Yet another big gap-up! Time to book profits?

Good Morning Everyone, As discussed in our last week's meet, FED did keep the are hike at 0.25%, and the US market rallied last evening, powering the global markets, and a similar trend can be seen in India as well.


Seems like the Russia-Ukraine war has already been digested by the investors in the market until any big news emerges from there.


As of now, I will look at booking partial profits at the start of the day as I am expecting some sell-off after such a major gap-up opening.


Yesterday, the Nifty opened with a gap-up at 16900 and was on a consolidation mode till 3 pm and the last 30 minutes saw huge buying, taking Nifty to close higher at 16975 as seem below.


On the daily time frame, Nifty is showing a small bullish candle. However, with a major gap up today, expecting Nifty to see some profit booking and might take support close to 17000.

Global Markets:

US stock markets ended higher on Wednesday after the Federal Reserve announced its first interest rate hike since 2018. The S&P 500 rose 95.41 points, or 2.2 percent, to 4,357.86. The Dow Jones Industrial Average rose 518.76 points, 1.5 percent, to 34,063.10. The Nasdaq rose 487.93 points, or 3.8 percent, to 13,436.55.


Japan and Hong Kong led a jump in regional stocks on Thursday, joining a rally on Wall Street overnight as potential risks from Federal Reserve monetary tightening to the Ukraine war and a slowdown in China became less murky. The Nikkei 225 jumped 3.54 percent, the Topix index climbed 2.53 percent. South Korea’s Kospi gained 1.87 percent. Over in Australia, the S&P/ASX 200 advanced 1.2 percent.


The International Court of Justice (ICJ) ordered Russia on Wednesday to stop the military actions it started in Ukraine on February 24. "The Russian Federation shall immediately suspend the military operations that it commenced on February 24 in the territory of Ukraine," the court said.

The judges added Russia must also ensure that other forces under its control or supported by Moscow should not continue the military operation.


Indian Market:

Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 296 points, close to 17300.


FII and DII data

Foreign institutional investors (FIIs) turned net buyers for the first time since February 11 this year as they have net bought shares worth Rs 311.99 crore, while domestic institutional investors (DIIs) have net purchased shares worth Rs 772.55 crore on March 16


Stock Specific News:

Mahindra & Mahindra | M&M will buy a majority stake in its precision agriculture technology provider Carnot Technologies for Rs 14 crore. Carnot Technologies is an associate company of M&M.


Yasho Industries | The specialty and fine chemicals maker has received board approval for a capital expenditure of Rs 350 crore in Phase 1 for its greenfield project at Pakhajan (Dahej), Gujarat. The company intends to manufacture lubricant additives and rubber chemicals with a total capacity of 15,500 MT per annum in phase 1 at this new facility. The project is expected to be completed in 24 months after receiving all necessary governmental approval.


Indiabulls Housing Finance | The board on March 22 will consider fund-raising through bonds, in one or more tranches, on a private placement basis.


Om Infra | The company secured two prestigious contracts from Public Health Engineering Department, Region Churu (Rajasthan).


Oil India | The firm said subsidiary Numaligarh Refinery will invest Rs 6,555 crore for implementation of the petrochemical project at Numaligarh, Assam. The board also approved the formation of a joint venture company between Assam Gas Company and Oil India for the three geographical areas offered by the Petroleum and Natural Gas Regulatory Board.


GlaxoSmithKline Pharmaceuticals | The company has completed the transaction for the sale of its trademarks pertaining to 'lodex' and 'Ostocalcium' brands in India to GlaxoSmithKline Asia Ltd.


Voltas | The company will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company. With this JV, the company will engage in the business of design, development, manufacture, marketing, sale, and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products.


PNC Infratech | The company has received Rs 82.68 crore as a bonus from Uttar Pradesh Expressways Industrial Development Authority for the early completion of its project.


Adani Power | The company has completed the acquisition of the entire stake and management control of Essar Power M P Ltd. The cost of acquisition of Essar Power M P Ltd is over Rs 4,250 crore for a 1,200 MW power plant.




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