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Stock Market Highlights: Indices end lower amid volatility; IT, Metal, Pharma gain; Ruchi Soya FPO subscribed 9%

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Stock Market Highlights: Indices end lower amid volatility; IT, Metal, Pharma gain; Ruchi Soya FPO subscribed 9%

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Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 started Thursday's session in the red tracking weakness across global markets. Losses in financial and consumer stocks pulled the headline indices lower, though gains in oil & gas and metal shares lent some support. Broader markets, however, strengthened. The Nifty Midcap 100 index rose as much as 0.5 percent in early deals, and its smallcap counterpart 0.3 percent. The mood across global markets turned sour late on Wednesday after equities scaled multi-week highs. Updates on the Russia-Ukraine war, crude oil rates and COVID cases in China continued to be on investors' radar.

Stock Market Highlights: Indices end lower amid volatility; IT, Metal, Pharma gain; Ruchi Soya FPO subscribed 9%
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  • Financials a major drag on the market; ICICI, HDFC Bank & Kotak top losers

  • Market At Close

    - Dr Reddy's Labs, up nearly 5 percent, was the top Nifty gainer followed by Coal India, Hindalco, Cipla, NTPC, JSW Steel, Tech M, and RIL

    - Kotak Bank, HDFC Bank, Titan, ICICI Bank, HDFC, Maruti Suzuki, Divis Labs, BPCL, Tata Consumer Products, BPCL, and M&M slipped between 1-3 per cent

    - BSE MidCap and SmallCap indices added up to 0.3 percent amid gains in Zee Entertainment, Mindtree, and Suven Pharma

    - Zee Entertainment Enterprises surged 20 percent to Rs 307 on the BSE in Thursday's trade after the company's largest shareholder, Invesco, decided to withdraw its EGM requisition notice

    - Suven Pharmaceuticals hit a record high of Rs 617, rallying 5 percent on the BSE

    - Paytm soared over 13.5 percent on the back of heavy volumes

    - Nifty Bank and Private Bank indices declined nearly 2 percent each

    - Nifty Media and Metal indices rose 6 percent and 1.5 percent, respectively.

  • Market Watch | Aman Chowhan Fund Manager Abakkus Asset Management on Metals

    “Metal sector still has legs to move on because in the last 3-6 months the kind of cash flows these companies have generated, that is going to dramatically change the balance sheet. So from hereon even if the earnings remains flat, just by the interest cost savings and better working capital management, these companies can still report positive earnings growth. So there is still steam left in these names to be invested.”

  • Closing Bell: Sensex closes lower by over 150 points, Nifty 50 closes flat below 17,250 levels

  • Ruchi Soya FPO: Public offering subscribed 8% on Day 1; retail portion booked 13%

    Patanjali Ayurved Group-controlled Ruchi Soya Industries' follow-on public offering (FPO) saw a slow start on the first day of the bidding. As of 1 pm, the issue was subscribed close to 8 percent, with total applications coming in for 36.9 lakh equity shares against an offer size of 4.89 crore equity shares.

    Edible oil maker Ruchi Soya Industries launched a follow-on public offer (FPO) worth up to Rs 4,300 crore on Thursday. The FPO will close for subscription on March 28. The portion set aside for retail investors was subscribed 13 percent. Qualified institutional buyers (QIBs) and non-institutional investors (NIIs) were yet to subscribe to the offer.

  • Zee Entertainment welcomes Invesco's decision to withdraw EGM notice

    Zee on Thursday said that it welcomes the decision by Invesco Developing Markets Fund and OFI Global China Fund LLC (“Invesco”), for its belief in the potential of the proposed merger with Sony Pictures.

    It remains focused on the completion of the proposed merger with Sony Pictures, which is in the best interest of all the stakeholders, said the company.

  • Shoppers Stop extends gain after promoters up stake; surges 45% in 1 month

    On Monday, March 21, 2022, four promoter group companies had collectively purchased 74,000 equity shares worth Rs 3 crore of the company from the open market.

  • L&T board approves long-term borrowings up to Rs 10,000 crore

    The board of directors of L&T at its meeting held today approved long term borrowings upto Rs 10,000 crore, including refinancing, through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate. Larsen & Toubro was quoting at Rs 1,766.90, down Rs 0.15, or 0.01 percent on the BSE.

