Stock Market Today: Nifty, Sensex Recoup Losses To Close Higher As RIL, Coal India Gain

Overseas investors remained net sellers of Indian equities for the second consecutive day on Tuesday.

Foreign portfolio investors offloaded stocks worth Rs 601.52 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers, and bought stocks worth Rs 294.35 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,59,729 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed flat at 7.17% on Tuesday.

Source: Bloomberg

India's benchmark indices recovered from intraday losses and ended higher tracking gains in Reliance Industries Ltd, NTPC Ltd., and ITC Ltd. 

The NSE Nifty 50 ended 0.13% or 27.30 points higher at 21,445.95 ,while the BSE Sensex ended 0.17% or 122.09 points higher at 71,437.19.

Intraday, the Nifty 50 index declined 0.38% or 80.90 points to 21,337.75. Similarly, the BSE Sensex declined 0.34% or 243.11 points to 71,071.89. 

"Extreme volatility was seen on both sides whereas in the opening trade, a strong recovery was witnessed under the leadership of heavyweight Reliance. In the mid-session, PSU Banks and Pharma counters joined the party and pushed the Index further higher to register a fresh high of 21,505.05," said Aditya Gaggar, director of Progressive Shares.

"However, towards the end of the day, the Index pared off some of its gains to settle at 21,453.10 with gains of 34.45 points. On the sectoral front, Energy was up by 1.58% and ended the session as a top performer followed by FMCG (+1.41%) while IT and Auto sectors witnessed a profit booking pressure. Underperformance was observed by the Broader markets as Mid and Smallcaps corrected by 0.38% & 0.12% respectively," " Gaggar added.

Reliance Industries Ltd., Coal India Ltd., Nestle India Ltd., ITC Ltd., and NTPC Ltd added positively to the indices. 

Tata Consultancy Services Ltd., ICICI Bank Ltd., Infosys Ltd., HDFC Bank Ltd, and HCL Technologies Ltd weighed on the indices. 

Sectoral indices ended on a mixed note. Eight out of 14 sectors, compiled by the NSE advanced with the Nifty Energy gaining 1.58% to be the top sector. Around five sectors declined with the Nifty IT falling 0.95%.

The broader markets underperformed; the S&P BSE MidCap Index was down 0.31%, whereas S&P BSE SmallCap Index was 0.1% higher.

Eleven out of 20 sectors compiled by BSE declined, while nine sectors advanced. S&P BSE Energy rose the most.

The market breadth was skewed in the favour of the buyers. About 1,901 stocks rose, 1,860 declined, while 143 remained unchanged on the BSE.

• Sanghvi Movers Ltd received work order worth Rs 166 crore in the renewable energy sector

• Order for providing cranes and WTG inter-carting to independent power producers

Source: Exchange filing

The scrip rose as much as 5.36% to 366.30 apiece, the highest level since August 2015. It pared gains to trade 4.56% higher at Rs 363.50 apiece, as of 2:59 p.m. This compares to a 0.06 advance in the NSE Nifty 50 Index.

LTIMindtree collaborates with Microsoft to deliver AI-powered employee engagement applications

Source: Exchange Filing

The benchmark indices erased their morning losses and traded higher during midday on Tuesday due to gains in the fast-moving-consumer-goods companies and Reliance Industries Ltd.

At 11:49 a.m., the NSE Nifty 50 was trading 17 points or 0.08% higher at 21,436.05, while the S&P BSE Sensex was 96 points or 0.14% up at 71,411.43.

"The markets are poised to maintain a sideways trajectory over the next few days, a trend commonly observed in the latter half of December, characterised by a reduction in trading volumes," Shrey Jain, chief executive officer of SAS Online, said.

"Equity indices remained stagnant or in (the) negative territory on Tuesday, indicating a probable continuation of consolidation in the coming days," Jain said. "From a technical perspective, the Nifty is anticipated to consolidate within the range of 21,200 to 21,500."

RIL, ITC Ltd., Nestle India Ltd., Axis Bank Ltd. and Hindustan Unilever Ltd., contributed the most to the gains in the Nifty.

Tata Consultancy Services Ltd., Infosys Ltd., ICICI Bank Ltd., HCL Technologies Ltd. and Adani Ports & Special Economic Zone Ltd. weighed on the index.

Nine sectoral indices on the NSE advanced, with Nifty FMCG and Energy gaining more than 1%. Five indices fell, with IT falling the most.

