Stock Market Today: Sensex, Nifty Extend Weekly Decline But Rebound From Verge Of Correction

The yield on the 10-year bond closed flat at 7.34% on Friday.

Foreign investors in Indian equities closed the week as net sellers, as their selling spree continued for the seventh day.

Foreign portfolio investors offloaded equities worth Rs 1,766.53 crore during the day, according to data from the National Stock Exchange. This was the second highest sell-off by overseas investors this week.

Meanwhile, domestic institutional investors remained net buyers for the seventh day in a row and picked up equities worth Rs 1,817.14 crore.

Foreign institutions invested in Indian equities have remained net sellers so far in 2023, pulling out Rs 22,651 crore by March 17, 2023, according to the National Securities Depository Ltd.

The local currency strengthened by 19 paise to close 82.55 against the greenback on Friday. It closed at 82.74 on Thursday.

Source: Bloomberg

Indian equity benchmarks ended the day higher after swinging amid volatility through the day.

On a weekly basis, the headline indices declined the most in three weeks. Nifty slipped below the 17,000 levels for the first time in over five months in the week gone by.

The indices rebounded this week from being on the verge of a market correction as NSE Nifty 50 declined 9.10% from the record high and S&P BSE Sensex corrected 8.37%. As market correction happens when markets decline more than 10%, but less than 20%. A bear market is usually defined as a decline of 20% or greater.

U.S. futures were steady on Friday and treasuries gained, capping a tumultuous week for global markets amid concerns of financial turmoil.

The Stoxx Europe 600 index rose about 1%. European banking index climbed, but still down more than 7% this week even after the Swiss central bank’s support for Credit Suisse Group AG.

S&P 500 advanced after the index rallied 1.8% yesterday as larger banks threw a lifeline to First Republic Bank. Banks including JPMorgan Chase & Co. and Citigroup Inc. banded together in a show of support for First Republic on Thursday.

The S&P BSE Sensex closed up 355 points or 0.62% at 57,989.90 while the NSE Nifty 50 was 115 points or 0.67% higher at 17,110.05.

HCL Technologies Ltd., Hindalco Industries Ltd. UPL Ltd., UltraTech Cement Ltd., and JSW Steel Ltd. were the top gainers of the NSE Nifty 50 gauge.

Whereas, Power Grid Corp of India Ltd., Asian Paints Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and Hindustan Unilever Ltd., were the top losers of the NSE Nifty 50 gauge.

Ambuja Cements Ltd., ACC Ltd., and NDTV Ltd. declined in trade, whereas all the other Adani Group company stocks advanced.

The headline indices declined for the second consecutive week, following the financial turmoil in global markets. Nifty logged weekly loss of 1.80%, whereas Sensex declined 1.94% in trade this week.

Indices ended lower in trade lask week, Sensex declined 1.03%, and Nifty was down 1.12%.

All the sectors declined in trade this week, led by PSU Banks, Auto, Smallcaps and I.T.

Nifty Realty was the only sectoral gainer this week.

• GAIL (India) signs Memorandum of Understanding with Shell Energy India to explore opportunities in different facets of energy value chain.

• The company is looking to import ethane and explore prospects of importing hydrocarbons.

• The partnership will also consider LNG for road transport, regasification of imported LNG, renewables

Source: Exchange Filing

• Company has been declared as the lowest bidder by East Coast Railway for the construction of approx 7.5 km-long tunnels between Adenigarh-Purunakatak.

• Project also includes the works of a new rail line project from Khurda to Bolangir in Odisha.

Source: Exchange Filing

Shares of information technology services companies advanced in trade on Friday and the headline index NSE Nifty 50 was higher by 0.17% in trade.

The NSE IT Index was up 1.73% in trade. Nine out of the 10 constituents compiled by the gauge advanced, while MPhasis Ltd. declined in trade.

LTIMindtree Ltd., HCL Technologies Ltd., Persistent Systems Ltd., Larsen and Toubro Technology Services Ltd., Infosys Ltd., Coforge Ltd., Tech Mahindra Ltd., Wipro Ltd., and TCS Ltd. advanced in trade.

Source: NSE

Shares of GAIL India Ltd. advanced 1.73% to Rs 111.45 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.05%.

