Stock Market Today: Sensex, Nifty Snap Three-Day Run To Fall The Most In Over Two Weeks

Foreign investors in Indian equities turned net sellers on Thursday, ending a four-day buying streak.

Foreign portfolio investors offloaded equities worth Rs 561.78 crore, according to data from the National Stock Exchange.

Domestic institutional investors turned net buyers after a day and bought stocks worth Rs 42.41 crore. They snapped nine-day buying streak and turned sellers on March 8.

Foreign institutions have remained net sellers and offloaded Rs 36,132.01 crore so far in 2023.

The yield on the 10-year bond closed flat at 7.43% on Thursday.

Source: Bloomberg

The local currency strengthened by 8 paise to close at 81.98 against the greenback on Thursday. It closed at 82.06 on Wednesday.

Source: Bloomberg

Indian equity benchmarks extended declines and snapped three-day gains after opening amid volatility on Thursday.

Benchmarks fell to the lowest level in over two weeks since Feb. 22, 2023. Also, S&P BSE Sensex closed below the 60,000-level after two trading sessions.

Asian markets slipped along with the U.S. equity futures on Thursday as investors weighed the risk of faster rate hikes. The Stoxx Europe 600 fell 0.3% while contracts for the rate-sensitive Nasdaq 100 slid 0.5%.

The S&P BSE Sensex closed down 542 points or 90% at 59,806.28 while the NSE Nifty 50 was 165 points or 0.93% lower at 17,589.60.

Larsen and Toubro Ltd., Axis Bank Ltd., Bharti Airtel Ltd., Tata Steel Ltd., and Apollo Hospitals Enterprise Ltd., and were positively contributing to the index NSE Nifty 50.

Whereas, Reliance Industries Ltd., ICICI Bank Ltd., TCS Ltd., Infosys Ltd., and ITC Ltd. were dragging the index.

Adani Group company ended mixed in trade on Thursday as Adani Enterprises Ltd., Adani Ports and SEZ Ltd., ACC Ltd., and Ambuja Cements Ltd. declines while the other stocks advanced.

The National Stock Exchange has put Adani Enterprises Ltd., Adani Power Ltd. and Adani Wilmar Ltd. under short-term additional surveillance measures.

The exchange had said on Monday that it would remove Adani Enterprises from the short-term additional surveillance measure framework from Wednesday. It has now put it back under the framework with effect from Thursday.

Ambuja Cements Ltd. and Adani Ports and Special Economic Zone Ltd. were removed from the short-term additional surveillance measure framework on Feb. 13.

The broader market indices were trading marginally higher; S&P BSE MidCap was down 0.55% whereas S&P BSE SmallCap was lower by 0.20%.

Fourteen out of 19 sectors compiled by BSE declined while five advanced in trade.

The market breadth was skewed in the favour of the bears. About 1,739 stocks rose, 1,589 declined, and 148 remained unchanged on the BSE.

Shares of automotive companies declined in trade on Thursday and the headline index NSE Nifty 50 was lower by 0.71% in trade.

The NSE Auto Bank Index was up 1.54% in trade. Fourteen out of the 15 constituents compiled by the gauge declined, while only Bajaj Auto Ltd. advanced in trade.

Mahindra and Mahindra Ltd., Balkrishna Industries Ltd., TVS Motor Ltd., Tube Investments of India Ltd., Eicher Motors Ltd., Tata Motors Ltd., Maruti Suzuki Ltd., Hero MotoCorp Ltd., MRF Ltd., Bosch Ltd., Ashok Leyland Ltd., Bharat Forge Ltd., Sona BLW Precision Ltd. declined in trade.

Source: NSE

Shares of Aptus Value Housing Finance India Ltd. declined 6.36% to Rs 246.8 apiece in trade on Wednesday.

The company denied being part of any negotiation to handover management control to Cholamandalam.

The stock rose as much as 6.64% intraday. Total traded volume stood at 4.2 times its 30-day average. The relative strength index was at 42.3.

Out of the 14 analysts tracking the company, 12 maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 41.7% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of LT Foods Ltd. advanced 2.06% to Rs 103.9 apiece in trade on Wednesday.

LT Foods Ltd. has completed the acquisition of 56,55,341 equity shares of Daawat Foods Ltd. from United Farmers Investment Company.

The stock rose as much as 4.03% intraday. Total traded volume stood at 2.7 times its 30-day average. The relative strength index was at 48.4.

One analyst tracking the company maintains a buy rating.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 43.1% over the next 12 months.

Source: Bloomberg, Exchange filing

Indian equity benchmarks extended declines through midday after swinging amid volatility at open on Thursday.

