Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
Continuing with the positive momentum from the last couple of sessions, the Nifty opened with a significant gap on the upside. However, the index failed to build upon the early gains. The level of 16800 acted as a stiff barrier on the upside.
Structurally, the index is expected to witness a brief consolidation before taking out this barrier. Hence, buy on dips will be the preferred strategy from short term trading perspective.
A minor degree dip towards the key hourly moving averages i.e. 16400-16350 can be taken as a fresh buying opportunity.
Manish Hathiramani, Index Trader & Technical Analyst at Deen Dayal Investments:
The Nifty faced some resistance at the day's high and gave up some of its gains. For the market to turn positive, we need to spend some time at the current levels. This will allow the index to stabilize and change the sentiment as well.
Until then traders would be on the look out for signals to go short on the index. The immediate support for the Nifty is at 16100-16200.
Mohit Nigam, Head - PMS, Hem Securities:
The market's optimism has been fueled by the prospect of a favorable outcome from the Russia-Ukraine talks. Another encouraging development occurred when OPEC+ member the United Arab Emirate stated that it supports pouring more oil into the markets, which are experiencing a supply shortage due to US sanctions on Russian oil. If OPEC+ countries agree to raise output, crude oil gains could be limited in the ensuing session.
The BJP's strong showing in the state elections encouraged the bullish mood even further. Investors should stay cautious because the geopolitical stalemate remains unpredictable, but they can consider buying shares for long-term goals.
On the technical front, immediate support and resistance in the Nifty are 16,200 and 16,800. For the Bank Nifty, immediate support and resistance are at 33,500 and 35,500.
Palak Kothari, Research Associate at Choice Broking:
Technically, Nifty has covered the gap and bounce from the 89-HMA which suggest bounce back in the counter. On the Four-Hourly Chart, the index has formed a Hammer Candlestick pattern which points out northward direction in the counter.
Moreover, the index has given closing above 21 & 50 HMA which adds strength to the price. Momentum indicator is trading with a positive crossover which adds strength for the next day.
At present, the index has support at 16400 levels while resistance comes at 16900 levels. On the other hand, Bank Nifty has support at 33700 levels while resistance at 35000 levels.
Rupak De, Senior Technical Analyst at LKP Securities:
The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel.
Over the near term, the market may remain sideward as long as Nifty remains below 16750. A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400.
Vinod Nair, Head of Research at Geojit Financial Services:
Hopes of progress in high-level talks between Russia & Ukraine and a surge in the Asian market, the Indian market started with a strong gap-up.
The outperformance was supported by positive state election results being in line with expectations. However, a weak western market ahead of ECB & US CPI data and rise in crude prices added volatility in between.
Market Close:
Benchmark indices ended higher for the third consecutive session on March 10 helped by buying across the sectors.
At close, the Sensex was up 817.06 points or 1.50% at 55,464.39, and the Nifty was up 249.50 points or 1.53% at 16,594.90. About 2346 shares have advanced, 937 shares declined, and 94 shares are unchanged.
HUL, Tata Steel, Grasim Industries, JSW Steel and SBI were among the top Nifty gainers. On the other hand, Coal India, Tech Mahindra, Dr Reddy's Labs, ONGC and TCS were the biggest losers.
All the setoral indices ended in the green with auto, metal, FMCG, power, capital goods, PSU Bank and realty indices added 1-2 percent. BSE Smallcap and Midcap indices rose 1 percent each.
Nifty Metal index rose 1 percent supported by the Adani Enterprises, APL Apollo, Tata Steel
Mahesh Kumar, EVP & Head Capital & Commodities Market (Abans Group):
Natural gas prices corrected from recent high of $5.184 registered on Monday and now trading near $4.603 marginally up from yesterday’s low of $4.451
US temperatures are likely to decrease heating demand for natural gas. As per weather agency Atmospheric G2, above-normal temperatures are expected across most of the US from March 14-18, and spring-like warmth will continue across most of the central and eastern parts of the U.S. from March 19-23. It is negative for natural gas prices.
