Market Opens:
Indian indices continued its upward momentum on the second day on Tuesday with Nifty opened above 11,200 level.
The Sensex is up 291.67 points at 37345.77, while Nifty is up 80.50 points at 11248.50. About 759 shares have advanced, 129 shares declined, and 24 shares are unchanged.
RIL, Tata Motors, IOC, Bajaj Finserv, HDFC, Dabur, Ashok Leyland, Union Bank, IOB, Coal India, HDFC Bank, Gail, Grasim Industries are among major gainers on the indices, while losers are Bharti Airtel, Bharti Infratel and HDFC Standard Life.
All the sectoral indices are trading higher led by energy, infra and metal.
Rupee Opens:
The Indian rupee opened higher by 13 paise at 69.75 per dollar on Tuesday versus Monday's close 69.88.
Rupee consolidated in a narrow range after appreciating for the four successive sessions as most market participants remained cautious ahead of the inflation and industrial production number that will be released today.
Expectation is that inflation in February could inch higher whereas IIP could grow at a slower pace in January. A disappointing number could keep the rupee under pressure in the latter half of the session.
Today, USD-INR pair is expected to quote in the range of 69.50 and 70.20.
Global Markets :
Asian markets trade higher:
The pound jumped on Tuesday and Asian shares rose after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement.
European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 percent, following on from a rally on Wall Street overnight. Australian shares were up 0.4 percent, while Japan’s Nikkei stock index jumped 1.6 percent.
SGX Nifty:
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 49.50 points or 0.44 percent. Nifty futures were trading around 11,262-level on the Singaporean Exchange.
Wall Street ends higher:
US stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing's shares limited the Dow's advance after a deadly airline crash in Ethiopia.
The Dow Jones Industrial Average rose 200.64 points, or 0.79 percent, to 25,650.88, the S&P 500 gained 40.23 points, or 1.47 percent, to 2,783.3 and the Nasdaq Composite added 149.92 points, or 2.02 percent, to 7,558.06.
China, US discuss key issues in trade talks: Xinhua
Chinese Vice Premier Liu He held a telephone call on Tuesday with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer on key issues in their trade talks, state news agency Xinhua said.
The two sides set the next steps in “working arrangements”, Xinhua added, without giving details.
Crude Update:
Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.
A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.
US West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement. Brent crude futures were at $66.75 per barrel, up 17 cents, or 0.3 percent.
Domestic Markets :
The market staged a spectacular rally on March 11 with the Sensex rallying nearly 400 points and the Nifty 50 closing above the critical resistance level of 11,118. All sectoral indices participated in the rally barring IT, with Auto, Metals and PSU Bank rising 2-3 percent.
The 30-share BSE Sensex climbed 382.67 points or 1.04 percent to close at 37,054.10 after the Election Commission announced Lok Sabha poll dates. The Nifty 50 rallied 132.60 points or 1.20 percent to 11,168, the highest closing level of 2019 and formed bullish candle on the daily charts.
The VIX closing below crucial levels of 15 & USD/INR showing strength by trading below 70 a dollar support the current rally, he said, pointing out that Nifty has managed to close above stiff resistance of previous swing high level of 11,118.
According to Pivot charts, the key support level is placed at 11,091.57, followed by 11,015.13. If the index starts moving upward, key resistance levels to watch out are 11,212.67 and 11,257.33
The Nifty Bank index closed at 27,968.60, up 206.80 points on March 11. The important Pivot level, which will act as crucial support for the index, is placed at 27,826.73, followed by 27,686.77. On the upside, key resistance levels are placed at 28,071.13, followed by 28,175.57.
NSE launches weekly options on NIFTY IT index
The National Stock Exchange (NSE) on Monday launched weekly options on the NIFTY IT Index. The NIFTY IT index options are already available for three monthly expiration cycle.
"Addition of weekly options expiration contract will add flexibility and access to support a variety of trading strategies. "Participants will be able to hedge more efficiently against market movements resulting from economic data releases, corporate announcements particularly the financial results announcements or market events taking place in specific time frames," the exchange said in a release.
Four stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For March 12, IDBI Bank, Reliance Infrastructure, Reliance Power and Jet Airways are present in this list.
Stocks in news
TVS Motor: Company declares second interim dividend of Rs 1.40 per share (140 percent)
Laurus Labs: Company received a final approval from USFDA for Hydroxychloroquine Tablets 200 mg and a tentative approval for an ANDA for ADL Tablets 600 mg/50 mg/300 mg.
Sundaram-Clayton: Company declares second interim dividend at the rate of Rs 16 per share (320 percent).
Advanced Enzyme Technologies: Promoter group - Chandrakant Rathi Innovations and Projects Pvt Ltd cuts its stake in company by 1.43 percent to 16.87 percent. Atharva Green Ecotech LLP also sold its entire 6.24 percent stake through open market transaction on March 8.
