Stock Market Today: Sensex, Nifty Decline For Fifth Straight Session As Banking, Financial Stocks Drag
The S&P BSE Sensex closed down 344 points or 0.59% at 57,555.90 while the NSE Nifty 50 was 71 points or 0.42% lower at 16,972.15.
KEY HIGHLIGHTS
FPIs Remain Net Seller For Fifth Consecutive Session
Foreign outflow from Indian equities continued for fifth day in a row as overseas investors remained net sellers on Wednesday.
Foreign portfolio investors offloaded equities worth Rs 1,271.25 crore during the day, according to data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the fifth straight day and mopped up stocks worth Rs 1,823.94 crore.
Foreign institutions have remained net sellers of Rs 21,571 crore worth of Indian stocks so far in 2023, according to the National Securities Depository Ltd.
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 11 paise to close at 82.60 against the greenback. It closed at 82.49 on Tuesday.
Source: Bloomberg
Sensex, Nifty Decline For Fifth Straight Session
Indian equity benchmarks witnessed a steep decline from the day's high and ended lower in trade on Wednesday. Indices were trading higher through midday.
The headline indices closed lower for the fifth straight session, ending at their lowest levels since October 2022.
S&P BSE Sensex declined the most since Oct. 13, 2022, when it closed at 57,235.33 points. Whereas, NSE Nifty 50 closed below 17,000 level for the first time since Oct. 11, 2022.
Contracts on the S&P 500 and Nasdaq 100 fluctuated between small gains and losses. A gauge of dollar strength edged higher after four days of declines.
Europe’s Stoxx 500 equity benchmark slipped about 0.4%, with energy companies among the biggest decliners after this week’s steep drop in oil prices. Financials were among the biggest gainers in Asian trade today.
The S&P BSE Sensex closed down 344 points or 0.59% at 57,555.90 while the NSE Nifty 50 was 71 points or 0.42% lower at 16,972.15.
Reliance Industries Ltd., HDFC Bank Ltd., HDFC Ltd., Bharti Airtel Ltd., and Hindustan Unilever Ltd., were negatively contributing to the index NSE Nifty 50.
Whereas, Larsen and Toubro Ltd., Asian Paints Ltd., Adani Enterprises Ltd., Kotak Mahindra Bank Ltd., and Adani Ports and SEZ Ltd. were adding positively to the index.
All Adani Group company stocks advanced while Adani Power Ltd. and Adani Total Gas Ltd. declined in trade.
The broader market indices ended mixed; S&P BSE MidCap was down 0.02% whereas S&P BSE SmallCap was higher by 0.10%.
Ten out of the 19 sectors compiled by BSE declined, while nine advanced in trade.
The market breadth was skewed in the favour of the sellers. About 1,557 stocks rose, 1,963 declined, and 123 remained unchanged on the BSE.
Sonata Software Pares Gain After Hitting 52-Week High
Shares of Sonata Software Ltd. declined 2.55% to Rs 813.3 apiece in trade on Wednesday after hitting a 52 week high in trade. The headline index NSE Nifty 50 was trading lower by 0.15%.
Sonata Software has been chosen as one of the TOP SI partners of the newly launched cloud solution developed by Bayer for the agri-food industry.
Scrip gained as much as 2.52% intraday, rising the most in 52 weeks to Rs 855.6 apiece.
Total traded volume stood at three times its 30-day average. The relative strength index was at 66.
Out of the six analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 2.7% over the next 12 months.
Source: Bloomberg, Exchange filing
HDFC Bank Declines For Fourth Session
Shares of HDFC Bank Ltd. declined 1.23% to Rs 1,545.05 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading lower by 0.12%.
Scrip gained as much as 1.30% intraday. It declined for fourth straight trading session, falling over 5% in the same period. Total traded volume stood at 2.2 times its 30-day average. The relative strength index was at 32.06.
Out of the 44 analysts tracking the company, 41 maintain a 'buy' rating and three recommend a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 25% over the next 12 months.
Source: Bloomberg
Sensex, Nifty Witness Steep Decline
Indian benchmark indices Sensex and Nifty witnessed steep declines after falling over a 1% from day's high.
Nifty Midcap100 and Nifty Smallcap 100, on the other hand, outperformed the benchmark indices as they were trading higher by 0.5% and 0.9%, respectively.
Source: Bloomberg
KEC International Bags Orders Worth Rs 1,028-Crore Across Businesses
Shares of KEC International Ltd. rose 1.64% to Rs 458.55 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading lower by 0.02%.
