Stock Market Today: Sensex, Nifty Extend Gains As Pharma Stocks Lead
Sensex closed up 140 points or 0.24% at 58,214.59 while the Nifty was 44 points or 0.26% higher at 17,151.90.
KEY HIGHLIGHTS
Sensex, Nifty Close Higher For Second Consecutive Day
Petroleum And Natural Gas Ministry Revises Natural Gas Tariff For GAIL
Gensol Engineering To Buy 100% Stake In Scorpius Trackers For 135-Crore
European Markets Open Volatile
IFC Invests Rs 240-Crore In JK Tyres For Expanding Manufacturing Capacities
FPIs Snap Nine-Day Selling Spree
Foreign investors in Indian equities ended their nine-day-long selling spree to turn net buyers on Wednesday.
Foreign portfolio investors bought stocks worth Rs 61.72 crore during the day, according to data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the tenth day in a as they raked in equities worth Rs 383.51 crore.
Foreign institutions invested in Indian equities have remained net sellers so far in 2023, selling equities worth around Rs 50,086 crore.
Sensex, Nifty Close Higher For Second Consecutive Day
Indian equity benchmarks held on to gains after opening higher through Wednesday to end higher.
European stocks fluctuated in a narrow range and US equity futures edged lower as investors prepared for the Federal Reserve’s much-anticipated interest-rate decision.
Contracts for the S&P 500 and the tech-heavy Nasdaq 100 both retreated by at least 0.2%. Nike Inc. fell in US premarket trading as analysts flagged challenges the sportswear maker faces in clearing excess inventory.
The S&P BSE Sensex Index closed up 140 points or 0.24% at 58,214.59 while the NSE Nifty 50 Index was 44 points or 0.26% higher at 17,151.90.
HDFC Life Insurance Co., Bajaj Finance Ltd., Sun Pharmaceutical Industries Ltd., and Tata Consumer Products Ltd., were the top gainers of the NSE Nifty 50 gauge.
Whereas, BPCL Ltd., NTPC LTd., Coal India Ltd., Adani Ports and SEZ Ltd., and Axis Bank Ltd. were the top losers of the NSE Nifty 50 gauge.
Most Adani Group Company stocks advanced in trade except Adani Enterprises Ltd., and Adani Ports and SEZ Ltd.
The broader market indices ended marginally higher; S&P BSE MidCap was up 0.18% whereas S&P BSE SmallCap was higher by 0.54%.
Sixteen out the 20 sectors compiled by BSE advanced, while S&P BSE Telecommunication, S&P BSE Metal, S&P BSE Realty, and S&P BSE Consumer Durables declined.
The market breadth was skewed in the favour of the buyers. About 2,040 stocks rose 1,453 declined, and 138 remained unchanged on the BSE.
Petroleum And Natural Gas Ministry Revises Natural Gas Tariff For GAIL
GAIL integrated tariff at Rs58.61/mmbtu, better than our rough expectation of Rs 55/mmbtu (inclucing FY23 take or pay) as compared to Rs 68.55/mmbtu filed. Rs 5.8/mmbtu cut happened due to PNGRB assuming lower gas cost (both APM and HP-HT) while Rs 1-1.5/mmbtu cut each was on capex, volume divisor and pay revision. Revised tariff will be effective from April 1, 2023.Deven Choksey
Gensol Engineering To Buy 100% Stake In Scorpius Trackers For 135-Crore
Gensol Engineering Ltd will buy 100% stake in Scorpius Trackers for 135 crore via bank transfer, shares swap and capital infusion directly in the target company.
The company is planning to complete the the acquisition by June 30, 2023.
With this acquisition Gensol Engineering will be able to offer to its clients an end-to-end EPC solution.
Source: Exchange Filing
European Markets Open Volatile
IFC Invests Rs 240-Crore In JK Tyres For Expanding Manufacturing Capacities
Funds of Rs 240-crore will be used to increase production of the energy-efficient radial tyres by more than 10% from 32 million to over 35 million tyres every year by 2025.
IFC will hold 5.6% stake in the tyre major through the issue of compulsorily convertible debentures on preferential basis.
Shares of JK Tyre & Industries Ltd. advanced 4.26% to Rs 150.45 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.13%.
