Benchmarks in Asia-Pacific region were trading in negative after data showed number of new jobs in the U.S. remained largely unchanged in February, indicating strength of the labour market.
The Nikkei 225 was trading 305.32 points or 0.77% lower at 39,533.59.
An earthquake of magnitude 7.4 rocked Taipei, the capital of Taiwan. Another temblor of 7.5 magnitude was felt in Japan's Okinawa prefecture. Tsunami warnings have been issued along the coasts of China and Taiwan, and Japan's Okinawa. Trade was not stopped in Asian markets after the quake.
The S&P ASX 200 was trading 94.30 points or 1.20% lower at 7,793.60 as of 06:35 a.m.
The strong U.S. Job Openings and Labor Turnover Survey data for February compelled market participants to scale down the number of rate cuts they were expecting in 2024. This pushed the U.S. Treasury yield higher, which also weighed on the emerging market equities.
Stocks and bonds dropped around the world as solid economic readings and a rally in commodities spurred speculation that major central banks would keep rates higher for longer, Bloomberg said.
The S&P 500 Index and Nasdaq Composite fell 0.72% and 0.95%, respectively, as of Tuesday. The Dow Jones Industrial Average declined 1.00%.
Brent crude was trading 0.08% higher at $89.00 a barrel. Gold gained 0.07% at $2,282.18 an ounce.
The GIFT Nifty was trading 28 points or 0.12% lower at 22,471.50 as of 06:38 a.m.
India's benchmark stock indices snapped their three-day rally to close marginally lower on Tuesday on likely profit booking, after indices hit a fresh record high in the previous session.
The NSE Nifty 50 ended 8.70 points, or 0.04%, lower at 22,453.30, while the S&P BSE Sensex fell 110.64 points, or 0.15%, to close at 73,903.91.
National Stock Exchange of India has reduced the lot size of derivative contracts on selected indices, including the NSE Nifty 50 index.
The market lot size of the NSE Nifty 50 has been cut to 25 from 50. Nifty Financial Services has been reduced to 25 from 40, and the Nifty Midcap Select's lot size has been cut to 50 from 75, a circular released on Tuesday said.
The changes followed a periodic review of lot sizes in derivative contracts, which will take effect from April 26.
Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors offloaded stocks worth Rs 1,622.7 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 1,952.7 crore, the NSE data showed.
The Indian currency strengthened by 2 paise to close at 83.38 against the U.S. dollar.
Stocks To Watch
UltraTech Cement: The company will invest Rs 32,400 crore towards ongoing capex over the next three years. It has commissioned two new units in Chhattisgarh and Tamil Nadu to surpass 150 MTPA capacity.
Bharti Airtel: The company approved the allotment of 1.38 crore shares to foreign currency convertible bondholders at a conversion price of Rs 518 per share.
HCLTech: The company’s arm completed the divestment of a 49% stake in JV with US-based State Street. The arm received proceeds worth $172.5 million for stake divestment, termination of services, and settlement of contractual commitments.
JSW Energy: The board approved a fundraise of up to Rs 5,000 crore via QIP at a floor price of Rs 510.09 per share.
Biocon: The company has completed the transaction of the transfer of the business of Biocon Biologics to Eris Lifesciences on a ‘slump sale’ basis for Rs 1,242 crore, including working capital adjustments.
Sunteck Realty: The company entered into a long-term agreement to lease the second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman, and company. This will allow the company to generate revenue of close to Rs 2,000 crore over the course of 29 years.
Anupam Rasayan: The company signed a letter of intent worth nearly Rs 743 crore with a Japanese multinational company to supply two advanced intermediates using fluorination chemistry starting in FY 2024–25.
Zee Entertainment Enterprises: MD and CEO Punit Goenka takes the decision to implement a voluntary 20% reduction in personal remuneration.
Dhanlaxmi Bank: The company reported total deposits at Rs 14,259 crore, up 6.8% YoY and total advances at Rs 10,409 crore, up 5.6% YoY for Q4.
Jammu and Kashmir Bank: The company signed an agreement with New India Assurance for servicing and soliciting their insurance products through the company's branch network.
Hindustan Zinc: The company reported mined metal output at 2.99 lakh tonne, down 1% YoY and silver output at 6.1 million ounces, up 4% YoY for Q4.
Shriram Properties: The company received a penalty order worth Rs 447 crore for AY19 from the Chennai tax authority.
Zensar Technologies: The company’s arm, Foolproof Singapore, merged with itself and ceased to exist as a separate legal entity effective April 1.
PNC Infratech: The company signed Rs 117 crore settlement pacts with NHAI towards one-time settlement of contractual disputes.
Ashiana Housing: The company sold all Gurugram project units for Rs 440.32 crore.
PC Jeweller: Karur Vysya Bank has accepted a one-time settlement proposal submitted by the company to settle outstanding dues.