KEC International has secured new orders worth Rs. 1,028 crore across various businesses. The businesses include transmission and distribution, civil and cables order. Transmission and distribution orders are secured from across East Asia Pacific, Middle East and America.
Scrip gained as much as 2.85% intraday, the most since March 3. Total traded volume stood at 0.7 times its 30-day average. The relative strength index was at 45.6.
Out of the 25 analysts tracking the company, 17 maintain a 'buy' rating, six recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 65.1% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Group Stocks Reverse Losses
Adani Group company stocks staged a recovery on Wednesday as all stocks advanced in trade, except Adani Total Gas Ltd.
Source: Bloomberg
Adani Power Up As 32.9 Lakh Shares Change Hands In Two Bunches
Shares of Adani Power Ltd. advanced 2.23% to Rs 199.8 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.05%.
About 21.3 lakh shares changed hands in a bunch at 1:26 p.m., whereas, 11.6 lakh shares more changed hands at 1:31 p.m.
Scrip declined as much as 5% intraday. Total traded volume stood at 0.7 times its 30-day average. The relative strength index was at 56.3.
One analyst tracking the company maintains a 'buy' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 65.1% over the next 12 months.
Source: Bloomberg
Stocks Hitting 52-Week Low Intraday
Reliance Industries Hits 52-Week Low For Third Consecutive Session
Shares of Reliance Industries Ltd. declined 0.33% to Rs 2,268.5 apiece in trade on Tuesday. The headline index NSE Nifty 50 was trading higgher by 0.35%.
The stock declined as much as 0.61% intraday, falling the most in 52-weeks to Rs 2,262.1 apiece. Scrip hit 52-week low on Monday and Tuesday as well. Scrip declined by 0.68% to Rs 2,269.05 apiece to hit 52-week low in Tuesday.
Reliance Industries Ltd. has declined by 2.4% in three days. The relative strength index was at 35.8.
Out of the 37 analysts tracking the company, 32 maintain a 'buy' rating, two recommend a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 26% over the next 12 months.
Source: Bloomberg
Sensex, Nifty Pare Morning Gains; Hindustan Unilever, Airtel, Reliance Aid Advances: Midday Market Update
Indian equity benchmarks rose in trade through midday on Wednesday following positive global cues.
U.S. and European equity futures swung between small gains and losses while Asian stocks climbed as investors wagered that the worst of the global fallout from the American banking sector has passed.
Financials were among the biggest gainers Wednesday in Tokyo and Hong Kong, where the Hang Seng Index rose more than 1%. U.S. stocks rallied into the close Tuesday, helping set the scene for the shift in sentiment in Asia.
As of 12:11, S&P BSE Sensex was up 206 points or 0.36% at 58,105.85 while the NSE Nifty 50 was 68 points or 0.40% higher at 17,110.85.
Tata Steel Ltd., ICICI Bank Ltd., Asian Paints Ltd., Kotak Mahindra Bank Ltd., and Larsen & Toubro Ltd, were negatively contributing to the index NSE Nifty 50.
Whereas, Hindustan Unilever Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Nestle India Ltd., were adding positively to the index.
Adani Group stocks were mixed in trade as Adani Green Energy Ltd., Adani Ports and SEZ Ltd., Adani Enterprises Ltd., Adani Wilmar Ltd. and Ambuja Cements Ltd. advanced, while the other stocks declined.
The broader market indices were trading higher; S&P BSE MidCap was up 0.66% whereas S&P BSE SmallCap was higher by 0.81%.
Foruteen out of the 19 sectors compiled by BSE advanced while S&P BSE Energy, S&P BSE Telecommunication and S&P BSE Fast Moving Consumer Goods declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,122 stocks rose, 1,200 declined, and 129 remained unchanged on the BSE.
Nazara Technologies' Units Gets Access To Silicon Valley Bank Funds Worth Rs 64-Crore
Kiddopia Inc and Mediawrkz Inc were given unrestricted access to the entire amount of $7.75-million (approx Rs 64-crore) that was held at SVB.
Nazara's units have transferred the sum of Rs 60-crore to other banks, while the balance amount of $0.5-million (approx Rs 4-crore) is still deposited at SVB.
Source: Exchange filing
GMR Airports Infrastructure Shares Gain As Unit Raises Rs 840-Crore Via NCDs
Shares of GMR Airports Infrastructure Ltd. advanced 4.18% to Rs 41.1 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.63%.
GMR Hyderabad International Airport, a step-down subsidiary of the company, raised Rs 840 crore via non-convertible debentures.