The BSE MidCap was down 0.21%, while the SmallCap was 0.26% higher. Ten out of the 20 sectors compiled by BSE advanced, with Energy rising the most.

The market breadth was skewed in the favour of the buyers. As many as 1,934 stocks rose, 1,697 declined and 159 remained unchanged on the BSE.

• Jubilant Foodworks Ltd raised cash offer for DP Eurasia to 95 pence per share from 85 pence per share earlier

• Co's new offer values DP Eurasia at £139.3 million

Source: Exchange Filing

The shares of the NTPC Ltd. rose as much as 3.07% to Rs 312 apiece, the highest level since it's listi9ng on the exchanged Nov 5, 2004. It was trading 2.49% higher at Rs 310 apiece, as of 1:42 p.m. This compares to a 0.21% advance in the NSE Nifty 50 Index.

It has risen 86.69% on a year-to-date basis. Total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 83.32, which implied the stock is overbought.

Out of 24 analysts tracking the company, 22 maintain a 'buy' rating, and 2 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 7.3%.

• To sign pact for promotion and distribution with Novartis Healthcare

• Board approves Trade Mark Licence Agreement with Novartis Innovative

• To pay Rs 125 cr for promotion and distribution pact

• To pay $116 million for ophthalmology brands trade marks

Source: Exchange Filing

• Vijaya Diagnostic to acquire 100% stake in P H Diagnostic Centre for Rs134.65 crore

• To further infuse Rs 12.85 crore in P H Diagnostic Centre to pay existing debt

Source: Exchange Filing

Jubilant Foodworks Ltd appointed Suman Hedge as executive vice president, CFO with effect from Mar 1.

Source: Exchange Filing

• Honeywell Automation India Ltd received a contract to implement building management and safety technology for Reliance Life Sciences

Source: Press Release

Nestle India Ltd. shares rise to touch all-time high on Tuesday after the company announced record date for determining shareholder's entitlement for the stock split.

The company has set Jan. 5, 2024 as the date for determining the shareholders for first-ever stock split for the fast-moving consumer goods major.

The stock split will reduce the share price of Nestle and bring it down to one tenth of the current price making it more affordable for retail investors. This in turn will enhance the liquidity at the counter.

Nestle India shares rose as much as 4.48% to 25,444.85 apiece to reach its life-high. It was trading 4.38% higher at Rs 25,421.30 apiece, as of 11:05 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.

It has risen 29.93% on a year-to-date basis. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 65.

Out of 37 analysts tracking the company, 19 maintain a 'buy' rating, 12 recommend a 'hold,' and 6 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.4%

• Vedanta Ltd is to raise upto Rs 3,400 crore via NCDs in one or more tranches

Sources: Exchange Filing

• Raises Rs 250 crore via NCDs from FMO

• Alert: FMO is Dutch entrepreneurial development bank

Source: Exchange Filing

• Aarti Industries up 1.2%

• Alkyl Amines Chemicals up 2.7%

• Fine Organics Industries up 1.5%

• Neogen Chemicals up 0.3%

• Deepak Nitrate, SRF, Tata Chemcials, Navin Flourine pare gains after rising in early trade

• 3 lakh shares changed hands in a large trade

• 0.4% equity changed hands at Rs 277.80 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Great Eastern Shipping Company up 4.01%

• Shipping Corporation of India up 3.01%

• SEAMEC up 0.61%

• Essar Shipping up 4.95%

• JSW Steel Ltd. unit Periama completes acquisition of 10% stake in JSW USA

• Periama’s shareholding in JSW USA increases to 100%

Source: Exchange Filing

• India Glycols at 12.17x of its 30-day average

• Aarti Drugs at 7.74x of its 30 day average

• Nuvoco Vistas Corporation at 6.22x of its 30 day average

• Hemisphere Properties India at 6.17x of its 30 day average

• Century Plyboards (I) at 5.65x of its 30 day average

• Devyani International at 5.27x of its 30 day average

Shares of the Sandur Manganese & Iron Ore Ltd. extended its rally to the second day and jumped 10% as it approved issuing bonus shares to equity shareholders on Monday.

On Monday, shares of the Sandur Manganese hit an uppercircuit following the announcement.

The company also intends to raise its authorised share capital to Rs 200 crore from Rs 150 crore.

However, bonus share issuance, and raising authorised share capital are subjected to shareholders' approval as of now, according to the exchange filing.

A day after Sun Pharmaceutical Industries Ltd. crossed the Rs 3 lakh crore market capitalisation, its shares touched a fresh life high on Tuesday, after it announced that it will acquire stake in Lyndra Therapeutics Inc.