Natural gas prices are likely to get fresh direction from today’s weekly inventory report. The consensus is for inventories to fall by 121 bcf. Last EIA report showed that US natural gas inventories fell by 139 bcf to 1,643 bcf in the week ended Feb 25 against expectations of drop by 141 bcf. Natural gas Inventories in US remain tight and are down -10.9% y/y and -13.4% below their 5-year average.
CME Natural gas prices are likely to remain negative on change in weather forecast. It may find immediate resistance around $4.793-$5.26 meanwhile immediate support level could be seen around $4.55-$4.329.
BSE Smallcap indices up 1 percent supported by the Take Solutions, EPL, TTK Prestige, IOL Chemicals
Market at 3 PM
Benchmark indices erased intraday gains but still trading higher with Nifty above 16500 level.
The Sensex was up 698.06 points or 1.28% at 55345.39, and the Nifty was up 210.80 points or 1.29% at 16556.20. About 2346 shares have advanced, 813 shares declined, and 88 shares are unchanged.
Ugro Capital to consider fund raising on March 14
The meeting of the Investment and Borrowing Committee of the Board of Directors of Ugro Capital is scheduled to be held on Monday, 14th March, 2022, to consider and approve raising of funds by way of issuance of Non-Convertible Debentures on private placement basis.
Ugro Capital was quoting at Rs 175.75, up Rs 1.80, or 1.03 percent on the BSE.
Diligent Industries board recommends sub-division of shares
Diligent Industries board has recommended the split / sub-division of shares of the company from face value of Rs 5 each to face value of Re 1 each, subject to the approval of members of the company.
Diligent Industries touched a 52-week high of Rs 61.35 and Diligent Industries was quoting at Rs 61.30, up Rs 2.85, or 4.88 percent on the BSE.
Tata Power signs MoU with Enviro to set up EV charging points in Gurugram
Tata Power collaborated with Enviro - the facility management wing of the NCR-based real estate developer Vatika Group to install 59 EV charging points at its properties across Gurugram, Haryana. The EV chargers will be installed at 18 locations across the properties of Vatika Group in Gurugram. These chargers will be made available as Public Charging Stations and Semi-Public based on the nature of the premises. Tata Power was trading at Rs 232.45, up Rs 3.20, or 1.40 percent. It has touched an intraday high of Rs 235.95 and an intraday low of Rs 229.90.
European Markets Updates
Santosh Meena, Head of Research, Swastika Investmart
Indian market witnessed a strong recovery after a brutal fall thanks to some positive news flows on the Russia-Ukraine standoff that to rally in global equity markets and cool off in commodity prices. The outcome of state election results is also acting as a tailwind for the Indian equity market however it has the impact of only one day and the main focus of the market will remain on the Russia-Ukraine issue because there are still uncertainties. US inflations numbers will be announced today which is likely to come at a five-decade high and it will act as a critical factor in the upcoming US Fed meeting. Markets are likely to remain volatile till the Fed meeting. Technically, Nifty witnessed a smart pullback from the 15700 level however 16800-17000 is a critical supply area that Nifty has to take out for any trend reversal otherwise there is a risk of sell-off after this pullback. On the downside, 16500-16400 is an immediate support zone while 16000/15500 is the next critical support level. If Nifty manages to take out the 17000 level then the bulls will be back in the game where 17300/17500 are the next resistance levels.
Short-term traders should watch market behavior in the 16800-17000 zone then trade accordingly while long-term investors should continue to accumulate good quality stocks. Our top preferred sectors are capital goods, infrastructure, real estate, and financials however rising commodity prices are a major challenge in the near term. IT stocks may continue to do well after a recent correction while some private banks like HDFC Bank, Kotak Bank, and ICICI Bank are looking attractive after a recent fall.
Market Update at 2 PM
Sensex is up 592.58 points or 1.08% at 55239.91, and the Nifty gained 177.10 points or 1.08% at 16522.50. Hindustan Unilever, Grasim Industries and Tata Motors are the top gainers while Coforge, Tata Motors and ICICI Bank are the most active stocks.
Among the sectors, the realty index added over 2 percent while the banking and auto index gained over a percent each.
