Ajit Mishra, VP - Technical Research, Religare Broking
Markets traded volatile and ended almost unchanged, taking a breather after the recent slide. The tone was negative initially however rebound in select heavyweights helped Nifty to recoup losses and close flat. Meanwhile, a mixed trend was witnessed on the sectoral front wherein FMCG, Energy and Pharma traded upbeat while metal and IT ended lower. The broader indices too traded mixed and closed flat to marginally lower.
Global cues are still mixed however oversold positions and the existence of support around 16,800 in Nifty may trigger a rebound towards the 17,200 zone. Having said that, participants shouldn’t go overboard and restrict positions to stocks that are showing relatively higher strength.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:
Domestic equities arrested its five days losing streak after the Swiss National Bank agreed to provide financial aid to Credit Suisse Group. Nifty opened positive but witnessed rollercoaster ride throughout the session to finally end with marginal gains of 13 points at 16,986 levels.
Fresh concern over Credit Suisse failure has aggravated fears with regards how deep-rooted the banking crisis can get going ahead. Its ripple effect is seen across global markets including India. Nifty is down ~4% over last six trading sessions. We expect weakness to continue in the near term ahead of ECB meeting outcome today and Fed outcome next week.
The commentary over the ongoing turmoil in the financial sector would be crucial for the markets. We expect Oil marketing companies, cement and paints stocks to remain in lime light on account of fall in Brent crude price to 15-month low at USD 73/bbl.
Santosh Meena, Head of Research, Swastika Investmart
After five days of losses, there has been some market recovery. Despite significant intraday volatility, all major indices managed to finish positive. In the short term, the continued volatility and weakness of global cues will be a major driving force. Yet, we are trading close to a crucial support level and are severely oversold, so any good trigger could result in a dead cat bounceback. World markets will attempt to position themselves for forthcoming US Fed policies amid financial sector unrest.
Technically, Nifty ends with a doji candlestick formation near the important support zone of 16,950–16,900. If Nifty manages to bounce back from here, then we can expect a bounceback in the market towards 17,250 and 17,440 levels. Nifty should witness a closing above 17,050, which is the 100-week moving average, because it didn't close below it post-COVID recovery. However, if Nifty slips below the 16,800 level, then we can expect more pressure in the market.
Banknifty also ends with a spinning bottom candlestick formation near the important support level of 38,700. However, the 200-DMA of 39,600 is an immediate hurdle; above this, we can expect a short-covering move towards 40,500 and 41,000 levels. If it slips below 38,500, then more selling pressure is expected towards the 38,000–37,700 zone.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:
The Nifty witnessed a sharp recovery and closed in the positive after falling for five consecutive days. It closed with marginal gains of ~13 points, more importantly it has taken support at the lower end of the downward sloping channel and bounced back with a long lower shadow indicating buying interest at lower levels.
The positive divergence and positive crossover on the hourly charts suggest that bounce can continue over the next few trading sessions. Considering that the Nifty has corrected ~1000 points in the last six trading sessions it is appearing oversold and hence a relief rally appears highly probable over the next few trading sessions. On the upside the immediate hurdle stands at 17,170 – 17,200 zone.
Vinod Nair, Head of Research at Geojit Financial Services
With the turbulence at Credit Suisse and ahead of the ECB policy announcement, investors' attention has switched to developments in the European market.
Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee's depreciation. Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears.
Rupee Close:
Indian rupee ended lower at 82.74 per dollar against previous close of 82.60.
Market Close
: Benchmark indices ended on positive note in the highly volatile session on March 16.
At close,the Sensex was up 78.94 points or 0.14% at 57,634.84, and the Nifty was up 13.40 points or 0.08% at 16,985.60. About 1377 shares advanced, 2062 shares declined, and 107 shares were unchanged.
Top losers on the Nifty included Hindalco Industries, Tata Steel, JSW Steel, IndusInd Bank and Bharti Airtel, while gainers were BPCL, Nestle India, Asian Paints, HUL and Titan Company.
