KEY HIGHLIGHTS
FPIs Snap Three-Day Selling Spree To Turn Net Buyers
Overseas investors in Indian equities turned net buyers on Tuesday, after a three-day selling spree.
Foreign portfolio investors mopped up stocks worth Rs 1,531.13 crore during the day, according to data from the National Stock Exchange.
Domestic institutional investors turned net sellers, snapping 13-days buying streak, and sold equities worth Rs 156.11 crore.
Foreign institutions invested in Indian equities have remained net sellers so far in 2023, offloading equities worth around Rs 52,160.88 crore.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.31% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
- The local currency strengthened by 18 paise to close at 82.19 on Tuesday.
- It closed at 82.37 on Monday.
Source: Bloomberg
Adani Group Stocks Ended Lower
Closing Bell
Indian stock benchmarks closed flat as gains in banking and metal stocks were offset by higher losses in realty, telecom and utilities stocks.
S&P BSE Sensex closed at 57,613.72, while the Nifty 50 ended about 100 points lower from day's high at 16,951.70.
Of the 50 Nifty 50 constituents, 17 advanced and 32 declined, while one remained unchanged. UPL Ltd., IndusInd Bank Ltd., Dr Reddy's Laboratories Ltd., Power Grid Corp. Of India, HDFC Bank Ltd. were the top gainers, while Adani Enterprises Ltd., Adani Ports SEZ, Tech Mahindra Ltd., Hero MotoCorp Ltd., and Tata Motors Ltd. were the top losers.
All Adani group stocks ended the day with losses.
The broader indices underperformed the benchmarks. S&P BSE MidCap fell 0.42% while S&P BSE SmallCap declined 0.79%.
Meanwhile, Nifty MidCap index declined for the fourth consecutive session. Nifty Realty index ended lower for seven trading sessions in a row.
Nifty Metals was down for the third straight session, while Nifty Bank index ended higher for a second consecutive session.
The market breadth was skewed in the favour of the bears. About 2,499 stocks declined, 1,046 advanced and 99 remained unchanged.
Nykaa Shares Decline After Large Trade
Shares of FSN E-Commerce Ventures were trading 4.71% lower at Rs 127.45 after large trade.
According to Bloomberg, at least 15.1 lakh equity shares changed hands in at least one bunched trade.
The total traded quantity stood at 0.9 times the 30-day average. The relative strength index stood at 29, indicating that the stock may be oversold.
Of the 21 analysts tracking the stock, 16 maintained 'buy', two recommended 'hold', while three suggested 'sell'.
The return potential of the stock implies upside of 53.7%.
Source: Bloomberg
Media Stocks Trading Lower
IDBI Bank Names Smita Harish Kuber As Chief Financial Officer From April 1, 2023
- IDBI Bank has appointed Smita Harish Kuber as chief financial officer and key managerial personnel of the bank with effect from April 1, 2023.
- Kuber will succeed incumbent Executive Director and Chief Financial Officer P. Sitaram after his retirement on March 31.
Source: Exchange filing
Government Allocates 39,600 MW Of Domestic Solar PV Module Manufacturing Capacity Under PLI (Tranche-II)
- Ministry of Power has allocated the capacity to 11 companies with a total outlay of Rs 14,007 crore under the production-linked incentive.
- Reliance, ReNew, JSW, Tata Power Solar are among the winning bidders.
- India will add 48 GW of domestic Solar Module manufacturing capacity in the next three years.
- Tranche II of PLI to bring in an investment of Rs. 93,041 crores and generate over one lakh direct and indirect jobs.
Source: PIB
Emami Shares Surge Over 5%
The shares of Emami Ltd. gained in trade on Tuesday.
The scrip advanced 5.09% to trade at Rs 367.45 per share.
Total traded quantity so far in the day stood at 5.8 times the 30-day average volume.
Of the 27 analysts tracking the stock, 22 maintained 'buy', four analysts suggested 'hold', while one recommended 'sell'. The 12-month consensus price target implies a potential upside of 34.6%.
Source: Bloomberg
European Markets Trading Higher
Midday Market Update
Indian benchmark indices were trading flat as gains in metals and financial services stocks were offset by larger losses in services, oil and gas and telecom stocks.
S&P BSE Sensex traded at 57,664.66 while the Nifty 50 was trading at 16,970.65.
Of the Nifty 50 constituents, 16 advanced, while 33 decline. One remained unchanged.