Jet Airways: Part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on March 11, has
been delayed owing to temporary liquidity constraints and the company has engaged with the lender in relation to the same.
Ujaas Energy: Board of Directors approved disposal of its entire holding in its wholly own subsidiary, Eizooba Energy One Limited to ACA International Commerce FZE.
Welspun Corp: Company received additional pipe orders of 212 KMT on global basis. Out of these additional orders, 151 KMT will be serviced from India. The company's current order book stands at 1,667 KMTs valued at Rs 14,500 crore, after considering execution up to February 2019.
Adlabs Entertainment: Promoter Thrill Park released a pledge on another 0.07 percent stake.
Kalpataru Power Transmission: Board approved to purchase additional 8.54 percent equity shares and 14.99 percent preference shares of Shree Shubham Logistics Limited (SSLL), a 71.52 percent subsidiary of the company from existing shareholders of SSLL.
Piramal Enterprises: Piramal Critical Care launched Mitigo (Morphine Sulfate Injection, USP – Preservative-free) in 10 mg/mL and 25 mg/mL concentrations in the US market.
Ujjivan Financial Services: Company revised its record date for payment of interim dividend to March 23 from March 22 earlier.
PSP Projects: Company has received LOA/work orders worth Rs 601.21 crore for industrial, institutional, government and residential projects from various clients.
HDFC Standard Life: Promoter Standard Life (Mauritius Holdings) 2006 to sell up to 7 crore shares (representing 3.47 percent of paid-up equity), with an option to additionally sell up to 2.95 crore equity shares (representing 1.46 percent of paid-up equity) through offer for sale on March 12 and March 13.
Sundaram-Clayton: Company re-appointed Venu Srinivasan as Managing Director.
Godfrey Phillips' Clarification: The company had entered into a commercial arrangement with IPM Wholesale Trading Private Limited (an Indian entity and affiliate of Philip Morris International Inc., USA) to manufacture Marlboro cigarettes in India in May 2009 which is a year before May 2010 when the restrictions on FDI in manufacture of cigarettes came into being. The commercial arrangement is in complete compliance with the extant regulations governing the FDI laws in India. All the business transactions entered and executed between the parties since 2009 are governed by the above referred commercial arrangement. Incidentally, all the business transactions above are executed in Indian rupees.
Selan Exploration - Ministry of Petroleum and Natural Gas stating approved the proposal for grant of extension of 10 years w.e.f. 13.03.2020 for the entire contract area measuring 5 Sq. Km of Lohar Field
NBCC to monetise Jaypee Infratech assets to complete stuck projects - ET
Rites declared second interim dividend of Rs 4 per share i.e. 40%
KEI Industries - 2nd phase of Capex for Medium Voltage (MV) Cables at Alwar, Rajasthan Plant has been operational now
Bulk Deals on March 11
NSE
Bohra Industries: Aditi Speciality Packaging Private Limited bought 1,50,000 shares of the company at Rs 15.94 per share.
CG Power and Industrial Solutions: Bharti SBM Holdings Private Limited purchased 36,00,000 shares of the company at Rs 38.12 per share.
Mahamaya Steel Industries: Acestar Infosolutions bought 89,962 shares of the company at Rs 184.71 per share.
Reliance Communications: IndusInd Bank LTD Client A/C sold 1,70,00,000 shares of the company at Rs 5.54 per share.
Tourism Finance Corporation: Motilal Oswal Focused Emergence Fund bought 5,55,000 shares of the company at Rs 120.12 per share.
BSE
ISGEC Heavy Engineering: Ranjan Tandon sold 43,000 shares of the company at Rs 5,201.30 per share.
Analyst or Board Meet/Briefings
Mahindra Logistics: Company's officials will interact with certain Analyst / Institutional Investor on March 12 in Mumbai.
Shoppers Stop: Company will meet Aliasgar Shakir, Vice President - Institutional Research and Abhijit Tare, Co-Head - Equity of Motilal Oswal Financial Services Limited on March 15.
Hindustan Aeronautics: Board meeting is scheduled on March 18 to consider the declaration of first interim dividend for the financial year 2018-19.
Vedanta: Company's officials will meet Mondrian Investment Partners and Ruffer & Co on March 12 in London.
DCM Shriram: Company's officials will meet Motilal Oswal Securities on March 14.
Shriram City Union Finance: Company's officials will meet fund/analyst/institutional investors on March 14, 15, 18, 25 and 28.
Aurionpro Solutions: Officials of the company will be meeting investors and analysts on March 12.
Aegis Logistics: Board meeting is scheduled to be held on March 18 to consider interim dividend during the financial year 2018-19.
Dr Lal PathLabs: Company's officials will meet analyst/institutional investors on March 12, 13, 14 and 22.
IDFC First Bank: Company's officials will meet fund/analysts/institutional investor/broker etc on March 13.
Shree Pushkar Chemicals & Fertilisers: Board meeting is scheduled on March 15 to consider the investment proposal for company's growth and any other matter with the permission of Chair.
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