Market Opens:
It is positive start for the market on the first day of the truncated week with Nifty above 11,500 level.
The Sensex is up 288.20 points at 38312.52, while Nifty is up 75.40 points at 11502.30. About 753 shares have advanced, 248 shares declined, and 58 shares are unchanged.
Mindtree, IOC, Kotak Mahindra, Bharti Infratel, Axis Bank, Asian Paints, Power Grid, TCS, M&M are among major gainers, while losers are Maruti Suzuki, Grasim, Vedanta, NTPC and Wipro
Among the sectors, auto, metal and pharma are under pressure, while Nifty Bank gained 1 percent followed by energy, FMCG and Infra.
Rupee Opens:
The Indian rupee gained in the early trade on Monday. It opened higher by 18 paise at 68.91 per dollar against Friday's close 69.09.
The rupee has gained past 69 mark for the first time since August 10, 2018.
The dollar-rupee March contract on the NSE was at 69.23 in the previous session. March contract open interest declined 3.80% in the previous session.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.
Global Markets :
Asian markets trade firm :
Asian share markets crept ahead on Monday while bonds were in demand globally on speculation the US Federal Reserve will sound decidedly dovish at its policy meeting this week.
SGX Nifty:
Trends on SGX Nifty indicate a positive start for the broader indices in India, a gain of 26.50 points or 0.23 percent. Nifty futures were trading around 11,500.50-level on the Singaporean Exchange.
Crude Update:
Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and US sanctions against Iran and Venezuela.
Domestic Markets :
FPIs have poured in over Rs 19000 crore so far in the month of March in Indian markets while DIIs have used the opportunity to sell. They were net sellers in Indian equity markets to the tune of nearly Rs 9000 crore, data showed.
Rising for the fifth straight session, the rupee Friday jumped 24 paise to close at 69.10 against the US dollar on sustained foreign fund inflows and heavy buying in domestic equities.
On the institutional front, FPIs were net buyers for Rs 4323 crore while DIIs were net sellers to the tune of Rs 2130 crore, provisional data showed.
Technical View:
Nifty formed a Bullish candle on a weekly scale while a Shooting Star kind of formation on daily charts.
The index has to continue to hold above 11333 zones to extend its up move towards 11550-11600 zones.
Major support exists at 11280 then 11180 zones.
Three levels: 11370, 11487, 11500
Max Call OI: 11500, 11400
Max Put OI: 11000, 11200
Stocks in news:
Mindtree has called for a board meeting next week to consider share buyback amid the speculations about L&T Infotech taking over the company.
Private sector lender Lakshmi Vilas Bank Saturday said it has raised Rs 459.59 crore through qualified institutions placement (QIP).
Drug major Lupin on March 16 said it has been cautioned by the US health regulator that its New Jersey facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
Lumax Auto Technologies: Company decided for discontinuation of the PCB manufacturing w.e.f. April 1, 2019. In addition, the board has also approved the disposal of plant and machinery to Lumax Industries relating to PCB Business on arm’s length basis and not below its book value.
Jaiprakash Associates: Board approved the re-appointment of Manoj Gaur, Executive Chairman & CEO and Sunil Kumar Sharma, Executive Vice Chairman for a further term of three years.
Future Consumer: Company announced redemption of non-convertible debentures.
Oil India -Joint Venture Partners of Mozambique Rovuma Offshore Area 1, concludes over 9.5 MMTPAof LNG Sale and Purchase Agreements.
Mindtree to consider proposal of buyback on March 20.
Karnataka Bank: The bank partners with Karvy DigKonnect for contact centre services.
Grasim Industries received an order issued by the DCIT raising a demand of Rs. 5,872.13 crore on account of dividend distribution tax.
Kesoram Industries: The company's rating pertaining to that portion of its long term/short term banking facilities as been assigned to CARE Ratings Limited for rating has been revised to BB+/ A4+ (under credit watch with developing implications).
Majesco: Board approved to sell, transfer and dispose of, as a going concern and on a slump sale basis, the company's India Insurance Products & Services Business to Majesco Software and Solutions India Private Limited, a step-down subsidiary of the company, for a lump sum consideration of Rs 24.4 crore.
