Market News:
GREAVES COTTON: Battery-as-a-service company Bounce Infinity has announced a strategic partnership with the company's retail business division Greaves Retail to provide battery swapping stations for Greaves Electric Vehicles
Coal India may seek ministerial help to get more railway rakes
Closing Summary:
Equities gave up their opening gains and ended sharply lower today as investors booked profits following a five-session gaining streak. A likely interest rate hike by the US Federal Reserve this week and the ongoing Ukraine-Russia war also dented the sentiment. Weakness in Asian markets due to rising COVID cases in China and fear of Chinese technology companies delisting from US exchanges also weighed on market sentiment.
Today, the Nifty 50 index ended 1.2% lower at 16663 points while the Sensex closed at 55776 points, or 1.3% lower. The March futures contract of the Nifty 50 ended at a discount of 14.4 points to the spot index today with a 5 % rise in open interest.
Despite the overall weakness the Nifty Auto index ended 0.6% higher led by gains in Maruti Suzuki India and Mahindra & Mahindra as easing commodity prices brought hope among investors that the sector's margin headwinds would be limited.
Similarly, shares of cement, fast moving consumer goods and paint companies also ended higher on hopes of input and logistics cost pressures easing and aiding their margins. Tata Consumer Products and Shree Cement rose 3.7% and 2%, respectively, and were among the top gainers on Nifty 50.
Among laggards, the Nifty Bank index and Nifty IT index closed 0.8% and 2.6% lower, respectively, and weighed on the headline indices.
In stock specific action shares of One97 Communications (Paytm)extended losses and hit a fresh lifetime low of 584.55 Rs as RBI order to not add any new customers is expected to have a significant impact on the brand and customer loyalty for the company.
The stock has fallen 23% in two days following the RBI's order.
Equities will remain under pressure for few sessions due to caution ahead of the US Federal Reserve's policy meeting outcome, ongoing talks between Russia and Ukraine and lesser trading days due to Market holiday on Friday.
Technical trend of Nifty50 remains bullish as the index is holding above 16400 – 16500 levels and NiftyBank is holding above 34500 levels. On the upside, the Nifty50 could again face a strong resistance at 16840 - 17000 points and only after it is able to stay above these levels can we expect a positive momentum towards higher levels.
🙏Morning Updates🙏
World Markets @ 8.05
SGX Nifty 16912 +259Pts +1.56%
NIKKEI +1.73%
HANG SENG +2.99%
US30 FUT -0.13%
Important News/Data/Events
Prices of crude oil dropped below the $100 per barrel mark on Russia-Ukraine peace talk
US FOMC Interest rate decision today
Union Cabinet to meet today at 1.10 PM
FII/DII Trade Summary%
Cash Segment
FII/FPI Net -1249 Cr
DII Net 98 Cr
Index FUT -1229 Cr
Index OPT -776 Cr
STOCK FUT -1063 Cr
Securities in F&O Ban for 16-03-2022
Sector/Stock News
* OPEC's output up 440,000 bpd in Feb, meets target first time in 5 months
* Government says Ukraine war clouding outlook on India's growth, inflation
* Board Meetings of:
+ ADF Foods, to consider issue of equity shares on conversion of warrants.
+ Allcargo Logistics, to consider dividend.
+ Rail Vikas Nigam, to consider dividend.
+ Servotech Power Systems, to consider allotment of equity shares.
+ Steel Authority of India, to consider dividend.
+ The United Nilgiri Tea Estates Co, to consider dividend.
+ Yash Chemex, to consider dividend.
* Annual General Meetings of: Emmsons International
* US - Benchmark equity indices in the US snapped a three-day losing streak and ended higher on Tuesday as easing crude oil prices restored some sentiment in the market.
* Asia - Major equity indices in Asia rose during early trade tracking the overnight gains in the US markets where easing crude oil prices brought some relief for investors.
* Digital signature services and enterprise solutions provider eMudhra has received the Securities and Exchange Board of India's approval for an initial public offering. The issue comprises a fresh issue of 200 Cr and an offer for sale of up to 85 lakh shares.
* Rainbow Children's Medicare has received the Securities and Exchange Board of India's approval for an initial public offering. The issue comprises a fresh issue of shares worth up to 280 Cr and an offer-for-sale of 2.4 Cr shares.
* AVIATION: In view of the rising demand for international travel, AirAsia India has launched discounted 'international connecting baggage' charges for excess luggage, which would lead to savings for flyers taking the airline's domestic flights connecting to or from international flights of other airlines.