The pharmaceutical company will acquire 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million. It is a strategic investment to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.

Sun Pharma shares rose as much as 1.21% to 1,267.95 apiece to reach its all-time high. It pared gains to trade 1.06% lower at Rs 1,239.45 apiece, as of 10:04 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.

It has risen 23.74% on a year-to-date basis. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 61.

Out of 40 analysts tracking the company, 37 maintain a 'buy' rating, 2 recommend a 'hold,' and 1 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.2%.

Stocks of oil exploration companies were trading higher after the Government reduced windfall taxes on crude oil and diesel.

• ONGC up 0.55%

• Oil India up 1.5%

• RIL up 0.5%

Shares of Spicejet Ltd jumped as much as 7.77% today after the company expressed interest with the Resolution Professional of Go First and wish to submit an offer post diligence.

For the same, the board has recently approved and initiated process of raising fresh capital of about $270 million to strengthen its financial position, and provide resources to invest in growth plans, an exchange filing by the company said.

Devyani International Ltd., the operator of KFC and Pizza Hut outlets in India, rose nearly 8% after its subsidiary announced entry into Thailand.

The Indian quick service market by signing a share purchase agreement to acquire controlling

Shares of Devyani International rose as much as 7.89%. The stock is trading 6.17% higher at Rs 194.35 as of 9:39 a.m., compared to a 0.04% decline in the benchmark Nifty 50.

The stock has risen 7.5% year-to-date. Total traded volume so far in the day stood at 33 times its 30-day average.

Of the 21 analysts tracking the company, 15 maintain a 'buy', two recommends a 'hold,' and four suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.4%.

The shares of the Apollo Tyres Ltd rose over 7% and touched a life-time high on Tuesday as Bloomberg reported its seeking to raise $100 million through a 3% stake sale.

Shares of India Glycols Ltd jumped as much as 13% after the company said it has received an order from oil marketing and oil companies for the supply of 16.55 crore liters of ethanol with an estimated value aggregating to Rs 1,164 crore under the Ethanol Blended Petrol Programme.

• Not yet agreed to a deadline extension

• Looks forward to hearing Zee’s proposal

• Zee's notice triggers a contractual provision

• Provision allows parties to discuss extension possibility

• Awaits Zee's plan on completion of critical closing

Source: Bloomberg

Zee Entertainment Enterprises Ltd. declined as much as 3.96% on Tuesday.

Meanwhile, Mint reported first that the California-based Sony Pictures is unlikely to extend timeline for effecting the $10-billion merger of its India business with the Zee Entertainment.

The Sony Pictures Networks India said in an statement Zee Entertainment notice about not able to meet the deadline of Dec 21 to the exchanges prompts discussion on extending the timeline of the effective merger. The discussion between two parties haven't started, but Sony Pictures hasn't agreed to extend the deadline yet.

• Domestically produced crude oil price reduced to Rs 1300 from Rs 5,000 per tonne

• Export of Diesel: Reduced to Rs 0.5 litre to Rs 1 per litre

• Export of jet fuel/ ATF: Hiked to Rs 1 per litre from nil earlier

The Indian benchmark indices opened higher as ICICI Bank Ltd., Hindustan Unilever Ltd., and Bharti Airtel Ltd. Rose.

As of 09:16 a.m., the NSE Nifty 50 was up 0.10% or 21.85 points at 21,440.50, while the BSE Sensex was up 0.069% or 49.44 points at 71.364.53.

"On Wall Street, a sluggish start for stocks on Monday evolved into a robust finish, with the S&P 500 and Nasdaq Composite outperforming the Dow Jones due to Apple's announcement of halting certain smartwatch sales. Despite a 3% surge in oil prices, reaching $74 per barrel, positive sentiment prevails, fueled by a declining inflation rate amidst continued US economic growth," said Prashanth Tapse, senior, vice president, research, Mehta Equities Ltd.

Technical analysis indicates Nifty faces hurdles at 21550 levels, while Bank Nifty encounters resistance at 48439. Nifty options data suggests a trading range of 21300-22000, with a crucial resistance zone at 21500. The call of the day suggests Nifty could reach 21,500, backed by sentimental, fundamental, and technical analyses. The preferred trade recommends buying Nifty between 21200-21250 with a stop at 20787 and targets at 21500/21639. Bank Nifty is suggested as a buy at CMP, with a stop at 47111 and targets at 48301/48551," he added

The S&P BSE SmallCap outperformed benchmark indices in early trade and rose 0.50%. The S&P BSE Midcap rose 0.21%. Around 15 sectors out of 20, compiled by the BSE advanced, and five declined. BSE Energy, and Oil and Gas sector gained the most among sectoral indices.