Equities turned mixed during Asian trading and the U.S. stock futures fell as investors weighed the risk of faster rate hikes.

Contracts for the S&P 500 and Nasdaq extended declines after a report that President Joe Biden is proposing tax increases on billionaires, rich investors and corporations, his plans have little chance of passing Congress.

As of 12:20 p.m., S&P BSE Sensex was down 288 points or 0.48% at 60,060.33 while the NSE Nifty 50 was 88 points or 0.50% lower at 17,666.30.

All Adani Group company shares advanced in trade on Thursday except Adani Enterprises Ltd., and ACC Ltd.

The National Stock Exchange has put Adani Enterprises Ltd., Adani Power Ltd. and Adani Wilmar Ltd. under short-term additional surveillance measures.

The exchange had said on Monday that it would remove Adani Enterprises from the short-term additional surveillance measure framework from Wednesday. It has now put it back under the framework with effect from Thursday.

Ambuja Cements Ltd. and Adani Ports and Special Economic Zone Ltd. were removed from the short-term additional surveillance measure framework on Feb. 13.

HDFC Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Larsen and Toubro Ltd., and NTPC Ltd., and were positively contributing to the index NSE Nifty 50.

Whereas, Reliance Industries Ltd., ITC Ltd., ICICI Bank Ltd., TCS Ltd., and Infosys Ltd., were dragging the index.

The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.10% whereas S&P BSE SmallCap was higher by 0.14%.

Thirteen out of 20 sectors compiled by BSE advanced while seven declined in trade.

The market breadth was split between sellers and buyers. About 1,739 stocks rose, 1,589 declined, and 148 remained unchanged on the BSE.

Shares of NTPC Ltd. advanced 1.76% to Rs 182 apiece in trade on Wednesday.

As per Bloomberg, India will commission 2,930 MW of new coal-based power plants in March.

The stock fell as much as 1.85% intraday. Total traded volume stood at two times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.

Out of the 26 analysts tracking the company, 25 maintain a 'buy' rating, one recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 10.9% over the next 12 months.

Source: Bloomberg, Exchange filing

The yield on the 10-year bond was at 7.44% on Thursday, as of 11:40 a.m. It closed at 7.43% on Wednesday.

Source: Bloomberg

Shares of Power Grid Corp of India Ltd. advanced 0.70% to Rs 229.65 apiece in trade on Wednesday.

Power Grid Corp of India's board approves the raising unsecured, non-convertible, non-cumulative, redeemable, taxable bonds on private placement basis.

The total issue size of the bonds is upto Rs 900 crore including a green shoe option of Rs 600 crore by securitization of cashflows of 10 years.

Bonds are redeemable in 40 equal instalments with an interest payment on quarterly basis.

The stock fell as much as 16.05% intraday. Total traded volume stood at 195.8 times its 30-day average. The relative strength index was at 52.

Out of the 23 analysts tracking the company, 19 maintain a 'buy' rating, four recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 7.6% over the next 12 months.

Source: Bloomberg, Exchange filing

• Airspan Networks inked a pact to sell Mimosa Networks to Reliance’s Radisys Corporation for $60 million (Rs 491 crore) on a debt free, cash free basis.

• The acquisition will accelerate Jio's innovation and leadership in production of telecom network products.

• Jio has been a major customer of Mimosa for its point-to-point and point-to-multipoint products based on WiFi 5, WiFi 6E technologies and accessories.

• Mimosa’s product development, manufacturing, and sales teams will continue with Mimosa following the acquisition.

Source: Exchange filing

Shares of Gokaldas Exports Ltd. declined 2.75% to Rs 396.4 apiece in trade on Wednesday. As per Bloomberg, the company has 62.80 lakh or 10% equity change hands in a bunched trade.

According to BQPrime sources, Clear Wealth Consultancy Services is likely to have sold 8.25% stake in Gokaldas Exports. The expected size of the transaction is said to be worth Rs 234 crore.

Based on the December-quarter shareholding pattern, Clear Wealth Consultancy held 20.56% stake in the company.

The stock fell as much as 4.32% intraday, declining the most in over two weeks since Feb. 22.

Total traded volume stood at 195.8 times its 30-day average. The relative strength index was at 52.

Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one recommends a 'hold' on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 40.1% over the next 12 months.

Source: Bloomberg, Sources To BQPrime

Shares of Sequent Scientific Ltd. rose 12.43% to Rs 70.1 apiece in trade on Wednesday.

The company will not be materialising the proposed transaction contemplated under the agreement to acquire 100% stake in Tineta Pharma.