Scrip rose as much as 5.06% intraday, the most in over 10 weeks since Jan. 5, 2023.
Source: Bloomberg, Exchange Filing
M&M Financial Services Rises As 0.6% Equity Changes Hands In Two Bunches
Shares of Mahindra and Mahindra Financial Services Ltd. advanced 1.5% to Rs 233 apiece in trade on Wednesday after about 40.2 lakh or 0.6% equity changed hands in two bunches.
Also, Mahindra and Mahindra Ltd., in an exchange filing, said that the World Bank Group arm IFC will invest Rs 600 crore in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business.
The headline index NSE Nifty 50 was trading higher by 0.13%. Scrip rose as much as 3.16% intraday, highest since March 17.
Total traded volume stood at 6.5 time its 30-day average. The relative strength index was at 37.7.
Out of the 33 analysts tracking the company, 21 maintain a 'buy' rating, 10 recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at a downside of 20.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Stocks Hitting 52-Week Low Intraday
Stocks hitting 52-week high intraday.
Adani Green Energy Doubles Since Group Roadshow In Asian Financial Hubs
Adani Green Energy Ltd. advanced nearly 102% in trade since Feb. 27, when the group held the first day of its three-day roadshow in Singapore.
Shares of Adani Green Energy Ltd. advanced 5% to Rs 935.6 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.21%.
Scrip rose as much as 102.42% intraday, doubling since the group held its roadshow in the Asian financial hubs, when it ended at Rs 462.2 apiece.
Total traded volume stood at 0.6 time its 30-day average. The relative strength index was at 64.5. One analysts tracking the company maintain a 'sell' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at a downside of 61.5% over the next 12 months.
Source: Bloomberg
Sensex, Nifty Hold Slim Gains As PSU Banks Lead Gains
Indian equity benchmarks held on to slim gains after opening higher in trade on Wednesday.
Asian markets rose and the U.S. equity futures were steady ahead of the Federal Reserve’s much-anticipated interest-rate decision later on Wednesday.
Stocks climbed in China, Japan and Australia, along with contracts for the region-wide Euro Stoxx 50, as concerns over global financial stability eased.
As of 12:40 p.m., the S&P BSE Sensex Index was up 109 points or 0.19% at 58,183.62 while the NSE Nifty 50 Index was 25 points or 0.15% higher at 17,132.65.
Bajaj Finserv Ltd., HDFC Life Insurance Co., Reliance Industries Ltd., Bajaj Finance Ltd., and Bajaj Auto Ltd. were the top gainers of the NSE Nifty 50 gauge.
Whereas, Hindustan Unilever Ltd., Power Grid Corp of India Ltd., Britannia Industries Ltd., Tech Mahindra Ltd., and TCS Ltd. were the top losers of the NSE Nifty 50 gauge
Most Adani Group Company stocks advanced in trade except Adani Enterprises Ltd., and Adani Ports and SEZ Ltd.
The broader market indices were trading higher; S&P BSE MidCap was up 0.41% whereas S&P BSE SmallCap was higher by 0.71%.
Seventeen out the 20 sectors compiled by BSE advanced, while S&P BSE Energy, S&P BSE Oil & Gas and S&P BSE Consumer Durables declined.
The market breadth was skewed in the favour of the buyers. About 2,097 stocks rose 1,204 declined, and 156 remained unchanged on the BSE.
L&T's Construction Arm Wins 'Significant' Orders For Its Various Businesses
Larsen and Toubro Ltd. has secured orders for its Water & Effluent Treatment and Buildings & Factories Businesses.
The company did not specify the exact value of the contracts, but as per the project classification a significant contract ranges between Rs 1,000 crore and Rs 2,500 crore.
Source: Exchange Filing
VST Tillers Gains The Most In Nine Months
Shares of VST Tillers Tractors Ltd. advanced 13.03% to Rs 282.35 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.14%.
The company announced in an exchange filing that it has rolled out 5,00,000 power tillers from it’s Malur Plant.
Scrip rose as much as 18.83% intraday, rising the most in over nine months since June 6, 2022.
Total traded volume stood at 81.8 time its 30-day average. The relative strength index was at 69.3. Seven 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 13.2% over the next 12 months.