Nasdaq-listed Ebix Inc's Indian subsidiary files for IPO to raise Rs 6,000 crore
Ebixcash Ltd, Indian subsidiary of Nasdaq-listed Ebix Inc, has filed draft papers for an initial public offering (IPO) to raise Rs 6,000 crore through a fresh issue of shares. The firm may consider a pre-IPO placement of as much as Rs 1,200 crore, the draft papers said.
The proceeds from the IPO worth Rs 1,035.03 crore will be used for funding working capital requirements of Ebix Travels Pvt Ltd and EbixCash World Money Ltd. Proceeds worth Rs 2,747.57 crore will be used for purchase of outstanding compulsorily convertible debentures from Ebix Mauritius. Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets and Yes Securities are the lead managers to the issue.
BSE Capital Goods index rose 1 percent supported by the Sona BLW Precision Forgings, V-Guard Industries, Thermax
USFDA issues 3 observations to Zydus Lifesciences' facility
Zydus Lifesciences announced that the group’s injectable facility at Jarod underwent a USFDA inspection from 24th February to 10th March, 2022. The inspection closed with three observations, company said in its release.
We are confident of addressing and resolving the issues to the satisfaction of USFDA. We remain committed to building a quality culture across our entire manufacturing network, and are committed to remain compliant with high standards of Good Manufacturing Practices across our network, it addedd.
Zydus Lifesciences was quoting at Rs 364.90, up Rs 5.05, or 1.40 percent on the BSE.
Likhita Chepa, Senior Research, Analyst, Capitalvia Global Research:
In the late morning session, bulls had a firm grip on Dalal Street, with both the Sensex and the Nifty maintaining their robust advances. Positive signals from other Asian markets aided the indexes in maintaining their upward trend.
Union Minister of Commerce and Industry Piyush Goyal stated that venture capitalists have played a critical part in India's startup storey as well as the country's economic growth. He said they have been driving innovation and bringing new ideas to the fore, speaking at the Indian Venture and Alternate Capital Association's (IVCA) Conclave.
On the international front, Asian markets were trading higher as Malaysia's unemployment rate stayed constant in January, while the number of unemployed people fell. The jobless rate stayed constant at 4.2 percent in January, according to figures from the Department of Statistics. The jobless rate was 4.9 percent in the same month previous year.
Exide Industries enters into agreement with SVOLT Energy:
Exide Industries has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd (SVOLT).
SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.
Additionally, SVOLT will also provide the support required for setting up of a state-of-the art green field manufacturing plant on a turnkey basis, company said in its release.
Exide Industries was quoting at Rs 150.80, up Rs 2.80, or 1.89 percent on the BSE.
Market at 1 PM
Benchmark indices erased some gains but still trading higher with Nifty above 16600.
The Sensex was up 1,036.90 points or 1.90% at 55684.23, and the Nifty was up 297.60 points or 1.82% at 16643. About 2528 shares have advanced, 593 shares declined, and 83 shares are unchanged.
Nifty PSU Bank index rose nearly 4 percent supported by the Bank of Baroda, SBI, Indian Bank
Morgan Stanley recommends raising active positions on Indian stocks
Brokerage firm Morgan Stanley recommended raising active positions on Indian stocks after equity markets held up remarkably well despite the rise in oil prices.
"Indian equities have so far resisted the rise in oil prices. While the template remains one of high volatility and modest equity returns, at the portfolio level we recommend a shift to a barbell strategy with wider sector positions," Morgan Stanley said. Click to Read More
Buzzing:
Larsen and Toubro (L&T) share price rose more than 3 percent on March 10 after company secured various orders for its businesses between Rs 1,000-2,500 crore.
The Railways SBU of L&T Construction's Transportation Infrastructure IC has secured an Engineering, Procurement and Construction (EPC) order from IRCON International.
It involves 25 kV Overhead Electrification, Signaling & Telecommunication, and associated works for 549 RKM/678 TKM railway lines pertaining to the Northeast Frontier Railway.
Also, the Factories Business of Buildings and Factories IC has secured a prestigious order from a global FMCG manufacturer for Design and Construction of a food processing facility in Gujarat, India.
Market at 12 PM
Benchmark indices were holding on the gains in the afternoon session with Nifty above 16700.
