Markets in Japan, South Korea, and Australia were trading lower in early trade, taking cues from overnight losses on Wall Street.
The Nikkei 225 was trading 146.92 points or 0.38% lower at 38,660.46, and the S&P ASX 200 was trading 105.00 points or 1.36% down at 7,608.60 as of 06:52 a.m. The KOSPI index 25.19 points or 0.93% down at 2,693.57.
U.S. Producer Price Index rose more than expected in February, echoing CPI report earlier in the week, which raised worries the Federal Reserve will not be in any rush to ease monetary condition, Bloomberg reported.
Following the hotter-than-expected inflation data, U.S. Treasury yields witnessed sharp rise, dollar index strengthened, which pressured the riskier assets like emerging market equities.
The S&P 500 Index and Nasdaq Composite fell by 0.29% and 0.30%, respectively, on Thursday. The Dow Jones Industrial Average fell by 0.35%.
Brent crude was trading 0.25% lower at $85.21 a barrel. Gold was higher by 0.12% at $2,164.88 an ounce.
The GIFT Nifty was trading 5.5 points or 0.02% up at 22,128.00 as of 6:52 a.m.
India’s benchmark equity indices recovered from the worst selloff in over a month to end Thursday's trading session higher.
The NSE Nifty 50 closed 153.30 points or 0.7% higher at 22,151.00, and the S&P BSE Sensex ended 335.39 points or 0.46% up at 73,097.28.
During the day, the Nifty rose as much as 0.94% to 22,204.60 and the Sensex jumped 0.83% to 73,364.30.
Overseas investors remained net sellers of Indian equities on Thursday.
Foreign portfolio investors sold stocks worth Rs 1,356.3 crore; domestic institutional investors remained buyers and mopped up equities worth Rs 139.5 crore, the NSE data showed.
The Indian rupee strengthened by 3 paise to close at 82.83 against the U.S. dollar.
Meanwhile, Edelweiss Mutual Fund said after a stress and liquidity test results, it will take two days to liquidate 50% of its portfolio in mid-cap fund, one day to liquidate 25%. Further, Edelweiss will take three days to liquidate 50% of its small-cap fund.
Quant Mutual Fund said it will take 22 days to liquidate 22% of its portfolio in small-cap fund, and six days to liquidate 50% of its mid-cap fund.
Stocks to Watch
FTSE and Sensex Rejig: Nuvama Institutional Equities expects that India will see an inflow of over $1.7 billion, mainly from the financial space. The FTSE rejig is set to happen on Friday.
Oil Marketing Companies: OMCs will cut petrol and diesel prices by Rs 2 per litre from Friday.
Wipro: The IT major has been selected by Desjardins to transform their credit solutions for members and clients.
One 97 Communication: The National Payments Corporation of India has granted approval to the company to participate in UPI as a third-party application provider under the multi-bank model.
NHPC: The company has received a letter of intent for a 200 MW solar power project at Khavda from Gujarat Urja Vikas Nigam.
TVS Motor: The company’s Singapore arm will invest $5.5 million in Ion Mobility.
Railtel Corp: The company received a work order worth Rs 113.5 crore from the Odisha Computer Application Centre to establish IP-MPLS network connectivity in Odisha.
Tata Steel: The board is meeting on March 19 to approve fundraising.
Dr.Reddy’s Laboratories: The Mexican arm was fined Rs 28.8 crore in a tax litigation case.
JSW Energy: The company received a letter of intent for 300 MW of solar capacity from Gujarat Urja Vikas Nigam at Khavda RE Park.
KPI Green Energy: The company received an order for a 50MW wind-solar hybrid power project from Gujarat Urja Vikas Nigam.
Ashok Leyland: The company arm Hinduja Tech signed a definitive agreement with Creador to invest $50 million and acquire a 19.6% stake in the arm.
Tata Consumer Products: The company will consider a share-based long-term incentive plan for the grant of performance share units to eligible employees.
Navin Fluorine International: The company approved an additional investment of Rs 250 crore in the arm of Navin Fluorine Advanced Sciences.
Shakti Pumps: The company received a Rs 93 crore order from the Maharashtra Energy Department to design, manufacture, install, and supply 3,500 solar photovoltaic water pumping systems.
Sarveshwar Foods: The company will export white rice to Africa for $6 million.
Eris Lifesciences: The company entered into a pact to acquire 19% equity in Swiss Parenterals from the promoters of the company for Rs 238 crore.
Innova Captab: Gaurav Srivastava resigned from the position of chief financial officer effective March 29.
