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Nifty losing steam after the big run?

Good Morning Everyone, Yesterday the Nifty opened with a big gap up and then fell by end of the day to still close higher. However, news of the Russia - Ukraine peace talks faltering, left the market down again.

Today being the last day of the week, we can see some more consolidation in the Nifty.

Global Markets:

Wall Street’s main indexes fell on Thursday, with technology stocks leading the declines after data showed consumer prices surged in February, cementing the case for an interest rate hike by the Federal Reserve later this month. The Dow Jones Industrial Average was down 246.12 points at 33,040.13, the S&P 500 was down 39.51 points at 4,238.37, and the Nasdaq Composite was down 1.44 percent at 13,064.84.

US consumer prices surged in February, culminating in the largest annual increase in 40 years, and inflation is poised to accelerate further in the months ahead as Russia's war against Ukraine drives up the costs of crude oil and other commodities.

The consumer price index increased 0.8% last month after gaining 0.6% in January, the Labor Department said on Thursday. In the 12 months through February, the CPI shot up 7.9%, the biggest year-on-year increase since January 1982. That followed a 7.5% jump in January and was the fifth straight month of annual CPI readings north of 6%.

Shares in Asia-Pacific slipped in Friday morning trade, tracking losses on Wall Street as the Russia-Ukraine war continues to keep investors cautious. The Nikkei 225 in Japan fell more than 1 percent in early trade, shedding some of its nearly 4 percent gain on Thursday. The Topix index slipped 1.23 percent. In South Korea, the Kospi dipped 0.78 percent. Australia’s S&P/ASX 200 climbed 0.4 percent in morning trade.

Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. Brent crude futures were up 2.8 percent, at USD 114.24 a barrel while US West Texas Intermediate (WTI) crude futures were up 1.5 percent, at USD 110.28 a barrel.

The war in Ukraine and massive sanctions against Russia have triggered a contraction in global trade, sending food and energy prices sharply higher and forcing the International Monetary Fund to lower its global growth forecast next month, IMF Managing Director Kristalina Georgieva said on Thursday.

Indian Market:

Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 71 points.

FII and DII data

Foreign institutional investors (FIIs) seem to have turned less aggressive in selling as they sold shares worth Rs 1,981.15 crore on March 10, against Rs 4,818.71 crore worth of shares sold in the previous session. However, domestic institutional investors (DIIs) bought shares worth Rs 945.71 crore on the same day.

Stock Specific News:

Infosys | The IT major got a multi-year order from the International Tennis Hall of Fame.

Wipro | The technology company and Pandorum Technologies announced a long-term partnership where it combines the Artificial Intelligence capabilities of Wipro Holmes with Pandorum’s expertise in regenerative medicine.

Lupin | Lupin Diagnostics has launched its first Reference Laboratory in Kolkata. The laboratory capabilities to conduct tests in molecular diagnostics, cytogenetics, flow cytometry, histopathology, cytology, microbiology, serology, hematology, immunology, and routine biochemistry.

Indraprastha Gas | The company has got authorisation for the development of the city gas distribution network in the geographical Area of Banda, Chitrakoot, and Mahoba in the state of Uttar Pradesh.

Shipping Corporation of India | Life Insurance Corporation of India sold a 2 percent equity stake in the company through open market transactions. With this, LIC's shareholding in the company stands at 6.03 percent, down from 8.04 percent earlier.

Britannia Industries | Life Insurance Corporation acquired a 1.2 lakh share in the company through open market transactions on March 9. With this, its shareholding stands at 5.02 percent, up from 4.97 percent earlier.

MMTC | The company has executed the Share Purchase Agreement and Escrow Agreement for the sale of its entire equity holding in Neelachal Ispat Nigam to Tata Steel Long Products (TSLP). TSLP has been selected as a successful bidder through the two-stage auction procedure, run under the aegis of DIPAM, GOI.

Future Consumer | Future Consumer said it has agreed with Fonterra Co-operative Group to wind down 50:50 joint venture - Fonterra Future Dairy.

Supreme Petrochem | The board has approved Phase II expansion of its expandable polystyrene (EPS) plant at Nagothane, Maharashtra by 30,000 MTA. Board also approved setting of the second line of extruded polystyrene board (XPS), and increasing the Masterbatch and Compounds capacity.

Kirloskar Ferrous Industries and ISMT | The board has allotted 15.4 crore equity shares of ISMT at a price of Rs 30.95 per share, to Kirloskar Ferrous Industries (KFI) for Rs 476.63 crore. With this, KFI has acquired a controlling interest and holds a 51.25 percent stake in ISMT, and is classified as the promoter with sole control of ISMT.

Aavas Financiers | UK's development finance institution CDC Group invested Rs 360 crore in a Social Bond program by the company. The investment will be made in the form of rupee-denominated bonds (Masala Bonds) and will be listed as a social bond, in alignment with the International Capital Market Association’s Social Bond Principles. The proceeds of the bonds will be used to finance the women-owned property loan portfolio, with an aim to address gender inequity in asset ownership, in India.

Hindustan Unilever | Shares of fast-moving consumer goods company HUL ended 5 percent higher and were the best performers on Nifty50.

Coforge | Shares of the company are the worst hit on Nifty500 following a block deal of over 10 percent equity. The stock ended 6.5 percent lower.

Coal India | Shares of the coal major settled about 4 percent lower. The stock was the biggest drag on Nifty50.

Tata Power | The power company's stock ended 1.3 percent higher after Tata Power announced that it has signed an agreement with Enviro to deploy Electric Vehicle charging points in Gurugram.

Bharat Rasayan | Shares of the company closed over 12 percent higher and became the top gainer on Nifty500.

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