Closing Bell: Nifty around 17,100, Sensex up 355 pts backed by IT, metal, realty

Amol Athawale, Technical Analyst (DVP), Kotak Securities

What we are seeing is a relief rally backed by strong positive global cues as there are expectations that the US Fed may not take aggressive rate hike steps to tame inflation. Some of the concerns over the falling financial health of the US banking industry have also subsided, which further boosted the market sentiment. Falling crude oil prices and recovery in the metal space on hopes of revival in the Chinese economy is also providing some support to the struggling markets.

Vinod Nair, Head of Research at Geojit Financial Services

Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps, indicating its preparedness to provide liquidity to banks upon necessity.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty witnessed a volatile day of trade today. It witnessed sharp swings in both directions and ultimately closed in the green for the second consecutive day. On the way up the 40 hour moving average and the hourly upper Bollinger band placed in the range 17,150 – 17,200 acted as a strong resistance and restricted further upside and on the way down the swing low formed at 16,850 shall act as a crucial support from short term perspective.

We expect the Nifty to consolidate between these two parameters from the next few trading sessions. we believe that the pullback rally has some more steam left and the Nifty is likely to carry on this positive momentum next week as well.

Rupee Close:

Indian rupee ended 18 paise higher at 82.55 per dollar against previous close of 82.73.

Market Close: Benchmark indices ended higher in the volatile session on March 17 with Nifty at 17,100.

At close, the Sensex was up 355.06 points or 0.62% at 57,989.90, and the Nifty was up 114.40 points or 0.67% at 17,100. About 2008 shares advanced, 1407 shares declined, and 118 shares unchanged.

HCL Technologies, Hindalco Industries, UPL, UltraTech Cement and Nestle India were among the biggest gainers on the Nifty, while losers were Eicher Motors, NTPC, Maruti Suzuki, ITC and Asian Paints.

Barring auto and FMCG, all other sectoral indices ended in the green.

The BSE midcap was up 0.3 percent and smallcap index added 0.7 percent.

Nomura View On Info Edge India

-Buy rating, target at Rs 4,940 per share
-Hiring slowdown in tech sector continues on Naukri business
-Focussed on mid-market on 99acres business
-Happy with early trends of business model change of Jeevansathi
-Continue to hold Zomato and PolicyBazaar as financial investments

Info Edge India was quoting at Rs 3,495.65, up Rs 69.80, or 2.04 percent.

Morgan Stanley View On DLF

-Overweight rating, target at Rs 417 per share
-Company achieved USD 1 billion in sales from a single project at launch
-This indicates strong pent-up demand in system & strength of DLF's land bank

DLF was quoting at Rs 375, up Rs 15, or 4.17 percent.

NCLT approves merger of HDFC & HDFC Bank

Jefferies View On NTPC

-Buy rating, target at Rs 195 per share
-Reports suggest Malaysia's Petronas could offer USD 460 million for 20 percentstake in NTPC's RE arm
-NTPC commissioned approximately 2.9 GW RE capacity & had 4.7 GW under construction in Q3
-RE capacity is approximately 6 percentof FY24 estimates overall capacity estimates
-Speculated deal implies Rs 12.5 per share for NTPC shareholders after 20 percentholdco discount

NTPC was quoting at Rs 177.30, down Rs 2.30, or 1.28 percent.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Global equity markets reacted to the crisis in US and European banks. Indian markets were under pressure from these global developments. Accordingly, key domestic benchmark indices Nifty-50 and Sensex-30 were down during the week. Broader indices including BSE Midcap, BSE Small-cap and majority of the sectoral indices too posted negative returns in this week.

On the economy front, India’s February 2023 CPI inflation moderated to 6.44% and trade deficit remained in check with marginal increases (over January 2023) in exports and imports. Crude oil prices corrected sharply this week amid the recent banking crisis.

The yield on the 10-year US Treasury was lower as compared with last week. Meanwhile, the European Central Bank raised interest rates by 50 bps and continued with its policy tightening measures. Market participants will keenly watch-out for next week’s Federal Reserve policy decision.

BPCL appointed G Krishnakumar as CMD of the company, reported CNBC-TV18.