The market breadth was skewed in favour of the buyers as 1939 stocks rose, while 793 stocks declined. Around 102 stocks remained unchanged.

• 2.86 crore shares or 4.5% changed hands in a pre-market large trade

• Buyers and sellers not known immediately

Source: Bloomberg

At pre-open, the NSE Nifty 50 was up 0.28% or 59 points up at 21,477.65, and the BSE Sensex was up 0.23% or 164.19 points at 71.479.28.

• The yield on the 10-year bond opened flat at 7.16% on Tuesday.

Source: Bloomberg

• The local currency weakened 5 paise to open at 83.11 against the U.S dollar on Tuesday.

• It closed at Rs 83.06 on Monday

Source: Bloomberg

• Nov. 2023 power demand rose 9% year-on-year on high base of 11% YoY in Nov. 2022.

• Apr-Nov 2023 demand up 9% on annualised basis.

• December 2023 - January 2024 may see moderation on high base of 11% on year growth.

• FY24 should meet annual 75 year-on-year expectation.

• NTPC, JSW Energy and Power Grid remain our top picks.

• Power demand is broad-based, driven by both industries and households.

• Clean energy transition accelerating, govt. targets point to RE investments rising 3 times.

• Current backdrop increases probability of regulated ROE being stable/50 bps change at most.

• Jefferies Economic Indicator fell 2.9ppt MoM to 22-month low of 4.6% YoY

• Avg JEI growth adj. for festive season shift at 6% YoY, in line with 2023

• Strong 2W demand raises hope for rural recovery, though other data points not supportive

• CPI likely rise temporary on benign global rates outlook, soft crude prices

• Broad-based indicators turn patchy, power relatively strong

• Consumption indicators slowed MoM, but show good underlying trend

• Capex-linked indicators strong

• FDI trended weak, in line with global trends

• U.S. Dollar Index at 102.49

• U.S. 10-year bond yield at 3.94%

• Brent crude up 0.32% at $78.20 per barrel

• Nymex crude up 0.07% at $72.52 per barrel

• GIFT Nifty was down 0.1% at 21,465 as of 07:32 a.m. 

• Bitcoin was up 0.12% at $43,341.85

• Emkay remains conservative, maintains a target price of Rs 165

• Sees scope of low-to-mid-single-digit SSG profile and potential margin gains of 200–300 basis points over this period

• Improvement in gross margin, menu innovation and premiumisation should drive it upwards.

• Menu innovation and geography opportunities provide new growth levers to improve sales as well as streamline margins.

• Price band revised from 5% to 20%: Borosil.

• Ex/record Interim Dividend: Easy Trip Planners.

• Moved into a short-term ASM framework: TVS Holdings.

• Moved Out of short-term ASM framework: Spencer's Retail.

• Nifty December futures down 0.37% to 21,447.25 at a premium of 28.6 points.

• Nifty December futures open interest down 8.6%.

• Nifty Bank December futures down 0.67% to 47,947.35 at a premium of 79.65 points.

• Nifty Bank December futures open interest down 6.1%.

• Nifty Options Dec. 21 Expiry: Maximum call open interest at 21,500 and Maximum put open interest at 21,300.

• Bank Nifty Options Dec. 20 Expiry: Maximum call open Interest at 48,000 and maximum put open interest at 47,000.

• Securities in the ban period: Balrampur Chini Mills, Hindustan Copper, India Cements, Manappuram Finance, National Aluminium, SAIL, and Zee Entertainment.

• Stove Kraft: To meet investors and analysts on Dec. 21.

• Container Corp: To meet investors and analysts on Dec. 20 and 21.

• Siemens: To meet investors and analysts on Dec. 21.

• Minda Corp.: To meet investors and analysts on Dec. 21.

• Eicher Motors: To meet investors and analysts on Dec. 21 and 22.

• Rallis India: To meet investors and analysts on Dec. 21.

• India Glycols: To meet investors and analysts on Dec. 21.

• Idea Forge: To meet investors and analysts on Dec. 21.

• Sobha: To meet investors and analysts on Dec. 21.

• Waree Renewables Technologies: To meet investors and analysts on Dec. 21.

• Trent: To meet investors and analysts on Dec. 21.

