive.

With the consumer price inflation in the UK continuing to be above 10%, the Bank of England is expected to hike by 25 basis points at its May meeting.

Overnight in the US, all three major indexes closed near the flatline as investors digested earnings reports, including from Goldman Sachs and Bank of America.

Atlanta Federal Reserve President Raphael Bostic reportedly said that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard reportedly told that he favors a higher terminal rate of between 5.50% and 5.75%.

Meanwhile, U.S. Treasury Secretary Janet Yellen will deliver in a speech the economic priorities for the U.S. on China, as per reports. Yellen will deliver a speech at Johns Hopkins University's School of Advanced International Studies on Thursday.

Nifty trades below 17,650 mark; metal shares rose for 9th day.

The domestic equity benchmarks continued to trade below the flat line, with limited losses in morning trade. The Nifty continued to trade below the 17,650 level. Metal shares extended gains for ninth consecutive session.

The barometer index, the S&P BSE Sensex, was down 115.3 points or 0.19% to 59,611.71. The Nifty 50 index lost 28.90 points or 0.16% to 17,631.25.

In the broader market, the S&P BSE Mid-Cap index added 0.08% while the S&P BSE Small-Cap index gained 0.39%.

KRBL (up 7.88%), Prism Johnson (up 4.78%), Rattanindia Enterprises (up 4.92%), Uflex (up 4.72%) and Sonata Software (up 4.30%) were the top gainers in the broader market segment.

The market breadth was strong. On the BSE, 1,870 shares rose and 1,238 shares fell. A total of 132 shares were unchanged.

Investors turned cautious as uncertainty over the path of U.S. monetary policy largely outweighed optimism over an economic recovery in China. Focus is now on the Fed's Beige Book report, due later on Wednesday, for the central bank's take on the state of the U.S. economy.

Market concerns about rising interest rates returned in recent sessions as hawkish comments from Fed officials and indications of some economic resilience in the US stoked apprehension about when the Fed Fed will pause its rate hike cycle.

Buzzing Index:

The Nifty Metal index rose 1.17% to 5,816.15. The index has advanced 6.18% in nine sessions.

Jindal Steel & Power (up 3.87%), National Aluminium Company (up 2.3%), Tata Steel (up 1.91%), Steel Authority of India (up 1.82%) and Hindustan Copper (up 1.73%) were the top gainers.

Among the other gainers were JSW Steel (up 1.59%), NMDC (up 1.51%), Vedanta (up 1.29%), Hindalco Industries (up 0.82%) and Hindustan Zinc (up 0.43%).

On the other hand, Jindal Stainless (down 0.92%), Adani Enterprises (down 0.27%) and Welspun Corp (down 0.23%) turned lower.

Stocks in Spotlight:

Tata Communications (down 1.85%), ICICI Securities (up 0.66%), Mastek (up 0.09%), Alok Industries (up 0.96%) are some of the companies that will announce their quarterly earnings today.

Pidilite Industries lost 0.32%. The company has entered into an agreement with Basic Adhesives LLC, USA for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress etc at an agreed consideration to be paid by company in tranches over a period of time.

Piramal Pharma jumped 7.97%. The company informed that US FDA has issued an Establishment Inspection Report (EIR) for the manufacturing facility located at Sellersville, USA and the inspection has now been successfully closed by the US FDA.

Zydus Lifesciences was up 0.11%. The company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Estradiol Transdermal System USP. Estradiol transdermal system is indicated for prevention of postmenopausal osteoporosis.

Numbers to track:

The yield on India's 10-year benchmark federal paper was currently flat at 7.223.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0775, compared with its close of 82.0475 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement fell 0.08% to Rs 60,438.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 101.77.

The United States 10-year bond yield advanced 0.37% to 3.585.

In the commodities market, Brent crude for June 2023 settlement lost 13 cents or 0.15% to $101.77 a barrel.

Global Markets:

Asian stocks are trading mixed on Wednesday as Wall Street's earnings season continued and U.S. Federal Reserve officials delivered mixed signals on future rate hikes.

Overnight in the US, all three major indexes closed near the flatline as investors digested earnings reports, including from Goldman Sachs and Bank of America.

Atlanta Federal Reserve President Raphael Bostic reportedly said that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard reportedly told that he favors a higher terminal rate of between 5.50% and 5.75%.

Meanwhile, U.S. Treasury Secretary Janet Yellen will deliver in a speech the economic priorities for the U.S. on China, as per reports. Yellen will deliver a speech at Johns Hopkins University's School of Advanced International Studies on Thursday.