Kotak Mahindra Bank approved re-appointment of Prakash Apte and Uday Shankar as an independent directors of the bank. The Bank approves dividend on 100 crore preference shares.
Mishra Dhatu Nigam: Board declared payment of Rs 1.68 per share as the first interim dividend on equity shares for the financial year 2018-19 and fixed March 26 as the record date for dividend payment.
SAIL: CARE has assigned AA- outlook stable to company's long term fund based facility (term loan).
Bandhan Bank/Gruh Finance received No Objection from the RBI for the amalgamation of GRUH Finance into and with Bandhan Bank
HDFC- RBI has granted in-principle approval to the company for acquisition of 9.9% or less of the paid up voting equity capital of Bandhan upon the effective date of the scheme
Indostar Capital approved NCD worth Rs 15 crore on private placement basis
Indo Amines: 'No observation' letter has been received from BSE for proposed amalgamation amongst Core Chemical (Mumbai) Private Limited and Key Organics Private Limited with Indo Amines Limited, so as to enable the company to file the scheme with NCLT.
DHFL: Special Committee of the board of directors accorded approval to disinvest to Olive Vine Investment Limited an affiliate of the Warburg Pincus Group.
Santosh Sharma (currently the CFO) will assume a new role as the Head - Corporate Strategy.
India Ratings & Research revised rating on long term bank loans of Religare Enterprises to IND B+/RWN from IND BB/RWN, while on short term bank loan rating revised from IND A4+/RWN to IND A4/RWN
J&K Bank executed share purchase agreement with Oman India Joint Investment Fund II for sale by the Bank 4,11,11,111 crore equity shares of PNB MetLife India Insurance Company at a total consideration of Rs 185 crore
Lupin: Subsidiary Novel Laboratories Inc. has received a letter from the USFDA classifying the inspection conducted at its Somerset (New Jersey) facility in December 2018 as Official Action Indicated (OAI). The US FDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
NHPC approved raising of fund through External Commercial Borrowing (ECB) in JPY equivalent to USD 100 Million from MUFG Bank
REC board meet on March 20, 2019, to consider a proposal relating to market borrowing programme for the financial year 2019-20
Prakash Industries - National Law Company Law Tribunal sanctioned the demerger scheme of company's business of PVC Pipes & Fittings and Flexible Packaging into Prakash Pipes
Cadila Healthcare: Zydus receives final approval from the USFDA for Valsartan and Hydrochlorothiazide tablets.
Mirc Electronics: Vishal Barot has resigned as Chief Financial Officer (CFO) of the company due to personal reasons.
Punjab & Sind Bank reviewed MCLR w.e.f. March 16, 2019
Zuari Global: Company has acquired around 48.98 percent shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited (IFPL), subsidiary of the company.
HUDCO further raised funds of Rs 5320 crore through Issue of Government of India Fully Serviced, Unsecured, Taxable HUDCO Bonds Series V-2018
Vodafone Idea board meet on March 20 to consider, discuss and decide, various matters in connection with the rights issue
India rating & research downgrades rating on NCD to IND A+ with rating watch negative (RWN)
Jubilant Foodworks - Domino’s Pizza officially launched in Bangladesh
Out of F&O Ban: BEML, Reliance Power.
Analyst or Board Meet/Briefings
EID Parry India: Board meeting will be held on March 22 to consider the second interim dividend on equity shares, if any, for the financial year 2018-19.
Finolex Industries: Company's officials will meet investors/analysts on March 18.
PSP Projects: Company's officials will meet analyst/institutional investors on March 18 and 25.
Emmbi Industries: Company's officials will meet Moneybee Investment Advisors on March 18.
Deep Industries: Officials of the company will be meeting investors and analysts on March 19.
Jindal Steel & Power: Analysts and Investors visit to Angul plant is scheduled on March 18.
South Indian Bank: Officials of the bank will be meeting a group of institutional investors organised by SBI Caps Securities on March 19.
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