Good Morning Everyone, As discussed in the weekly meeting yesterday, Nifty will see a gap down opening close to 16550-16600. However, we might see some up move in the Nifty once it opens.
Shares slid on Friday, pressured by uncertainty about the conflict in Ukraine and expectations the Fed will hike US interest rates next week. The Nasdaq and the S&P 500 fell, weighed down by tech stocks. The Dow Jones Industrial Average fell 229.88 points to 32,944.19, the S&P 500 lost 55.21 points to 4,204.31 and the Nasdaq Composite dropped 286.15 points to 12,843.81.
Asian shares advanced on Monday on hopes for progress in Russian-Ukraine peace talks even as fighting raged on. Bond markets braced for rate rises in the US and UK this week. S&P 500 stock futures added 0.7 percent, while Nasdaq futures rose 0.6 percent. Japan's Nikkei rose 1.1 percent, while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent.
Oil prices extended a downward trend on Monday as a US official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine. Brent crude futures fell $1.82, or 1.6 percent, to $110.85 a barrel while WTI crude futures fell $2.41, or 2.2 percent, to $106.92 a barrel.
Gold lost some of its safe-haven charms on Monday, easing 0.6 percent to $1,972 an ounce and away for last week's peak at $2,069.
Talks between Russia and Ukraine are to resume on Monday, say Ukrainian negotiators and the Kremlin, after both sides hail progress at earlier rounds aimed at ending more than two weeks of fighting.
The market is expected to open in the red as trends on the SGX Nifty indicate a negative opening for the broader index in India with a loss of 66 points.
India's industrial growth, as per the Index of Industrial Production (IIP), edged up to 1.3 percent in January from 0.7 percent in December, data released on March 11 by the National Statistical Office showed.
The marginal rise in industrial growth is not unexpected. Data released late last month showed India's eight core sectors expanded by 3.7 percent year-on-year in January as against 4.1 percent the previous month. With the eight core industries together accounting for 40.3 percent of the total weight of the IIP, IIP growth tends to track core sector data. Industrial production had contracted by 0.6 percent in January 2021.
FII and DII data
Foreign institutional investors (FIIs) continue selling in India. They net sold shares worth Rs 2,263.90 crore on March 11, while domestic institutional investors (DIIs) bought equities worth Rs 1,686.85 crore
Stock Specific News:
Hindalco Industries | ICICI Prudential Mutual Fund through its various schemes sold 11.81 lakh equity shares in the company through open market transactions on March 9. With this, its shareholding in the aluminum major stands at 3.01 percent, down from 3.07 percent earlier.
HDFC Bank | RBI lifts restrictions on business generating activities planned under bank's Digital 2. O Programme.
Indian Bank | Indian Bank declares the Topsgrup Services NPA account as fraud. The amount involved is Rs 34 crore, provision held Rs 14 crore.
Lupin | The pharma major has received approval from the US FDA for the abbreviated new drug application Vigabatrin for oral solution USP. This drug is a generic equivalent of Sabril owned by Lundbeck Pharmaceuticals, LLC. Vigabatrin had estimated annual sales of $275 million in the US as per IQVIA MAT data of December 2021.
Mahindra and Mahindra | Canada’s Brookfield Asset Management Inc is looking to buy a substantial stake in the M&M subsidiary, Mahindra Susten, as per a report. The development follows M&M's earlier announcement to unlock value in its subsidiary by bringing new investors on board, the report said.
Dhanvarsha Finvest | The board approved raising Rs 88.65 crore by issuing equity shares and warrants to non-promoters on a preferential basis.
CESC | The firm said transactions for sale and transfer of 100 percent shareholding in Surya Vidyut to Torrent Power have been completed. The company and its six subsidiaries entered into a share purchase agreement with Torrent Power for the sale of 156 MW power plants operated by Surya Vidyut in Gujarat, Rajasthan, and Madhya Pradesh, in September 2021. Surya Vidyut was a wholly-owned subsidiary of CESC.
Gail (India) | The board has approved the payment of the second interim dividend of Rs 5 a share for the financial year FY21-22. The record date for eligibility of shareholders for payment of a dividend has been fixed as March 22.
Anupam Rasayan India | Anupam Rasayan has acquired a 24.96 percent stake in the company through off-market transactions on March 11. The stake was acquired by Anupam at Rs 595 a share from sellers. With this, Anupam Rasayan has become a promoter of Tanfac along with Tamil Nadu Industrial Development Corporation (TIDCO). Anupam had entered into a share purchase agreement with sellers—Birla Group Holdings, Pilani Investment & Industrial Corporation, and Askaran Agarwala in February.
Jubilant FoodWorks | Pratik Rashmikant Pota has resigned as the CEO and whole-time director of the company.