Market at 3 PM

Benchmark indices were trading firm in the final hour of the trading session with Nifty around 17,050.

The Sensex was up 296.27 points or 0.51% at 57,931.11, and the Nifty was up 97.20 points or 0.57% at 17,082.80. About 1886 shares advanced, 1381 shares declined, and 90 shares unchanged.

G R Infraprojects emerges as lowest bidder for a project worth Rs 587.59 crore

G R Infraprojects has emerged as L‐1 bidder in financial bid opening for the tender invited by East Coast Railway for “Construction of Tunnel work between Km. 153.0 to 180.0 (Adenigarh – Purunakatak) consisting of Tunnel‐T4, T5, T6 & T7 (Apx. Length of 7.492 Km) & allied works of Khurda – Bolangir new rail line project in east coast railway.

The bid project cost is Rs 587.59 crore.

G R Infraprojects was quoting at Rs 1,021.15, down Rs 8.30, or 0.81 percent.

Maruti Suzuki introduces All New Brezza S-CNG

Further strengthening Maruti Suzuki’s green mobility vision for India, the company has launched the All New Brezza with S-CNG technology for today’s cool new generation.

The All New Hot and Techy Brezza S-CNG is designed to offer an eco-friendly motoring experience to customers while being loaded with features such as an Electric Sunroof, Cruise Control, SmartPlay Pro Infotainment System with wireless Apple CarPlay and Android Auto, Keyless Push Start and more, company said.

Maruti Suzuki India was quoting at Rs 8,341.60, down Rs 94.20, or 1.12 percent.

TeamLease Services board sets April 3 as the record date for share buyback

The buyback committee of TeamLease Services, being duly authorized by the board of directors of the company has considered and approved Monday, April 03, 2023 as the record date for the purpose of determining the entitlement and names of shareholders, who will be eligible to participate in the proposed buyback.

TeamLease Services was quoting at Rs 2,383.35, down Rs 48.15, or 1.98 percent on the BSE.

Morgan Stanley View On Bharat Forge

-Overweight rating, target at Rs 1,068 per share
-Defense acquisition council accords AoN for 307 ATAGS
-ATAGS are developed by DRDO along with Bharat Forge & Tata Advanced Systems
-Actual order could come through in four to five months
-Order is likely to be split between Bharat Forge & Tata Advanced Systems

Bharat Forge was quoting at Rs 800.40, up Rs 12.25, or 1.55 percent on the BSE.

Himatsingka Seide to consider opening USD 12.5 million FCCBs, Rs 460 crore NCDs issues on March 21

Himatsingka Seide's board on March 21 will consider opening the issue of foreign currency convertible bonds (FCCBs) amounting to USD 12.5 million and the issue of non-convertible debentures (NCDs) worth Rs 460 crore, to International Finance Corporation.

Himatsingka Seide was quoting at Rs 77.13, up Rs 0.69, or 0.90 percent.

ALERT | China to cut CRR by 0.25%:Bloomberg

Reliance Infra stock zooms 6%

GAIL India stock gains

Shares of GAIL India edged higher in the afternoon session on March 17 after the company signed MoU with Shell Energy India for hydrocarbon imports.

India's largest gas utility firm on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants.

Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas

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Gold prices at $1930 are up by 0.50% on softer US yields. Treasuries and gold are drawing support from the notion that the US Federal Reserve will not hike rates at the upcoming March 21-23 FOMC meet, which is keeping Dollar weak. Some market participants expect the Fed to stay on hold due to the ongoing banking crisis. Softer US PPI and retail sales data support this possibility.

Credit concerns are somewhat fading as the big US Banks have come together to inject $30 billion in the First Republic Bank. Credit Suisse is likely to get liquidity support from Swiss National Bank. However, concerns continue to keep investors on edge, which is supporting gold prices. The yellow metal is expected to trade between $1900 and $1940.

Sandwell Council collaborates with Infosys to provide free digital learning platforms for residents, colleges, and schools

European Markets Updates

Market at 2 PM

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Sensex was up 213.31 points or 0.37 percentat 57,848.15, and Nifty 50 was up 73.90 points or 0.44percentat 17,059.50.

Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas

Indian Rupee appreciated today amid positive global markets as a group of US banks injected about USD 30 billion in First Republic Bank while Credit Suisse announced its plans to borrow CHF 50 billion from Swiss National Bank. US Dollar eased on positive riskier currencies such as Euro and Pound while upbeat housing market data supported the greenback at lower levels. Euro also gained as ECB hiked interest rates by 50 basis points in its monetary policy meeting.

We expect rupee to trade with a slight positive bias on rise in risk appetite in global market amid as fresh money being injected in the distressed banks may bring some stability to the markets. However, any fresh bank crisis may hurt market sentiments.

Traders may take cues from industrial production capacity utilization and University of Michigan consumer sentiment data from US. Markets may also watch out for FOMC meeting next week. There are expectations of a 25-bps rate hike. USDINR spot price is expected to trade in a range of Rs 82 to Rs 83.

Gold gains, set for best week since mid-Nov on banking crisis woes

Gold advanced on Friday buoyed by a weaker dollar and was poised for its biggest weekly gain since mid-November, as a global banking crisis sent investors flocking to the safe-haven metal.

Spot gold was up 0.5% at USD 1,928.45 per ounce, as of 0612 GMT. Bullion has risen about 3.2% this week, heading for a third consecutive weekly gain.

US gold futures rose 0.5% to USD 1,932.60.

Oil rises on demand hopes as banking crisis fears subside

Oil prices firmed on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets.

Brent crude futures firmed by 30 cents to USD 75 a barrel by 0704 GMT, having snapped three days of losses to settle 1.4% higher on Thursday.

US West Texas Intermediate crude went up by 21 cents to USD 68.53 a barrel, after closing 1.1% higher in the previous session.

Glenmark Pharma arm gets USFDA nod for IND application of solid tumours & lymphomas drug Phase 1/2

Glenmark Pharmaceuticals: Glenmark Specialty SA, the subsidiary of Glenmark Pharmaceuticals has received acceptance from US Food and Drug Administration (FDA) on its investigational new drug (IND) application for GRC 54276 to proceed with a Phase 1/2, for the treatment of patients with advanced solid tumors and lymphomas.

GRC 54276 is an orally available, small molecule hematopoietic progenitor kinase 1 (HPK1) inhibitor developed by Glenmark.

Glenmark Pharma was quoting at Rs 440.00, up Rs 7.40, or 1.71 percent on the BSE.

The Board of Directors of Jain Irrigation has accepted resignation of Atul B Jain as Chief Financial Officer (CFO) of the company effective from day new CFO joins. 

Punjab Chemicals appoints Ashish Nayak as Chief Financial Officer

Punjab Chemicals and Crop Protection has appointed Ashish R Nayak (who was deputy Chief Financial Officer - CFO), as Chief Financial Officer with effect from March 16. Sriram Swaminathan ceased to be the CFO due to attaining the age of superannuation/retirement.

Punjab Chemicals & Crop Protection was quoting at Rs 883.75, down Rs 8.20, or 0.92 percent on the BSE.

Lloyds Metals appoints Subbarao Venkata Munnang as independent director

Subbarao Venkata Munnang is appointed as an additional independent director of Lloyds Metals and Energy with effect from March 16.

Lloyds Metals and Energy was quoting at Rs 289.00, up Rs 2.90, or 1.01 percent.

Market at 1 PM

The Sensex was down 71.13 points or 0.12% at 57,563.71, and the Nifty was down 11.60 points or 0.07% at 16,974.00. About 1831 shares advanced, 1355 shares declined, and 106 shares unchanged.

Bharat Electronics board approves second interim dividend for FY23

Board of Directors of Bharat Electronics at its meeting held on 17th March, 2023, has declared second interim dividend of Rs 0.60 (60%) per equity share of Re 1 each fully paid-up for the financial year 2022-23. The second interim dividend will be paid within 30 days from the date of declaration.

Bharat Electronics was quoting at Rs 93.85, up Rs 2.20, or 2.40 percent.

Lemon Tree Hotels announces 6th new property in a month, stock gains

Lemon Tree Hotels shares gained over 2.5 percent on March 17 after the company signed a 60-room property in Rajasthan's Sri Ganganagar, the hotel chain's sixth new property within a month.