As per a PTI report, GAIL India Ltd. on Friday signed an agreement with Shell Energy India Ltd. to explore ethane sourcing and other opportunities along the energy value chain.

Scrip advanced as much as 1.96% intraday. Out of the 33 analysts tracking the company, 26 maintain a 'buy' rating, five 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 2.8% over the next 12 months.

Source: Bloomberg

Shares of IDBI Bank Ltd. advanced 3.38% to Rs 45.9 apiece in trade on Friday. The headline index NSE Nifty 50 was trading lower by 0.04%.

This after the bank clarified on media reports speculating the possibility of deferment of IDBI Bank disinvestment. The tweet claimed that the transaction continues after receiving multiple 'Expression of Interest' from the interested parties.

Scrip advanced as much as 4.17% intraday, rising the most in over six weeks since Jan. 31, 2023.

Total traded volume stood at 1.6 time its 30-day average. The relative strength index was at 37.8.

One analyst tracking the company maintain a 'sell' rating on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 7.4% over the next 12 months.

Source: Bloomberg, Exchange filing

• The board of Bharat Electronics approved second interim dividend of Rs 0.60 for each share for the current fiscal.

• The record date for the dividend has been fixed at March 25, 2023.

Source: Exchange filing

Indian equity benchmarks advanced at the opening bell and pared gains from day's high through midday on Friday.

U.S. and European futures advanced with Asian shares on Friday after a rescue package for First Republic Bank soothed concerns over financial stability.

Technology stocks were among the best performers, with the Hang Seng Tech Index rising about 4%. Baidu Inc. climbed about 15%, adding to the positive sentiment after brokerages tested its ChatGPT-like service and granted it their preliminary approval.

As of 12:11 p.m., the S&P BSE Sensex was down 35 points or 0.06% at 57,599.79 while the NSE Nifty 50 was 4 points or 0.02% lower at 16,981.55.

HCL Technologies Ltd., Infosys Ltd., HDFC Life Insurance Co., Nestle India Ltd., Tata Consumer Products Ltd., Larsen and Toubro Ltd., Coal India Ltd., UltraTech Cement Ltd., Hindalco Industries Ltd. and Britannia Industries Ltd. were the top gainers of the NSE Nifty 50 gauge.

Whereas, ITC Ltd., Eicher Motors Ltd., BPCL Ltd., NTPC Ltd., Hero MotoCorp Ltd., and Sun Pharmaceutical Industries Ltd., were the top losers of the NSE Nifty 50 gauge.

Three Adani Group stocks—Adani Enterprises, Adani Power and Adani Wilmar, were moved out of short-term additional surveillance measures framework on Friday.

Most Adani Group stocks advanced in trade, while ACC Ltd. Ambuja Cements Ltd., NDTV Ltd. and Adani Ports and SEZ Ltd. decline in trade.

The broader market indices traded higher; S&P BSE MidCap was up 0.25% whereas S&P BSE SmallCap was higher by 0.51%.

Eight out of the 20 sectors compiled by BSE advanced, while 12 declined in trade.

The market breadth was skewed in the favour of the buyers. About 2,013 stocks rose 1,287 declined, and 128 remained unchanged on the BSE.

• Bharti Airtel has announced the launch of unlimited 5G data for its customers, days after Reliance Jio's postpaid salvo.

• All postpaid customers and those prepaid customers with a data plan of Rs 239 and above will be able to avail of the offer.

• -The Airtel 5G Plus service is available to customers in over 270 cities in the country.

• Note: Reliance Jio recently unveiled new postpaid plans that offered 5G speeds, but unlimited data was available on select offerings.

Source: Exchange filing

Shares of real estate companies advanced in trade on Friday and the headline index NSE Nifty 50 was higher by 0.38% in trade.

The NSE Metal Index was down 2.26% in trade. All the 10 constituents compiled by the gauge advanced in trade.

DLF Ltd., Phoenix Mills Ltd., Godrej Properties Ltd., Macrotech Developers Ltd., Sobha Ltd., Prestige Estate Projects Ltd., Indiabulls Real Estate Ltd., Oberoi Realty Ltd., Brigade Enterprises Ltd., and Sunteck Realty Ltd., advanced in trade.