The stock gained as much as 14.19% intraday, rising the most in over nine months since May 23, 2022.

Total traded volume stood at 34.8 times its 30-day average. The relative strength index was at 51.2. Two analysts tracking the company maintain a 'buy' rating on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 85.3% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of Religare Enterprises Ltd. rose 4.12% to Rs 160.4 apiece in trade on Wednesday.

Religare Enterprises unit clears Rs 2,178-crore one-time settlement dues to 16 lenders. As per the filing, company cleared the dues as it has been facing significant asset liability mis-match.

Religare Finvest, a subsidiary of the company along with its parent completed entire one-time settlement payment on March 8 of Rs 2,178-crore, including unsecured exposure.

The stock gained as much as 7.04% intraday, rising the most in over nine weeks since Jan. 3, 2023.

Total traded volume stood at 16.9 times its 30-day average. The relative strength index was at 57.4.

Source: Bloomberg, Exchange filing

The broader market indices were trading higher; S&P BSE MidCap was up 0.41% whereas S&P BSE SmallCap was higher by 0.50%.

Foruteen out of 20 sectors compiled by BSE advanced while six declined in trade.

The market breadth was in the favour of the buyers. About 1,882 stocks rose, 811 declined, and 125 remained unchanged on the BSE.

Source: BSE

Axis Bank Ltd., Tata Steel Ltd., JSW Steel Ltd., Apollo Hospitals Enterprise Ltd., and Bharti Airtel Ltd. were positively contributing to the index NSE Nifty 50.

Whereas, Reliance Industries Ltd., ICICI Bank Ltd., ITC Ltd., TCS Ltd., HDFC Ltd., were dragging the index.

Shares of all the Adani group company stocks advanced in trade on Thursday.

Source: Bloomberg

Indian equity benchmarks opened volatile in trade on Thursday amid mixed global cues.

Investors continue to digest Jerome Powell’s signaling on further rate hikes and the risk of recession.

Equities turned mixed during Asian trading Thursday and US stock futures fell as investors weighed the risk of faster rate hikes.

Contracts for the S&P 500 and Nasdaq extended declines after a report that President Joe Biden is proposing tax increases on billionaires, rich investors and corporations, his plans have little chance of passing Congress.

At pre-open, S&P BSE Sensex opened up 119 points or 0.20% at 60,4667.09 while the NSE Nifty 50 was 18 points or 0.10% higher at 17,772.05.

The S&P BSE Sensex opened up 119 points or 0.20% at 60,4667.09 while the NSE Nifty 50 was 18 points or 0.10% higher at 17,772.05.

Source: Bloomberg

The local currency strengthened by 14 paise to 81.92 at open against the greenback on Thursday. It closed at 82.05 on Wednesday.

Source: Bloomberg

• As per the filing, company cleared the dues as it has been facing significant asset liability mis-match.

• Religare Finvest, a subsidiary of the company along with its parent completed entire one-time settlement payment on March 8 of Rs 2,178-crore, including unsecured exposure.

Source: Exchange filing

• The size of the transaction is said to be worth Rs 234 crore.

• The floor price of Rs 390 per share is a 4.3% discount to Wednesday's closing price.

• Based on the December-quarter shareholding pattern, Clear Wealth Consultancy held 20.56% stake in the company.

Source: Sources to BQ Prime

• Company plans to raise Rs 450 crore through the same with an upsize option up to Rs 500 crore.

• The floor price of Rs 1,284.53 apiece is a discount of 1.5% to Wednesday's closing levels.

• Indicative issue price stands at Rs 1,220.31 per share, which is about 5.7% to the last closing price.

• QIP will lead to dilution of nearly 7.11% of pre-issue outstanding equity share capital.

• Company plans to use the proceeds to fund working capital requirements, invest in product development, fund the acquisition of a land and other general corporate purposes.

Source: Exchange filing, Sources to BQ Prime

• U.S. Dollar Index at 105.7

• U.S. 10-year bond yield at 3.99%

• Brent crude down 0.18% to $82.51 per barrel

• Nymex crude at $76.48 per barrel

• SGX Nifty down 0.08% at 17,785.5 as of 8:10 a.m.

• Bitcoin down 1.36% to $21,706.82

• Ex-Date Amalgamation: Jindal Stainless (Hisar)

• Record-Date Amalgamation: Jindal Stainless (Hisar)

• Move Into Short-Term ASM Framework: Adani Enterprises, Adani Power Adani Wilmar, DB Realty, Kiri Industries, Tata Teleservices (Maharashtra)

• Jindal Stainless: iShares Core MSCI Emerging Markets ETF bought 33.7 lakh shares (0.64%) at Rs 309.42 apiece.