• Capri Global Capital: To meet investors and analysts on Dec. 19.

• Usha Martin: Promoter group Neutral Publishing House bought 1.18 lakh shares between Dec. 13 and 14.

• Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1.41 lakh shares between Dec. 12 and 15.

• Ultramarine & Pigments: Promoter S Narayan sold 5,000 shares between Dec. 15 and 16.

• Choice International: Promoter group Patodia Properties created a pledge of 3.10 lakh shares on Dec. 15. Promoter group NS Technical Consultancy created a pledge of 13.44 lakh shares on Dec. 16.

• Archean Chemical: India Resurgence Fund-Scheme 2 sold 19.23 lakh shares (1.56%) at Rs 600 apiece; India Resurgence Fund-Scheme 1 sold 11.38 lakh shares (0.92%) at Rs 601 apiece; Piramal Natural Resources sold 11.38 lakh shares (0.92%) at Rs 600 apiece; Tata AIA Life Insurance bought 14.06 lakh shares (1.14%); DSP Mutual Fund bought 10 lakh shares (0.81%); and Goldman Sachs FDS Goldman Sachs India Equity Portfolio bought 6.23 lakh shares (0.5%) at Rs 600 apiece.

• Seamec: Sunil Kumar Bhala sold 1.29 lakh shares (0.5%) at Rs 908.13 apiece.

• Sapphire Foods: Sapphire Foods Mauritius sold 33.37 lakh shares (5.24%) and Samara Capital Partners Fund sold 4.49 lakh shares (0.7%) at 1,400 apiece. HDFC Mutual Fund bought 22 lakh shares (3.45%) and the Singapore government bought 10.05 lakh shares (1.57%) at Rs 1,400 apiece.

• Inox India: The cryogenic tank maker’s public issue was subscribed to 61.28 times on day 3. The bids were led by institutional investors (147.80 times), non-institutional investors (53.20 times) and retail investors (15.30 times).

• Motisons Jewellers: The public issue was subscribed to 15.02 times on day 1. The bids were led by retail investors (22.24 times), non-institutional investors (13.82), and institutional investors (0.08 times).

• Muthoot Microfin: The public issue was subscribed to 0.83 times on day 1. The bids were led by retail investors (1.38 times), non-institutional investors (0.61 times) and a portion reserved for employees (1.24 times). The portion for institutional investors received no bids.

• Suraj Estates: The public issue was subscribed to 0.72 times on day 1. The bids were led by retail investors (1.24 times), non-institutional investors (0.28 times) and institutional investors (0.12 times).

• RBZ Jewellers: The IPO will open for bids on Tuesday and only comprise a fresh issue of Rs 100 crore. The price band is fixed at Rs 95–100 per share. The company has raised Rs 21 crore from anchor investors.

• Credo Brands: The IPO will open for bids on Tuesday and will only comprise an offer for sale of Rs 549.8 crore. The price band is fixed at Rs 266-280 per share. The company has raised Rs 165 crore from anchor investors.

• Happy Forgings: The Rs 1,008-crore IPO will open for bids on Tuesday. It will comprise a fresh issue of Rs 400 crore and an offer for sale of Rs 608.6 crore. The price band is fixed at Rs 808–850. The company has raised Rs 302.5 crore from anchor investors.

• HDFC Bank: The private lender has raised Rs 7,425 crore through its maiden 10-year infrastructure bond issue on Monday, at a coupon rate of 7.71%, according to market participants with knowledge of the matter.

• Vedanta: The company approved a second interim dividend of Rs 11 per share, amounting to Rs 4,089 crore. The record date for the payment of dividends is Dec. 27.

• Apollo Tyres: An affiliate of Warburg Pincus is seeking about $100 million through a 3% stake sale, according to Bloomberg News. The floor price is set at Rs 440 apiece.

• Sun Pharmaceutical Industries: The drugmaker will acquire a 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million.

• Nestle India: The company has set Jan. 5 as the record date for determining shareholders' entitlement for stock splits. It had approved a share split in the ratio of 1:10 on Oct. 19.

• IDFC First Bank: The company received the RBI nod for the merger of IDFC and IDFC Financial Holding Co. with itself.

• India Glycols: The company received an order from oil marketing and oil companies for the supply of 16.55 crore litres of ethanol with an estimated value aggregating to Rs 1,164 crore under the Ethanol Blended Petrol Programme.

• Devyani International: The company has announced its foray into the Thailand market by acquiring 274 KFC outlets for Rs 1,066.10 crore, of which Devyani will shell out Rs 341.4 crore. It has also approved an investment of Rs 340 crore in its global arm, Devyani International DMCC, Dubai.

