Market Opens:
It is a weak start for the indices on the last day of the truncated week with Nifty below 11,050 level.
The Sensex is down 6.09 points at 36719.33, while Nifty is down 14 points at 11044.20. About 560 shares have advanced, 404 shares declined, and 61 shares are unchanged.
Wipro, Tata Motors, Tata Steel, Hindalco, Vedanta, Asian Paints, Maruti Suzuki, are among major gainers on the indices, while losers are M&M, ITC, HUL, Jet Airways, DHFL, Ashok Leyland and Bharti Infratel.
Among the sectors, auto, bank, metal and IT are trading lower, while FMCG, infra and pharma are witnessing some buying.
Rupee Opens :
The Indian rupee opened lower by 17 paise at 70.17 per dollar on Friday versus previous close 70.
Global Markets :
Asian markets slip:
Asian stocks were headed for harm on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.
ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty" as he pushed out a planned rate hike and instead offered banks a new round of cheap loans.
The reversal came in the same week that Canada's central bank took a sudden dovish turn and dismal data from Australia to the UK instilled a sense of foreboding in markets. "When central banks surprise like this some investors wonder whether that infers things are much worse than they thought.
In Asia, Nikkei futures were pointing to an opening loss of around 1.6 percent, while the Australian market was off 0.4 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent in early trade.
E-Mini futures for the S&P 500 nudged down 0.04 percent, adding to losses on Wall Street.
The Dow fell 0.78 percent, while the S&P 500 lost 0.81 percent and the Nasdaq 1.13 percent. The closely watched Dow Jones Transport Average fell for a 10th straight session, the longest streak since February 2009.
SGX Nifty:
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 35 points or 0.32 percent. Nifty futures were trading around 11,052.50-level on the Singaporean Exchange.
Wall Street ends lower:
Wall Street's main indexes fell for a fourth consecutive session on Thursday, after Europe's central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.
EURO IN A HOLE :
The next hurdle for investors will be U.S. payrolls data for February, with analysts uncertain how much payback there might be for January's out sized jump. There was also a chance the jobless rate could fall by more than forecast given the recent strength in employment.
The numbers are still likely to highlight the relative out performance of the U.S. economy, especially against the European Union, and further encourage dollar bulls.
The greenback reached a new 2019 high against a basket of currencies and was last at 97.610.
The euro cowered at $1.1193, having suffered its biggest one-day loss against since June 14, 2018 when the ECB last pushed back plans for a rate hike.
The euro also shed over 1 percent on the yen to last trade at 124.88 yen, while the Japanese currency was one of the few to hold its own on the dollar at 111.58.
"The ECB's updated forecasts imply that, at best, growth slowly returns to trend over the next few years, meaning it will be very difficult to get underlying inflation up," wrote analysts at ANZ in a note.
"Euro interest rates could be at current levels into 2021. That is not good news for euro area banks or the euro."
In commodity markets, the rise in the dollar pressured gold prices, which slipped to $1,285.45 per ounce.
Oil prices found some support from OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran.
U.S. crude was last down 19 cents at $56.45 a barrel, while Brent crude was up 10 cents at $66.09.
Domestic Markets :
JLR global sales decline 4.1% in February
Auto major Tata Motors on Thursday said its struggling British arm Jaguar Land Rover has posted a 4.1 per cent decline in its global sales to 38,288 units in February.
China continues to impact overall performance despite strong sales growth in North America and UK markets, according to a company filing to the BSE.
Sales of Jaguar brand of vehicles in February were up 5.8 per cent at 12,235 units over February 2018, the company said in a statement. Land Rover range posted sales of 26,053 units in the month, down 8.1 per cent over a year-ago period, it added.
"Despite strong sales of the Range Rover and Range Rover Sport, we saw a dip in sales for the Land Rover brand during the month," said JLR Chief Commercial Officer Felix Brautigam.
Demand for the sporty compact E-PACE and the all-electric I-PACE powered growth for the Jaguar brand in key regions, he added.
"In the face of the ongoing macro-economic challenges being felt by the automotive industry, particularly in China, our strong sales growth in North America, the UK and Europe reflect continued demand for our exciting product line-up and two strong brands," Brautigam added.
However, JLR expects improvement in the performance after the launch of new compact Range Rover Evoque with hybrid powertrain and space-efficient platform.
Here are stocks that are in the news today:
Bank of India: Compensation cum Allotment Committee (CCAC) of the bank approved allotment of 6,25,52,188 equity shares to eligible employees under Bank of India — Employee Share Purchase Scheme (BOIESPS). Accordingly, the bank has raised a fresh capital of Rs 660.80 crore through B01-ESPS scheme.
