Market Opens:-
It is a firm start for the Indian indices on Thursday with Nifty trading above 11,050 level.
The Sensex is up 45.83 points at 36681.93, while Nifty is up 4.40 points at 11057.40. About 557 shares have advanced, 285 shares declined, and 45 shares are unchanged.
IndusInd Bank, Power Grid, HPCL, IOC, BPCL, Tata Motors, Titan, Zee Ent, Gail, Bharti Airtel are some of the gainers in the early trading session, while losers include Biocon, Indiabulls Housing, Tata Steel, Vendata, JSW Steel.
Among the sectoral indices, metal index is under pressure with 1 percent cut, followed by auto, pharma and PSU Bank, while some buying is seen in the energy, infra, FMCG and IT.
Rupee Opens :-
The Indian rupee gained in the early trade on Thursday. It opened higher by 20 paise at 70.08 per dollar versus previous close 70.28.
On Wednesday, the rupee gained for the second successive session despite volatility in the dollar against its major crosses and rally in global crude oil prices, said Motilal Oswal.
Appreciation in the rupee has been driven primarily by FII inflows that have led the rally for rupee. In the next couple of sessions volatility for currencies could remain high ahead of the important ECB policy statement that will be released today.
Apart from ECB policy statement, from the US, market participants will be keeping an eye on the non-farm payrolls number to gauge a view for the dollar. Today, USD-INR pair is expected to quote in the range of 70.10 and 70.50.
Global Markets :-
Asian markets :-
Asian shares rose marginally in early trade on Thursday, with caution prevailing as investors awaited some kind of resolution to Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting.
Japan’s Nikkei average fell 0.6 percent, while Australian shares added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade. It was not far from its five-month high marked last week and was up 10.4 percent year-to-date.
SGX Nifty:-
Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 1 points or 0.01 percent. Nifty futures were trading around 11,096-level on the Singaporean Exchange.
Wall Street ends lower:-
Wall Street's main indexes fell for a third session on Wednesday, with the S&P 500 posting its biggest one-day decline in a month, as healthcare and energy shares slumped and investors sought reasons to buy after the market's strong rally to start the year.
The Dow Jones Industrial Average fell 133.17 points, or 0.52 percent, to 25,673.46, the S&P 500 lost 18.2 points, or 0.65 percent, to 2,771.45 and the Nasdaq Composite dropped 70.44 points, or 0.93 percent, to 7,505.92.
US trade deficit surges to 10-year high in 2018 at $621 bn
The skyrocketing US trade deficit hit the highest level in a decade last year despite President Donald Trump's global trade offensive, according to agovernment report Wednesday.
America's trade deficit with the world jumped 12.5 percent to $621 billion, the Commerce Department reported, as both imports and exports rose to the highest levels ever. And the trade gaps with China, Mexico and the European Union also reached at all-time highs even though Washington slapped tariffs on hundreds of billions in imports from its largest trading partners.
China's Feb exports seen falling most in two years
China's exports likely contracted in February after a surprise bounce in January, while imports fell for a third straight month, a Reuters poll showed, heightening anxiety over whether Washington and Beijing can resolve deep differences over trade.
China's exports in February are expected to have fallen 4.8 percent from a year earlier, according to the median estimate of 32 economists in a Reuters poll, following a 9.1 percent rise in January.
OECD cuts global growth forecast over trade, Brexit uncertainty
Trade tensions and political uncertainty including Brexit are weighing on the world's economy, the OECD warned Wednesday as it again cut its 2019 forecast for global economic growth.
The Organisation for Economic Co-operation and Development lowered its forecast to 3.3 percent for this year, down from the 3.5 per cent it predicted in November, which was itself a downgrade from a previous 3.7 percent.
"High policy uncertainty, ongoing trade tensions, and a further erosion of business and consumer confidence are all contributing to the slowdown
Crude Update:-
Oil prices eased on Thursday, dragged down by record US crude output and rising commercial fuel inventories.
Domestic Markets :-
Bulls continued to dominate Dalal Street for third consecutive session on Wednesday. Despite mixed global cues, the Nifty50 closed above psychological 11,000 levels for the first time since February 7, 2019.
The index rallied 65.55 points to 11,053 and formed bullish candle on the daily charts. The 30-share BSE Sensex climbed 193.56 points to 36,636.10.
The short term trend is expected to be positive after crossing psychological levels, but there could be some consolidation following three-day rally.
According to Pivot charts, the key support level is placed at 11,013.77, followed by 10,974.53. If the index starts moving upward, key resistance levels to watch out are 11,077.27 and 11,101.53.
The Nifty Bank index closed at 27,625.65, up 71.60 points on March 6. The important Pivot level, which will act as crucial support for the index, is placed at 27,517.97, followed by 27,410.23. On the upside, key resistance levels are placed at 27,707.57, followed by 27,789.43.
Here are stocks that are in the news today :-
Vedanta: Board approved 2nd interim dividend of Rs 1.85 per share i.e. 185 percent on face value of Re 1 for the financial year 2018-19.
Varroc Engineering: Step down subsidiary Varroc Lighting Systems, Poland opened new Research & Development Centre.
Asian Granito India: Board approved the issue of 50 lakh convertible warrants at a price of Rs 180 per convertible warrants to promoter, promoter group and non-promoters. Board also approved the overall limit of Rs 300 crore for related party transaction with subsidiary company Crystal Ceramic Industries Private Limited.
Odisha Cement clarified that company never authorised allied to transfer, use or pledge these securities, in any manner whatsoever, as margin or otherwise, for the benefit of any person or entity, at any point in time
Biocon: USFDA concluded a pre-approval inspection of company's insulin drug substance manufacturing facility triggered by a New Drug Application submitted by insulin AP/customer. The inspection at the Bengaluru facility took place between February 25-March 5, resulting in a Form 483 with six observations.