On the sectoral front, metal index shed nearly 3 percent, while pharma, oil & gas, power, FMCG, realty indices rose 1 percent each.
The BSE midcap index ended on flat note, while smallcap index fell 0.7 percent.
Morgan Stanley View On Kotak Mahindra Bank
-Equal-weight rating, target at Rs 2,215
-Loan growth remains strong, despite some increase in macro challenges
-Margin improved sharply in recent quarters
-Margin is expected to moderate over next year as funding costs catch up
-Retail term deposit growth continues to accelerate, helped by higher card rates
-Asset quality trends remain very strong & will likely sustain near future
-Board continues to evaluate external & internal candidates for post of next MD & CEO
Kotak Mahindra Bank was quoting at Rs 1,663.00, down Rs 3.10, or 0.19 percent.
Sunflag Iron signs long term power delivery agreements with solar power producers
Sunflag Iron and Steel Company has entered into long term power delivery agreements (PDA) with the 3 solar power producer companies.
The company also executed share subscription and shareholders’ agreements with Renew Green Energy Solutions (promoter) and those 3 solar power producer companies for developing and operating renewable energy projects and deliver the power generated from its 71.34 MW solar photovoltaic projects to the company for 15 years extendable upto 25 years.
Sunflag Iron and Steel Company was quoting at Rs 139.40, down Rs 1.00, or 0.71 percent.
Mold-Tek Packaging selects as packing material supplier by Grasim Industries
Mold-Tek Packaging has been awarded/selected as packing material supplier by Grasim Industries-Birla Paints Division, for supply of Packing Material (PAILS) and accordingly, a co-located facility will be set-up by the company at Mahad in Raigad District of Maharashtra to cater to their demands.
Sarda Energy & Minerals gets grant from Chhattisgarh Environment Conservation Board
Sarda Energy & Minerals has received the consent to operate from Chhattisgarh Environment Conservation Board, Raipur, for expansion in existing rolling mill from 1.8 lakh tonnes per annum to 2.5 lakh tonnes per annum.
Sarda Energy and Minerals was quoting at Rs 1,121.65, down Rs 40.60, or 3.49 percent.
Morgan Stanley View On Bank Of India
-Overweight rating, target price at Rs 125
-Bank expects margin to hold around current levels
-Loan growth outlook remains healthy, but there will be some moderation in 2023
-Bank expects to sustain improved asset quality trends
-Bank noted no material increase in delinquency levels in recent months
-Bank intends to raise capital to strengthen balance sheet
-Bank intends to achieve minimum public ownership norms of 25 percent
Bank Of India was quoting at Rs 71.27, up Rs 1.50, or 2.15 percent on the BSE.
NIBE bags orders worth Rs 57.33 crore from L&T
NIBE has received four purchase orders worth Rs 57.33 crore from Larsen & Toubro (L&T). The company will manufacture bridge center module structure and other assemblies and sub-assemblies of modular bridge project.
The said orders are expected to be executed by March 2024.
NIBE was quoting at Rs 327.80, down Rs 8.75, or 2.60 percent on the BSE.
JSW Energy raises Rs 250 crore via NCDs
JSW Energy has raised Rs 250 crore via non-convertible debentures as its Finance Committee has approved the allotment of 25,000 non-convertible debentures of Rs 1 lakh each.
In October last year, the board had approved raising of funds upto Rs 2,500 crore via NCDs on private placement basis. The date of maturity is March 13, 2026.
JSW Energy was quoting at Rs 254.30, down Rs 1.15, or 0.45 percent on the BSE.
BSE Power index up 1 percent supported by Adani Green Energy, Adani Transmission, Power Grid
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Adani Green Ene | 777.95 | 4.99 | 610.43k |
| Adani Trans | 971.80 | 4.38 | 402.10k |
| Power Grid Corp | 231.70 | 1.47 | 316.18k |
| NTPC | 179.50 | 0.64 | 293.73k |
| ABB India | 3,317.00 | 0.44 | 7.54k |
Market at 3 PM
Benchmark indices were trading flat in the highly volatile session.