Sensex, Nifty with limited losses; broader markets outperform.

The domestic equity benchmarks ended with limited losses after a volatile session on Tuesday. The Nifty managed to end above the 17,650 level after hitting the day's low at 17,610.20 in mid-afternoon trade. Pharma, healthcare and realty shares advanced while media, oil & gas and FMCG stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 183.74 points or 0.31% to 59,727.01. The Nifty 50 index lost 46.70 points or 0.26% to 17,660.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index advanced 0.22%.

The market breadth was positive. On the BSE, 1,910 shares rose and 1,623 shares fell. A total of 120 shares were unchanged.

Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agustín Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.

COVID-19 Update:

According to the Union Health Ministry, the country recorded 7,633 fresh cases of COVID-19 within the past 24 hours. Presently, there are 61,233 active cases in the nation while 6,702 individuals recuperated from the disease yesterday. The Ministry revealed a recovery rate of 98.68%. Moreover, over 220 crore 66 lakh vaccine doses have been administered throughout the country up until now.

Buzzing Index:

The Nifty Pharma index rose 1.65% to 12,608.60. The index had declined 1.36% in the past two sessions.

Lupin (up 6.11%), Biocon (up 3.55%), Aurobindo Pharma (up 3.41%), Divis Laboratories (up 3.18%) and Glenmark Pharmaceuticals (up 3.01%) were the top gainers.

Among the other gainers were Zydus Lifesciences (up 2.86%), Pfizer (up 2.27%), Granules India (up 2.05%), Cipla (up 1.95%) and Ipca Laboratories (up 1.82%).

On the other hand, Glaxosmithkline Pharmaceuticals (down 0.77%), Natco Pharma (down 0.58%) and Gland Pharma (down 0.33%) turned lower.

Stocks in Spotlight:

Tata Chemicals tumbled 5.92%. The company slashed the prices of light, dense and GRANPLUS soda ash by 1%-4% for all the dispatches across India effective from 17 April 2023. The company said that all the ex-depot prices are also revised accordingly.

Jubilant FoodWorks added 1.90%. Hashtag Loyalty Private Limited (Hashtag), associate of Jubilant FoodWorks (Company) has entered into a Securities Subscription Agreement with Coca-Cola India (New Investor) pursuant to which the New Investor has acquired 15% stake (on a fully diluted basis) in Hashtag. Hashtag has raised the capital at a pre-money valuation of Rs. 104.68 crore.

Samvardhana Motherson International shed 0.25%. The company said that its USA-based indirect subsidiary SMP Automotive Systems Alabama Inc. has completed the acquisition of all the assets of Bolta US for $16 million.Goa Carbon jumped 5.14%. The company's Bilaspur Unit, Sector B, Sirgitti Industrial Area, Bilaspur Chhattisgarh) has resumed. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume from 17 April 2023.

Quick Heal Technologies declined 3.86% crore after the company reported a consolidated net loss of Rs 6.64 crore in Q4 FY23 as against a net profit of Rs 28.09 crore posted in Q4 FY22. Revenue from opearation slumped 52.5% to Rs 49.28 crore in Q4 FY23 from Rs 103.71 crore recorded in the same period a year ago.

Angel One rose 1.70%. The company's consolidated net profit rose 30.4% to Rs 267 crore on 26.9% rise in net revenue to Rs 644.2 crore in Q4 March 2023 over Q4 March 2022.

Just Dial added 2.51%. The company reported a standalone net profit of Rs 83.8 crore in Q4 FY23, steeply higher than Rs 22.14 crore posted in Q4 FY22. Net revenue from operations stood at Rs 232.53 crore in Q4 FY23, registering a growth of 39.52% from Rs 166.67 crore recorded in the corresponding quarter previous year.

TV18 Broadcast slipped 3.39% after the company's consolidated net profit slumped 75.5% to Rs 35.19 crore in Q4 FY23 as against Rs 143.61 crore recorded in Q4 FY22. Revenue from operations stood at Rs 1,405.90 crore in the quarter ended 31 March 2023 from Rs 1,496.22 crore posted in the Q4 FY22, registering a decline of 6%.

Network18 Media & Investments fell 3.56%. The media company reported a consolidated net loss of Rs 36.78 crore in Q4 FY23 as against a net profit of Rs 61.85 crore posted in Q4 FY22. Revenue from operations declined 8.5% to Rs 1,483.72 crore in quarter ended 31 March 2023 from Rs 1,621.09 crore recorded in the corresponding quarter previous year.

