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FIIs sell for Rs. 8142 Cr. Still Nifty closed in green! End of worry?

Good Morning Everyone,

One of the biggest sell-off by FIIs happened yesterday, where they sold for Rs. 8142 Cr, but the happy news is that the Nifty closed above 16000 with power from retailers and DIIs. However, I will turn bullish again only after Nifty closes above 16200 with power.

Also, tomorrow is the Expiry, we will continue to see volatility, and also tomorrow we have the election results coming out, which can turn markets anywhere.

Let us hope the Nifty continues to trade above 16000 today.

Global Markets:

Wide swings have become common as investors struggle to guess how high oil prices will go, and how much they will weigh on the economy and further stoke inflation.

Nickel price surged so much that trading for the metal was shut on Tuesday as the economic fallout from Russia's invasion of Ukraine continues to rock markets.

The S&P 500 fell 30.39 points, or 0.7%, to 4,170.70.

The Dow Jones Industrial Average fell 184.74 points, or 0.6%, to 32,632.64.

The Nasdaq fell 35.41 points, or 0.3%, to 12,795.55.

The Russell 2000 index of smaller companies rose 11.68 points, or 0.6%, to 1,963.01.

US President Joe Biden banned imports of Russian oil on Tuesday to punish Moscow for its invasion of Ukraine as desperate civilians fled besieged cities and fresh fighting raged. Britain said it would also phase out Russian oil by the end of the year and the EU planned to slash gas imports by two-thirds, as Western sanctions finally began to target the economic lifeline for Russia's war.

US President Joe Biden made the announcement on Tuesday, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022. Benchmark Brent crude for May rose to an intra-day high of $131.27 a barrel before settling at $127.98 a barrel, 3.9% higher, while US crude futures settled at $123.70 a barrel, a 3.6% increase.

Indian Market:

The Indian stock market is expected to open in the green today as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 78 points.

The Civil Aviation Ministry on March 8 announced that it will resume regular international flight operations from March 27.

The direct impact of the ongoing Russia-Ukraine war on the domestic credit markets appears to be limited as the banking system has adequate liquidity but not the market as a whole, as per a report. According to India Ratings, overall, the duration and intensity of the war will be the key determinant for the macro and micro risks.

Although the direct impact seems to be limited on the credit based on limited escalation from the ongoing situation, the rippling effect will be disproportionately higher in case the war continues for long. From a financing point of view, the agency said the domestic banking system has adequate liquidity; but, this does not ensure market and balance-sheet liquidity for the system as a whole.

FII and DII data

The relentless selling pressure continues at foreign institutional investors (FIIs) desk as they have net sold shares worth Rs 8,142.60 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 6,489.59 crore on March 8

Stock Specific News:

Yasho Industries | The company said its board on March 16 will consider capital expenditure for a new greenfield project with a capacity of 15,500 metric tonnes per annum at Bharuch, Gujarat.

Titan Company | The company is in advanced talks to buy a majority stake in homegrown wearables maker Noise, as the Tata group-controlled watch and jewelry maker aims to strengthen its presence in the booming wearables market, as per a newspaper report.

Zydus Lifesciences | Zydus' US-based biopharmaceutical arm Sentynl Therapeutics Inc has executed an asset purchase agreement for the sale of BridgeBio's Nulibry (Fosdenopterin) for injection. Nulibry is approved by the USFDA to reduce the risk of mortality in patients with molybdenum cofactor deficiency Type A, an ultra-rare, life-threatening pediatric genetic disorder.

ISGEC Heavy Engineering | The company has bagged a large order for cement waste heat recovery boilers from Shree Cement in Nawalgarh, Rajasthan.

Bafna Pharmaceuticals | Promoter SRJR Life Sciences LLP will sell 99,357 equity shares or 0.42 percent stake in the company through open market transactions. The purpose of this stake sale, which will start from March 9, is to achieve minimum public shareholding.

Bharat Forge | The auto ancillary company said its subsidiary Kalyani Strategic Systems has incorporated a joint venture company - Sagar-Manas Technologies - with open joint-stock company Dastan Transnational Corporation. The joint venture will help the company participate in joint up-gradation and manufacturing/ providing solutions for marine and defense products.

Sun Pharmaceutical Industries | Subsidiary Taro Pharmaceuticals USA Inc has completed the acquisition of subsidiary companies of Galderma. The company paid $99.279 million for the entire transaction.

Eveready Industries | The company's board has approved the appointment of Suvamoy Saha as the Managing Director of the company for three years effective March 8, 2022.

InterGlobe Aviation and SpiceJet | The Indian government has decided to resume scheduled commercial international passenger services to and from India from March 27.

Indus Towers | UK's Vodafone Group Plc is in advanced talks with American Tower Co, Crown Castle International, Brookfield, and other long-term sovereign and pension money managers, to sell its remaining 21 percent stake in Indus Towers through block deals, a report said.

Gas companies | Reports that Indraprastha Gas has announced a hike in prices of compressed natural gas (CNG) in the Delhi-NCR region drove the stock to close about 10 percent higher. With this news, shares of other gas companies like Mahanagar Gas and Gujarat Gas also jumped and settled 7 and 5 percent higher, respectively.

NMDC | Shares of the metal company had fallen as much as 3 percent intraday but recouped its losses and ended 0.1 percent higher. The recovery was after NMDC said it has raised prices of iron ore by Rs 400 per tonne. The company has raised prices of lump ore to Rs 6,000 from Rs 5,600 and Fines to Rs 4,960 from Rs 4,560 per tonne.

G R Infraprojects | Shares of the company ended 2.5 percent higher after large deals took place on the bourses.

Indian Oil Corporation | Shares of IOC closed 4 percent higher. They were the best performers on Nifty50.

JK Cement | Shares of the cement maker ended 6 percent lower. The stock was the worst hit on Nifty500.

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