Source: NSE

• Amit Gupta has resigned as Executive Director and Chief Financial Officer of Procter and Gamble Health Ltd.

• The resignation will be effective from close of business hours as of March 31, 2023.

• He will be moving to a regional role within the Procter and Gamble Group.

• Lokesh Chandak will succeed him as ED and CFO of the company from April 1, 2023.

Source: Exchange Filing

Shares of Lemon Tree Hotels Ltd. advanced 2.42% to Rs 78.45 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.46%.

The company signed a license agreement for a 60-room property in Sri Ganganagar, Rajasthan, which is expected to be operational by July 2026.

Scrip advanced as much as 3.53% intraday, rising the most since March 14, 2023.

Total traded volume stood at 1.2 time its 30-day average. The relative strength index was at 52.

Out of the 13 analysts tracking the company, 12 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 35% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of Rail Vikas Nigam Ltd. advanced 2.90% to Rs 63.8 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.42%.

The company was selected as the lowest bidder for supply, installation, testing, and commissioning of 11 KV line-associated works in Sidhi, Singrauli, Sagar, Damoh, Chhatarpur, Panna, and Tikamgarh regions of Jabalpur. The project cost, without taxes, is Rs 111.85 crore.

Scrip advanced as much as 4.19% intraday, rising the most since March 9, 2023.

Total traded volume stood at one time its 30-day average. The relative strength index was at 45.6. Two analysts tracking the company maintain a 'buy' rating on the stock.

Source: Bloomberg, Exchange filing

Shares of Glenmark Life Sciences Ltd. advanced 4.14% to Rs 402.7 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.61%.

Company's board has approved a dividend of Rs 21 per share for the current financial year.

Scrip advanced as much as 8.02% intraday, gaining the most in over five months since Oct. 11, 2022.

Total traded volume stood at 6.2 times its 30-day average. The relative strength index was at 65.

Four 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 36.8% over the next 12 months.

Source: Bloomberg, Exchange filing

The yield on the 10-year bond trades 2 bps higher at 7.36% on Friday. It closed at 7.34% on Thursday.

Source: Bloomberg

Shares of all Adani Group company stocks advanced in trade on Friday, with Adani Green Energy Ltd., Adani Transmission Ltd, and Adani Wilmar Ltd. rising more than 2%.

Source: Bloomberg

The broader market indices traded higher; S&P BSE MidCap was up 0.78% whereas S&P BSE SmallCap was higher by 0.90%.

All the 19 sectors compiled by BSE advanced, with S&P BSE Realty, S&P BSE Capital Goods and S&P BSE Industrials advancing the most.

The market breadth was skewed in the favour of the buyers. About 2,008 stocks rose 567 declined, and 81 remained unchanged on the BSE.

Source: BSE

Shares of TCS Ltd. advanced 0.15% to Rs 3.189.8 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.61%.

Rajesh Gopinathan, the chief executive officer of Tata Consultancy Services Ltd., has resigned in a surprise move that'll become effective in September.

"We wish to inform you that Mr. Rajesh Gopinathan has tendered his resignation, which will be effective from the close of business hours on Sept. 15, 2023," TCS said in an exchange filing on Thursday.

He will stay on till then to ensure a smooth transition at the helm.

Krithi Krithivasan, president and global head of TCS’s BFSI vertical, has been appointed as the CEO designate effective March 16. He will go through a transition with Gopinathan and then take over in the next financial year.

Scrip declined as much as 1.29% intraday, falling the most since March 14, 2023.

Total traded volume stood at 8.6 times its 30-day average. The relative strength index was at 31.

Out of the 49 analysts tracking the company, 22 maintain a 'buy' rating, 15 recommend a 'hold' and 12 suggest to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 5.6% over the next 12 months.

Source: Bloomberg, Exchange filing

Adani Enterprises Ltd., Infosys Ltd., HCL Technologies Ltd., Tata Steel Ltd., UltraTech Cement Ltd., JSW Steel Ltd., UPL Ltd., advanced in trade.

Whereas, Britannia Industries Ltd., TCS Ltd., BPCL Ltd., were the top losers.

Source: NSE

Indian equity benchmarks opened higher in trade on Friday following the rise in Asian and U.S. markets.