IndusInd Bank, UPL, Coal India, Hindalco Industries and Power Grid Corp. were the top Nifty 50 gainers. Meanwhile, Adani Enterprises, Adani Ports SEZ, Tech Mahindra, Hero MotoCorp, BPCL were the top laggards.
The larger indices underperformed the benchmarks. S&P BSE MidCap index fell 0.67% while the S&P BSE SmallCap index declined 0.83%.
The market breadth was skewed towards the bears. About 2,427 stocks declined, 951 advanced while 139 remained unchanged.
Embassy Office To Buy Embassy Business Hub For Rs 334.8 Crore
Embassy Office Parks REIT agreed to buy Embassy Business Hub for Rs 334.8 crore.
- Embassy REIT will acquire the rights, title and interest of sellers in Embassy Construction Private, developer of Embassy Business Hub.
- It will also get exclusive ownership rights to approximately 1.4 million square feet of leasable area.
- Embassy REIT will buy the entire paid up share capital of Embassy Construction from JV Holding Private, seller and a shareholder of Embassy Group.
-Embassy REIT plans to primarily fund the acquisition through debt at 8.1% interest cost per annum.
Source: Exchange filing
Sensex, Nifty Reverse Opening Gains
Indian benchmark indices pared their opening gains.
S&P BSE Sensex was trading flat at 57,626.85, while Nifty 50 fell 0.18% to 16,954.95.
Bandhan Bank Shares Trade Lower
Shares of Bandhan Bank declined the most in about 14 weeks.
The scrip was trading 6.24% lower at Rs 185.45 per share. Total traded volume stood at 4 times the 30-day average. The relative strength index stood at 25, indicating that the stock may be oversold.
Intraday the stock fell as much as 6.6%, the most since Dec. 22, 2022.
Of the 30 analysts tracking the stock, 23 maintained 'buy', five analysts suggested 'hold', while two analysts recommended 'sell'. The 12-month consensus price target implies a potential upside of 62.3%.
Source: Bloomberg
Dilip Buildcon Surges After Order Win From NHAI
Shares of Dilip Buildcon were trading 7.88% higher at Rs 189.65 after order win from National Highways Authority of India.
The company emerged as the lowest bidder at Rs 780.12 crore to construct a six-lane access controlled greenfield highway in Andhra Pradesh state in Hybrid Annuity Mode.
Intraday the stock gained as much as 10%- the most since Oct.4, 2023.
Total traded volume so far in the day stood at 40.9 times the 30-day average. Out of the 6 analysts tracking the stock, two maintained 'buy', three analysts suggested 'hold', while one recommended 'sell'.
The return potential of the stock implies upside of 52.7% over the next 12 months.
Source: Bloomberg, exchange filing
Sterlite Technologies Inks Asset-Sale Pact To Transfer Its Telecom Business To Skyvera
- Sterlite has signed an amended and restated agreement to transfer its Telecom Products and Software business as an asset sale to Skyvera LLC.
-Earlier, the parties had entered into a business transfer agreement to sell it by way of slump sale as a going concern basis.
- The transaction will be effected by Skyvera LLC through its Indian subsidiary.
- The aggregate consideration for sale of identified assets and carveout intellectual property is $15 million ( Rs 123.32 crore).
Source: Exchange filing
Adani Group Stocks Trading Lower
PNC Infratech Gains After Rs 819-Crore Order Win
Shares of PNC Infratech were trading 6.49% higher at Rs 282.3 after the company emerged as the lowest bidder for a Rs 819-crore construction project.
The scrip had risen as much as 8.15% intraday.
PNC Infra bagged the order from the Ministry of Road Transport and Highways to construct a 4-lane highway fromSingraur Uphar to Baranpur Kadipur Ichauli of NH-731A with paved shoulders in the state of Uttar Pradesh on Hybrid Annuity Mode.
The project is to be constructed in 24 months and operated for 15 years, post construction.
Total traded volume stood at 16.4 times the 30-day average.
Of the 19 analysts tracking the company, all maintained 'buy'. The return potential of the stock implies upside of 46.4% over the next 12 months.
Source: Bloomberg
SEBI Approves IPO Plan Of J.G. Chemicals.
- SEBI has issued observation letters for the IPO of J.G. chemicals.
-The initial stake sale will include fresh issue and an offer for sale.
Source: SEBI website
Kalyan Jewellers Tanks After Large Trade
The shares of Kalyan Jewellers were trading lower after large trade.
