Rohit Singre, Senior Technical Analyst at LKP Securities:
Index closed a day on a positive note at 14,745 with gains of more than one percent and formed bullish piercing candle pattern on the daily chart which stands for a bullish reversal. Once Nifty cross above 14,800 zone, bullish piercing pattern will get active and we may see a good move towards immediate hurdle zone of 14,900-15,000, supports still at 14,650-14,580 zone and holding above said levels, the structure can be positive.
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:
The forex market is still jittery about Fed’s move and there are speculations of an early rate-hike which are keeping the US Yields higher. There is also an upside risk to the rapid spread of coronavirus which will keep USDINR spot afloat. But until the spot is trading below 73 zone, the trend will be sideways to bearish within 72.10-72.80. The USDINR spot has to consistently trade above the resistance of 73 to breach 73.20-73.25 zone.
Rupee Close:
Indian rupeeendedflat at 72.51per dollar, amidbuyingsawin the domestic equity market.It opened marginally lower at 72.58 per dollar against previous close of 72.52 and traded in the range of 72.46-72.58.
Market Close:
Benchmark indices ended on positive note on March 19 supported by the buying across the sectors.
At close, the Sensex was up 641.72 points or 1.30% at 49,858.24, and the Nifty was up 186.10 points or 1.28% at 14,744. About 1461 shares have advanced, 1418 shares declined, and 200 shares are unchanged.
NTPC, HUL, JSW Steel, Power Grid Corp and UPL were among major gainers on the Nifty, while losers were L&T, Coal India, Tech Mahindra, Bajaj Auto and Titan Company.
All the sectoral indices ended in the green with Nifty Energy index rose 3 percent. BSE Midcap and Smallcap indices added 0.4-1.3 percent.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14,400 today. The expected level should range between 14,600-14,900, and it’s going to crucial for the short-term market scenario to sustain above 14,400.
Technical evidence is still aligned to support a range-bound trading activity to continue. As such, investors are advised to approach the market from buying in deep while covering seeing a rally to adopt. Multiple momentum indicators are not confirming their bias between themselves. Lack of weight of evidence indicates a sideways market structure is likely.
Fitch affirms Tata Chemicals at 'BB+'; outlook stable:
Fitch Ratings has affirmed Tata Chemicals Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'. The outlook is stable.
The stable outlook reflects expectations that TCL's credit metrics would remain adequate for the rating over the medium term. However, downside risks could arise from higher-than-expected capex, shareholder payouts and acquisitions, or a prolonged weakness in industry conditions, it added.
Rupee Updates:
Indian rupee is trading flat at 72.50 per dollar, amid buying seen in the domestic equity market. It opened marginally lower at 72.58 per dollar against previous close of 72.52.
Aarti Drugs board approves buyback worth up to Rs 60 crore:
The company board has approved the buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs 10 each of the company representing up to 0.64% of the total number of equity shares of the company at a price of Rs 1,000 per equity share payable in cash for an aggregate amount of up to Rs 60 crore.
Aarti Drugs was quoting at Rs 758.85, up Rs 75.75, or 11.09 percent on the BSE.
Suryoday Small Finance Bank IPO subscribed 2 times
The initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2 times by noon on March 19, the final day of bidding, receiving bids for 2.79 crore equity shares against the offer size of 1.35 crore equity shares, data available on exchanges showed.
The portion set aside for qualified institutional buyers was subscribed 1.93 times. The part set aside for non-institutional investors has seen a 1 time subscription, retail investors has been subscribed 2.72 times and that of employees 24 percent.
Nazara Technologies IPO subscribed 61 times on final day
The public offer of Nazara Technologies had been subscribed 61 times by the noon of March 19, the final day of bidding, with bids received for 17.92 crore equity shares against the issue size of 29.20 lakh equity shares.
The portion set aside for retail investors has been subscribed 64.78 times and that of employees 6.57 times. The company reserved Rs 2 crore worth of shares for its employees.
Non-institutional investors' portion was subscribed 83.48 times, while qualified institutional buyers had bid for 49.87 times of the shares set aside for them.