The headline indices snapped five days of losses to end marginally higher in trade on Thursday.

Asian markets advanced on Friday after a rescue package for First Republic Bank fueled a rebound in U.S. shares. Bond yields in the region moved higher as investors continue to weigh chances of further interest rate hikes.

Contracts for Euro gained while those for the S&P 500 and the Nasdaq 100 little changed. The S&P 500 notched its largest one-day advance since January on Thursday.

At pre-open, the S&P BSE Sensex was up 403 points or 0.70% at 57,634.848,038.17 while the NSE Nifty 50 was 126 points or 0.74% higher at 17,111.80.

At pre-open, the S&P BSE Sensex was up 403 points or 0.70% at 57,634.848,038.17 while the NSE Nifty 50 was 126 points or 0.74% higher at 17,111.80.

Source: Bloomberg

The local currency strengthened by 26 paise to open 82.48 against the greenback on Friday. It closed at 82.74 on Thursday.

Source: Bloomberg

• VA Tech Wabag secured an order worth Rs 800 crore from Bangladesh for Dhaka Water Supply and Sewerage Authority to design build, operate, reconstruct, expand and operate Pagla Sewage Treatment Plant.

• The project is funded by World Bank and Asian Infrastructure Investment Bank under Dhaka Sanitation Improvement Project.

Source: Exchange Filing

• Plans to apply for a distribution license in Aurangabad area via the new subsidiary Adani Electricity Aurangabad Ltd.

• The authorised and paid share capital of the new unit comprise 10,000 equity shares of Rs 10 face value at Rs 1,00,000 per share.

Source: Exchange filing

• U.S. Dollar Index at 104.2

• U.S. 10-year bond yield at 3.56%

• Brent crude up 0.37% to $74.98 per barrel

• Nymex crude at $68.59 per barrel

• SGX Nifty up 0.71% at 17,143 as of 8:08 a.m.

• Bitcoin up 4.60% to $25,891.16

• Three Adani Group stocks—Adani Enterprises, Adani Power and Adani Wilmar—will be moved out of short-term additional surveillance measures framework on Friday.

• For Adani Enterprises, margin will be restored prior to inclusion in ASM framework on all existing derivative contracts, according to a circular by the National Stock Exchange.

• The three stocks were added to the short-term ASM framework on March 8. With their exclusion, no Adani Group stocks are under the short-term ASM framework now.

Source: NSE

• Star Cement: Promoter Vinay and Company created a pledge of 25,000 shares on March 15.

• Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala revoked a pledge of 19.23 lakh shares on March 14.

• Maharashtra Seamless: Promoter group Raghav Jindal bought 22,922 shares on March 15.

• Bajaj Holdings & Investment: Promoter group Hercules Hoists bought 3,416 shares between March 13 and 14.

• Centrum Capital: Promoter group JBCG Advisory Services bought 1.25 lakh shares on March 15.

• Greaves Cotton: Promoter Karun Carpets bought 20,000 shares on March 15.

• Marksans Pharma: Promoter Sandra Saldanha bought 1.45 lakh shares on March 14.

• Zydus Wellness: Promoter Zydus Family Trust bought 8,696 shares on March 15.

• Meghmani Finechem: Promoter Maulik Jayantibhai Patel bought 4,500 shares on March 15.

• Hi-Tech Pipes: Promoter group Parveen Bansal sold 60,000 shares on March 13.

• Gateway Distriparks: Promoter Perfect Communications bought 1.75 lakh shares on March 15

• Ex-Date Stock Split: Hi-Tech Pipes

• Record Date Stock Split: Hi-Tech Pipes

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

• Bajaj Finserv: Bajaj Sevashram bought 4.9 lakh shares (0.05%), Kamalnayan Investments And Trading bought 1.38 lakh shares (0.01%), Niraj Holdings bought 1.41 lakh shares (0.01%), Rishab Family Trust sold 7.69 lakh shares (0.08%) at Rs 1,296 apiece.

• Samvardhana Motherson International: Copthall Mauritius Investment bought 4.43 crore shares (0.65%), Societe Generale bought 5.28 crore shares (0.78%) at Rs 70.05 apiece, Sumitomo Wiring Systems 23 crore shares (3.39%) at Rs 70.1 apiece.