  • HCC board appoints Jaspreet Singh Bhullar as CEO

    The board of directors of Hindustan Construction Company at its meeting held on March 23, 2022, approved the re-appointment of Mr. Arjun Dhawan, whose term is expiring on March 31, 2022, as whole-time Director of the company for a period of 5 years w.e.f. April 1, 2022, subject to approval of the Members in the next General Meeting.

    Also, approved the appointment of Arjun Dhawan as Vice Chairman of the board w.e.f. March 23, 2022.

  • Banks underperformed owing to FII selling, won't rush into buying banks: Andrew Holland

    Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies thinks the banking sector as a whole – HDFC Bank because of its weightage in the banking index – has suffered because of the FII outflows. The banking sector would be one of the larger holdings for them. So that is why pressure has been seen on the banking sector for the last two-three months, he said.

    Read here to know more

  • IIFL Finance appoints Nirmal Jain as Managing Director for 5 years starting April 1, 2022

  • Crude may stay above $100/bbl until Russia-Ukraine ceasefire: KPMG

    Oil and gas prices have witnessed a huge surge overnight. The crude oil prices are back above USD 120 per barrel and in this week itself, the prices are up by nearly 13 percent. Regina Mayor, Global Head of Energy at KPMG in an interview to CNBC-TV18 said that crude oil prices are being driven by a perfect storm of bullish fundamentals. She expects crude prices to stay above USD 100 per barrel until the Russia-Ukraine ceasefire.

  • Market Watch | Buy JSW Steel, Dr Reddy’s Lab: Jay Thakkar, Marwadi Shares & Finance

    - Buy JSW Steel with a stop loss of Rs 695 and a target of Rs 750-770

    - Buy Dr Reddy’s Laboratories with a stop loss of Rs 4,180 and a target of Rs 4,440

  • Paytm shares jump 13% after freefall, still at 72% discount to issue price

    The stock of One97 Communications, Paytm’s parent firm, jumped almost 13 percent on Thursday, a day after the company issued a clarification to the stock exchanges on its shares hitting a series of lows in the recent past. 

    At 12:52 pm, Paytm shares were trading at Rs 575.95, up 9.83 percent from their previous close, on the BSE. During the day, the stock surged to an intraday high of Rs 592.40. This is the biggest gain for Paytm in four months on the back of higher volumes. In the past month, the stock has wiped off more than 24 percent of investors’ wealth.

    Click here to know why

  • Kotak Mahindra, HDFC, ICICI Bank shares slip, SBI, PNB rise; why banking stocks are trading mixed

    Bank stocks traded mixed on Thursday with most private banks in the negative territory, pulling headline indices lower, amid an overall cautious sentiment in the market on the Russia-Ukraine crisis and rising oil prices. Kotak Mahindra Bank, HDFC Bank, and ICICI Bank were the worst performers in the pack declining 1.3 to 3 percent. The sector gauge Nifty Bank slipped 1.5 percent in intraday trade to become the worst-performing sector. Six out of 12 bank stocks were in the red. 

    Read here to know more

  • China's yuan touches nine-day low as more pressure seen on yield gap

    China's yuan touched its lowest level in more than a week against the US dollar as a narrowing yield gap and traders' concerns over the impact of the Ukraine crisis weighed.

  • Abneesh Roy, Executive Director- Institutional Equities at Edelweiss Securities on Zee-Sony deal

    “The Zee-Sony deal will completely change the game for Zee Entertainment. Zee and Sony will become number one in the TV broadcasting channel space with a 27 percent market share and number two will be closely behind at 25 percent. Hence we don’t see much risk from the CCI approval perspective. In OTT they will become the second-largest app. However, the OTT can be at least USD 1-2 billion kind of valuation in the long term when the combined app happens. We also see a 6-7 percent synergy benefit in revenue once the approval comes. So we do an upside in the stock, we have a target price in one year of Rs 428.”

  • Karan Taurani, SVP – Research Analyst, Elara Securities on Zee-Sony Deal

    “Consolidation is the need of the hour as the TV industry is going through a lot of transition. I think the overall implication of this deal on other players will be that they will have to move up in terms of the competition, probably invest a lot in terms of content. So it is going to be a winner takes it all market.”