Quick Heal Technologies: The enterprise arm of the company Seqrite announced a strategic partnership with M. Tech Solutions to significantly expand its presence in India and solidify its position further in the crucial enterprise and government segments.
ESAF Small Finance Bank: The company has been operationalising its authorised dealer category 1 licence with effect from April 2. Category 1 license: permission to deal in foreign exchange transactions.
Ramco Cements: The company has commissioned Line II and commenced commercial production on March. 31. The cement manufacturing capacity of Line II is 0.90 million metric tonnes per annum. The aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.
Nalco: The company reported cast metal production at 4.6 lakh MT, metal sales at 4.7 lakh MT and bauxite excavation at 76 lakh MT for FY24.
Olectra Greentech: The company extended its cooperation agreement with BYD Auto Industry for manufacturing and maintaining electric buses until Dec. 31, 2030.
Manali Petrochemical: The company extended its engagement with Fortuna Public Relations for a further two years, from April 1, 2024, to March 31, 2026. FPRPL will continue to act as public relations consultants for media and investor relations, corporate image building, and related matters.
Moil: The company achieved production and sales in FY24, with a 35% increase in production and a 30% increase in sales year-on-year.
Chalet Hotels: The company approved the issued price for 1.26 crore shares to be allotted to QIBs at Rs 792 per share.
GE T&D INDIA: The company’s holding company, GEC, has announced the intended split of GEC into GE Aerospace and GE Vernova. The energy business of GEC will be spun off under GE Vernova, effective today.
SONA BLW: The company received approval for a second hub wheel motor for electric two-wheelers under the PLI scheme.
Droneacharya Aerial: The company received Rs 4.67 crore order for drone and geographic information system data processing from the UK.
New Listing
SRM Contractors: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 210 apiece. The Rs 130.20-crore IPO was subscribed 86.57 times on its third and final day. Bids were led by institutional investors (59.59 times), retail investors (46.97 times), and non-institutional investors (214.94 times).
IPO Offering
Bharti Hexacom: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 542 to Rs 570 per share apiece. The Rs 4,275-crore IPO is entirely an offer for sale. The company has raised Rs 1,923.7 crore from anchor investors.
Also Read: Bharti Hexacom IPO: All You Need To Know
Bulk Deals
Suyog Telematics: Mansi Share and Stock Advisors sold 1.25 lakh shares (1.18%) at Rs 1,233.17 apiece, while Ravi Goyal (HUF) bought 1.23 lakh shares (1.17%) at Rs 1,233.1 apiece.
Gokaldas Exports: Government Pension Fund Global sold 3.47 lakh shares (0.57%) at Rs 777.05 apiece.
JTL Industries: Ajay Kumar Pandey bought 9.57 lakh shares (0.56%) at Rs 205 apiece.
Samhi Hotels: Aditya Birla Sun Life Mutual Fund bought 15 lakh shares (0.69%) at Rs 202.54 apiece, Goldman Sachs (Singapore) PTE. bought 72.66 lakh shares (3.33%) at Rs 200.18 apiece, and Goldman Sachs Investments Holdings Asia sold 1.7 crore shares (7.84%) at Rs 200.55 apiece.
Who’s Meeting Whom
Persistent Systems: To meet analysts and investors on April. 22.
Jai Balaji Industries: To meet analysts and investors on April 5.
Arvind: To meet analysts and investors on April 9.
Asian Granito India: To meet analysts and investors on April 9.
SIS: To meet analysts and investors on April 5.
Trading Tweaks
Ex/record dividend: Ashok Leyland.
Moved out into short-term ASM framework: Exicom Tele-Systems, Navkar Corporation, Reliance Infrastructure.
F&O Cues
Nifty March futures down by 0.11% at a premium of 124.2 points.
Nifty March futures open interest up by 1.6%.
Nifty Bank March futures down by 0.07% to 47,892.90 at a premium of 347.45 points.
Nifty Bank March futures open interest up by 2.8%.
Nifty Options April 4 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000. Pending
Bank Nifty Options April 3 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 47,000.
Securities in ban period: Hindustan Copper.
Money Market Update
The Indian currency strengthened by 2 paise to close 83.38 against the U.S. dollar.
Research Reports
Here Are The Top Stock Picks For April 2024 By Axis Securities
RBI Monetary Policy Preview - A Balanced Policy With Focus On Liquidity: CareEdge Analysis
Shaily Engineering - Leading Exporter Of High Precision Products For Marquee Brands: Systematix
Coal India - FY24 Operating Performance Surpasses Our Estimates: ICICI Securities
Dalmia Bharat - Prices Soft In Key Markets; But Volume Growth Should Be Better: Motilal Oswal
Latent View Analytics - Decision Point Acquisition Strengthens RetailCPG Presence; Buy: Anand Rathi
Vinati Organics - ATBS Spread Contraction A Key Monitorable: Nirmal Bang
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