Stock Market Today: All You Need To Know Going Into Trade On March 27
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Australian shares opened marginally higher while the futures for other Asian markets pointed to mixed sentiment. U.S. stock futures made small gains while a gauge of dollar strength fell fractionally in cautious trading early Monday amid growing concern over the risk of recession.
Contracts for the S&P 500 and the Nasdaq 100 rose about 0.4% after both benchmarks posted small gains on Friday.
With the banking crisis casting a shadow over markets, traders are in for another bumpy week. Fed Minneapolis President Neel Kashkari said over the weekend that bank turmoil had increased the risk of a U.S. recession.
Additionally, multiple Federal Reserve officials will speak this week, a key measure of the U.S. inflation is due and there are renewed geopolitical tensions with Russia to station tactical nuclear weapons in Belarus.
Meanwhile, the yield on 10-year treasuries were trading at 3.37%. Crude prices were trading around $75-mark, while Bitcoin was hovering around 27,000-level.
At 06:00 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.70% at 17,037.5.
The Indian benchmark indices—Sensex and Nifty—closed lower for a second straight day after a volatile session tracking weak Asia and U.S. trade sparked by a sell-off in banks and a rally in IT stocks.
The Indian rupee closed lower against the U.S. dollar as domestic equity market registered heavy outflows.
After a brief respite in the beginning of last week, foreign investors continued to sell on Friday, for the second day in a row.
Foreign institutional investors offloaded stocks worth Rs 1,720.44 crore during the day. On the other hand, domestic institutional investors remained net buyers for 12 days in a row, picking up stocks worth Rs 2,555.53 crore, the NSE data showed. Foreign investors have been net sellers in the year so far, selling stocks worth Rs 52,801.37 crore.
Stocks To Watch
Reliance Industries: The company appointed Srikanth Venkatachari as Chief Financial Officer with effect from June 1, 2023. Alok Agarwal, the incumbent CFO, will assume the role of Senior Advisor to RIL Chairman Mukesh Ambani.
Butterfly Gandhimathi/Crompton Greaves: Boards of the two companies have proposed a merger. In the scheme, public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly.
Bharat Electronics: The company signed a contract worth Rs 3,000 crore with defence ministry for supply of integrated electronic warfare systems for the Indian Army. The company also received several contracts aggregating to Rs 1,300 crore during last fortnight from the Indian Navy.
Sun Pharmaceutical Industries: The pharma major will acquire 60% shareholding in animal healthcare player Vivaldis Health and Foods for a consideration of Rs 143.3 crore, and the remaining 40% in future as per certain terms and conditions.
Karur Vysya Bank: The Reserve Bank of India imposed a fine of Rs 30 lakh against the bank for failure to report a few accounts as frauds to the regulator within a week of the respective Joint Lenders’ Forum decisions to do so.
Tata Steel: The company acquired 4.65 lakh shares of Tata Steel Utilities and Infrastructure Services at a premium of Rs 205 per share for Rs 10 crore.
Mahindra & Mahindra: The company will acquire around 7.68 crore shares of subsidiary Mahindra Aerospace, taking its shareholding to 100%, for Rs 31.47 crore.
NBCC (India): HSCC (India), a subsidiary of the company has been awarded a contract for vertical expansion of service block from first to ninth floor at AIIMS, New Delhi at a value of Rs 81.19 crore.
RITES: The company, with a JV partner, has secured a project management consultancy work under Assam Health System Strengthening Project. The likely cost of work for the project is Rs 122 crore, with RITES share at Rs 77 crore.
Alembic Pharma: The U.S. FDA closed its inspection of the company’s injectable and ophthalmic facility located at Karkhadi with two minor procedural observations. The Brazilian Health Regulatory Agency ANVISA completed the GMP audit at API-III facilty at Karakhadi without any observations for the company’s 56 APIs.
Grasim Industries: The company leased 220 acres of land in Gujarat Industrial Development Corporation for Rs 254.7 crore for setting up manufacturing facilities in due course.
Electrosteel Castings: The company will set up a new ferro alloy plant with two 9 MVA capacity in Chittoor District of Andhra Pradesh.
Godawari Power And Ispat: The company partially resumed operations at sponge iron plant, power plants, steel melting shop, rolling mill and wire drawing plants at Siltara, Chhattisgarh. Operations will resume completely from April 1.
L&T Finance Holdings: The Reserve Bank of India approved merger of subsidiaries L&T Finance, L&T Infra Credit and L&T Mutual Fund Trustee with L&T Finance Holdings.
IndusInd Bank: The bank appointed Vikas Muttoo as COO of its wholly owned subsidiary Bharat Financial Inclusion.
Deepak Fertilisers and Petrochemicals Corporation: The board approved the reappointment of chairman and managing director for five years from April 1, 2023.
Bharti Airtel: Societe Generale bought 13.82 lakh shares (0.02%), BNP Paribas Arbitrage sold 13.82 lakh shares (0.02%) at Rs 762.55 apiece.
Greenlam Industries: Hydra Trading bought 29.69 lakh shares (2.34%), Smiti Holding and Trading Company at sold 29.69 lakh shares (2.34%) Rs 313 apiece.
Asahi India Glass: Allied Fincap Services bought 4 lakh shares (0.16%), Labroo Sanjay Mohan sold 4 lakh shares (0.16%) at Rs 466 apiece.
TTK Healthcare: Abakkus bought 2.46 lakh shares (1.7%), MCap India Fund sold 2.46 lakh shares (1.7%) at Rs 910 apiece.
Campus Activewear: Investment Trust Fidelity Series Emerging Markets Opportunity Fund bought 33.4 lakh shares, Societe Generale bought 40.56 lakh shares (1.33%), Fidelity Investment Trust Fidelity International Discovery Fund bought 17.11 lakh shares (0.56%) at Rs 347 apiece, TPG Growth III SF sold 2.32 crore shares (7.62%) at Rs 347.24 apiece.
Zydus Wellness: Zydus Family Trust bought 5.1 lakh shares (0.8%) at Rs 1,499.67 apiece.
Axita Cotton: Wonderland Suppliers bought 19.96 lakh shares (1.02%) at Rs 51 apiece.
Who’s Meeting Whom
Torrent Power: To meet investors and analysts on March 27.
Greenply Industries: To meet investors and analysts on March 27.
Bajaj Holding & Investment: Promoter group Hercules Hoists bought 14,760 shares between March 21-22.
Dhampur Sugar Mills: Promoter Deepa Goel sold 10.35 lakh shares and promoter group Saraswati Properties bought 10.35 lakh shares on March 22.
Nirlon: Promoter group Shital Trading sold 5,000 shares on March 24.
NRB Bearings: Promoter group Aziz Yousuf Zaveri bought 12,903 shares and promoter & director Harshbeena Zaveri bought 31,131 shares between March 22-24.
Pledge Share Details
Jindal Steel & Power: Promoter group Siddeshwari Tradex revoked a pledge of 73,000 shares on March 21.
Chambal Fertilisers & Chemicals: Promoter group Zuari International created a pledge of 1.57 lakh shares on March 22.
Nifty March futures ended at 16,938, a discount of 149.5 points.
Nifty March futures fell 4.09% and 9,520 shares in Open Interest.
Nifty Bank March futures ended at 39,383.20, a discount of 320.60 points.
Nifty Bank March futures fell 13.32% and 12,740 shares in Open Interest.
Securities added to the ban period: Indiabulls Housing Finance and Hindustan Aeronautics
Securities removed from the ban period: Biocon
Money Market Update
Rupee closed 0.26% lower against the U.S. dollar at 82.48 on Friday, compared to Thursday’s close of 82.26.