Hathway Cable and Datacom slipped 1.05%. The company reported a net loss of Rs 14.62 crore in Q4 FY23 as against net profit of Rs 28.35 crore in Q4 FY22. Net sales rose 2.4% to Rs 459.59 crore in Q4 FY23 as compared with Rs 448.79 crore in Q4 FY22.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Tuesday as fears of rising U.S. interest rates largely offset optimism over stronger-than-expected Chinese economic growth.

China's economy grew more than expected in the first quarter of 2023. China's gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday. The economy expanded 2.9% in the fourth quarter of 2022.

The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday. The RBA kept its policy rate unchanged earlier this month.

US stocks rose on Monday as traders combed through the latest batch of corporate earnings results, searching for clues on the health of corporate America.

Nifty hovers below 17,700; Sensex down 141 pts; European shares advance.

 

The key equity barometers traded with limited losses in the afternoon trade. The Nifty hovered below the 17,700 level after hitting the day's high of 17,766.60 in early trade. Realty, pharma and healthcare shares advanced while media, oil & gas and consumer durables stocks declined.

The barometer index, the S&P BSE Sensex, was down 141.08 points or 0.24% to 59,769.67. The Nifty 50 index lost 46.85 points or 0.26% to 17,660.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index advanced 0.35%.

The market breadth was positive. On the BSE, 1,975 shares rose and 1,471 shares fell. A total of 117 shares were unchanged.

Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agustín Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.

COVID-19 Update:

According to the Union Health Ministry, the country recorded 7,633 fresh cases of COVID-19 within the past 24 hours. Presently, there are 61,233 active cases in the nation while 6,702 individuals recuperated from the disease yesterday. The Ministry revealed a recovery rate of 98.68%. Moreover, over 220 crore 66 lakh vaccine doses have been administered throughout the country up until now.

Gainers & Losers:

Divi's Laboratories (up 2.64%), IndusInd Bank (up 1.87%), HCL Technologies (up 1.70%), Nestle India (up 1.32%) and Wipro (up 1.16%) were the top Nifty gainers.

Power Grid Corporation of India (down 2.56%), Ultratech Cement (down 1.47%), Titan Company (down 1.40%), Bajaj Auto (down 1.35%) and Reliance Industries (down 1.26%) were the top Nifty losers.

Earnings Impact:

Angel One rose 2.61% after the company's consolidated net profit rose 30.4% to Rs 267 crore on 26.9% rise in net revenue to Rs 644.2 crore in Q4 March 2023 over Q4 March 2022.

Just Dial rallied 3.81% after the company reported a standalone net profit of Rs 83.8 crore in Q4 FY23, steeply higher than Rs 22.14 crore posted in Q4 FY22. Net revenue from operations stood at Rs 232.53 crore in Q4 FY23, registering a growth of 39.52% from Rs 166.67 crore recorded in the corresponding quarter previous year.

TV18 Broadcast slipped 3.59% after the company's consolidated net profit slumped 75.5% to Rs 35.19 crore in Q4 FY23 as against Rs 143.61 crore recorded in Q4 FY22. Revenue from operations stood at Rs 1,405.90 crore in the quarter ended 31 March 2023 from Rs 1,496.22 crore posted in the Q4 FY22, registering a decline of 6%.

Network18 Media & Investments fell 3.45% after the media company reported a consolidated net loss of Rs 36.78 crore in Q4 FY23 as against a net profit of Rs 61.85 crore posted in Q4 FY22. Revenue from operations declined 8.5% to Rs 1,483.72 crore in quarter ended 31 March 2023 from Rs 1,621.09 crore recorded in the corresponding quarter previous year.

Hathway Cable and Datacom tumbled 3.61% after the company reported a net loss of Rs 14.62 crore in Q4 FY23 as against net profit of Rs 28.35 crore in Q4 FY22. Net sales rose 2.4% to Rs 459.59 crore in Q4 FY23 as compared with Rs 448.79 crore in Q4 FY22.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Tuesday as fears of rising U.S. interest rates largely offset optimism over stronger-than-expected Chinese economic growth.

China's economy grew more than expected in the first quarter of 2023. China's gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday. The economy expanded 2.9% in the fourth quarter of 2022.

The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday. The RBA kept its policy rate unchanged earlier this month.

US stocks rose on Monday as traders combed through the latest batch of corporate earnings results, searching for clues on the health of corporate America.

Sensex, Nifty turn red; broader markets outperform.