Source: Bloomberg
Bandhan Bank Shares Jump On Receiving Bids For Stressed Assets
Shares of Bandhan Bank Ltd. rose after receiving bids for its stressed assets from an asset reconstruction company and the appointment of a new Executive Director.
Subject to the shareholder approval, the bank after a nod from the Reserve Bank of India has approved the appointment of Ratan Kumar Kesh as the Wholetime Director (Additional Director), designated as Executive Director with effect from March 31, 2023, for a period of three years.
The bank received binding bids of Rs 369.20 crore for a written-off portfolio worth Rs 2,614.03 crore.
Bandhan Bank also received a binding bid of Rs 370.62 crore for an NPA originating from banking units worth Rs 2,316.32 crore on a security receipt consideration basis for transferring loans to an asset reconstruction company.
As of 10:34 a.m., shares of Bandhan Bank Ltd. advanced 3.60% to Rs 210.1 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.2%.
Scrip rose as much as 4.19% intraday, rising the most in over eight weeks since Jan 23, 2023.
Total traded volume stood at 2.8 time its 30-day average. The relative strength index was at 38.1.
Out of the 30 analysts tracking the company, 23 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 43.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Ashiana Housing Jumps As Annual Booking Value Beats Guidance
Shares of Ashiana Housing Ltd. advanced 10.86% to Rs 158.25 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.42%.
The company crossed the annual booking value guidance of Rs 1,100 crore for the years 2022–23. The total booking value up to March 20, stands at Rs 1,278.84 crore.
Scrip rose as much as 18.04% intraday, rising the most in three years since April 6, 2021.
Total traded volume stood at 46.4 time its 30-day average. The relative strength index was at 64.6.
Source: Bloomberg, Exchange filing
Emami Shares Rise As Board Plans To Consider Buyback
Shares of Emami Ltd. advanced 4.78% to Rs 361.5 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.34%.
The board of the company will meet on March 24 to consider a proposal for a share buyback scheme.
Scrip rose as much as 5.38% intraday, rising the most in over seven weeks since Jan. 27, 2023.
Total traded volume stood at 13.6 time its 30-day average. The relative strength index was at 38.3.
Out of the 27 analysts tracking the company, 22 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 36.4% over the next 12 months.
Source: Bloomberg, Exchange filing
Mastek Gains As New Chairman And MD Takes Charge
Shares of Mastek Ltd. advanced 1.23% to Rs 1,625 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.31%.
The company announced in an exchange filing that Ashank Desai will relinquish his role as Vice Chairman and Managing Director and become Chairman and Managing Director from April 1.
Scrip rose as much as 1.84% intraday, rising the most in a week since March 20, 2023. The relative strength index was at 45.4.
Out of the five analysts tracking the company, three maintain a 'buy' rating and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 28.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Hindustan Zinc Rises As Board Approves Rs 26/Share Dividend For FY23
Shares of Hindustan Zinc Ltd. advanced 3.94% to Rs 322.85 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.22%.
Company's board approved a fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.
The record date is March 29 and the payout will be made within stipulated timelines as prescribed under law, it said. Hindustan Zinc has paid dividend thrice already during the fiscal, resulting in a total payout of Rs 20,915.4 crore to shareholders.
Scrip rose as much as 4.64% intraday, rising the most in a week since March 15, 2023.
Total traded volume stood at 30.5 time its 30-day average. The relative strength index was at 56.9.
Out of the 15 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and 10 suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at downside of 4.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Group Stocks Rise
All Adani Group company stocks advanced in early trade on Wednesday.
Source: Bloomberg
Broader Markets Trade Higher
The broader market indices were trading higher; S&P BSE MidCap was up 0.51% whereas S&P BSE SmallCap was higher by 0.73%.
All the 20 sectors compiled by BSE advanced, with S&P BSE Information Technology, S&P BSE Teck and S&P BSE Utilities rising the most.
The market breadth was skewed in the favour of the buyers. About 1,836 stocks rose 585 declined, and 105 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
HDFC Life Insurance Co., SBI Life Insurance Co., HCL Technologies Ltd., Tata Consumer Products Ltd., and TCS Ltd. were the top gainers of the NSE Nifty 50 gauge.