Lemon Tree has announced new properties in Manali, Bhopal, Kasauli, Dapoli, which has two hotels, and now Sri Ganganagar after it came out with its third-quarter numbers in February. These properties are expected to get operational between 2023 and 2026.

Lupin Digital Health unveils results of digital therapeutics study with ACS patients

Lupin Digital Health (LDH), India's first evidence-based digital therapeutics platform, has unveiled the results of a first-of-its-kind study in India, showing the efficacy of digital therapeutics (DTx) among patients with acute coronary syndrome (ACS) and post-percutaneous coronary interventions.

Lupin was quoting at Rs 662.45, down Rs 4.30, or 0.64 percent.

HDFC Mutual Fund picks additional 2.04% stake in Transport Corporation of India

HDFC Mutual Fund through several schemes bought additional 2.04 percentstake or 15.78 lakh shares of Transport Corporation of India via open market transactions on March 14. With this, the shareholding of fund house increased to 7.7 percent, from 5.66 percentearlier.

Transport Corporation of India was quoting at Rs 622.75, down Rs 1.45, or 0.23 percent.

Jubilant Ingrevia buys 37.98% stake in associate company Mister Veg Foods

Jubilant Ingrevia has acquired 37.98% stake in its associate company Mister Veg Foods, for Rs 2.12 crore. This investment is towards potential synergies with the nutrition business of the company.

Luke Fernandez resigns as independent director of Bajaj Healthcare

Luke Fernandez resigned as non-executive independent director of Bajaj Healthcare with effect from March 16 due to his health issue and other professional commitments. There is no other material reason for resignation.

Bajaj Healthcare was quoting at Rs 326.15, up Rs 1.15, or 0.35 percent.

IDBI Bank shares gain rises after DIPAM secretary clarifies IDBI divestment process

DIPAM secretary has clarified that the IDBI divestment process is on track and news reports claiming that the process has been deferred are misleading and speculative.

He said that the process is in the post-EoI stage following receipts of multiple EoIs.

"Reports appearing in a section of the media indicating the possibility of deferment of IDBI Bank disinvestment are misleading, speculative and baseless. The transaction continues to be on track as per the defined process in post-EoI stage following receipts of multiple EoIs," the DIPAM secretary tweeted.

Market at 12 PM

Benchmark indices were trading firm amid volatility.

The Sensex was up 199.84 points or 0.35% at 57,834.68, and the Nifty was up 70.10 points or 0.41% at 17,055.70. About 1960 shares advanced, 1157 shares declined, and 114 shares unchanged.

HDFC to consider issue of NCDS worth Rs 57,000 crore on March 27

A meeting of the Board of Directors of Housing Development Finance Corporation (HDFC) is scheduled to be held on March 27, 2023, to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, under a Shelf Placement Memorandum, aggregating Rs 57,000 crore on a private placement basis, in accordance with the approval granted by the shareholders of the Corporation at the 45th Annual General Meeting held on June 30, 2022.

Housing Development Finance Corporation was quoting at Rs 2,530.15, down Rs 2.50, or 0.10 percent.

Bharti Airtel launches ‘Unlimited Data’ offer to its 5G customers

Bharti Airtel announced the launch of unlimited 5G data for its customers to experience ultrafast, reliable and secure 5G Plus services without having toworry about data exhaustion as the company removes the capping on data usage across all existing plans.

All postpaid customers and those prepaid customers with a data plan of Rs 239 and above will be able to avail of the offer.

Bharti Airtel was quoting at Rs 742.80, down Rs 3.00, or 0.40 percent.

Daily Voice: This CIO recommends these 4 sectors in case of further market correction

Unichem Laboratories gets USFDA nod for Ranolazine tablets

Unichem Laboratories has received ANDA approval for its Ranolazine Extended-Release Tablets, 500 mg and 1000 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Ranexa (ranolazine extended-release tablets) 500 mg and 1000 mg, of Gilead Sciences Inc.

Ranolazine Extended-Release Tablets, 500 mg, and 1000 mg are indicated for the treatment of chronic angina. The product will be commercialised from Unichem’s Goa Plant.

Unichem Laboratories was quoting at Rs 294.00, up Rs 1.25, or 0.43 percent.