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Yet another gap up opening, can the Nifty sustain these levels?

Good Morning Everyone, Yesterday, The Nifty was continuously in consolidation mode till 2 pm, but after that, there was a sudden power, that drove the Nifty up to close at 17325 as seen in the image below.

For Today, the 17300-17400 range will act as a resistance, which if broken, can lead to a breakout towards the upper side. On the lower side, 17000 remains major support, which might not be broken.

However, tomorrow being the last expiry of the month and financial year, we might see huge volatility.

Global Markets:

The US markets rose yesterday after the news of peace talks between Russia and Ukraine have emerged.

The S&P 500 rose 56.08 points, or 1.2%, to 4,631.60.

The Dow Jones Industrial Average rose 338.30 points, or 1%, to 35,294.19.

The Nasdaq rose 264.73 points, or 1.8%, to 14,619.64.

The Russell 2000 index of smaller companies rose 55.04 points, or 2.6%, to 2,133.10.

Shares in Asia-Pacific were mixed in this morning's trade as investors watch for developments surrounding the war in Ukraine. South Korea’s Kospi advanced 0.35 percent. In Australia, the S&P/ASX 200 climbed 0.86 percent. Japanese stocks lagged the broader region as the Nikkei 225 slipped 0.75 percent.

Indian Market:

Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 159 points.

Domestic rating agency ICRA on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 percent to 7.2 percent, primarily driven by the fallout of the Russian invasion of Ukraine. Its chief economist Aditi Nayar attributed the downward revision to elevated commodity prices and also fresh supply chain issues arising from the conflict in Ukraine.

Hariom Pipe Industries will be the third and final initial public offering to open in March. Bidding for the shares on offer will start on March 30 and end on April 5. The anchor book, if any, will open for a day on March 29. The shares will be offered in the range of Rs 144 to Rs 153 each, which are 14.4 and 15.3 times, respectively, the face value (Rs 10) of the shares.

The company plans to raise Rs 122.4 crore at the lower end of the price band and Rs 130.05 crore at the upper end. The IPO is an offer of 8.5 million shares. The company has reserved 30 percent of the offer for qualified institutional buyers and 35 percent each for retail and non-institutional investors.

Investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter. The minimum investment by a retail investor is Rs 14,994 for a single lot of 98 shares and the maximum investment is Rs 1,94,922 for 13 lots (1,274 shares).

FII and DII data

Foreign institutional investors (FIIs) have net purchased shares worth Rs 35.47 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,713.31 crore on March 29, as per provisional data available on the NSE.

Stock Specific News:

ONGC | The Government of India proposed to sell more than 9.43 crore equity shares (0.75 percent of the total paid-up equity) through an offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing a 1.5 percent stake. The floor price for the offer has been fixed at Rs 159 per share.

Hero MotoCorp | The two-wheeler maker will increase the ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022, to partially offset the impact of higher commodity prices. The price increase will be up to Rs 2,000 and the exact quantum of increase will be subject to specific models and the market.

Rail Vikas Nigam | The company has signed an agreement with a wholly-owned subsidiary of JK Cement - Jaykaycem (Central) for the development of a 50-km long new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.

IDBI Bank | The board has granted in-principle approval for divestment of the bank's stake up to 11.10 percent in National Securities Depository through a market-driven process and also approved selling the bank's entire stake in Ageas Federal Life Insurance Company to Ageas Insurance International NV, pursuant to exercise of a Call option by Ageas.

InterGlobe Aviation | Jiten Chopra has resigned as Chief Financial Officer (CFO) of the company. The board has approved the appointment of Gaurav Negi as the new CFO.

Lemon Tree Hotels | The company has signed a License Agreement for a 132-room hotel project at Rishikesh in Uttarakhand under the company's brand Aurika Hotels & Resorts - Luxury. The hotel is expected to be operational by March 2025. Carnation Hotels, a subsidiary and the hotel management arm of the company, will be operating and marketing this hotel.

Bharat Electronics | BEL and Defence Ministry sign contract for the supply of Advanced Electronic Warfare suite for Fighter aircraft of Indian Air Force. The overall cost of the contract is estimated to be Rs 1,993 crore.

United Spirits | The strategic review of brands is still on and is expected to be complete by May 31.

Tata Consumer Products | Tata Consumer will demerge Tata Coffee's plantation operations into a subsidiary and merge Tata Coffee's ex-plantation operations with Tata Consumer. Tata Consumer will buy a 10.15 percent stake in Tata Consumer Products UK Group.

Adani Ports and Special Economic Zone | Shares of the company ended 3.30 percent higher and gained the most among Nifty50 constituents.

Rashtriya Chemicals and Fertilisers | Shares of the company closed 13.02 percent higher. They were the top gainers on Nifty500.

Hero MotoCorp | The two-wheeler manufacturer's stock settled 7.08 percent lower.

Tata Motors | Shares of the auto major slipped into the red on comments of high battery cell costs putting short-term pressure on the company. The stock ended 0.21 percent higher.

PNC Infratech | PNC Infratech shares ended 4.69 percent higher after the company said it is declared as the lowest bidder for a project worth Rs 1,575 crore.

Cholamandalam Investment and Finance Company | CLSA has downgraded its rating on shares of Cholamandalam Investment and Finance Company to ‘outperform’ from ‘buy’. With this, the stock ended 1.53 percent lower.

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