• Tata Consultancy Services: The company’s Chief Executive Officer, Rajesh Gopinathan, resigned from the office, effective Sept. 15, after a six-year stint. K Krithivasan has been appointed as the CEO designate, effective March 16.

• Zee Entertainment Enterprises: The company amicably settled disputes and claims with its operational creditor, the Indian Performing Right Society. Subsequently, the insolvency plea filed by the latter against the former has been disposed of by the NCLT as withdrawn. The company has agreed to repay dues owed to IndusInd Bank in a bid to resolve its insolvency, Bloomberg reported.

• Infosys: The company’s subsidiary Infosys Finacle implemented the liquidity management solution for Netherlands-based financial services provider ABN AMRO.

• Dr. Reddy’s Laboratories: The company divested certain non-core brands in the dermatology segment to Eris Lifesciences for Rs 275 crore.

• Samvardhana Motherson International: The board approved the acquisition of the remaining 50% stake in Fritzmeier Motherson Cabin Engineering from JV partner F Holdings GmbH, Austria, for Rs 110.7 crore. The company also incorporated a wholly owned subsidiary, Motherson Electronic Components, to carry on the business of manufacturing, design, development, assembly, marketing, and sale of components, materials, etc.

• Voltas: Universal MEP Projects & Engineering Services, a wholly owned subsidiary of the company, has bagged multiple power distribution and solar projects worth Rs 1,770 crore across Uttar Pradesh, Madhya Pradesh, West Bengal, Odisha, and Karnataka.

• Glenmark Pharmaceuticals: The company received U.S. FDA acceptance for an investigational new drug application to proceed with a Phase 1/2, first-in-human, clinical study for GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas.

• Rail Vikas Nigam: The company was selected as the lowest bidder for supply, installation, testing, and commissioning of 11 KV line associated works in Sidhi, Singrauli, Sagar, Damoh, Chhatarpur, Panna, and Tikamgarh regions of Jabalpur. The project cost, without taxes, is Rs 111.85 crore.

• Lemon Tree Hotels: The company signed a license agreement for a 60-room property in Sri Ganganagar, Rajasthan, which is expected to be operational by July 2026.

• GlaxoSmithKline Pharmaceuticals: The company estimated the impact of the National List of Essential Medicines price revisions and is working on multiple mitigations. It expects the impact of the price revision on profits to be in the low single digits in the next financial year.

• Jtekt India: Satoshi Komeda resigned from the position of Director (Operations) of the company with effect from the close of business on March 31.

• Bajaj Finance: The company appointed Anup Saha and Rakesh Bhatt as executive directors and Arindam Bhattacharya as an independent director for five years, with effect from April 1, 2023.

• Glenmark Life Sciences: The board approved a dividend of Rs 21 per share for the current financial year.

• Steel Authority of India: The board approved an interim dividend of Rs 1 for each share of face value of Rs 10 for the current fiscal.

• Hindustan Zinc: The board will meet on March 21 to consider an interim dividend for the current fiscal.

Asian markets rose following a rescue package for First Republic Bank, sparking a rebound in U.S. shares. Treasuries fell after the European Central Bank delivered a rate hike that added to bets that the U.S. central bank will also raise rates next week.

The S&P 500 notched its largest one-day advance since January after the biggest U.S. lenders agreed to contribute $30 billion in deposits to First Republic, easing speculation that the bank could be the next to fail after two high-profile demises touched off the crisis last week.

The yield on the 10-year Treasury note was trading at 3.56%. Crude oil prices were trading around the $75 mark, while Bitcoin was trading around the $25,000 level.

At 8:08 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.71% at 17,143.

Indian benchmark indices—Sensex and Nifty—closed in the green to snap a five-day losing streak after a volatile trading session.

The Indian rupee closed lower against the U.S. dollar for the fifth day in a row, tracking mixed cues from global equities and continued foreign fund outflows.

Foreign investors in Indian equities remained net sellers for the sixth straight day on Thursday. Foreign portfolio investors offloaded equities worth Rs 282.1 crore during the day, meanwhile, domestic institutional investors remained net buyers for the fifth straight day and picked up stocks worth Rs 2,051.5 crore.