The Sensex was up 32.17 points or 0.06% at 57,588.07, and the Nifty was down 1.10 points or 0.01% at 16,971.10. About 1169 shares advanced, 2103 shares declined, and 108 shares unchanged.
Sadbhav Engineering appoints Dwigesh Joshi as Chief Financial Officer
Dwigesh Joshi has been appointed as Chief Financial Officer (CFO) of Sadbhav Engineering and is also appointed as additional executive director of the company for three years with effect from March 15.
Jatin Thakkar has resigned as Chief Financial Officer of the company with immediate effect due to personal reasons.
Thakkar has been appointed as an additional non-executive director of the company with effect from March 15 and will hold office up to the ensuing General Meeting of the company.
Sadbhav Engineering was quoting at Rs 11.19, up Rs 0.11, or 0.99 percent.
These BSE smallcap stocks witnessed recovery of 9-13 percent from their day's low:
Jefferies On Interglobe Aviation
-Initiates underperform rating, target at Rs 1,615 per share
-IndiGo is dominant in fast-growing Indian aviation market
-Company would face headwinds in medium term, as peers add capacity in LCC segment
-LLC segment addition likely reflect in profit headwinds, even as lower fuel aids near term
-Big aircraft orders for industry means limited scope for miss on traffic growth
-Stake sale by co-promoter is an additional overhang
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| BEML | 1,218.25 | 1,246.45 1,128.00 | 8% |
| TV18 Broadcast | 30.55 | 31.00 28.40 | 7.57% |
| Rossari | 565.30 | 569.40 536.35 | 5.4% |
| Century | 657.05 | 657.40 625.85 | 4.99% |
| IRB Infra | 27.40 | 27.70 26.10 | 4.98% |
| Spicejet | 33.75 | 33.90 32.25 | 4.65% |
| Delta Corp | 193.05 | 194.30 184.50 | 4.63% |
| Ircon Internati | 54.00 | 54.20 51.65 | 4.55% |
| JK Lakshmi Cem | 685.10 | 686.95 656.00 | 4.44% |
| Hind Copper | 97.95 | 98.25 93.85 | 4.37% |
HG Infra Engineering declared as lowest bidder for NHAI project
HG Infra Engineering has been declared as L1 (lowest)bidder by National Highways Authority of India (NHAI) for a project worth Rs998.36 crore.
European Markets Updates
Sonata Software arm SSNA completes acquisition of Quant Systems Inc and its subsidiaries
Aditya Birla Sun Life AMC board approves interim dividend of Rs 5 per share
Market update at 2 PM
Sensex was down 36.21 points or 0.06% at 57,519.69, and the Nifty was down 12.80 points or 0.08% at 16,959.40.
Eris Lifesciences acquires 9 dermatology brands from Dr Reddy's for Rs 275 crore
Eris Lifesciences acquired nine dermatology brands from Dr Reddy's Laboratories with a cash consideration of Rs 275 crore.
Eris Lifesciences touched a 52-week low of Rs 580 and quoting at Rs 587.60, down Rs 3.50, or 0.59 percent.
IndusInd Bank Large Trade | 7.35 lakh shares (0.13% equity) worth Rs 74.37 crore change hands at an average of Rs 1,011 per share, reported CNBC-TV18.
ALERT | BSE Bharat 22 Index, FTSE All World All Cap, Nifty Next 50 Index may undergo rebalancing on March 17: Nuvama Research
CLSA View On Ashok Leyland
-Buy rating, target price at Rs 189
-Strong demand & improving margin keep us constructive
-Multiple tailwinds to drive CV sales over the next two years
-Price hikes will likely have limited impact on volumes but improve margin
-Company will likely hold on to recent market share gains in heavy trucks
Ashok Leyland was quoting at Rs 139.05, up Rs 0.95, or 0.69 percent on the BSE.