* INSURANCE: The Competition Commission of India has approved acquisition of "certain equity stake" in Future Generali India Insurance Co Ltd by Generali Participations Netherlands N.V., the regulator said.
* PHARMACEUTICAL: US-based medical device maker Boston Scientific Corp has launched a research and development centre in Pune and said it will employ 170 engineers initially.
* REGULATORY: The Securities and Exchange Board of India has allowed stockbrokers and clearing members to retain one-time mandates in their name provided that the beneficiary of this mandate is an approved account.
* BLUE STAR: Aims to achieve a market share of 14% in the room air conditioner segment in 2022, the company said while launching a range of affordable air conditioners.
* BODHTREE CONSULTING: The Securities and Exchange Board of India has penalised 15 entities, including the company, for breach of its share based employees' benefit regulations and securities laws.
* DREDGING CORP OF INDIA: Board of the company has approved the signing of a contract with COCHIN SHIPYARD for construction of a trailing suction hopper dredger at a cost of 104 mln euro (8.73 bln rupees).
* FUTURE RETAIL: Amazon will file an application with the Supreme Court for interim relief against the company's sale of assets to Reliance Retail Ventures, the e-commerce giant's lawyer Gopal Subramanium informed the Delhi High Court
Dispute settlement talks between Amazon and the company failed over the US group's demand for the return of at least $200 mln it had invested in the Indian firm, sources said.
With FUTURE RETAIL and Amazon failing to resolve disputes, lenders will begin legal action to secure their interest with an option to approach the National Company Law Tribunal.
The company's director Rahul Garg has resigned from the board.
* HOUSING & URBAN DEVELOPMENT CORP: Board will consider interim dividend on Mar 22.
* INFIBEAM AVENUES: Has appointed Sunil Bhagat as chief financial officer effective Mar 19.
* MARUTI SUZUKI INDIA: The government has approved the applications of 75 companies under the automobile components category of production-linked incentive scheme, the ministry of heavy industries said. The selected companies include MARUTI SUZUKI INDIA, HERO MOTOCORP, BHARAT FORGE, BOSCH, MOTHERSON SUMI SYSTEMS, MINDA INDUSTRIES, SANSERA ENGINEERING, SONA BLW PRECISION FORGINGS, STEEL STRIPS WHEELS, TUBE INVESTMENTS OF INDIA, VARROC ENGINEERING, WABCO INDIA, BHARAT HEAVY ELECTRICALS, and CEAT, among others.
* OBEROI REALTY: The company has hit the top slot in Mumbai's ranking of the top-20 developers in terms of sales in 2021, evicting the Runwal group which was number one last year.
* OIL INDIA: Fitch has affirmed the company's issuer rating at BBB-, outlook negative.
* OIL AND NATURAL GAS CORP: Rajarshi Gupta was on Tuesday picked to head the company's overseas investment arm ONGC Videsh Ltd.
* ONE97 COMMUNICATIONS: Munish Ravinder Varma has resigned as non-executive, non-independent director of the company effective Monday due to personal commitments and other pre-occupations.
* PUNJAB NATIONAL BANK: The bank has declared IL&FS Tamil Nadu Power Co, a non-performing asset account with outstanding dues of 2060 Cr rupees, as fraud. The bank has reported to the Reserve Bank of India.
* TATA POWER: Tata Power Delhi Distribution has partnered Battery Smart to set up battery swap stations for two- and three-wheelers in north Delhi in 2022.
* TATA STEEL: A significant rise in input costs, particularly of coking coal, is affecting the working capital needs of the steel industry, the company's Managing Director and Chief Executive Officer T.V. Narendran told.
* UCO BANK: Has postponed the bidding for its Basel-III-compliant tier-II bonds maturing in 10 years from Wednesday to Thursday.
* YES BANK: Breaking his silence over the Essel group's dispute with the bank, group patriarch Subhash Chandra said the bank should decide its role as a shareholder of DISH TV INDIA or a lender so that the group can accordingly take steps to settle the pending issues with it.
* ZOMATO: The board has approved a loan of up to $150 mln to Grofers India Pvt Ltd in one or more tranches.
The company and online grocery firm Blinkit (formerly Grofers) are in talks for a merger deal, sources said, even while the food delivery platform in a regulatory filing on Tuesday said it has extended a loan of $150 mln to Grofers India.
IOC ups ATF price by 17,135 Rs/kl to 1.10 lakh Rs
Wockhardt: US Institute to conduct trial of companies antibiotic drug