  • Suven Pharma gains 5% to hit record high

    Shares of Suven Pharmaceuticals hit a record high of Rs 617 on rallying 5 percent on the BSE in Thursday’s intra-day trade in otherwise subdued market. In comparison, at 12:30 pm, the S&P BSE Sensex was down 0.52 percent at 57,382.38 points. The shares of the company have surged 18 percent in the last three days on expectations of strong earnings.

  • Prices of LNG have increased by 37% from April 2021 to Feb 2022, says Oil Minister Hardeep Puri in Parliament

  • Paytm surges more than 10%

  • Market Watch | Buy Tata Power, Divi’s Lab: Ruchit Jain, 5paisa.com

    - Divi's Laboratories is a buy with a stop loss of Rs 4,450 and target of Rs 4,670

    - Tata Power is a buy with a stop loss of Rs 231 and target of Rs 252

  • Market Watch | Buy Tata Steel, Minda Corp: Ashish Kyal, Waves Strategy

    - Buy Tata Steel with a stop loss of Rs 1,300 and a target of Rs 1,440

    - Buy Minda Corporation with a stop loss of Rs 195.50 and a target of Rs 218

  • Nelco freezes at 5% upper circuit on strategic pact with Omnispace

    Shares of Nelco were locked in the 5 percent upper circuit band at Rs 678.60 on the BSE on Thursday after the Tata Group company and Omnispace announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.

  • Rupee opens marginally lower at 76.35 per dollar  

    Indian rupee opened marginally lower at 76.35 per dollar on Thursday against Wednesday's close of 76.30. The rupee is expected to depreciate today amid strong dollar and risk aversion in global markets. Further, the rupee may slip on persistent FII outflows and surge in crude oil prices. Investors are worried that rising commodity prices will add additional upward pressure on already high inflation due to supply chain bottlenecks, said ICICI Direct.

  • SEBI directs 26 FPIs, mostly from Canada, to shut funds in 6 months: Report

    The Securities and Exchange Board of India (Sebi) has directed 26 foreign portfolio investors (FPIs) to shut down their funds and unwind their positions within the next six months, LiveMint reported on Thursday. The market regulator last month sent out letters directing cancellation of registrations of 26 FPIs from jurisdictions that aren’t signatories to a multilateral framework for cooperation in securities regulation, the report said.

  • Credit Suisse downgrades ABB, Siemens to ‘neutral’; here’s why

    There is an interesting contra view from Credit Suisse on capital goods. They see pitfalls ahead and hence they have a cautious view. They have downgraded ABB and Siemens to ‘neutral’. Both these companies are a big play on the budding investment cycle. The stocks are at an elevated level in terms of valuations and there are high expectations as well.

  • Indraprastha Gas hikes prices of domestic piped natural gas

    Indraprastha Gas Ltd (IGL) has hiked the price of domestic piped natural gas in Delhi by Rs 1 per standard cubic metre (SCM) to Rs 36.61 per unit. In Noida, Greater Noida, and Ghaziabad domestic PNG will now cost Rs 35.86 per SCM. In Gurugram, it will be Rs 34.42 per SCM, as per the new rates.

  • Zee shares surge over 15% after Invesco drops EGM demand

    Shares of Zee Entertainment Enterprises Ltd (ZEEL) rallied 15 percent on Thursday after Invesco Developing Markets Fund, Zee's largest shareholder said it had decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee’s merger with Sony will achieve the fund’s aim of strengthening board oversight. (Read more here)

Stock Market Highlights:
Indian equity benchmarks Sensex and Nifty50 ended Thursday's session with a negative bias amid volatility. The BSE Sensex touched a low of 57,139 (down 546 points) in the opening trades, rallied to a high of 243 points, but then once again slipped into the negative terrain. The broader markets also gained to slip in green. The BSE MidCap and SmallCap indices were up to 0.6 percent higher. Losses in financial and consumer stocks pulled the headline indices lower, though gains in oil & gas and metal shares lent some support. Broader markets, however, strengthened. The Nifty Midcap 100 index rose as much as 0.5 percent in early deals, and its smallcap counterpart 0.3 percent. The mood across global markets turned sour late on Wednesday after equities scaled multi-week highs. Updates on the Russia-Ukraine war, crude oil rates and COVID cases in China continued to be on investors' radar.

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