P-notes investment climbs to 33-month high:
Investments through participatory notes (P-notes) in the Indian capital market rose to Rs 91,658 crore at February-end, making it the highest level in 33 months, suggesting growing confidence of overseas investors. Read More
Strides Pharma Science in focus
: The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund), and Stelis Biopharma Pvt. Ltd., the biopharmaceutical division of Strides, a global pharmaceutical company headquartered in India, have partnered to produce, and supply a minimum of 200 million doses of the Russian Sputnik V vaccine against coronavirus sufficient to vaccinate 100 million people. Read more
Tapan Patel- Senior Analyst (Commodities), HDFC Securities: C
rude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading near $60 per barrel for the day. MCX Crude oil April futures were trading down by 1.55% at Rs 4397 by noon reflecting overnight selling in global oil prices.
Crude oil prices are expected to trade sideways to down for the day with resistance at $62 and support at $58.50 per barrel. MCX Crude oil April has support at Rs 4350, resistance at Rs 4460.
Market update: Sensex is up 375.85 points or 0.76 percent at 49592.37, and the Nifty jumped 118.90 points or 0.82 percent at 14676.80
India's economy may grow at 12% in 2021: Moody's Analytics
India's economy is likely to grow by 12 percent in 2021 following a 7.1 percent contraction last year, as near-term prospects have turned more favourable, Moody's Analytics said.
A stronger than expected December quarter GDP growth of 0.4 percent following a 7.5 percent contraction in the previous three months has turned India's near-term prospects more favourable, it said.
Domestic and external demand has been on the mend since the easing of restrictions, which has led to improved manufacturing output in recent months.
ICICIdirect on Divis Laboratories:
The pharma index has undergone secondary corrective phase after witnessing relative outperformance during CY20. Within pharma space, we remain constructive on Divis Laboratories as it has approached key support threshold of 50 week’s EMA at Rs 3,100 that coincided with 80 percent retracement of September-January rally at Rs 3,170. Hence, it offers a fresh entry opportunity with favourable risk reward.
We expect the stock to form a higher base in the vicinity of 50 week’s EMA and gradually head towards Rs 3,740 levels in coming months as it is 80 percent retracement of past three months correction. Key point to highlight since September 2017 is that on multiple occasions the stock has respected 50 week’s EMA and offered fresh entry opportunity to ride next leg of up move. In the process, intermediate corrections have been to the tune of average 18 percent. Currently, it has corrected 19 percent from life-time highs while sustaining above 50 week’s EMA, thereby offering a fresh entry opportunity with favourable risk reward.
European markets are trading in the red with FTSE and CAC down over half a percent each
Manappuram Finance approves fund raising programme for FY21-22
The company approved fund raising programme for FY21-22. It will issue NCDs worth up to Rs 6,000 crore over FY21-22. The stock was trading at Rs 157.55, down Rs 1.25, or 0.79 percent.
Nazara Technologies IPO subscribed 31 times:
Nazara Technologies, a leading diversified gaming and sports media platform, had been subscribed 30.88 times by the noon of March 19, the final day of bidding, with bids received for 9.01 crore equity shares against the issue size of 29.20 lakh equity shares.
The portion set aside for retail investors has been subscribed 59.07 times and that of employees 6.27 times. The company reserved Rs 2 crore worth of shares for its employees.
Non-institutional investors' portion was subscribed 53.54 times, while qualified institutional buyers had bid for 10.46 times of the shares set aside for them.
Nifty FMCG Index rose 2 percent supported by the HUL, ITC, P&G, Marico
CapitalVia Global Research:
The market opened with a gap down, in continuation with the fall yesterday. US markets also ended with a sharp fall after the fresh worries around the coronavirus pandemic in Europe. Asian markets have also traded with a slightly negative movement following the US markets.
Benchmark US Treasury yields hit 14-month peaks on Thursday, putting fresh pressure on technology stocks. The market is still set to trade in range as the confusions regarding the pandemic stalls the recovery according to expectations.
In the long run only the success of the corona vaccine would determine the future for the market. Power Grid and NTPC are the top gainers in the market while Bajaj Finance and Tata Motors are the top losers.
Bharat Dynamics signs contract with defence ministry:
Bharat Dynamics signed a contract with defence ministry for 4,960 anti-tank guided missiles for Rs 1,188 crore. The contract between company and defence ministry for anti-tank missiles is a repeat order, reported CNBC-TV18.
Bharat Dynamics was quoting at Rs 345, up Rs 3.00, or 0.88 percent on the BSE.
Market Updates:
Benchmark indices are trading higher in the highly volatile market.