Whereas, Asian Paints Ltd., Coal India Ltd., BPCL Ltd., Britannia Industries Ltd., and Power Grid Corp of India Ltd. were the top losers of the NSE Nifty 50 gauge.
Sensex, Nifty Open Higher
Indian equity benchmarks openend higher after a day advance on Wednesday.
Asian markets follow U.S. equities higher after concerns over financial stability ease as investors prepare for the Federal Reserve’s interest-rate decision later on Wednesday.
Contracts for the S&P 500 were flat after the index advanced 1.3% on Tuesday, while the tech-heavy Nasdaq 100 lifted 1.4% as the two U.S. benchmarks posted a second day of gains.
Banks enjoyed relief after days of turmoil that triggered last week’s 15% rout in an index of U.S. lenders. UBS Group AG rose as investors focused on the upside of its Credit Suisse Group AG takeover.
At pre-open, the S&P BSE Sensex Index was up 171 points or 0.29% at 58,245.26 while the NSE Nifty 50 Index was 70 points or 0.41% higher at 17,177.45.
Sensex, Nifty Rise At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 171 points or 0.29% at 58,245.26 while the NSE Nifty 50 Index was 70 points or 0.41% higher at 17,177.45.
Source: Bloomberg
Watch Out For RIL & CV Companies: Trade Setup
Sonata Software Secures Rs 1,325-Crore Project From A U.S.-Based Consumer Retail Company
Sonata Software bags its largest ever contract worth $160 million, or around Rs 1,325-crore, for 10 years with a US-based consumer retail company.
Sonata will be managing end-to-end I.T. modernization and transformation for the client.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 103.2
U.S. 10-year bond yield at 3.59%
Brent crude down 0.64% to $74.84 per barrel
Nymex crude at $69.33 per barrel
SGX Nifty up 0.22% at 17,182.5 as of 8:15 a.m.
Bitcoin down 0.01% to $28,152.4
Pledge Share Details
Emami: Promoter group Suraj Finvest created a pledge of 4.4 lakh shares, promoter group Diwakar Finvest created a pledge of 19.5 lakh shares between March 16 and 17.
Star Cement: Promoter group Vinay and Company revoked a pledge of 25,000 shares on March 16.
Chambal Fertilisers & Chemicals: Promoter group Simon India created a pledge of 1.5 lakh shares on March 17.
Gensol Engineering: Promoter group Gensol Ventures created a pledge of 8.55 lakh shares on March 17.
Insider Trading
Kirloskar Oil Engines: Promoter Rahul Kirloskar bought 4,000 shares, promoter Atul Kirloskar bought 4,000 shares, promoter group Geetanjali Vikram Kirloskar sold 6,484 shares on March 20.
Kirloskar Pneumatic Company: Promoter Rahul Kirloskar bought 2,500 shares, promoter Atul Kirloskar bought 2,500 shares, promoter group Geetanjali Vikram Kirloskar sold 1,155 shares on March 20.
Zydus Wellness: Promoter Zydus Family Trust bought 1,785 shares on March 20.
Mukand: Promoter group Baroda Industries bought 31,551 shares between March 17 and 20.
Greaves Cotton: Promoter Karun Carpets bought 79,005 shares on March 20.
Sunteck Realty: Promoter Matrabhav Trust, through its trustees Kamal Khetan and Manisha Khetan, bought 22,000 shares between March 17 and 20.
Choice international: Promoter group Patodia Properties bought 21.3 lakh shares on March 20.
KDDL: Promoter group RKS JS Family Trust bought 12,125 shares
KCP: Promoter Dr. VL Indira Dutt bought 11,445 shares on March 20.
Trading Tweaks
Record Date Interim Dividend: Housing & Urban Development Corporation
Record Date Bonus Issue: Magellanic Cloud
Move Out Of Short-Term ASM Framework: Seamec
Bulk Deals
Greenlam Industries: Asiana Fund I bought 33.43 lakh shares (2.63%) at Rs 306 apiece, Smiti Holding And Trading Company sold 33.42 lakh shares (2.63%) at 306 apiece.
