Good Morning Everyone, So we had a consolidating day yesterday though the Nifty ended slightly lower yesterday. But one good thing to note is the buying by the FIIs, which can be a good sign. Moreover, with the result season starting next week, we might see more bullishness in the market in the next month.
With the start of the new financial year form today. Let us look for yet another profitable year.
U.S. stocks slumped to close out the first quarter on Thursday with its biggest quarterly decline in two years as concerns persisted about the continuing conflict in Ukraine and its inflationary effect on prices and the Federal Reserve's response.
The Dow Jones Industrial Average fell 550.46 points, or 1.56%, to 34,678.35, the S&P 500 lost 72.04 points, or 1.57%, to 4,530.41 and the Nasdaq Composite dropped 221.76 points, or 1.54%, to 14,220.52.
Shares in Asia-Pacific fell Friday morning following overnight losses on Wall Street, with investors looking ahead to the release of a private survey on Chinese manufacturing activity in March.
The Nikkei 225 slipped 1.29%, as shares of SoftBank Group dropped more than 2%, while the Topix index fell 1.2%.
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 110 points.
Current account deficit jumps to $23 billion in Oct-Dec, highest in 9 years
India's current account deficit widened to a massive $23 billion in October-December 2021 from $9.9 billion in July-September 2021 due to a higher merchandise import bill, data released by the Reserve Bank of India (RBI) on March 31 showed.
The current account deficit in October-December 2020 was $2.2 billion. At $23 billion, the current account deficit for the last quarter of 2021 is the highest in nine years. The last time the current account deficit was higher was in the last quarter of 2012, RBI data showed.
Centre's fiscal deficit jumps to 82.7% of FY22 target in April 2021-February 2022
The Centre's fiscal deficit jumped to 82.7 percent of the FY22 target in April 2021-February 2022, data released on March 31 by the Controller General of Accounts showed. The fiscal deficit had amounted to 76.0 percent of the full-year target for the corresponding period of FY21.
While the latest numbers on the government's finances continue to show the Centre is on track to meet its revised fiscal deficit target of 6.9 percent of GDP for FY22, February saw a sharp rise in the deficit. The fiscal deficit had amounted to 58.9 percent of the full-year target in April 2021-January 2022.
Centre transfers Rs 8.83 lakh crore to states in FY22, exceeds revised estimate by 19%
The central government transferred a total of Rs 8.83 lakh crore to state governments in FY22, exceeding the revised estimate by Rs 1.38 lakh crore, or 18.6 percent. The 2022 Budget had already raised the devolution of states' to share in taxes to Rs 7.45 lakh crore from Rs 6.66 lakh crore for the current financial year.
The finance ministry said in a series of tweets on March 31 that the "unprecedented" transfer of greater funds to states was a show of "substantial support" from the Centre to ensure state governments have "all the financial resources required to fund their development programs".
FII and DII data
Foreign institutional investors (FIIs) have net purchased shares worth Rs 3,088.73 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,145.28 crore on March 31
Stock Specific News:
Vedanta | Billionaire Anil Agarwal-owned company has entered into certain long-term power security agreements for green and renewable energy (RE) power for Hindustan Zinc, Bharat Aluminum Company, and Vedanta (Jharsuguda Aluminium Operations) via captive power projects. These projects will be created through a dedicated special purpose vehicle (SPV) for each entity.
Lupin | The US FDA has issued three observations for Lupin’s New Jersey facility. Lupin said that the company will not face disruption of supplies or that there will be no impact on revenue.
Hero MotoCorp | More than Rs 800 crore was siphoned off by layering by an event management entity of a company, says I-T Department in a press release.
Future Retail | Future Retail CEO Sadashiv Nayak has resigned with effect from March 31, 2022.
Nuvoco Vistas Corporation | The company has made timely payment of redemption amount and interest for its non-convertible debentures of Rs 400 crore.
Sterlite Technologies | The company will sell its 64.98 percent stake in Maharashtra Transmission Communication Infrastructure for a total consideration of Rs 43 crore, agreed to be received in multiple tranches.
Ruchi Soya Industries | The board has approved an issue price at Rs 650 per equity share for its follow-on public offer.
NCC | The company along with other shareholders of NCC Vizag Urban Infrastructure (NCCVUL) has entered into a Share Purchase Agreement with GRPL Housing (Gardencity Realty Group, Bengaluru) to sell their entire shareholding in NCCVUL to GRPL.
HG Infra Engineering | Subsidiary Gurgaon Sohna Highway has received the provisional certificate for the project in Haryana.
HDFC Asset Management Company | Life Insurance Corporation of India acquired a 2.02 percent stake in the company through open market transactions. With this, its shareholding in the company stands at 7.02 percent, up from 5 percent earlier.
ITC | Shares of the cigarette company ended 0.54 percent higher and were the top gainers on Nifty50.
Hindalco Industries | After a long ‘overweight’ stance on Hindalco Industries, JPMorgan has now downgraded its rating on the stock to ‘neutral’. They believe the risk-reward is not favorable now after a big upmove and hence the rating downgrade. With this, shares of the metal company ended 4.65 percent lower and were the worst hit on Nifty50.
Edelweiss Financial Services | Shares of the company closed 14.43 percent higher. The stock gained the most among Nifty500 constituents.
Hindustan Unilever | Shares of the FMCG major ended 1.55 percent higher. This was after HUL hiked the prices of cleaning & personal care products. The company told CNBC-TV18 that it is seeing significant inflationary pressure and is confident in navigating the inflationary environment.
GAIL India | Shares of the company ended 1.63 percent higher after the board of directors of GAIL approved a buyback of up to 5.7 crore shares at Rs 190 per share.
Axis Bank | Shares of Axis Bank ended 1.47 percent higher as the lender is acquiring Citibank's India retail business, including banking, credit cards, home loans, and wealth management, for $1.6 billion.