The domestic equity barometers pared all gains and slipped below the flat line in morning trade. The Nifty traded tad above the 17,650 level after hitting the day's high at 17,766.60 in early trade. Auto shares extended their rise for seventh consecutive session.

The barometer index, the S&P BSE Sensex, was down 173.91 points or 0.29% to 59,736.84. The Nifty 50 index lost 49.95 points or 0.28% to 17,656.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index advanced 0.15%.

ITI (up 6.14%), CEAT (up 5.93%), Just Dial (up 5.79%), RVNL (up 3.69%) and Graphite India (up 3.66%) were the top gainers in the broader market segment.

The market breadth turned positive. On the BSE, 1,862 shares rose and 1,269 shares fell. A total of 121 shares were unchanged.

Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agustín Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.

New Listing:

Shares of Avalon Technologies were currently trading at Rs 418.45, at a discount of 4.03% (17.55) to the issue price of Rs 436.

The scrip was listed at Rs 431, at a discount of 1.15% to the issue price.

So far the stock has hit a high of Rs 435.30 and a low of Rs 411.70. On the BSE, over 1.37 lakh shares of the company had changed hands at the counter.

The initial public offer (IPO) of Avalon Technologies received bids for 2.53 crore shares as against 1.14 crore shares on offer. The issue was subscribed 2.21 times.

The issue opened for bidding on Monday (3 April 2023) and it closed on Thursday (6 April 2023). The price band of the IPO was fixed at Rs 415-436 per share.

Of the net proceeds from fresh issue, the company proposes to utilize Rs 145 crore toward prepayment and repayment of certain outstanding borrowings and Rs 90 crore towards funding the working capital requirements of the company. The balance is for general corporate purposes.

Buzzing Index:

The Nifty Auto index rose 0.16% to 13,016.75. The index has gained _ % in seven sessions.

Sona BLW Precision Forgings (up 1.82%), MRF (up 1.8%), Eicher Motors (up 1.26%), Ashok Leyland (up 0.87%) and Tata Motors (up 0.86%) were the top gainers.

Among the other gainers were Balkrishna Industries (up 0.81%), Maruti Suzuki India (up 0.56%), Tube Investments of India (up 0.54%), Bharat Forge (up 0.17%) and Bosch (up 0.08%).

On the other hand, Bajaj Auto (down 1.05%), TVS Motor Company (down 0.99%) and Mahindra & Mahindra (down 0.54%) turned lower.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.250 from 7.247 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.9875, compared with its close of 82.0125 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.13% to Rs 60,257.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 102.05.

The United States 10-year bond yield fell 0.01% to 3.591.

In the commodities market, Brent crude for June 2023 settlement gained 23 cents or 0.27% to $84.99 a barrel.

Stocks in Spotlight:

Kolte-Patil Developers rose 0.63%. The board of directors of the company approved allotment of 20,650 senior, secured, listed, rated, redeemable non-convertible debentures of face value Rs. 1,00,000/- each, on a private placement basis, aggregating to Rs. 206.50 crore to Marubeni Corporation, Japan.

Goa Carbon jumped 5.14%. The company's Bilaspur Unit, Sector B, Sirgitti Industrial Area, Bilaspur Chhattisgarh) has resumed. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume from 17 April 2023.

Hathway Cable and Datacom tumbled 3.61%. The company reported a net loss of Rs 14.62 crore in Q4 FY23 as against net profit of Rs 28.35 crore in Q4 FY22. Net sales rose 2.4% to Rs 459.59 crore in Q4 FY23 as compared with Rs 448.79 crore in Q4 FY22.

Global Markets:

Asian stocks traded mostly lower on Tuesday as fears of rising U.S. interest rates largely offset optimism over stronger-than-expected Chinese economic growth.

China's economy grew more than expected in the first quarter of 2023. China's gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday. The economy expanded 2.9% in the fourth quarter of 2022.

The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday. The RBA kept its policy rate unchanged earlier this month.

US stocks rose on Monday as traders combed through the latest batch of corporate earnings results, searching for clues on the health of corporate America.

Sensex, Nifty end with deep cuts; broader markets outperform.

 

The key equity benchmarks ended with significant losses after a weak session on Monday. The Nifty managed to end above the 17,700 mark after hitting the day's low of 17,574.05 in morning trade. Shares of PSU banks, FMCG firms and consumer durable makers managed to end in the green while those of IT, healthcare and pharma shares ended in the red.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 661.5 points or 1.09% to 59,769.50. The Nifty 50 index lost 163.35 points or 0.92% to 17,664.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index added 0.13%.