Scrip gained advanced as much as 4.31% intraday, rising the most in fifteen weeks since Nov. 30, 2022.
Total traded volume stood at 3.8 times its 30-day average. The relative strength index was at 66.
Out of the three analysts tracking the company, two maintain a 'buy' rating and one recommend a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 4.5% over the next 12 months.
Source: Bloomberg, Exchange filing
Credit Suisse Veteran Neelkanth Mishra Poised To Exit For Axis Bank: Bloomberg
Neelkanth Mishra will exit Credit Suisses as the co-head of Asia Pacific strategy and join Axis Bank.
Mishra has agreed to helm Axis Bank’s research department, as per Bloomberg sources.
Ashish Gupta, the former head of India equity research at Credit Suisse, joined Axis Mutual Fund as chief investment officer, earlier this month.
Also, Axis Bank completed the acquisition of Citigroup Inc.’s India retail banking business for $1.4 billion in March.
Neelkanth Mishra is also part of Prime Minister Narendra Modi’s Economic Advisory Council.
Mishra joins Axis Bank as a part of startegy to bolster various businesses including wealth management and investment banking business of the lender.
Source: Bloomberg
EKI Energy Wins Secures Kochi Metro Rail Carbon Credits Project Tender
EKI Energy Services Ltd. signs consultancy service contract for carbon credits project of Kochi Metro Rail Project
The company will provide assistance and consulting services for validation, registration, verification, issuance and trading of carbon credits projects of Kochi Metro Rail Ltd.
The aim is to enhance the environmental aspect of the metro project through certification for GHG emission reduction while delivering additional benefits in form of carbon credits. EKI will assist Kochi Metro Rail to monetize the carbon credits generated by its significant environmental impact.
The stock was locked in an upper-circuit of 5% at Rs 621.85 apiece.
Source: Bloomberg, Exchange filing
RailTel Corporation Shares Jump On Rs 287.57-Crore Order Win
Shares of RailTel Corporation of India Ltd. advanced 2.90% to Rs 108.1 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.42%.
The company received a work order from Centre for Development of Advanced Computing for supply, installation, integration, testing and commissioning of I.T. infrastructure in green field data centre at New Delhi and Bengaluru, along with training and support. The project is worth Rs 287.57 crore.
Scrip gained advanced as much as 4.76% intraday, rising the most in over five weeks since Feb. 8, 2023.
Total traded volume stood at 3.1 times its 30-day average. The relative strength index was at 42.4.
Out of the two analysts tracking the company, one maintains a 'buy' rating, while one recommends a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 33.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Asian Paints Shares Rise As Crude Prices Cool Off
Shares of Asian Paints Ltd. advanced 3.15% to Rs 2,832 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.52%.
Brent Crude prices cooled off to 78.52 a barrel in trade, which is an important raw material for paint companies.
Scrip gained advanced as much as 3.41% intraday, rising the most in over eight months since July 6, 2022.
Total traded volume stood at 2.5 times its 30-day average. The relative strength index was at 51.9.
Out of the 38 analysts tracking the company, 16 maintain a 'buy' rating, nine recommend a 'hold' and 13 suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 7.8% over the next 12 months.
Source: Bloomberg
Adani Group Company Stocks Mixed
Adani Group stocks were mixed in trade as Adani Green Energy Ltd., Adani Ports and SEZ Ltd., Adani Enterprises Ltd., and Adani Wilmar Ltd. advanced, while the other stocks declined.
Source: Bloomberg
Ramkrihsna Forgings, Titagarh Wagons Advance After Project Win
A consortium of Titagarh Wagons and Ramkrishna Forgings has been declared as lowest bidder bidder for manufacturing and supply of forged wheels under Aatmanirbhar Bharat initiative of the Ministry of Railways.
The total quantity of forged wheels to be supplied will be around 15.40 lakh wheels over a period of 20 years.
Shares of Ramkrishna Forgings Ltd. advanced 8.29% to Rs 287.5 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.64%.
The company hit a 52-week high at Rs 291 apiece in trade.
Total traded volume stood at 12.8 times its 30-day average. The relative strength index was at 60.5.
Out of the seven analysts tracking the company, six maintain a 'buy' rating, and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 17.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Shares of Titagarh Wagons Ltd. advanced 1.70% to Rs 245.05 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.55%.
Scrip gained declined as much as 4.17% intraday, rising the most since March 10.
The relative strength index was at 63.5. One analyst tracking the company maintains a 'buy' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 11.4% over the next 12 months.
