Market Opens:
It is good start for the Indian indices on Thursday with Nifty above 11,450 level.
At 09:17 hrs IST, the Sensex is up 36.12 points or 0.09% at 38169, and the Nifty up 10.50 points or 0.09% at 11455.50. About 510 shares have advanced, 281 shares declined, and 31 shares are unchanged.
Zee Ent, HCL Tech, Tech Mahindra, Infosys, Indiabulls housing, Yes Bank, HPCL, BPCL, IOC, GAIL, Eicher Motors are among major gainers, while losers are Tata Motors, ONGC, JSW Steel, IndusInd Bank, Power Grid, Cipla, HDFC Bank and Tata Steel.
Except metal, auto and pharma, all other sectoral indices are trading with marginal gains.
Rupee Opens:
The Indian rupee opened lower by 24 paise at 69.11 per dollar on Thursday versus previous close 68.87.
Global Markets :
Asian markets trade lower:
Asian share markets were painted red on Thursday as recession concerns sent bond yields spiralling lower across the globe, overwhelming central bank efforts to calm frayed nerves.
SGX Nifty:
Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 22 points or 0.19 percent. Nifty futures were trading around 11,424-level on the Singaporean Exchange.
Wall Street ends lower:
US stocks eased on Wednesday as Treasury bond yields fell again and a prolonged inversion in the yield curve fanned fears of a US economic slowdown.
The Dow Jones Industrial Average fell 32.14 points, or 0.13 percent, to 25,625.59, the S&P 500 lost 13.09 points, or 0.46 percent, to 2,805.37 and the Nasdaq Composite dropped 48.15 points, or 0.63 percent, to 7,643.38.
Worries about global growth have risen recently amid weak economic data, and the Federal Reserve last week abandoned projections for any interest rate hikes this year.
The European Central Bank became the latest central bank to delay a planned increase in rates amid rising threats to growth.
Crude Update:
Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in US stocks.
Domestic Markets :
Raghuram Rajan questions PM Modi's minimum govt, maximum governance promise
"The question is, how far have we come on that (minimum government and maximum governance)? I think we continue to rely too much on the bureaucracy to do many things," the academic said at the city launch of his new book. 'The Third Pillar'
Indian market took a U-turn in the second half of the trading session on Wednesday.
The S&P BSE Sensex fell by about 100 points while Nifty failed to hold on to 11500 levels ahead of F&O expiry on Thursday.
Indian markets witnessed profit taking at higher levels which suggest that for bulls to take control, Nifty50 has to close above 11550 levels convincingly.
Bank Nifty scaled a new peak today led by heavy gains in Yes Bank, IndusInd Bank, IDFC First and RBL Bank. Yes Bank was the top Sensex gainer, up nearly 6 percent, followed by 5 percent rally seen in IndusInd bank, and nearly 2 percent gain seen in State Bank of India.
In terms of technical, Nifty50 closed near its 5-days exponential moving average (EMA) which is a good sign because this short term moving average has been acting as crucial support for the index since 19 February.
On the institutional front, FIIs were net buyers in Indian equity markets for Rs 1481 crore while DIIs were also net buyers to the tune of Rs 134 crore, provisional data showed.
However, fears of global economic slowdown will still haunt D-Street and cap upside in the market. Global developments and movement of crude oil prices and currency would dictate the near term trend for the markets.
Technical View:
Nifty formed a bearish candle on daily charts ahead of F&O expiry
In the next trading session if Nifty closes below 11,400 then selling pressure may get further accentuated in the new series.
Strength in Nifty can be expected only on a close above 11,550 levels which shall then pave the way for a test of lifetime highs placed around 11,760 levels.
Three levels: 11413, 11546, 11600
Max Call OI: 11600, 11500
Max Put OI: 11000, 11400
Here are stocks that are in the news today:
Grasim Industries: Company allots 5,000, 7.65% fully-paid NCDs of Rs 10 lakh each aggregating to Rs 500 crore.