MEP Infrastructure Developers: Promoter released a pledge on 38 lakh shares (representing 2.07 percent of total paid-up equity).
Development management agreement between Raymond & Colorplus Realty has been mutually terminated with effect from March 5, 2019
Reliance Capital
CARE has revised its rating to A+ (credit watch with developing implications) for long-term debt programme, market linked debentures and subordinated debt of the Company
Jayant Agro-Organics: Promoter Jayant Finvest increases stake in company by 3.22 percent to 58.93 percent.
Ajmera Realty & Infra India: Promoter ARIIL Trust raises stake in company by 2.78 percent to 52.81 percent.
Leel Electricals: Bharat Raj Punj, Managing Director of the company has tendered his resignation due to his personal and professional reasons.
GE Power India's managing director Andrew H. DeLeone has submitted his resignation due to personal circumstances
Himachal Futuristic Communications: Company bags orders of Rs 117 crore for supply of optical fibre cables from Tata Project.
Asahi Songwon Colors: Plant operations of CPC crude blue plant at Padra, Vadodara have been restarted after planned shutdown for periodic maintenance.
HDFC: Board approved the payment of interim dividend of Rs 3.50 per share for the financial year ending March 2019.
Sun TV Network board meeting on March 8 to consider interim dividend
Cyient: Company selected by UK Power Networks to develop an outage planning portal.
HSIL: Reliance MF cuts its stake in company by 0.65 percent to 4.47 percent.
Omaxe: Vijayalaxmi, Chief Operating Officer of the company has resigned from the company due to personal reason.
LT Foods: Company decided to make an investment of Rs 20 crore in the form of preference shares in its majority owned subsidiary company Daawat Foods Limited (DFL) to strengthen the balance sheet of DFL and improve its current ratio.
Relaxo Footwears: Promoters cut stake in the company by 1.967 percent to 35.508 percent.
Tata Power: Company crosses the 7 lakh consumer base milestone in Mumbai.
NELCO: Company secures in-flight & maritime connectivity licence from Department of Telecommunications.
Khadim India: Commercial Paper of Rs 30 crore has been redeemed.
Apollo Tricoat Tubes: Company commences commercial production of Tricoat Tubes with advanced Galvant technology at manufacturing facility at Malur.
Arvind Fashions: Subsidiary of Arvind to list on March 8.
Bulk Deals on March 06
NSE
Keerti Know & Skill: Ajit Laxmichand Jain HUF sold 20,000 shares of the company at Rs 70 per share.
Lakshmi Vilas Bank: Premjayanti Enterprise Pvt Ltd sold 14,50,000 shares of the company at Rs 76.59 per share.
OnMobile Global: Altruist Technologies Private Limited bought 5,70,763 shares of the company at Rs 33.04 per share.
Sunteck Realty: BNP Paribas Arbitrage bought 21,10,027 shares of the company at Rs 370.06 per share.
BSE
Sunteck Realty: BNP Paribas Arbitrage further bought 20,16,540 shares of the company at Rs 370 per share.
7NR Retail: Rathod Manoj Chhaganlal HUF sold 84,000 shares of the company at Rs 34.75 per share.
Jaipan Industries: Capgrow Capital Advisors LLP sold 36,618 shares of the company at Rs 16.70 per share.
Majestic Research: Veer Enterprise sold 1,03,200 shares of the company at Rs 30.33 per share.
Relaxo Footwears: Afis A/C American Funds Insurance Series Growth Income Fund bought 8,67,238 shares of the company at Rs 715 per share.
Analyst or Board Meet/Briefings
Polyplex Corporation: Extraordinary General Meeting to be held on March 30.
Tube Investments of India: Conference Call with Institutional Investor to be held on March 7.
BCL Industries: Management of the company will be attending the Valorem Analyst Conference 2019 on March 15.
South Indian Bank: Officials of the company will be meeting a group of institutional investors at Prabhudas Liladhar Conference on March 8.
HUDCO: The board meeting to be held on March 12 to consider raising of funds through issue of bonds/ debentures.
Mahindra & Mahindra Financial Services: Company's officials will attend Prabhudas Lilladher - Investor Conference on March 7 and Morgan Stanley - Investor Groups on March 14.
Take Solutions: Company's officials will meet analyst/institutional investor in Buyside Non-deal Roadshow on March 7.
TRF: Investors' Conference Call is scheduled to be held on March 11.
Sheela Foam: Officials of the company will be meeting with various investors on March 7 in Singapore and on March 8 in Hong Kong.
Mahindra Logistics: One-on-one conference call is scheduled to be held with Mission Holdings on March 7.
Asian Paints: Company's officials will meet investors on March 8, 13, 14 and 15.
eClerx Services: Company's officials will interact with Franklin Templeton Investments on March 7.
Punjab National Bank: Extraordinary General Meeting to be held on March 28.
SRF: Ashish Bharat Ram, Managing Director will be interacting with certain Analysts on March 7 in 6th edition of Ambit's Chemical Day.
Sudarshan Chemical Industries: Company's officials will interact with Analysts / Institutional Investors on March 7 at Ambit India Access - Chemicals Day (Conference).
Elecon Engineering Company: Extraordinary General Meeting of the company to be convened on March 30.
Salora International: Board meeting is scheduled on March 9 to consider voluntary delisting of company from National Stock Exchange of India Limited.
Three stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For March 7, IDBI Bank, Reliance Power and Wockhardt are present in this list.
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