According to Bloomberg, at least 2.7% equity or 2.82 crore shares changed hands in at least three bunched trades.
The stock fell as much as 11% to trade at Rs 105.6. Total traded quantity stood at 36.3 times the 30-day average volume.
Of the six analysts tracking the stock, all maintained 'buy'. The return potential implied an upside of 43.1%.
Source: Bloomberg
Opening Bell: Sensex, Nifty Advance
Indian benchmarks opened higher on Tuesday following rise in Asian equities and the U.S. markets.
Sensex opened 0.32% higher at 57,839.19, while Nifty 50 gained 0.32% to open at 17,040.75.
Hindalco Industries Ltd., UPL, Mahindra & Mahindra Ltd., HDFC Life Insurance Co., and HCL Technologies were the top Nifty 50 gainers, while BPCL, Oil and Natural Gas Corp., Adani Ports and SEZ, Adani Enterprises Ltd. and Bharti Airtel were the top losers of the index.
Larger indices underperformed the benchmarks. S&P BSE MidCap fell 0.34%, while S&P BSE SmallCap traded flat.
The market breadth was skewed in favour of the bears. 1,348 stocks declined, 1,265 gained, while 111 stocks remained unchanged.
Sensex, Nifty Gain At Pre-Market Open
Indian benchmarks gained at pre-market open on Tuesday.
S&P BSE Sensex gained 0.17% to 57,751.50, while Nifty 50 rose 0.27% to 17,031.75.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
-The local currency appreciated 20 paise to open at 82.17 against the greenback on Tuesday.
-It closed at 82.37 on Monday.
Source: Bloomberg
Trade Setup: Tech May Continue To Remain Under Pressure In Trade Today
SEBI Extends Deadline For Nomination For Trading And Demat Account Holders Till Sept. 30
- The trading and demat accounts where nomination details are not updated will be freezed with effect from Sept. 30, 2023.
-Upon failing, the trading accounts shall be frozen for trading and demat account shall be frozen for debits.
- Previously, SEBI had mandated all changes by March. 31.
- Stock brokers and depository participants asked to encourage clients to update 'choice of nomination' by communicating through SMS and email on fortnightly basis.
Source: SEBI
Global Cues
U.S. Dollar Index at 102.66
U.S. 10-year bond yield at 3.52%
Brent crude down 0.04% to $78.09 per barrel
Nymex crude at $72.88 per barrel
SGX Nifty up 0.29% to 17,062.5 as of 8:15 a.m.
Bitcoin down 0.17% to $27,003.05
Pledge Share Details
Emami: Promoter group Suraj Finvest created a pledge of 85,000 shares, promoter group Diwaker Finvest created a pledge of 13.90 shares and released a pledge of 2.50 lakh shares between March 22-24.
Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 25,000 shares on March 22.
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 2.20 lakh shares on March 23.
Patel Engineering: Promoter Raahitya Construction created a pledge of 7 crore shares on March 23.
Insider Trading
Maharashtra Seamless: Promoter group Sudha Apparels bought 25,000 shares on March 24.
Pidilite Industries: Promoter group AB Parekh Trustee sold 36,000 shares on March 24.
Mukand: Promoter group Baroda Industries bought 26,581 shares on March 23.
Kirloskar Pneumatic Company: Promoter group Achyut and Neets Holdings sold 57,155 shares on March 24.
UPL: Promoter group Suresight Ventures bought 23.22 lakh shares between March 21-23.
Sunteck Realty: Promoter Matrabhav Trust bought 20,000 shares on March 23.
Jai Corp: Promoter Mega Trust bought 2 lakh shares on March 23.
NRB Bearings: Promoter and director Harshbeena Zaveri bought 22,713 shares on March 24.
Motilal Oswal Financial Services: Promoter and director Raamdeo Ramgopal Agarawal bought 20,000 shares, promoter and director Motilal Gopilal Oswal bought 16,600 shares on March 24.
Dollar Industries: Promoter group VK Mercantile bought 58,406 shares on March 24.
KCP: Promoter Dr VL Indira Dutt bought 10,421 shares, Dr. Subbarao Vallabhaneni bought 9,900 shares between March 22-24.
Block Deals
Trident: Madhuraj Foundation bought 1.24 crore shares (0.24%), Trident Limited Employees Welfare Trust sold 1.24 crore shares (0.24%) at Rs 25.75 apiece.
Bulk Deals
India Glycols: Abhishek Khaitan sold 2.04 lakh shares (0.66%) at Rs 584.82 apiece.