• Shriram Finance: Small Cap World Fund Inc. bought 20.26 lakh shares (0.54%) at Rs 1,225.1 apiece, New World Fund Inc. bought 50.72 lakh shares (1.35%) at Rs 1,225.1 apiece, Dynasty Acquisition (FPI) sold 83.5 lakh shares (2.23%) at Rs 1,225.41 apiece on NSE. Arkaig Acquisition (FPI) sold 24.99 lakh shares (0.67%) at Rs 1,225.01 apiece on BSE.

• Kirloskar Oil Engines: Subhkam Ventures I bought 10.25 lakh shares (0.71%), Sundaram Trading and Investment bought 3.14 lakh shares (0.22%), Alpna Enterprises bought 3.14 lakh shares (0.22%), Khazana Tradelinks bought 3.75 lakh shares (0.26%), Cybage Software bought 9.32 lakh shares (0.64%), Antique Securities bought 3.15 lakh shares (0.22%), Aurigin Master Fund bought 3.11 lakh shares (0.21%), Birla Sunlife Insurance Company bought 17.08 lakh shares (1.18%), BNP Paribas Arbitrage bought 12.42 lakh shares (0.86%), DSP Mutual Fund bought 24.84 lakh shares (1.72%), East Lane Capital bought 4.66 lakh shares (0.32%), Franklin Templeton Mutual Fund bought 13.98 lakh shares (0.97%), HSBC Mutual Fund bought 15.53 lakh shares (1.07%), ITI Mutual Fund bought 4.66 lakh shares (0.32%), Jagdish Naresh Master bought 3.85 lakh shares (0.27%), JM Financial Mutual Fund bought 3.11 lakh shares (0.21%), Max Life Insurance Company bought 29.5 lakh shares (2.04%), Motilal Oswal Mutual Fund bought 23.29 lakh shares (1.61%), Nippon India Mutual Fund bought 35.71 lakh shares (2.47%), Sageone Investment Managers bought 5 lakh shares (0.35%), Societe Generale bought 3.11 lakh shares (0.21%), The Regents Of The University Of California bought 4.66 lakh shares (0.32%), Urjita Jagdish Master bought 3.14 lakh shares (0.22%), Nomura Indian Stock Mother Fund bought 15.84 lakh shares (1.09%), Jyotsna Gautam Kulkarni sold 1.3 crore shares (8.96%), Nihal Gautam Kulkarni sold 63.67 lakh shares (4.4%), Ambar Gautam Kulkarni sold 62.85 lakh shares (4.34%) at Rs 322 apiece.

• State Bank of India: The bank raised Rs 3,717 crore through its third AT-1 bond issuance during the current financial year at coupon rate of 8.25%.

• Bharat Forge: The company through its subsidiary Kalyani Powertrain inaugurated its first e-bike manufacturing facility at MIDC, Chakan with annual production capacity of 60,000 units and scalable to 1 lakh units.

• Aptus Value Housing Finance India: The company denied being part of any negotiation to handover management control to Cholamandalam.

• Sequent Scientific: The transaction contemplated under the agreement to acquire 100% stake in Tineta Pharma has not been materialised, and the acquisition will not happen.

• Ramkrishna Forgings: The company incorporated a subsidiary—RKFL Engineering Industry—to implement the resolution plan under corporate insolvency resolution process for JMT Auto.

• ISMT: R Poornalingam resigned as an independent director of the company, with effect from March 8, 2023.

Asian equities edged marginally higher on Thursday after a choppy U.S. session saw major benchmarks post modest gains as investors weighed the outlook for interest rates.

A late-day rally in the U.S. lifted the S&P into the green, with the tech-heavy Nasdaq 100 leading the bounce higher. An index of Chinese companies traded in the US pared losses into the close.

Equities on Wall Street struggled to gain traction for much of the day as traders assessed Jerome Powell’s latest comments and the prospects for higher interest rates.

Powell reiterated that an acceleration in the pace of hikes is still on the table and rates may go higher than anticipated should economic data warrant.

The yield on the 10-year Treasury note advanced to 3.99%. Crude oil prices were trading around the $82 mark, while Bitcoin was trading below the $22,000 level.

At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.08% at 17,785.5.

The Indian rupee ended its two-day rally against the U.S. dollar as the greenback strengthened.

Overseas investors in Indian equities remained net buyers for the fourth day in a row on Wednesday. Foreign portfolio investors mopped up equities worth Rs 3,671.5 crore, while domestic institutional investors snapped a nine-day buying streak and turned sellers. They sold stocks worth Rs 937.8 crore.