The Sensex was up 1,290.98 points or 2.36% at 55938.31, and the Nifty was up 374 points or 2.29% at 16719.40. About 2637 shares have advanced, 441 shares declined, and 83 shares are unchanged.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
COMEX gold trades modestly lower near USD 1980/oz after a 2.7% decline yesterday. Gold has corrected sharply after failing to break past the all- time high levels.
Gains in equity markets, rise in bond yields and correction in commodities, on back of signs that Ukraine-Russia tensions may ease down, led to a sharp correction in gold.
ETF outflows also showed profit taking by investors. Gold has rallied sharply in last few days and we may see some extended losses if equities manage to build on recent gains.
JSPL February steel sales up 8% at 5.90 lakh tonnes:
Jindal Steel and Power (JSPL) continues to post robust steel sales in February 2022 with volumes up 8% Y-o-Y to 5.90 lakh tonnes (compared to 5.47 lakh tonnes in same period prior year).
The steel production stood at 6.57 lakh tonnes in February 2022 which was modestly higher than previous year (+1% Y-o-Y). Exports contributed 24% to the sales volumes.
Jindal Steel & Power was quoting at Rs 451, up Rs 1.30, or 0.29 percent on the BSE.
Vikaas M Sachdeva, CEO, Emkay Investment Managers:
The consistent flow into MFs for the month of February, despite the geopolitical tensions and their impact on the global equity, commodity, and currency market, the mutual funds invested Rs 19,645 crore in equity-focused funds remain impressive.
Investors are turning out to be more discerning in their patronage, thanks to the continuing efforts of the MF Industry and its evolved distribution fraternity. If one has to read into the inflows in large-cap funds and flexicap funds, it indicates a strong preference for the long-term fundamentals of the India story and the ability of high-quality companies to ride it.
The stable SIP flows of Rs 11,438 crore, as well as passive investment options despite global geopolitical conflagration, show the keenness of a large segment to stick to the knitting in terms of asset allocation. This continues to act as an effective counterweight to FII outflows and is helping stabilize the markets more robust than before.
Buzzing Stock:
Shares of Bharti Airtel advanced 2 percent after the telecom major announced that it has entered into an agreement to acquire 9 percent equity stake in Avaada CleanTN Project Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant.
The country's second largest telecom company has acquired 7,885,150 equity shares in Avaada for Rs 7.88 crore, it said in the stock exchange filing. The stock was trading at Rs 702.15, up Rs 10.70, or 1.55 percent. It has touched an intraday high of Rs 707.30 and an intraday low of Rs 695.60.
BSE Fast Moving Consumer Goods index jumped over 2 percent supported by the Hindustan Foods, DCM Shriram Industries, Radico Khaitan##
Market Update at 11 AM
Sensex is up 1,349.31 points or 2.47% at 55996.64, and the Nifty jumped 385.90 points or 2.36% at 16731.30. Axis Bank, IndusInd Bank, Coal India and Bajaj Finserv are the top gainers while Tata Motors, Coforge and SBI are the most active stocks.
All sectoral indices barring metals are trading in the green with the midcap and smallcap indices adding 2 percent each.
Manish Hathiramani, Index Trader & Technical Analyst at Deen Dayal Investments
:
The market is trading well above the resistance level of 16400 which is a positive sign. However we would need to review the closing values for a couple of trading sessions to conclude on the direction of the Nifty. If we can sustain the current levels, the index should scale higher towards 17100. The levels of 16100-16200 are the support on the downside.
BSE Bankex rose over 4 percent supported by the Axis Bank, Bank of Baroda, IndusInd Bank
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The extreme volatility in markets is reflected by the USD 30 drop in crude and 3% spike in Nasdaq. Such massive ups and downs are the consequences of high level of uncertainty and sharply fluctuating market expectations.
The relentless selling by the FPIs is not having much of an impact on the markets now as revealed by the 331 point rise in Nifty when FIIs sold equity worth Rs 4800 crore.
Short squeeze in an oversold market can cause sudden reversal in market trends as seen yesterday. High quality financials present good buying opportunities now. The down risk is limited.
Rupee Opens:
Indian rupee opened 28 paise higher at 76.28 per dollar on Thursday against previous close of 76.56.