Supriya Lifescience: Dovetail India Fund Class 6 Shares sold 5.47 lakh shares (0.68%) at Rs 177.08 apiece.
Stocks To Watch: Adani Enterprises, Phoenix Mills, NDTV In Focus
Dilip Buildcon: The company has been chosen as the lowest bidder by the National Highways Authority of India for the development of a six-lane access controlled greenfield highway along a section of the Bengaluru-Vijayawada economic corridor from Audireddipalle to Mallapalle in Andhra Pradesh. The bid project cost is Rs 780.12 crore.
PNC Infratech: The company has been declared the lowest bidder for the construction of a four-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli in Uttar Pradesh. The project bid stands at Rs 819 crore.
SJVN: The company has received a loan of 15 billion Japanese yen (around Rs 915 crore) from the Japan Bank for International Cooperation under the latter’s global action for reconciling economic growth and environmental preservation programme. The funds will be used to finance solar power projects in Madhya Pradesh and Gujarat.
Nestle India: The board will consider and approve an interim dividend for the year 2023 on April 12.
Aditya Birla Capital: The company will sell 25.65 lakh shares of Aditya Birla Insurance Brokers, and Infocyber India, the other shareholder of the insurance brokerage, will sell 25.64 lakh shares to Edme Services at an enterprise of Rs 455 crore.
Allcargo Logistics: The company will buy 1.50 lakh shares of Gati-Kintetsu Express, representing 30% of the entire shareholding of the latter, for Rs 406.71 crore. The deal includes purchasing 1.3 lakh shares (26%) from KWE-Kintetsu World Express (S) and 20,000 shares (4%) from KWE-Kintetsu Express.
India Pesticides: The company received technical equivalence certification in the European Union for its newly commissioned herbicide technical product, which will bolster its export revenue.
Lemon Tree Hotels: The company opened its fifth hotel in Kerala under the brand ‘Keys Prima by Lemon Tree Hotels'. The 42-room property will be managed by the company’s subsidiary, Carnation Hotels.
One97 Communications: Paytm Payments Bank is allowing its users to make payments on every UPI QR code and online merchant where UPI payments are accepted on the back of wallet interoperability guidelines by NPCI. The payments bank will earn 1.1% interchange revenue on payments by Paytm Wallet customers.
The Phoenix Mills: Canada Pension Plan Investment Board invested Rs 160 crore in the company as the second tranche of the Rs 1,350 crore funding agreed to in November 2021.
Adani Enterprises: AMG Media Networks, a wholly owned subsidiary of the company, completed the acquisition of a 49% stake in Quintillion Business Media for a cash consideration of Rs 47.84 crore.
CreditAccess Grameen: The company allotted 26.75 lakh shares to eligible shareholders under the merger deal with Madura Micro Finance.
NDTV: The company appointed former SEBI Chairman Upendra Kumar Sinha and Welspun CEO Dipali Goenka as additional directors till March 26, 2025.
Axis Bank: The administrator of the Specified Undertaking of the Unit Trust of India, one of the promoters of the bank, has requested to be reclassified as a public shareholder. SUUTI has withdrawn the nomination of its nominee director on the bank’s board and surrendered its right to appoint one.
SGX Nifty Indicates A Strong Open For Indian Benchmarks
Indian benchmarks Sensex and Nifty are set to open higher, as indicated by the SGX Nifty.
At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.29% at 17,062.5.
Asian equities opened higher on Tuesday following rising U.S. financial shares, while treasuries fell as fears of broader contagion from the banking turmoil eased.
U.S. stocks rose on the back of gains in financial shares even as tech stocks retreated from last week’s rally. The S&P 500 rose 0.2%, while the tech-heavy Nasdaq 100 fell 0.8% by 12.47 p.m. in New York. The yield on 10-year Treasuries advanced 13 basis points to 3.51%.
Crude oil prices rose 3.5%, while gold prices fell 1.3%. Bitcoin declined 2.3% to trade below the $27,200 level.
On Monday, Sensex and Nifty snapped their two-day losing streak to end higher after a volatile session, led by gains in healthcare and pharma stocks.
The Indian rupee closed higher against the U.S. dollar, supported by a rise in domestic equities.
Foreign institutional investors offloaded stocks worth Rs 890.6 crore during the day. Domestic institutional investors remained net buyers for 13 days in a row, picking up stocks worth Rs 1,808.9 crore, the NSE data showed.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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