Gujarat Fluorochem: The company incorporated its arm, IGREL Mahidad for power generation.
InterGlobe Aviation: The company introduced 11 new codeshare routes across Australia in a pact with Qantas Airways.
Infibeam Avenues: The company issued a guarantee worth Rs 140 crore on behalf of the arm in favour of IndusInd Bank.
Biocon: Indranil Sen has resigned from the position of chief financial officer, effective today.
Bombay Burmah: The Maharashtra state tax department initiated a search at the company’s office on March 13.
Network18 Media: Digital18 Media ceases to be an arm of the company consequent to the transfer of its stake in the arm to Viacom 18 Media.
Mukka Proteins: The company received purchase orders worth Rs 15.25 crore from Avanti Feeds for the supply of fish oil.
Shalby: The company secured a Rs 100 crore term loan agreement with Bajaj Finance for acquiring 100% equity shares of Healer’s Hospital, both for private and general corporate purposes.
NCC: The company’s unit has settled a dispute with TAQA India Power Ventures and Himachal Sorang regarding the Himachal Sorang power project. The company’s unit is to pay Rs. 175 crore in three instalments to TAQA, guaranteed by NCC.
Elpro International: The company acquired shares of Ami Organics for a cash consideration of Rs 6.31 crore.
Genesys International: The company secured an order worth Rs 155.8 crore from Brihanmumbai Municipal Corp. for developing, implementing, and maintaining a 3D city model using geospatial technology.
IPO Offering
Popular Vehicles and Services: The public issue was subscribed to 1.23 times on day 3. The bids were led by institutional investors (1.97 times), non-institutional investors (0.66 times), retail investors (1.05 times) and a portion reserved for employees (7.54 times).
Krystal Integrated Services: The public issue was subscribed to 0.36 times on day 1. The bids were led by institutional investors (0.33 times), non-institutional investors (0.43 times), and retail investors (0.34 times).
Bulk deals
Mold-Tek Packaging: Goldman Sachs India sold 2.36 lakh shares (0.71%) at Rs 804.98 apiece.
Insider Trades
Rajratan Global Wire: Promoter Sunil Chordia bought 20,000 shares on March 12.
Ramkrishna Forgings: Promoter Riddhi Portfolio bought 30,000 shares on March 13.
Gokul Agro Resources: Promoter Ritika Infracon bought 2.44 lakh shares on March 13.
Nuvoco Vistas Corporation: Promoter Niyogi Enterprise bought 3.03 lakh shares between March 13.
Pledge Share Details
Apollo Micro Systems: Promoter Group Karunakar Reddy Baddam created the pledge of 43.35 lakh shares on March 13.
Aster DM Healthcare: Promoter Union (Mauritius) Holdings created a pledge of 1.99 crore shares and Union Investments created a pledge of 18.68 crore shares on March 12.
Who’s Meeting Whom
R R Kabel: To meet analysts and investors on March 15.
Grasim Industries: To meet analysts and investors on March 15 and 21.
Eveready Industries: To meet analysts and investors on March 19.
Medplus Health Services: To meet analysts and investors in March 19.
Kfin Technologies: To meet analysts and investors on March 15 and 19.
UltraTech Cement: To meet analysts and investors on March 15.
Trading Tweaks
Ex/record Dividend: IIFL Securities.
Moved into short-term ASM framework: Capri Global Capital, BCL Industries, India Pesticides.
F&O Cues
Nifty March futures up by 0.69% to 22,264.55 at a premium of 117.9 points.
Nifty March futures open interest up by 6%.
Nifty Bank March futures down by 0.15% to 46,996.15 at a premium of 206.2 points.
Nifty Bank March futures open interest up by 2%.
Nifty Options March 14 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000.
Bank Nifty Options March Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 47,000.
Securities in ban period: Aditya Birla Fashion, Bharat Heavy Electricals, Manappuram Finance, National Aluminium, Piramal Enterprise, RBL Bank, Sail, Tata Chemical, Zee Entertainment Enterprise.
Money Market Update
The Indian rupee strengthened by 3 paise to close at Rs 82.83 against the U.S. dollar.
Research Reports
AU Small Finance Bank - Building Strong Foundation For Sustainable Growth: Motilal Oswal
Galaxy Surfactants - AMET, RoW Volume Recovery In The Offing: Nirmal Bang
CAMS - Macros In Favour Of The Non-MF Business: Motilal Oswal
Ceat - Digital Initiatives Key To Drives Efficiencies: Yes Securities
Technology - SaaS Companies Factor In CY24 Demand Akin To CY23: ICICI Securities
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