Market Opening :
It is a flat start for the Indian indices with Nifty below 11,500 level.
The Sensex is up 9.74 points at 38373.21, while Nifty is up 0.90 points at 11533.30. About 391 shares have advanced, 235 shares declined, and 41 shares are unchanged.
Vedanta, Infosys, L&T, TCS and Axis Bank are the top gainers on the Sensex.
Rallying for the seventh consecutive day in a row, benchmark indices hit a fresh 6-month high. The NiftyBank touched a fresh record closing high, led by gains in PNB, Bank of Baroda, Federal Bank, SBI and Axis Bank.
On the broader market front, the S&P BSE Mid-cap index rose 0.52 percent while the S&P BSE Small-cap index ended 0.37 percent higher.
On the technical charts, Nifty continues to trade above its 5-days exponential moving average (EMA) and nullified the negative implication of Long Legged Doji kind of pattern formed in Monday’s session which suggest that the momentum remains intact.
Strong liquidity is something which is fuelling a rally in Indian markets suggest experts, and the index is on track to hit 11700 levels possibly new highs by March-end.
Rupee Opens:
The Indian rupee opened lower by 8 paise at 69.05 per dollar on Wednesday versus Tuesday's close 68.97.
On Tuesday the rupee ended 44 paise lower at 68.97 on the back of rising crude, demand for the greenback from importers and remain caution ahead of the outcome of the FOMC meeting.
The rupee has depreciated yesterday on account of importers demand at lower levels. However, broad sentiments remains positive due to FIIs inflows in the debt and equity market.
The dollar-rupee March contract on the NSE was at 69.05 in the previous session. March contract open interest declined 8.27% in the previous session.
Global Market :
Asian markets trade mixed:
Asian shares got off to a cautious start on Wednesday, holding close to six-month highs on hopes the US Federal Reserve will stick to a dovish stance and unveil a plan to stop cutting bond holdings later this year.
SGX Nifty:
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 9.5 points or 0.08 percent. Nifty futures were trading around 11,566.50-level on the Singaporean Exchange.
Wall Street ends flat:
The benchmark S&P 500 index ended little changed on Tuesday as investor optimism regarding the Federal Reserve's expected affirmation of its dovish policy stance was offset by reports of fault lines emerging in ongoing US-China trade negotiations.
Crude Update:
Oil prices dipped on Wednesday, retreating from a four-month high as economic growth concerns dampened the outlook for fuel consumption.
Domestic Markets :
Here are stocks that are in the news today:
Jet Airways in focus:
Lenders to the airline will look for equity infusion from a new investor to replace Etihad. The new investor is likely to be an investment fund.
Banks may initiate talks with few investment funds that conducted due diligence on the company. Also lenders are looking at option of asking Etihad, Naresh Goyal to pledge their shares.
Muthoot Capital Services: Company completed a securitization transaction of Rs 236.36 crore.
Future Enterprises: Brickwork Ratings India has re-affirmed AA (SO) rating on NCDs with stable outlook.
ONGC board meeting March 23 to consider interim dividend
Cox & Kings: Company owned Meininger opens hotel in Budapest, Hungary.
V-Mart Retail: Company opened a new store in the state of Assam.
Bodal Chemicals: Company starts production at Gujarat plant.
DLF: Company's joint venture with Hines to invest upto Rs 1,900 crore to develop 2.9 million square feet in Udyog Vihar, Gurugram, their second joint venture.
Jindal Saw's independent director Devi Dayal resigns with immediate effect due to personal reason
Tata Steel BSL allotted Non-Convertible Redeemable Preference Shares worth Rs 6500 crore to Tata steel
HCL Tech and Xerox expand Strategic Partnership to accelerate operational Transformation
Jet Airways: An additional six aircraft (include one aircraft of Jet Lite (India) Limited) have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
Himalaya Food International: Board meeting is scheduled on March 25 to discuss the status of OTS (one time settlement) proposal with consortium of Banks led by SBI.
Rallis India: Company announced suspension of operations at Ankleshwar unit due to flash fire during transfer operations.
Talwalkar Better Value's promoter acquired 0.70% stake from open market on March 18
IDBI Bank: Board approved rupee bond borrowing limit of Rs 4,000 crore to be borrowed in one or more tranches comprising of Basel III compliant Tier II Bonds and Senior Bonds (not more than Rs 1,000 crore) by way of private placement during FY 2019-20.