Devyani International: Franklin Templeton Mutual Fund bought 62 lakh shares (0.51%) at Rs 145 apiece, Dunearn Investments Mauritius sold 3.44 crore shares (2.86%) at Rs 145.04 apiece.
Block Deals
Lloyds Metals And Energy: Pune IT Space Solutions bought 3.4 lakh shares (0.07%), Om Hari Mahabir Prasad Halan sold at 3.4 lakh shares (0.07%) at Rs 296.5 apiece.
Stocks To Watch: Tata Motors, Tata Power, Bandhan Bank, Indian Oil, Hindustan Zinc In Focus
Tata Motors: The company raised the prices of its commercial vehicles by 5% from April 1 to comply with the BS6 phase II emission norms.
Tata Power: Subsidiary Tata Power Renewable Energy received a letter of award to set up a 200 MW solar PV project at the Maharashtra State Electricity Distribution Company in Solapur, Maharashtra.
Bandhan Bank: The bank received binding bids of Rs 369.20 crore for a written-off portfolio worth Rs 2,614.03 crore and Rs 370.62 crore for NPA originating from banking units worth Rs 2,316.32 crore on a security receipt consideration basis for transferring loans to an asset reconstruction company.
Indian Oil Corporation: The company will prepare a detailed feasibility report for setting up a petrochemical complex at Paradip, Odisha, at an estimated project cost of Rs 61,077 crore. The project will improve the petrochemical intensity index of the company and de-risk its fossil fuel business.
Power Finance Corporation: The company’s board approved raising Rs 80,000 crore of debt via long-term borrowings, short-term borrowings, and commercial paper during the next financial year.
Hindustan Zinc: The board approved a fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.
Power Grid Corporation Of India: The company’s Committee of Directors for Bonds will meet on March 24 to consider the issue of bonds under the private placement.
Lupin: The company received approval from the U.S. FDA for its Brexpiprazole tablets, which will be manufactured at its Pithampur facility in India.
Zydus Lifesciences: The company received final approval from the U.S. FDA for Tofacitinib Tablets, 5 mg, and tentative approval for Tofacitinib Tablets, 10 mg.
Mastek: Ashank Desai will relinquish his role as Vice Chairman and Managing Director and become Chairman and Managing Director from April 1.
Samvardhana Motherson International: The company acquired the remaining 50% stake in Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria.
HG Infra Engineering: The company was declared the lowest bidder by North Central Railway for the redevelopment of Kanpur Central Railway Station at Rs 677.31 crore.
Ashiana Housing: The company crossed the annual booking value guidance of Rs 1,100 crore for the years 2022–23. The total booking value up to March 20, stands at Rs 1,278.84 crore.
Emami: The board of the company will meet on March 24 to consider a proposal for a share buyback scheme.
SGX Nifty Indicates Higher Open For Benchmarks
Asian markets are set to follow U.S. equities higher as concerns over financial stability ease as investors prepare for the Federal Reserve’s interest-rate decision later on Wednesday.
Contracts for the S&P 500 were flat after the index advanced 1.3% on Tuesday, while the tech-heavy Nasdaq 100 lifted 1.4% as the two U.S. benchmarks posted a second day of gains.
Banks enjoyed relief after days of turmoil that triggered last week’s 15% rout in an index of U.S. lenders. UBS Group AG rose as investors focused on the upside of its Credit Suisse Group AG takeover.
The yield on the 10-year Treasury note was trading at 3.59%. Crude oil prices were trading around the $74 mark, while Bitcoin was hovering around the $28,000 level.
At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.22% at 17,182.5.
The Indian benchmark indices, Sensex and Nifty, held onto their gains through the day and advanced after midday to end higher.
The Indian rupee pared gains against the U.S. dollar to close lower amid speculation of a possible dovish U.S. Fed at the upcoming policy meeting this week.
Foreign investors in Indian equities remained net sellers for the ninth day in a row. Foreign portfolio investors sold equities worth Rs 1,454.6 crore on Tuesday. Meanwhile, domestic institutional investors remained net buyers for the ninth consecutive day as they bought equities worth Rs 1,946.1 crore. Foreign institutions invested in Indian equities have remained net sellers so far in 2023, selling equities worth Rs 50,147.6 crore.