Source: Bloomberg, Exchange filing
Maruti Suzuki Shares Volatile After Promoter Stake Acquisition
Shares of Maruti Suzuki Ltd. declined 0.07% to Rs 8,512.15 apiece in trade on Tuesday. The headline index NSE Nifty 50 was trading higher by 0.72%.
Promoter Suzuki Motors Corporation bought 3.45 lakh shares of the company at an average price of Rs. 8,569.7, reported to the exchange on March 14, 2023.
Total traded volume stood at 2.6 times its 30-day average. The relative strength index was at 47.6.
Out of the 52 analysts tracking the company, 39 maintain a 'buy' rating, six recommend a 'hold' and seven suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.7% over the next 12 months.
Source: Bloomberg, Exchange filing
KPIT Technologies Announces Partnership With Japan's Honda Motor
The deal will see Honda and KPIT bring together their expertise in the areas of autonomous driving, vehicle electrification, infotainment systems, and platform software.
The deal comes less than six months after KPIT was signed on by France's Renault SA to develop the next-generation of software-defined vehicles.
Jaguar Land Rover recently brought on board IPO-bound Tata Technologies for its digital transformation.
Source: Company statement
Broader Markets Open Higher
The broader market indices were trading higher; S&P BSE MidCap was up 0.43% whereas S&P BSE SmallCap was higher by 0.71%.
All 20 sectors compiled by BSE advanced while S&P BSE Energy and S&P BSE Telecommunication declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,085 stocks rose, 725 declined, and 99remained unchanged on the BSE.
Source: BSE
Top Nifty 50 Index Movers
Nestle India Ltd., ONGC Ltd., Hindustan Unilever Ltd., SBI Life Insurance Co., and Bharti Airtel Ltd., were negatively contributing to the index NSE Nifty 50.
Whereas, BPC Ltd., Asian Paints Ltd., Titan Co., Adani Ports and SEZ Ltd., and UPL Ltd. were adding positively to the index.
Sensex, Nifty Open Higher
Indian equity benchmarks rose in trade on Wednesday following postive global cues.
Asian markets climbed on Wednesday as investors wagered that the worst of the global fallout from the American banking sector has passed.
U.S. stocks rallied into the close, helping set the tone for a shift in sentiment Wednesday. The tech-heavy Nasdaq 100 notched its biggest one-day gain since early February.
Consumer price index in the U.S. increased 0.5% in February, slightly ahead of the median estimate of 0.4% and enough to keep pressure on policy makers to hike rates.
As of 9:34, S&P BSE Sensex was up 452 points or 0.78% at 58,352.57 while the NSE Nifty 50 was 139 points or 0.81% higher at 17,181.85.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 18 paise to open 82.31 against the greenback on Wednesday. It closed at 82.49 on Tuesday.
Source: Cogencies
Ramkrishna Forgings, Titagarh Wagons Declared As L1 For Supply Of Forged Wheels
A consortium of Titagarh Wagons and Ramkrishna Forgings has been declared as lowest bidder bidder for manufacturing and supply of forged wheels under Aatmanirbhar Bharat initiative of the Ministry of Railways.
The total quantity of forged wheels to be supplied will be around 15.40 lakh wheels over a period of 20 years.
Source: Exchange filing
Bearish Sentiment Augurs Well For Tactical Longs: Trade Setup
Zomato Liquidates Ireland Subsidiary With Effect From March 12
Zomato Jordan, a step-down subsidiary of the company located in Jordan was liquidated on March 12, 2023.
Closure of Jordan unit does not affect the turnover or revenue of the company, said Zomato.
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 103.6
U.S. 10-year bond yield at 3.66%
Brent crude up 0.97% to $78.20 per barrel
Nymex crude at $72.11 per barrel
SGX Nifty up 0.53% at 17,201.5 as of 8:22 a.m.
Bitcoin up 1.27% to $24,949
Trading Tweaks
Price Band Revised From 20% To 10%: GRM Overseas
Ex-Date Interim Dividend: Allcargo Logistics
Ex-Date Interim Dividend: CG Power and Industrial Solution
Record Date Interim Dividend: Allcargo Logistics
Record Date Interim Dividend: CG Power and Industrial Solution
Move Into Short-Term ASM Framework: GRM Overseas
Bulk Deals
Divgi TorqTransfer Systems: Quant Mutual Fund bought 2.64 lakh shares (0.86%) at 588.87 apiece, Sageone Investment Managers at 3.61 lakh shares (1.18%) at Rs 597.59 apiece, Morgan Stanley Asia (Singapore) sold 3.74 lakh shares (1.22%) at Rs 590.32 apiece.