Zee Entertainment agrees to repay dues owed to IndusInd Bank
Zee Entertainment Enterprises has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it and inch closer to completing a merger with a Sony Group unit to create a $10 billion media giant, people familiar with the matter said.
The settling of dues of about 837 million rupees ($10 million) to the lender could happen as early as Friday and the Mumbai-based bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made, the people said, asking not to be named, as the information is not public.
IndusInd Bank had approached the bankruptcy court in February, seeking to start insolvency proceedings against Zee, a move which could have threatened the merger by stopping all transactions, including asset transfers. The National Company Law Appellate Tribunal, an appeals court, halted the insolvency proceedings against the media company last month.
BSE Oil & Gas index rose 1 percent supported by HPCL, BPCL, Indraprastha Gas
Market at 1 PM
Benchmark indices were trading flat in the volatile session.
The Sensex was down 6.02 points or 0.01% at 57,549.88, and the Nifty was down 9.00 points or 0.05% at 16,963.20. About 1034 shares advanced, 2165 shares declined, and 100 shares unchanged.
Zim Laboratories arm to transfer marketing authorization for Sildenafil 50 mg orally dissolving film
Zim Laboratories' subsidiary SIA ZIM Lab has executed an agreement with one of the European partners for transfer of the marketing authorization for Sildenafil 50 mg orally dissolving film on non-exclusive basis.
Zim Laboratories was quoting at Rs 76.00, down Rs 2.18, or 2.79 percent.
Punjab & Sind Bank hiked lending rate by 10-20 bps across loan tenures, reported CNBC-TV18.
Punjab & Sind Bank was quoting at Rs 25.02, down Rs 0.27, or 1.07 percent.
Nifty FMCG index added 0.5 percent led by Dabur India, Godrej Consumer, United Spirits
3i Infotech incorporates subsidiary 'NuRe Infotech Solutions Pte' in Singapore
3i Infotech has incorporated its wholly-owned subsidiary 'NuRe Infotech Solutions Pte' in Singapore. The subsidiary will engage into information technology products related business.
Federal Bank to consider fund raising up to Rs 1,000 crore via bonds on March 18
The board of Directors of Federal Bank will meet on March 18 to consider the proposal to raise funds by way of issue of unsecured Basel III Tier-II subordinate bonds in the nature of debentures, amounting to Rs 1,000 crore on a private placement basis.
Federal Bank was quoting at Rs 126.30, down Rs 0.30, or 0.24 percent.
Most Active shares on the BSE 500 Index
Man Industries bags export order of Rs 1,300 crore
Man Industries has received new export order of approximately Rs 1300 crore. The total order book of the company stands at approximately Rs 2,000 crore to be executed in sixto eight months.
Market at 12 PM
Benchmark indices were trading flat in the volatile session.
The Sensex was up 5.30 points or 0.01% at 57,561.20, and the Nifty was down 2 points or 0.01% at 16,970.20. About 1063 shares advanced, 2081 shares declined, and 108 shares unchanged.
Kotak Mahindra Bank has hikes lending rates by 5 bps across tenures effective today, reported CNBC-TV18.
Kotak Mahindra Bank was quoting at Rs 1,670.20, up Rs 4.10, or 0.25 percent.
ICICI Prudential appoints Anup Bagchi as MD & CEO for 5 years
On the recommendation of the board nomination and remuneration committee, the board of directors of ICICI Prudential Life Insurance Company at their meeting noted that NSKannan, Managing Director & Chief Executive Officer (MD & CEO), will superannuate from the services of the company on the completion of tenure of his appointment on June 18, 2023.
The board has appointed Anup Bagchi, presently Executive Director, ICICI Bank and Non-executive Director of the company, as the MD & CEO of the company for a period of five consecutive years with effect from June 19, 2023 or the date of regulatory approval(s), whichever is later.
