Market Opening:
Benchmark indices opened marginally higher after a selling pressure seen in previous two consecutive sessions.
The BSE Sensex rose 51.28 points to 37,860.19 and the Nifty50 gained 31.90 points at 11,386.20.
Indiabulls Housing, Zee Entertainment, Eicher Motors, GAIL, Adani Ports, Bharti Infratel and Reliance Industries were early gainers.
Infosys, TCS, Tech Mahindra, HCL Technologies, JSW Steel and Power Grid were under pressure.
Nifty Midcap index was up 0.5 percent.
Jet Airways rallied 7 percent after Naresh Goyal and his wife stepped down from board.
Kalpataru Power Transmission gained 4 percent.
ICICI Prudential Life lost 2.5 percent.
Rupee Opens :
Spot Dollar to Rupee 68.8000 -0.13 (-0.19%)
Global Markets :
US Markets End Mixed
The S&P 500 Index ended a choppy session slightly lower on Monday as worries about a slowdown in global economic growth lingered and as Apple Inc shares fell after the company unveiled its video streaming service.
Indexes moved between negative and positive territory throughout the session, with investors keeping their eyes on the US Treasury market.
Benchmark 10-year Treasury yields fell to their lowest levels since December 2017, while the yield curve between three-month bills and 10-year notes inverted further as investors continued to assess last week’s dovish pivot by the Federal Reserve.
The Fed flagged an expected slowdown in the economy last week and decided against raising interest rates this year.
The yield curve inversion, if it holds, is seen by some as an indicator that a recession is likely in one to two years. Ten-year notes were last yielding about 2.4 percent.
Asian Markets Update
Asian shares were shaky after US Treasury yields sank to their lowest since late 2017, further below short-term interest rates and adding to fears of a US recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade after two days of losses. Japan’s Nikkei rebounded 1.1 percent after a 3.0 percent fall on Monday.
Investors have been spooked by sharp falls in US bond yields and an inversion of the US Treasury yield curve, which is widely seen as an indicator of an economic recession.
SGX Nifty :
Indicated that the market is expected to see consolidation after around 500 points fall on the Sensex in previous two consecutive sessions on global growth concerns.
SGX Nifty was up 11 points at 11,376.50 at 8:23 hours IST.
Domestic Markets :
Global brokerage house Macquarie said European investors are still appear to be cautious on India. Elections & a rebound in economic growth will be key drivers for flows into India, it added.
The Sensex in last two sessions fell around 500 points after rallying more than 3,000 points since February 19 on the back of more than Rs 43,000 crore worth of shares buying by FIIs.
"We continued to recommend our stance on moving from defensives to cyclicals and to recommend our stance on moving from large caps to midcaps," the investment firm said.
Real estate & its derivate sectors will be outperformers in 2019, it believes.
Top large cap picks are IndusInd Bank, Yes Bank, ITC, ONGC and L&T while top midcap picks are Phoenix Mills, L&T Infotech, Minda Industries, Jubilant Foodworks, Ujjivan Financial, Apollo Hospitals, NCC, Crompton Consumer, ACC and Berger Paints.
Here are the stocks which are in news today:
Indiabulls Real Estate: To raise Rs 600 crore Via NCDs
Titan Company: Appoints Pradyumna Rameshchandra Vyas as Independent Director of company
DCM: Sumant Bharat Ram resigns as Chief Executive & Financial Officer w.e.f March 31
ICICI Prudential: Prudential Corp to sell up to 2.6% stake via OFS; Floor Price set at Rs 300 per share
Suzlon Energy: Completes sale of Wind & Solar Subsidiaries
Jet Airways: Resolution plan - Conversion of Re 1 of Lenders' debt into 11.4 crore equity shares. Two nominees of promoter - Naresh Goyal and Anita Goyal, and one nominee of Etihad Airways PJSC to step down from the Board. Naresh Goyal to cease the be the Chairman of the company.
Grasim Industries: The Bombay High Court granted a stay against the recovery demand worth Rs 5,872.13 crore on account of dividend distribution tax.
Newgen Software Technologies: Company said it will incorporate Australian arm with an initial investment of 1.5 million Australian Dollars.
Bharti Airtel: Company said that it eliminated ISD Packs for making regular call to Bangladesh and Nepal. Prepaid user can make calls to Bangladesh at Rs 2.99 per minute and to Nepal at Rs 7.99 per minute.
DLF: Company said it will consider QIP issue price on March 28. QIP opens from March 25. The floor price for the issue is set at Rs 193.01 per share.
UCO Bank: Board approved preferential issue of 175 crore shares at Rs 19.01 each, against the government’s capital infusion of Rs 3,330 crore.
Bank of Maharashtra: Shareholders approved issue of 15.5 crore equity shares at Rs 13.25 per share aggregating to Rs 205 crore to the central government.
Kalpataru Power Transmission: Company acquired 85 percent stake in a Swedish EPC Company for USD 24 million, which deals in power supply solutions and services.
Future Retail: Board approved the re-appointment of Kishore Biyani as the MD of the company and Rakesh Biyani as joint MD for a three years from May 2, respectively.
Tourism Finance Corporation: Appoints Anirban Chakraborty as CMD.
Prabhat Dairy: Competition Commission of India approved the scheme of the company’s sale of its dairy business, which is run by the company’s arm Sunfresh Agro Industries to Tirumala Milk Products.
NHPC: Company said that it had started power trading in IEX as trader for J&K Power Development Department with effect from March 22.
MEP Infra Developers: Company arm entered into concession agreements with NHAI for three highway projects in Maharashtra.
Aurionpro Solutions: Board approves the buyback of 10.8 lakh shares or 4.6 percent of equity capital at a price of Rs 185 per share aggregating to Rs 20 crore.
Piramal Enterprises: Company gets tentative US FDA nod for Antipsychotic Drug, Lurasidone Hydrochloride.
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