Reliance Infrastructure: BC Patnaik, representative of Life Insurance Corporation of India (LIC) has been approved by the board for appointment as a Non Executive Director in place of Shiv Prabhat.
Jet Airways: An additional three aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
KNR Constructions: Company bagged Hybrid Annuity Project (HAM) with bid project cost of Rs 920 and 1st year operation & maintenance cost of Rs 3 crore from National Highways Authority of India (NHAI) in Tamil Nadu.
Satin Creditcare Network: Promoter Taco Consultants Private Limited released a pledge on 1.6 lakh shares (representing 0.32 percent of paid-up equity) and Parinita Investments Private Limited also released a pledge on 1.6 lakh shares of the company.
Apex Frozen Foods: CRISIL reaffirmed its long term rating on bank loan facilities of Rs 114.77 crore at A-/Stable.
Indo Us Bio-Tech: Board approved issue of bonus shares.
LT Foods: SBI Mutual Fund cut stake in company by 1.09 percent to 2.53 percent.
Avadh Sugar & Energy: Company has carried out redemption of 2,43,50,000 8.50% unlisted non-convertible cumulative redeemable preference shares of Rs 10 each.
Piramal Enterprises: CARE assigned credit rating for short term non-convertible debentures.
Sadbhav Infrastructure Project: Sadbhav Kim Expressway Private Limited (SKEPL), a wholly owned subsidiary of the company has submitted draft financing documents to NHAI in relation to financial closure.
Reliance Industries: RIL enters into MOU with NMSEZ - First Integrated Industrial Area to implement fourth industrial revolution.
The Investment Trust of India: Board accorded in-principle approval for proposed amalgamation of ITI Reinsurance Limited with the company subject to: (a) obtaining approval, if required from the IRDAI; (b) on completion of proposed Buyback by ITI Reinsurance Limited and (c) on ITI Reinsurance Limited became a wholly owned subsidiary of the company.
BLS International Services: Company has been signed up by the Embassy of Vietnam to accept visa applications in India.
Zensar Technologies: Zensar selected as IT transformation partner by Vyaire Medical, US.
Lupin: Company receives FDA approval for Atorvastatin Calcium tablets USP, which is used to lower cholesterol in blood.
Shashijit Infraprojects: Company received project from Western Zonal Assembly Mumbai Diocese of the Mar Thoma Church for construction of school building in Vapi, Gujarat. The project cost would be around Rs 3.80-3.90 crore.
Tata Coffee: Subsidiary Tata Coffee Vietnam Company unveiled its state-of-the art freeze dried instant coffee production plant at Binh Duong province of Vietnam.
Infosys: Company to deliver engineering and digital services to Rolls-Royce Group.
KNR Constructions: Company bagged an order worth Rs 135 crore from Karnataka Road Development Corporation for the work of 'development of road Kanchugaranahalli to Jigani via Harohalli and Urgandoddi of Bidadi - Harohalli road in Bengaluru' project in Karnataka.
Tata Motors - JLR February sales: JLR sales fall 4.1 percent to 38,288 units YoY. Land Rover sales drop 8.1 percent to 26,053 units while Jaguar sales rise 5.8 percent to 12,235 units.
Bulk Deals on March 07
NSE
Manaksia: Vajra Machineries Private Limited bought 3,43,024 shares of the company at Rs 36.7 per share.
Nagarjuna Oil Refinery: Alpha Leon Enterprises LLP sold 31,08,087 shares of the company and Multiplier S and S Adv Pvt Ltd sold 24,00,004 shares at 45 paise per share.
NIIT: Canara Robeco Mutual Fund A/C Canara Robeco Income Saer Fun bought 12 lakh shares of the company at Rs 92.8 per share.
Vijaya Bank: Morgan Stanley (France) SAS bought 81,29,150 shares of the company at Rs 45.97 per share.
Vikas EcoTech: Margi Jigneshbhai Shah sold 22,75,000 shares of the company at Rs 11 per share.
BSE
Sanghvi Movers: Alpna Enterprises bought 3 lakh shares of the company at Rs 98 per share.
Analyst or Board Meet/Briefings
Bank of Maharashtra: Meeting of Compensation Committee of the Bank will be held on March 13 at Pune to consider Employee Share Purchase Scheme (BOM - ESPS) for issue of upto 10 crore new equity shares to the eligible employees of the bank and its related matters.
Manappuram Finance: Company's officials will attend Prabhudas Lilladhar Conference on March 8.
SRG Housing Finance: Analyst / Investor Meeting to be held on March 8.
ION Exchange India: Management will be attending the Valorem Analyst Conference 2019, organised by Valorem Advisors to be held on March 12.
Tata Steel: Company's officials will meet fund and broking houses on March 11 and 12.
MAS Financial Services: Board meeting is scheduled on March 14 to consider appointment and re-appointment of board members.
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