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Asian markets are down with rising Corona cases in China! Will the Indian market hold up?

Good Morning Everyone, As discussed in the weekly meeting, I am expecting Nifty to trade between 16900 to 17400 this week with the monthly expiry around the corner. We can also expect huge volatility to continue this week.

Concerns of rising Corona cases in Shanghai have brought down Asian markets this morning, but I believe that the Indian situation is far better than the rest of the world right now, due to which we might continue to see 17000 as the major support as of now.

Global Markets:

Wall Street has so far proved remarkably resilient to a radically more hawkish Federal Reserve. The S&P 500 ended higher on Friday as financial shares rose, the Dow Jones Industrial Average rose 153.3 points, or 0.44 percent, to 34,861.24, the S&P 500 gained 22.9 points, or 0.51 percent, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16 percent, to 14,169.30.

Asian stocks slid this morning as coronavirus lockdown in Shanghai looked set to hit global activity while throwing another wrench into supply chains that could add to inflationary pressures. Japan's Nikkei dipped 0.4 percent while S&P 500 stock futures eased 0.2 percent, while Nasdaq futures slipped 0.3 percent.

Oil prices plunged about $4 on Monday as concerns over slower fuel demand in China grew after authorities in Shanghai said they would shut the country's financial hub for a COVID-19 testing blitz over nine days. Brent crude futures slid as low as $116.00 a barrel and were trading down $3.88, or 3.2 percent, at $116.77 at 0131 GMT.

Indian Market:

Trends on SGX Nifty indicate a cautious opening for the broader index in India with a gain of 8 points.

FPI outflow shoots past Rs 1 lakh crore mark in 2022

Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 1,14,855.97 crore, according to depositories data.

FII and DII data

Foreign institutional investors (FIIs) have net sold shares worth Rs 1,507.37 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,373.02 crore on March 25

Stock Specific News:

GAIL (India) | The state-owned natural gas distribution company on March 31 will consider the proposal of buy-back of the fully paid-up equity shares.

Fino Payments Bank | The Reserve Bank of India has granted approval for referring customers of Fino Payments Bank to Finwizard Technology for mutual fund distribution, and 5paisa Capital for demat & trading services under referral arrangement.

Adani Enterprises | The company's subsidiaries - Mahanadi Mines and Minerals Private Ltd and MP Natural Resources Private Ltd - are declared as successful bidders for coal blocks - Bijahan and Gondbahera Ujheni East coal block in Odisha and Madhya Pradesh respectively, by the Government of India. The revenue sharing with the government will be 14 percent for the Bijahan coal block and 5 percent for the Gondbahera Ujheni East coal block.

Bharti Airtel | The telecom operator will acquire around 4.7 percent stake in Indus Towers from Euro Pacific Securities, an affiliate of Vodafone Group Plc, at a price of Rs 187.88 per share. The total transaction cost stands at Rs 2,388.06 crore.

PVR and INOX Leisure | Two of India’s biggest cinema exhibition brands – PVR and INOX Leisure – have announced they would merge their might to deliver an “unparalleled” consumer experience with a network of more than 1,500 screens. The new entity would be named PVR INOX with the branding of existing screens to continue as PVR and INOX, respectively.

Axis Bank | Axis Bank has protested against its exclusion from Reliance Capital's insolvency process, claiming that it is a financial creditor of the company and should be included in the committee of creditors, a report said. It made the demand in a communication to the Reserve Bank of India-appointed administrator for the company, the report said.

G R Infraprojects | The company has emerged as L-1 bidder for road project comprising up-gradation to four-lane with paved shoulder of NH-341 from Bhimasar to Anjar - Bhuj in Gujarat on Hybrid Annuity Mode. The bid cost of the project is Rs 1,085 crore and the said project is going to be completed within 730 days from the appointed date.

Emami | The company has acquired "Dermicool", one of the leading brands in the prickly heat powder and cool talc category, from Reckitt Benckiser Healthcare (India). The acquisition cost stood at Rs 432 crore which is funded through internal accruals.

InterGlobe Aviation | The airline company has resumed International flight schedules from various cities in India, on more than 150 routes in phases through April.

Sagar Cements | The board has approved the issuance of 1,32,07,548 equity shares to PI Opportunities Fund, an affiliate of Premji Invest, an investment arm of Azim Premji's endowment and philanthropic initiatives, at an issue price of Rs 265 per share. This transaction will fetch the company Rs 350 crore which will be largely utilised towards meeting the organic and inorganic expansion plans of the company along with funding its general corporate purposes.


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