Closing Bell: Indices close in the red; Nifty below 17,500; telecom gains, pharma falls

Domestic market opened on a positive note taking cues from global market & FIIs buying. However, the mood turned negative in line with global peers following inconclusive Russia-Ukraine talks. Plunge in Oil prices on reports that the US will release substantial petroleum reserves & cheaper oil offered to India by Russia will be positive for India in the future.

The maiden public offer of Veranda Learning Solutions, which offers online and offline coaching services, has seen good response from investors with the issue being subscribed 3.43 times till the afternoon of the final day of bidding on March 31.

Investors have put in bids for 4.04 crore equity shares against an offer size of 1.17 crore units. Retail investors remained ahead with subscribing 10.26 times the portion set aside for them. Non-institutional investors have bid 3.71 times their allotted quota, while qualified institutional buyers have subscribed shares 2.02 times the total reserved portion.

The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 1.41 times by the afternoon of March 31, the second day of bidding, receiving bids for 1.19 crore equity shares against an offer size of 85 lakh shares.

Retail investors remain at the forefront, subscribing 3.34 times their allotted quota, while non-institutional investors had put in bids for 31 percent of the shares reserved for them and qualified institutional investors, so far, bought 44 percent shares of allotte quota.

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Investors followed global market cues, which were mostly weak as most of them had rallied in the last few sessions on fall in crude oil prices and expectations of some solution to the Russia-Ukraine conflict. After seeing sharp gyration during the week, investors exercised caution with a negative bias on the expiry day. Technically, after a promising uptrend move, Nifty is currently witnessing a narrow range activity and has formed a small bearish candle near the important resistance level. However, the short-term texture of the market is still on the positive side. For the positional traders, 17400 and 17350 would act as key support levels. Above the same, the index could touch the level of 17600-17675. On the flip side, below 17350, the uptrend would be vulnerable.

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Market took a breather on a monthly expiry day and ended the last day of the financial year on a flat note. Mixed global cues triggered a flat opening, followed by range bound move till the end. Amid all, sectoral indices traded mixed as healthy buying in FMCG, auto, and realty supported indices to inch higher. However, on the flip side, profit booking in pharma, IT and PSU banks capped the upside. Finally, the Nifty ended down by 0.2% to close at 17,464.75 levels. Meanwhile, the broader markets outperformed and ended higher in the range of 0.4-0.7%.

We reiterate our positive yet cautious stance citing lingering geopolitical tension between Russia-Ukraine and its impact on the global markets. Meanwhile, markets are offering opportunities across sectors so the focus should be on identifying the sectors/themes which are gaining traction and plan the positions accordingly.

: Nifty opened on a positive note on March 31 however couldn’t continue with its winning streak of the last three sessions. For the last couple of sessions, the index is hovering near the crucial barrier of 17500. Failure to sustain above this crucial hurdle suggests that the index can consolidate further in the range of 17000-17500 in the short term. The hourly chart shows that the Nifty has broken down from a rising channel & the breakdown is being accompanied by a bearish hourly momentum indicator. Going ahead, the index is expected to fill up a gap area of 17387-17343 on the daily chart. The short term traders can consider booking profit at this level & wait for a minor degree dip to initiate a fresh long position.

: Even as markets ended the last day of the financial year in a rather quiet mood, it has delivered a 19% return this year on the Nifty with two sectoral indices - Metals & Media returning over 50% this year. On the broader market as well, both Midcap100 and Smallcap100 delivered over 25% return this year. Such returns in a year when FPI's have pulled out big money highlights the confidence of the Indian investors amidst a slew of headwinds.

: Benchmark indices ended in the red, trading largely flat on the last day of the financial year with Sensex shedding 115 points to close at 58,568.51 while the Nifty was down 30 points and closed at 17,468 mark.

Among the sectors, FMCG and realty ended in the green while selling was seen in pharma, IT and PSU Banks. The midcap and smallcap indices ended in the green.

Yatharth Hospital and Trauma Care Services Ltd has filed draft papers with the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

TheIPOcomprises a fresh issue of Rs 610 crore and an offer for sale (OFS) of up to 6.55 million shares by current shareholders and promoters.

The OFS consists of up to 3.74 million shares by Vimla Tyagi, up to 2.02 million shares by Prem Narayan Tyagi and up to 787,000 shares by Neena Tyagi.

The proceeds from the issue will be used to repay debt of the company and its arm AKS Medical and Research Centre and Ramraja worth Rs 250 crore, As on February 28, 2022, total borrowings of the Yatharth Hospital and its arm stood at Rs 103.35 crore and Rs 152.51 crore, respectively.

Hindustan Zinc in its BSE filing said it has set a target for 40 percent reduction in carbon footprint by 2030. "We will be achieving carbon neturality by 2050 by transitioning towards renewable energy."

The company has approved the proposal for entering long term group capital renewable power development plan up to a capacity of 200 MW.