Market Opens:
It is strong start for the benchmark indices on Wednesday with Nifty opens above 11,000 level.
The Sensex is up 158.64 points at 36601.18, while Nifty is up 47.10 points at 11034.60. About 777 shares have advanced, 146 shares declined, and 43 shares are unchanged
Wipro, Indiabulls Housing, L&T, HPCL, BPCL, ITC, Vedanta, Grasim, DHFL, are the top gainers on the indices, while losers are Bharat Forge, Reliance Capital
All the sectoral indices are trading green, while midcap and smallcap also up 0.6 percent.
Rupee Opens:
The Indian rupee opened lower by 10 paise at 70.59 per dollar on Wednesday versus previous close 70.49.
On Tuesday, rupee rose for the second successive session despite strength in the dollar against its major crosses and volatility in global crude oil prices.
On the domestic front, gains for the rupee were also on back of sustained FII inflow in equity segment. Yesterday, the FIIs poured in funds worth USD 648 million including both equity and debt segment thereby restricting any major fall for the currency, it added.
The currency could come under pressure after US President Donald Trump looked set to open a new front in his trade wars with a plan to end preferential trade treatment for India that allows duty-free entry for up to USD 5.6 billion worth of its exports to the US.
Today, USD-INR pair is expected to quote in the range of 70.40 and 71.05.
Global Markets :
US markets end marginally lower :
Wall Street's main indexes dipped in a choppy session on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's strong run.
Asia trades mixed:
Asian stocks clung to tight ranges on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar.
SGX Nifty:
Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain of 22 points or 0.20 percent. Nifty futures were trading around 11,055-level on the Singaporean Exchange.
Crude Update:
Oil prices fell more than 0.5 percent on Wednesday as bullish output forecasts by two big U.S. producers outweighed recent OPEC-led efforts to rein in crude production.
Here are stocks that are in the news today:
Bharti Airtel: Airtel collaborates with Zoom to launch India's first high quality unified communications solution for businesses' issued by the company.
Karur Vysya Bank: Capital Raising Committee approved the information memorandum in relation to issue of BASEL III compliant Unsecured Non-convertible Tier II Bonds in the nature of debenture of Rs 1,00,000 each for a total approved borrowing programme of Rs 1,200 crore in one of more Tranches with present 'Tranche A' of Rs 300 crore with green shoe option of upto Rs 300 crore aggregating upto Rs 600 crore.
Newgen Software: Company receives patents from Indian Patent Office for its inventions.
Reserve Bank of India (RBI) imposed penalty of Rs 2 crore on Bank of Maharashtra
Grasim Industries signed a definitive agreement, to acquire 100% equity shareholding of Soktas India, from its current promoters, for an enterprise value of Rs 165 crore
Edelweiss Financial Services: CDPQ Private Equity Asia Pte Ltd, the subsidiary of North America-based pension fund manager, to invest over Rs 1,800 crore in ECL Finance Limited, the non-banking financial company (NBFC) arm of Edelweiss Group.
Bosch: Company announced an extinguishment of equity shares with respect to the buyback of 10,27,100 fully paid-up equity shares of face value of Rs 10 each.
Quick Heal Technologies: Board approved a proposal to buyback up to 63,63,636 equity shares of the company, being 9.02 percent of the total paid up equity, for an aggregate amount not exceeding Rs 175 crore, at a price of Rs 275 per share.
Jubilant Life Sciences: Subsidiary Jubilant Pharma (incorporated under the laws of Singapore) successfully completed the issuance of rated unsecured bonds (to institutional investors outside India. The Notes were issued at par in a principal amount of $200 million and will mature in March, 2024.
Endurance Technologies: Promoter Anurag Jain to sell up to 63,63,637 equity shares (representing 4.52 percent of the paid up equity) on March 6 and March 7 with an option to additionally sell up to 41,89,051 equity shares (representing 2.98 percent of the paid up equity) through Offer for Sale route.
Blue Star: Board appointed Shailesh Haribhakti, Independent Director as the Chairman, elevated Vir S Advani as Vice Chairman and his re-designation as Vice Chairman & Managing Director, and elevated B Thiagarajan to Managing Director of the company.
The Investment Trust of India: Subsidiary ITI Alternate Funds Management Limited received a registration certificate from SEBI to act as Portfolio Manager.
Avenue Supermarts: Company issued commercial paper of Rs 50 crore.
Wipro: Stock will trade ex-bonus (1:3) from March 6. Revised market lot for Futures & Options contracts would be 3,200.
Sterlite Technologies: Company unveils TruRibbonTM - Ribbon Reinvented, a fully backward compatible cable built for high-capacity networks.
Bulk Deals on March 05
NSE
CESC Ventures: International New Discovery Fund sold 1,48,126 shares of the company at Rs 516.44 per share.
J Kumar Infraprojects: Capri Global Holdings Private Limited bought 4,50,000 shares of the company at Rs 148 per share.
PG Electroplast: Swing Infraspace Private Limited sold 94,705 shares of the company at Rs 78.61 per share.
SP Apparels: Edelweiss Multi Strategy Funds Management Pvt Ltd - Hexagon sold 1,68,205 shares of the company at Rs 253.22 per share.
Shalimar Paints: Meenakshi Gupta sold 4,78,900 shares of the company at Rs 65.22 per share.
Shree Pushkar Chemicals: Edelweiss Multi Strategy Funds Management Pvt Ltd - Hexagon sold 1,55,026 shares of the company at Rs 130.14 per share.
Spencer: MFS Emerging Markets Equity Fund sold 5,75,830 shares of the company at Rs 150.1 per share.
Surani Steel Tubes: Satyanarayan Jagannath Kabra sold 50,000 shares of the company at Rs 53.9 per share.
BSE
La Opala RG: Steadview Capital Mauritius Limited sold 7,53,715 shares of the company at Rs 200 per share.
Analyst or Board Meet/Briefings
Arcotech: Extra-Ordinary general meeting to be held on March 29.
Cipla: Company's officials will meet Matthews India Fund, San Francisco on March 6 in Mumbai.
Sun TV Network: Board meeting is scheduled on March 8 to consider interim dividend if any, for the financial year 2018-19.
Mahindra & Mahindra: Company's officials will meet Aditya Birla Money on March 7, Quest Investment Advisors on March 13 and Janus Henderson on March 14 in Mumbai.
Jubilant Life Sciences: Management of the company will be meeting investor/ analysts in Mumbai on March 6.
Indostar Capital Finance: Company's officials will attend Prabhudas Liladhar Investor Conference on March 7, in Mumbai.
Tata Metaliks: Company's officials will meet Investors/ Analysts on March 6.
Lakshmi Vilas Bank: Board meeting is scheduled on March 8 to consider the raising of funds by way of issue of equity shares of the bank on preferential basis.
HUDCO: Board meeting is proposed to be held on March 12 to consider payment of interim dividend for the financial year 2018-19.
SREI Infrastructure Finance: Board will consider declaration of interim dividend on March 8. The record date is fixed as March 16.
KSB: Company's officials will attend investor conference on March 6.
ACC: Company's officials will meet Nomura Asset Management(Singapore) on March 6.
Titan Company: Company's officials will meet JPMorgan Asset Management (UK) Ltd & Blackrock International on March 6, and Nomura Asset Management on March 8.
NLC India: Board meeting is scheduled to be held on March 18 to consider declaration of interim dividend, if any, for the financial year 2018-19.
Pidilite Industries: Company's officials will meet JP Morgan Asset Management on March 8 and Axis Asset Management on March 11.
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