• Marico: The company's top brand, Parachute Advanced, launched a new hair oil named Sampoorna.

• Allcargo Gati: The board will meet on Dec. 21 to consider fundraising.

• Kaynes Technology: The company opened its QIP for raising up to Rs 1,400 crore and set the floor price at Rs 2,449.96 per share, which indicates a discount of 5.8% to the stock's previous close of Rs 2,601.65 on NSE.

• JTL Industries: The company approved raising up to Rs 810 crore via issuance of warrants and raising up to Rs 500 crore via QIP.

• Vakrangee: The company has entered into a share purchase agreement for the acquisition of 8.8% of the equity share capital of Vortex Engineering from International Finance Corp.

• KPI Green: The company opened its QIP for raising up to Rs 300 crore and set the floor price at Rs 1,245 per share, which indicates a discount of 9.64% to the stock's previous close of Rs 1,377.85 on NSE.

• PNC Infratech: The company emerged as the lowest bidder for the Rs 1,174 crore road project in Madhya Pradesh.

• Olectra Greentech: NCLT dismissed the company's petition against MLR Motors for recovery of Rs 10 crore.

• Info Edge: The company has agreed to invest Rs 40 lakh in unit Jeevansathi Internet Services.

• Prataap Snacks: The company clarified on a media report of promoters being in talks for the sale of a controlling stake. The company is not in negotiations, as reported in the article.

• Biocon: The company's unit, Biocon Biologics, announced the successful completion of the transition of the acquired biosimilars business in 120 countries across advanced and emerging markets.

• Ethos: Ritesh Kumar Agrawal has resigned from the position of chief financial officer and key managerial personnel for personal reasons.

• NHPC: The company will mull the monetisation of future cash flow of one or more power stations at a board meeting on Dec. 22.

• DCW: The company temporarily suspended operations at the Sahupuram plant due to flooding and water logging.

• Sonata Software: The company announced its collaboration with Bayer to allow Bayer to develop new Agriculture-Powered Services for Microsoft Azure Data Manager for Agriculture that enable retrieval and integration of in-field activity data by working with leading manufacturers of farm machinery.

• Dish TV: The company said it would require the government’s nod to appoint Sanjeev Banerjee to the board.

• Shankara Building Products: The company approved the demerger of the trading business. The trading business comprises retail and distribution of building products. Shareholders will get 1 share of the demerged company for every 1 share held in the company.

• IPL-Linked Companies: The player auction for the Indian Premier League 2024 will be held on Tuesday. Companies that own teams will be in focus. These include:

  Lucknow SuperGiants: CESC, PCBL, Saregama India, Spencers Retail, and Firstsource Solutions.

  Mumbai Indians: Reliance Industries, Network 18, Reliance Power, Alok Industries.

  Royal Challengers Bangalore: United Spirits.

  Sunrisers Hyderabad: Sun TV.

  Punjab Kings: Bombay Burmah Trading Corp., Bombay Dyeing,

  Bombay Realty., National Peroxide.

  Dehli Capitals: JSW Group companies, GMR Power and Urban Infra.

Most Indices in Asia opened higher tracking gains in Wall Street. Investors in Japan await the outcome of Japan central bank's two-day meeting.

Amid speculations that the Bank of Japan will soon end the world's last negative-rate regime, economists see April as the most likely timing for a change, according to a Bloomberg survey. 

Australia's S&P/ASX 200 opened 0.6% higher, Nikkei traded 0.1% higher and Kospi was flat.

Brent crude was trading 1.83% higher at $77.95 a barrel. Gold was flat $2,027.36 an ounce.

The GIFT Nifty was down 0.12% at 21,460 as of 07:23 a.m.

India's benchmark indices closed lower on Monday mainly due to losses in bank shares, fast-moving consumer goods and information technology.

The NSE Nifty 50 closed 38 points, or 0.18%, lower at 21,418.65, while the S&P BSE Sensex ended 169 points, or 0.24%, down at 71,315.09.

Overseas investors turned net sellers of Indian equities on Monday after being buyers for six consecutive sessions.

Foreign portfolio investors offloaded stocks worth Rs 33.5 crore, while domestic institutional investors turned net buyers after one session of selling and bought stocks worth Rs 413.9 crore, the NSE data showed.

The Indian rupee weakened 6 paise to close at Rs 83.06 against the U.S. dollar on Monday.