Texmo Pipes and Products: Board allotted 13 lakh equity shares at a price of Rs 23.20 per share, aggregating to Rs 3.01 crore to Shree Padmavati Irrigations LLP, promoter group entity on preferential basis.
Nelco board approved sale of company's entire Investment of 12.30% stake in Nelito Systems at a consideration of Rs.6.77 crore to DTS Corporation, Japan
Ador Welding: CARE downgraded rating on long term bank facilities to AA— from AA with outlook stable.
Mahindra & Mahindra Financial Services: Board approved the acquisition of 1,18,91,511 equity shares of Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of the company, aggregating to Rs 286.78 crore from National Housing Bank (NHB). Consequently, the shareholding of the company in MRHFL will increase from 88.75 percent to 98.43 percent as and when the shares are acquired.
Marathon Nextgen Realty: Board approved acquisition of 100 percent equity of 'Marathon Nextgen Townships Pvt Ltd' (MNTP) for a consideration of Rs 1 lakh, and investment proposal/s upto Rs 150 crore to spur up its growth activities.
Ruby Mills: The production at processing plant at Kharsundi has stopped due to labour unrest.
Lloyds Metals and Energy: The company has been conferred the status of mega project under Package Scheme of Incentives - 2013 and received approval for incentives or facilities from Industries, Energy and Labour Department of Government of Maharashtra in respect to the proposed mineral based steel plant at Konsari, Gadchorioli.
Unichem Laboratories: Company has received final Approval for its ANDA, Tadalafil tablets, 2.5 mg, 5 mg 10 mg and 20 mg from the United States Food and Drug Administration for a generic version of Eli Lilly's Cialis.
Bharat Financial Inclusion: Company assigned a pool of receivables of an aggregate value of Rs 1,528.87 crore to one of the largest private sector banks on a Direct Assignment basis. With this transaction, the company has completed Direct Assignment transactions worth Rs 8,195.07 crore in FY19.
Sheela Foam: Company's non-retail investors' portion in offer for sale issue oversubscribed by 2.5 times, receiving bids for 1,05,90,951 shares against OFS size of 42,33,764 shares.
Tata Global Beverage: Board announced re-appointment of Ajoy Kumar Misra as the Managing Director and CEO of the company for a period of 1 year.
Mcleod Russel: Aditya Khaitan, the Vice Chairman of the board has been elected as the Chairman of the board of directors.
NBCC India: Company secured new works for various infrastructure projects of Rs 1,003 crore.
Godrej Agrovet: Company acquired an additional 1.1 percent stake in its joint venture Godrej Tyson Foods, increasing its total shareholding in same to 51 percent. It also acquired additional 2.16 percent stake in Godrej Maxximilk Private Limited, increasing its total shareholding in same to 52.06 percent. Consequently, both companies have become subsidiaries of Godrej Agrovet.
Analyst or Board Meet/Briefings
Metroglobal: Board meeting is scheduled on March 30 to consider the proposal of buy-back of equity shares of the company.
Sonata Software: Company's officials will meet analysts on March 28.
Eris Life sciences: Company's officials will meet Sundaram Mutual Fund on March 28.
Cipla: Company's officials will meet Government of Singapore Investment Corporation on March 28 in Mumbai; and Ontario Municipal Employees Retirement System (Pension Fund), Stewart Investors and Temasek International on March 29 in Singapore.
Hind Rectifiers: Company's officials will meet analysts on March 28.
Majesco: Company's officials will meet Briarwood Capital, USA on March 28, Arohi Asset Management Pvt. Ltd., Singapore on March 29 and Capital Group, Singapore on April 3.
Mahindra & Mahindra: Company's officials will meet Nomura Securities on March 29.
Shemaroo Entertainment: Company's officials will meet Newmark Capital and Motilal Oswal Securities on March 28 in Mumbai.
Dr LalPath Labs: Company's officials will meet SAIF Partners and Banyan Tree Advisors on March 28, and Arisaig Partners on March 31.
Mahindra Logistics: A one-on-one meeting with Vallum Capital, Institutional Investor is scheduled to be held on April 1.
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