Block Deals
Bajaj Finserv: Bajaj Sevashram bought 1.25 lakh shares (0.01%), Deepa Bajaj sold 1.25 lakh shares (0.01%) at Rs 1,290 apiece.
Laurus Labs: Arun Vijay Nathani bought 6.36 lakh shares (0.12%), Cybage Software sold 6.36 lakh shares (0.12%) at Rs 305 apiece.
Stocks To Watch: Adani, Reliance Industries, Cipla, PNC Infratech, Maruti Suzuki
NBCC (India): The company received a work order from Government of Puducherry to construct Government Medical College and Hospital at Karaikal, Puducherry for Rs 500 crore.
Reliance Industries: The Competition Commission of India has approved the acquisition of Metro Cash & Carry by Reliance Retail Ventures, the retail arm of the oil-to-telecom conglomerate.
Cipla: The company will sell 51.8% stake in its Ugandan subsidiary Cipla Quality Chemical Industries to Africa Capitalworks SSA 3 for $25-30 million.
GlaxoSmithKline Pharmaceuticals/ Marksans Pharma/ Wockhardt: Following companies are likely to be impacted as per Bloomberg as the Medicines & Healthcare Products Regulatory Agency, the healthcare regulator in the U.K., ordered the recall for cough and cold medicines that contain pholcodine.
RailTel Corporation of India: The company received a work order from Centre for Development of Advanced Computing for supply, installation, integration, testing and commissioning of IT infrastructure in green field data centre at New Delhi and Bengaluru, along with training and support. The project is worth Rs 287.57 crore.
Star Health and Allied Insurance Company: The company detected unauthorised access to its mobile application, and subsequently reported it to the insurance regulator IRDAI and Cyber Police. The Information Security Team of the company along with External Advisors is currently reviewing the matter.
Honeywell Automation India: Honeywell has appointed Vimal Kapur, its president and COO, as its next CEO. Kapur will succeed incumbent chairman and CEO Darius Adamczyk.
PNC Infratech: The company has been declared the lowest bidder for a NHAI project to construct six-lane 35.2-km greenfield Varanasi-Ranchi-Kolkata highway for a bid project cost of Rs 1,260 crore.
Elgi Equipments: The company’s wholly owned subsidiary Elgi Compressors U.S.A. has acquired 33.33% stake in CS Industrial Services.
Texmaco Rail & Engineering: The board of the company has approved transfer, assignment, restructuring or conveying the whole or substantially the whole of rail EPC business, comprising of Kalindee Rail and Bright Power, by way of slump sale to two separate wholly owned subsidiaries.
Mahindra & Mahindra: Mahindra Bangladesh, a wholly owned subsidiary of the company, received its shareholders’ approval for voluntary winding up.
GMR Airports Infrastructure: GMR Hyderabad International Airport, a step-down subsidiary of the company, raised Rs 840 crore via non-convertible debentures.
LIC Housing Finance: Chairman MR Kumar has resigned from the board of the company upon attainment of superannuation.
TVS Motor Company: The company’s board approved the proposal to raise Rs 125 crore via non-convertible debentures on private placement basis.
SGX Nifty Indicates Higher Open For Benchmarks
Asian markets climbed on Wednesday as investors bet that the worst of the global fallout from the American banking sector has passed.
U.S. stocks rallied into the close, helping set the tone for a shift in sentiment Wednesday. The tech-heavy Nasdaq 100 notched its biggest one-day gain since early February.
The consumer price index in the U.S. increased 0.5% in February, slightly ahead of the median estimate of 0.4% and enough to keep pressure on policymakers to hike rates.
Meanwhile, the yield on 10-year Treasuries declined to 3.66%. Crude oil prices were trading around the $78 mark, while Bitcoin was trading around the $24,000 level.
At 8:22 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.53% at 17,201.5.
Both Indian benchmark indices—Sensex and Nifty—closed lower for the fourth day in a row after a volatile session, weighed down by declines in IT and banking stocks.
The Indian rupee closed lower against the U.S. dollar for the third consecutive day as domestic equities declined and FPI outflows continued.
Overseas investors in Indian equities remained net sellers for the fourth day in a row on Tuesday. Foreign portfolio investors offloaded equities worth Rs 3,086.9 crore, while the domestic institutional investors were net buyers for the fourth straight day and mopped up stocks worth Rs 2,121.9 crore.