Market Opens:
It is a flat start for the Indian indices on Wednesday with Nifty below 11,300 level.
The Sensex is down 26.84 points at 37508.82, while Nifty is down 15.20 points at 11286. About 585 shares have advanced, 486 shares declined, and 33 shares are unchanged.
Interglobe Aviation, Apollo Tyres, Nestle, Eicher Motors, RIL, Wipro, ITC, HUL, Infosys are among major gainers on the indices, while losers are IOC, HPCL, Vedanta, JSW Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Allahabad Bank, Oil India and ONGC.
On the sectoral front, auto, bank, infra and metal indices are witnessing selling pressure, while FMCG ad IT indices are trading with marginal gains.
Rupee Opens:
The Indian rupee opened marginally lower at 69.74 per dollar on Wednesday against previous close 69.70.
Global Markets :
Asia trades lower:
Asian share markets got off to a subdued start on Wednesday after a mixed finish on Wall Street, while a frazzled pound awaited its fate ahead of yet another make-or-break parliamentary vote on Brexit.
SGX Nifty:
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 18.50 points or 0.16 percent. Nifty futures were trading around 11,313.50-level on the Singaporean Exchange.
US markets end mixed :
The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.
Crude Update:
Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for US crude output.
Domestic Markets :
The market has been moving in one direction and that is up so far in March. The S&P BSE Sensex has already rallied 1668 points while Nifty surged 509 points in the same period.
The rupee on Tuesday gained 18 paise to close at more than two-month high of 69.71 against the US dollar propelled by foreign capital inflows and a weaker greenback in overseas markets.
On the institutional front, FIIs were net buyers to the tune of Rs 2477 crore while DIIs were net sellers to the tune of Rs 990 crore, provisional data showed.
Big News:
India's factory output grew 1.7 percent in January, lower than previous month's 2.4 percent, and 7.5 percent in January last year.
Factory output measured by the index of industrial production (IIP) is the closest approximation to gauge business activity in the economy.
India's retail inflation stood at 2.57 percent in February, marginally higher than the previous month’s 2.05 percent, and sharply lower than 4.4 percent in the same month last year, primarily aided by low food prices.
Though the IIP has returned a lower number on a sequential basis, YTD growth rate average is still higher than the previous year.
“The lower IIP numbers and inflation slightly over 2.5% gives headroom for further monetary policy action by the central bank,” PwC India said in a note.
Technical View:
Nifty forms bullish candle for the second day in a row
The index has managed to cross 11,118 and 11,180 zones in the last two sessions and supports are gradually shifting higher which is a bullish sign
Nifty50 is nearing its logical resistance levels on the back of strong rally it may undergo some profit booking as it nears 11,400 levels.
Three levels: 11200-11227, 11320, 11400
Max Call OI: 11400, 11500
Max Put OI: 11000, 10700
Stocks in news:
Jet Airways Ltd said on Tuesday it grounded four more aircraft, taking the number to 32 which is more than a fourth of its fleet, as the carrier failed to make payments to its lessors.
Auto component firm Mahindra CIE Automotive ib Tuesday said its board has approved to buy Aurangabad Electricals Ltd (AEL) for Rs 875.6 crore.
State Bank of India has put on sale six non-performing accounts worth Rs 2,337.88 crore, which will be auctioned on March 26.
Majesco: USA subsidiary announces Norman Carroll as Managing Director of European operations.
MSTC IPO opens today for subscription, price band Rs 121-128 per share
January IIP at 1.7% versus 2.6%, February CPI at 2.57% versus 1.97%, MoM
NMDC: Board of directors declared an interim dividend at the rate of Rs 5.52 per share of face value of Re 1 each for the financial year 2018-19.
Avenue Supermarts: Company has issued commercial paper of Rs 100 crore.