The rupee is expected to appreciate today due to easing crude oil prices and softer dollar. Moreover, a rise in risk appetite in global markets may continue to support the rupee, said ICICIDirect.
However, expectations of higher consumer price reading from the US is expected to provide some support to the dollar. USDINR (March) is expected to move towards 76.25 for the day, it added.
Buzzing:
PNB Housing Finance share price gained 4 percent on March 10 after company board approved fund raising.
"The board of directors of PNB Housing Finance at its meeting held on March 09, 2022, approved the proposal of fund raising upto an amount not exceeding Rs 2,500 crore," company said in its press release.
Market at 10 AM
Indian benchmark indices were trading near the day's high level with Nifty holding above 16,600 amid buying across the sectors.
The Sensex was up 1,240.98 points or 2.27% at 55888.31, and the Nifty was up 354.80 points or 2.17% at 16700.20. About 2534 shares have advanced, 359 shares declined, and 69 shares are unchanged.
Covid19 Updates:
India reported 4,184 new COVID-19 cases on March 10, bringing down the tally of active coronavirus cases below 45,000 across the country. With the fresh cases, the total tally of COVID-19 cases in the country now stands at 4,29,80,067, according to the Union Health Ministry data updated today at 8:00am.
A total of 104 COVID-19 deaths were also registered during the last 24 hours, taking the overall death toll to 5,15,459. Kerala continued to report backlog deaths as part of its data reconciliation exercise registering 71 backlog deaths.
BSE Realty index gained nearly 3 percent supported by the Phoenix Mills, DLF, Oberoi Realty
Rahul Kalantri, VP Commodities, Mehta Equities:
Gold and silver plunged on Wednesday after Russia and Ukraine said for de-escalation. Global equity markets showed solid strength and profit taking was seen in safe-haven assets. The dollar index also plunged more than 1%. However, global inflation concerns, geo-political tensions and lower growth prospects could support precious metals at lower levels.
We expect gold could hold its key support level of $1880 per troy ounce and silver could also hold $24.80 per troy ounce in today’s session. Gold has support at $1962-1942, while resistance at $2000-2021 per troy ounce. Silver has support at $25.48-24.92, while resistance is at $26.10-26.56 per troy ounce.
In INR terms gold has support at Rs 51,780–50,910, while resistance is at Rs 53,415–54,084. Silver has support at Rs 68,380- 67,050 while resistance is at Rs 72,174–73,890.
Kalpataru Power receives Letter of Intent worth Rs 3,276 crore:
Kalpataru Power Transmission share price added 7 percent on March 10 after company received Letter of Intent (LoI) worth Rs 3,276 crore.
Kalpataru Power Transmission has received a Letter of Intent (LoI) for power transmission and distribution project in international market.The LoI is for a prestigious project involving design, engineering, supply and construction of HVDC power transmission line of ~700 kms.
The estimated value of the project stands at Rs 3,276 crore (USD 431 Million).
Kalpataru Power Transmission was quoting at Rs 395.95, up Rs 18.45, or 4.89 percent on the BSE.
Nifty Auto index rose 1 percent led by the Tata Motors, Maruti Suzuki, Ashok Leyland
Rahul Kalantri, VP Commodities, Mehta Equities:
On Wednesday, crude oil showed highest single day fall in last two years after OPEC+ member the United Arab Emirate said it supporting pumping more oils into the markets which in supply crunch due to sanctions on Russian oil by the United States. If OPEC+ nations agreed to increase production could restrict gains of crude oil in upcoming session.
We expect WTI crude oil prices to remain volatile and expected to be traded in the range of $94-117 a barrel. Crude oil is having support at $100–95.60 and resistance is at $111.00–114.00. In INR terms, Crude oil has support at Rs 7,964-7,614; while resistance is at Rs 8,872–9112.
USDINR March29 futures contract showed profit taking on Wednesday. We observed that a pair crossed its trend line resistance and made life time high on Monday.
Looking at the technical set-up, a pair was in overbought zone and showed profit taking at higher levels. We expect that a pair could test its support level of 76.5000 again & below that 76.35 levels.
A pair is expected to trade in the range of 76.35-77.20. We suggest to sell on jump in USDINR could be the strategy for coming days.