The Sensex was up 151.14 points or 0.31% at 49367.66, and the Nifty was up 39.60 points or 0.27% at 14597.50. About 831 shares have advanced, 1775 shares declined, and 147 shares are unchanged.
Rupee Updates:
Indian rupee is trading flat at 72.52 per dollar,amidvolatile tradeseen in the domestic equity market.It opened marginally lower at 72.58 per dollar against previous close of 72.52.
BSE Realty index shed 2 percent dragged by the Godrej Properties, Brigade Enterprises, Sunteck Realty
Adani Enterprises arm bags road project from NHAI:
Adani Road Transport Limited (ARTL) led consortium has received a letter of award (LOA) for the first part of bundle (5 A-1) from NHAI for a road project in the State of Gujarat.
Adani Road Transport is a wholly owned subsidiary of Adani Enterprises Limited.
Adani Enterprises was quoting at Rs 867.30, down Rs 4.05, or 0.46 percent on the BSE.
Stelis concludes USD 195m Series B and Series C fund raise:
Stelis Biopharma (Stelis) today announced that it has successfully concluded its Series B and Series C fund raise for a cumulative amount of US$ 195m.
Post money valuation for Stelis will be pegged at ~ USD 350m, underpinning the significant growth potential of the business.
With the current capital raise, Stelis is now well positioned to pursue its growth initiatives and scale its business model to deliver promising returns in the coming years.
Strides Pharma Science was quoting at Rs 752.35, down Rs 20.90, or 2.70 percent on the BSE.
Progress in India's Bharat Petroleum divestment, but multiple steps remain: Fitch Ratings
Fitch Ratings says there is more visibility on the progress of the state of India's (BBB-/Negative) divestment of Bharat Petroleum Corporation (BPCL, BBB-/Negative), following developments on key queries raised by potential buyers, but multiple steps of the process remain outstanding and there are still questions that require further clarity. We will continue to monitor the situation and consider suitable rating action as and when there is progress.
Nifty Pharma index added a percent led by the Aurobindo Pharma, Biocon, Divis Lab:
BOJ widens yield target band, pledges to buy risky assets only when necessary
The Bank of Japan on Friday widened the band at which it allows long-term interest rates to move around its target, as part of a raft of measures to make its ultra-easy policy more sustainable amid a prolonged battle to fire up inflation.
Following its two-day policy meeting, the central bank also removed its explicit guidance to buy exchange-traded funds (ETF) at an annual pace of roughly 6 trillion yen ($55 billion), which gives it more room to wind back its market stimulus.
Instead of buying at a set pace, the BOJ said it would buy ETFs only when necessary while maintaining a 12-trillion-yen ceiling for annual purchases.
As widely expected, the BOJ kept intact its target of -0.1% for short-term rates and 0% for the 10-year bond yield under its yield curve control (YCC) policy, reported Reuters
Dilip Buildcon receives LoA worth Rs 2,241 crore
Dilip Buildcon share price trade lower on March 19 even after the company received a letter of acceptance (LoA) for two projects worth Rs 2,241 crore.
".... has received the letter of acceptance (LoA) from the National Highways Authority of India (NHAI) on hybrid annuity basis in the state of Tamil Nadu and the union territory of Puducherry," the company said in its press release.
Dilip Buildcon was quoting at Rs 602.40, down Rs 9.70, or 1.58 percent on the BSE.
Bajaj Auto shares trade in the red; Nomura, JP Morgan remain positive:
Bajaj Auto share price was trading lower by over a percent. The company said that it would endeavour to arrive at a dividend pay-out as a percentage of profits after tax based on the company’s standalone financials. Nomura has maintained buy call on the stock with target at Rs 4,403 per share while JP Morgan has maintained its overweight rating on the stock with target at Rs 4,400 per share.
Market may see more correction, time to buy quality stocks on dips: Experts
Indian equities continued reeling under selling pressure as the market benchmark Sensex fell more than 600 points and the Nifty slipped to 14,350 in the early trade on March 19. A sharp rise in Covid-19 cases in the country and rising US bond yields seem to have diminished the risk appetite of investors.