The market breadth turned positive. On the BSE, 1,856 shares rose and 1,730 shares fell. A total of 182 shares were unchanged.

Disappointing performance by domestic IT giant Infosys (down 9.53%) coupled with the prospect of more rate hikes by major central banks and a global economic slowdown dented the domestic investor sentiment.

Economy:

India's annual wholesale price index (WPI) based inflation eased to 29-month low of 1.34% in March 2023 as compared to 3.85% recorded in February 2023 and 14.63% in March 2022.

“Decline in the rate of inflation in March, 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products,” the Ministry of Commerce & Industry said in a statement today.

Separately, India's March goods exports declined 13.9% to $38.38 billion and imports declined 7.9% to $58.11 billion. In March 2022, goods exports were $44.57 billion and imports were $63 billion. March's trade deficit is at $19.73 billion. The total trade deficit for 2022-23 is at $122 billion, according to the government.

Buzzing Index:

The Nifty IT index tumbled 4.72% to 27,004.90. The index has declined 6.82% in two sessions.LTI Mindtree (down 6.82%), Tech Mahindra (down 5.28%), Persistent Systems (down 4.37%) and Coforge (down 3.63%) were the top losers.

Among the other losers were L&T Technology Services (down 2.97%), Mphasis (down 2.04%), Wipro (down 1.9%) and Tata Consultancy Services (down 1.61%).

Stocks in Spotlight:

Infosys slumped 9.53%. The IT major reported 7% decline in consolidated net profit to Rs 6,128 crore on a 2.3% fall in revenues to Rs 37,441 crore in Q4 FY23 over Q3 FY23. On a year-on-year basis, the company's net profit and revenues are higher by 7.8% and 16%, respectively as compared with Q4 FY22.

The IT giant issued a revenue growth guidance of 4% - 7% in constant currency and operating margin guidance of 20% - 22% for FY24.

HDFC Bank fell 1.58%. The bank's net revenue grew by 21% to Rs 32,083 crore in Q4 March 2023 from Rs 26,509.8 crore in Q4 March 2022. The bank's net profit rose 19.8% to Rs 12,047.5 crore in Q4 March 2023 over in Q4 March 2022.

The board of directors of HDFC Bank approved the issuance of Perpetual Debt Instruments, Tier II Capital Bonds and Long-Term Bonds up to total amount of Rs. 50,000 crore over the period of next twelve months through private placement mode.

HCL Technologies slipped 2.78%. Anand Birje, head of Digital Business Services, resigned from the company to pursue another opportunity.

Adani Green Energy (AGEL) added 2.68%. AGEL said its sale of energy for solar portfolio increased by 6% YoY at 2,872 million units in Q4 FY23 as against 2,717 million units in Q4 FY22.

Zee Entertainment Enterprises declined 1.87%. As per reports, Invesco Oppenheimer Developing Markets Fund is reportedly likely to sell 5.65% stake in the company through block deals. On the BSE, 5.76 crore shares of the company had changed hands at the counter as against an average trading volume of 1.75 lakh shares in the past two weeks.

TV18 Broadcast rose 1.39%, Reliance Industries added 0.44% and Bodhi Tree Multimedia advanced 2.52%. Viacom18, a subsidiary of the company, closed the merger of Reliance Storage with itself and integrated JioCinema as well. Viacom18 allotted shares to RIL group entities and Bodhi Tree Systems as consideration for the scheme of merger.

KIOCL zoomed 13.68%. The company received two mineral exploration projects in Karnataka for a reconnaissance survey for polymetallic mineralisation in Nagavanda gold and base metal blocks in parts of Dhanvangere, Haveri, and Shimoga districts at Rs 1.48 crore and preliminary exploration for amalgamated Kalaburagi limestone blocks in the Jevargi region at Rs 2.33 crore.

Jubilant Ingrevia advanced 3.65%. The company announced that it has commissioned new acetic anhydride plant, at its manufacturing facility at Bharuch, Gujarat. The plant adds around 60,000 MT of capacity, whereby scaling the company's overall annual acetic anhydride capacity to 210,000 MT.

Brightcom Group was locked in 5% lower circuit. SEBI found that the company overstated profit after tax for fiscals 2019 and 2020 by more than Rs 1,280 crore. The regulator has ordered the company to publish the correct shareholding pattern and its managing director and directors not to sell their shares.

Global Markets:

Shares in Europe and Asia advanced on Monday, as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world's second-largest economy is recovering.

Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday.

Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.