Viaan Industries: Company agreed to acquire equity stake in Avalance Technology Private Limited (a company proposed to be incorporated under the Companies Act, 2013) for a cash consideration. The said investment upon completion will translate into 50 percen equity stake in Avalance Technology Private Limited on a fully diluted basis.
Newgen Software: Company secured another patent for its invention- Integrated and Automatic Generation of Carbon Credits.
Datamatics Global Services: Company acquired additional 10 percent equity stake in Datamatics Digital Limited (earlier known as Techjini Solutions Private Limited), the subsidiary company.
Fortis Healthcare: Board approved the appointment of Dr Ashutosh Raghuvanshi as Managing Director designating him as MD & CEO of the company.
Adhunik Industries: Bikash Roy Chowdhury has resigned from the post of Chief Financial Officer (CFO) and key managerial personnel (KMP) due to some personal reasons.
Avenue Supermarts: Company has issued commercial paper of Rs 100 crore.
Rushil Decor: Company intimated fire accident at factory located at Chikmagalur, Karnataka.
Eris Lifesciences: Himanshu Shah, Executive Director of the company has resigned from the membership of the board.
Centrum Capital: Company sold its entire equity holding in its wholly-owned subsidiary company, Centrum Capital Holding LLC alongwith its subsidiary i.e Centrum Securities LLC (step-down subsidiary of CCL).
Bulk Deals on March 19
NSE
Agro Phos India: Ambe Securities Private Limited bought 1,45,000 shares of the company at Rs 72.78 per share.
CG Power & Industrial Solutions: Bharti SBM Holdings Private Limited purchased 56,64,181 shares of the company at Rs 46.11 per share.
Keerti Know & Skill: Mandeep Tradelink Private Limited sold 42,000 shares of the company at Rs 70.45 per share.
LEEL Electricals: Alpha Leon Enterprises LLP sold 2,40,000 shares of the company at Rs 21.31 per share.
M K Proteins: Bhavishya Investserve Private Limited purchased 24,000 shares of the company at Rs 77.09 per share.
Man Coat Metal: Palash Machineries Private sold 3,49,183 shares of the company at Rs 6 per share.
Noida Toll Bridge Company: Jaliyan Trading Private Limited bought 13,00,000 shares of the company at Rs 5.35 per share.
Ruchi Soya Industries: Disha Foundation sold 22,48,143 shares of the company at Rs 7.26 per share.
Shaival Reality: Wealth First Portfolio Managers Limited sold 1,08,000 shares of the company at Rs 26.7 per share.
BSE
Bharti Infratel: Promoter Bharti Airtel sold another 15 crore shares of the company to its subsidiary Nettle Infrastructure Investments Limited at Rs 332.25 per share.
Analyst or Board Meet/Briefings
OCL Iron and Steel: Board meeting is scheduled on March 22 to consider issue of equity and convertible/non convertible securities or other equity linked securities along with secured/unsecured loan.
KEI Industries: Company's officials will meet Motilal Oswal Financial Services on March 25.
NOCIL: Investor / Analysts will be visiting the company’s plant at Dahej on March 20.
Tata Steel: Company's officials will meet B&K Securities on March 20.
MT Educare: Company's officials will meet Khambatta Securities on March 20.
Coffee Day Enterprises: Board meeting is scheduled on March 22 to consider the issuance of unlisted, unrated, secured, redeemable, non-convertible debentures (NCDs) for an amount upto Rs 200 crore in one or more tranches. The issue of NCDs is for the purpose of re-financing the existing debt.
S Chand and Company: Company's officials will meet analysts/investors on March 25.
MIRC Electronics: Company's officials will meet analysts on March 20.
Mahindra Lifespace Developers: Company arranged conference call on April 23.
Atlanta Infrastructure and Finance: Board meeting is scheduled on March 27 to consider resignation of Managing Director & CFO Sailesh Mulraj Ved.
Colgate Palmolive (India): Board meeting will be held on March 29 to consider the declaration of dividend (if any).
Welspun Enterprises: Company will be attending Elara Morpheus Investor Conference on March 20.
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