The market may see this phase of consolidation for some more time but investors should lap up this opportunity to buy quality stocks at a lower price, analysts said. Read more
ICICIdirect on Goodyear India
: We expect 12.1 percent PAT CAGR in FY21E-23E. Healthy demand prospects across segments along with MNC parentage and strong B/S and return ratio profile (FY20; zero debt company with Rs 546 crore cash on books and greater than 20 percent RoIC) continue to provide valuation comfort. We maintain buy, valuing it at Rs 1,130, 16x P/E on FY23E EPS of Rs 70.7 (previous target price Rs 910).
Nifty metal index fell 1 percent dragged by the NALCO, Hindustan Zinc, Ratnamani Metals
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments:
The breaking of 14,700 has proved fatal. As expected, the Nifty has dropped to 14,400 levels which is a good support. What needs to be seen is if we respect this level and bounce back. If we crack these levels, we should drop to 14,000.
On the upside, the resistance level is at 15,100 and until we do not get past that, the markets will remain bearish and any up move is an opportunity to go short.
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research:
The US Dollar is higher side as Treasury yields surged above 1.70% in expectation of the higher inflation. Technically, the USDINR future took the support of 72.40 levels which very strong levels.
In our anticipation, USDINR future likely to open around 72.70 in next session and if it cross 72.80 levels then we may expect strong momentum towards 73.10. The trading range will likely to be in between 72.55-72.90.
Rupee opens marginally lower at 72.58 per dollar
Indian rupee opened marginally lower at 72.58 per dollar on Friday against previous close of 72.52, amid selling seen in the domestic equity market.On March 18, rupee ended flat at 72.52 per dollar against previous close of 72.54.
Easy Trip Planners share debut with 13% premium
Online travel agency Easy Trip Planners share opened with a premium of 13.50 percent on the first day of trade, March 18. The strong debut is attributed to its sound financials, better performance than peers even in COVID-19 period, asset-light digital business model, and massive IPO subscription.
The stock listed at Rs 212.25 on the National Stock Exchange, higher by Rs 25 compared to the issue price of Rs 187, while on the BSE, it started off the day at Rs 206, a 10 percent premium
Adani Wilmar to raise up to Rs 5,000 crore via IPO: Report
Adani Wilmar is looking to raise as much as Rs 5,000 crore through an initial public offering (IPO), a move that would make it the seventh listed entity under the Adani Group.
Adani Wilmar has hired legal advisers, and investment banks JP Morgan and Kotak Mahindra Capital to manage the listing, Mint reported. Read More
Nifty Auto Index slipped over 2 percent dragged by the Tata Motors, Motherson Sumi, Ashok Leyland:
Petrol, diesel prices unchanged
Retail prices of petrol and diesel have remained unchanged for 20 days now even though the international price of oil has remained volatile. The last uptick in price was on February 27 when the price of petrol was hiked by 24 paise per litre and diesel by 15 paise per litre in the national capital. Read More
Amarjeet Maurya - AVP - Mid Caps, Angel Broking:
Kalyan Jewellers India (KJIL) has fully subscribed (2.61x time) on the last day of IPO. QIBs & NIIs categories are subscribed 2.8x and 1.9x respectively. Further, Retails category subscribed 2.8x times. In terms of valuations, the pre-issue TTM EV/Sales works out to 1.5 which is low compared to Titan Company (trading at 7.7x).
Going forward, we believe that KJIL would perform better on the back of a strong brand and number of stores in India & internationally. Thus, we recommend stock for the long term period.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Market dynamics have become highly complex with an uncertain cocktail of positive & negative factors. The smart rebound in economic activity, sharp decline in crude by 7% overnight, reaffirmation of accommodative monetary stance by the Fed & resumption of FII buying are clear positives. But the second wave of Covid, particularly in the economically crucial state of Maharashtra, the rise in US bond yield above 1.7% and sustained DII selling are negatives.
The market direction in the short-term will be decided by either the positive or negative factors gaining traction, going forward. Investors will have to wait & watch.
Oil slump deepens as Europe faces pandemic lockdowns
Oil prices fell on Friday, extending losses for a sixth day as a new wave of COVID-19 infections wash across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon, reported Reuters.
Gainers and Losers on the BSE Sensex:
Market Opens:
Indian indices opened on negative note on March 19 amid weak global cues.
At 09:16 IST, the Sensex was down 244.16 points or 0.50% at 48,972.36, while Nifty was down 71.40 points or 0.49% at 14,486.50. About 352 shares have advanced, 1050 shares declined, and 53 shares are unchanged.