Infosys Finacle Partners Hatton National Bank to Pioneer Blockchain-Based Trade Finance in Sri Lanka
Raymond: Company terminated development management agreement with Colorplus Realty Limited for developing its realty project - 'Raymond Realty Phase I' and in order to gain better operational efficiencies and control on the project, it intends to undertake the development on its own.
CMI: Company executed its maiden export order from Mauritius for the supply of XLPE LV/HV underground power cables from the company's plant located at Baddi- Himachal Pradesh.
Axis Bank: Board approved the appointment of Rakesh Makhija, Independent Director as the Non-Executive (Part-time) Chairman of the bank, for a period of 3 years.
TVS Motor: Company has further invested a sum of Rs 30 crore in TVS Credit Services Limited, a subsidiary company. Company’s direct holding in TVS CS increased to 10.29 percent.
RSWM - India rating has affirmed the rating for Term Loan to IND A. The outlook revised to negative from stable.
Kajaria Ceramics: Board approved re-appointment of Raj Kumar Bhargava and Debi Prasad Bagchi as the independent directors.
Kalpataru Power Transmission: Company has completed the acquisition of Shree Shubham Logistics shares.
V-Mart Retail: Company has opened three new stores in Himachal Pradesh, Jharkhand and Uttar Pradesh respectively. This takes the total number of stores to 207 stores in 165 cities across 17 states.
Hindustan Fluorocarbons: Board approved the valuation report and sale of the 66 acres 13 gunthas of vacant surplus land of company subject to the approval of the shareholders, Govt of India and Govt of Telangana/TSIIC.
Orient Tradelink: Company announces a new film which will be based on Para Cricketers of India.
Advanced Enzyme Technologies: Promoter Chandrakant Rathi Innovations and Projects Pvt Ltd sold another 2.20 percent stake in the company and reduced shareholding to 14.67 percent.
Keerthi Industries: Company successfully awarded the onshore contract area of KG/ONDSF/Gokarnapuram/2018 in KG basin under the Discovered Small Field Bid Round — II of offer contract areas.
Bulk Deals on March 12
NSE
Keerti Know & Skill: Mandeep Tradelink Private Limited purchased 20,000 shares of the company at Rs 83 per share.
Reliance Communications: Rattanindia Finance Private Limited sold 1,51,00,000 shares of the company at Rs 5.25 per share.
BSE
A-1 Acid: Ansu Investment bought 1,52,000 shares of the company at Rs 57.34 per share.
Upsurge Investment Finance: Gagan Deep Multitrade Private Limited bought 1,91,225 shares of the company at Rs 14.83 per share.
Analyst or Board Meet/Briefings
Procter & Gamble Hygiene and Health Care: Company's officials will meet SBI Mutual Fund and LIC on March 13.
Titan Company: Company's officials will meet Elo Mutual Pension Insurance Company, Finland and Genesis Investment Management, LLP in Bangalore on March 13.
Kiri Industries: Management of the company will be attending the Valorem Analyst Conference 2019, organised by Valorem Advisors to be held on March 13.
Mishra Dhatu Nigam: Board meeting is scheduled on March 16 to consider payment of 1st interim dividend for the FY2018-19.
Jindal Stainless: Company's officials will meet analysts/investors on March 13 and 14.
Shriram City Union Finance: Company's officials will meet JM Financial Institutional Securities Ltd on March 18.
Cipla: Company's officials will meet fund houses / investors on March 13, 15, 26 and 27.
Lakshmi Vilas Bank: Board meeting is scheduled on March 15 to consider the issue price of the equity shares to be allotted to QIBs in the QIP, including a discount if any.
Eicher Motors: Company's officials will meet IDFC Mutual Fund and Marshall Wace Global Opportunities on March 13, Columbia Threadneedle Investment on March 14, and Pari Washington Company Advisors on March 15.
HDFC Bank: Board meeting is scheduled on April 20 to consider the audited financial results for the quarter and year ending March 2019 and recommendation of dividend, if any.
Voltas: Company's officials will meet analysts/institutional investors on March 13.
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