Stock Market Live: SGX Nifty Signals Lower Open; Adani, HAL, Hero Moto, L&T, Reliance In Focus

Watch Out For Pharma & Infra Stocks: Trade Setup

Global Cues

• U.S. Dollar Index at 102.3

• U.S. 10-year bond yield at 3.46%

• Brent crude down 0.98% to $75.94 per barrel

• Nymex crude at $70.08 per barrel

• SGX Nifty down 0.17% at 17,128.5 as of 8:10 a.m.

• Bitcoin down 0.46% to $27,266.25

Pledge Share Details

• Jindal Steel & Power: Promoter group Siddeshwari Tradex 13.5 lakh shares created a pledge of March 21.

Insider Trading

• HCL Technologies: Promoter Vama Sundari Investments Delhi bought 96,593 shares on March 16.

• Jai Corp: Promoter Ruchi Jain Hanasoge bought 4.73 lakh shares between March 17 and 20.

• Bajaj Holdings & Investment: Promoter group Hercules Hoists bought 28,460 shares between March 17 and 20.

• Greaves Cotton: Promoter Karun Carpets bought 1.19 lakh shares between March 21 and 22.

• Zydus Wellness: Promoter Zydus Family Trust bought 89,087 shares on March 21.

• Sobha: Promoter Puthan NC Menon bought 20,000 shares on March 20.

Trading Tweaks

• Ex-Date Interim Dividend: Mishra Dhatu Nigam

• Record Date Interim Dividend: Mishra Dhatu Nigam

• Move Into Short-Term ASM Framework: Adani Power

• Move Out Of Short-Term ASM Framework: GRM Overseas

Bulk Deals

• Kajaria Ceramics: Small Cap World Fund sold 12.5 lakh shares (0.79%) at Rs 1,040.03 apiece.

• Krishna Institute of Medical Sciences: Polar Capital Funds sold 11.06 lakh shares (1.38%) at Rs 1,300.03 apiece.

Block Deals

• Max Financial Services: New York Life Insurance Company bought 15 lakh shares (0.43%), Max Ventures Investment Holdings sold 15 lakh shares (0.43%) at Rs 629.75 apiece.

• Dhampur Sugar Mills: Saraswati Properties bought 10.35 lakh shares (1.56%), Deepa Goel sold 10.35 lakh shares (1.56%) at Rs 213 apiece.

Stocks To Watch: Adani, Hindustan Aeronautics, Hero MotoCorp, L&T, Reliance, Power Grid In Focus

• Hindustan Aeronautics: The central government will sell up to a 3.5% stake in the company via an offer-for-sale route on March 23 and 24 at a price of Rs 2,450 per share.

• Hero MotoCorp: The company will hike prices for certain motorcycles and scooters from April 1 to cover cost increases on account of the transition to On-Board Diagnostic II. The price hike will be around 2% and vary by specific models and markets.

• Larsen & Toubro: The company signed an agreement with France-based McPhy Energy for a long-term partnership where the latter will grant an exclusive manufacturing license of its pressurised alkaline electrolyser technology to the former, including future product upgrades.

• Reliance Industries: Reliance Consumer Products, the FMCG arm of the company’s retail subsidiary Reliance Retail Ventures, expanded its FMCG portfolio with the launch of personal and home care products.

• Power Grid Corporation of India: The company acquired six special-purpose vehicles from REC Power Development and Consultancy for a cumulative consideration of Rs 80.23 crore. The SPVs have been mostly formed for the construction of transmission projects in Khavda region of Gujarat.

• GR Infraprojects: The company emerged as the lowest bidder for the six-laning of the Surat-Nashik-Ahmednagar-Solapur greenfield stretch from Hasapur to Badadal in Maharashtra at a cost of Rs 872.17 crore. It has also been selected for the construction of civil works at the Dibang Multipurpose Project in Arunachal Pradesh for Rs 3,637.12 crore.

• PNC Infratech: The company’s subsidiary, Sonauli Gorakhpur Highway, received the appointed date of March 6, 2023, for the four-laning of the Sonauli-Gorakhpur section of the NH-29 national highway in Uttar Pradesh.

• Coromandel International: The board approved the company’s foray into the contract development and manufacturing organisation business and speciality and industrial chemicals. The board also approved scaling up the company’s crop protection chemicals business.

• HG Infra Engineering: The company has been selected as the lowest bidder by the National Highways Authority of India for the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata highway from Lepo village in Jharkhand to Kamlapur village on the Jharkhand-West Bengal border. The estimated project cost is Rs 764.01 crore.

• Indiabulls Housing Finance: The company will delist 5.68 lakh Global Depository Receipts, representing 0.12% of its paid-up capital, from the Luxembourg Stock Exchange due to low trading volume.

• Chalet Hotels: The company will acquire a 100% stake in Sonmil Industries for 74.65 crore and an 82.28% stake in The Dukes Retreat. Sonmil owns the land in Khandala where The Dukes Retreat runs a property.

• Nazara Technologies: Absolute Sports, a subsidiary of the company and the parent of sports news platform Sportskeeda, will acquire 73.27% of Pro Football Network, which is the third-ranked platform for coverage and analysis of the National Football League in the U.S.

SGX Nifty Points To Lower Open For The Benchmarks

Asian markets were mixed following a slump on Wall Street as the Federal Reserve pushed back against bets for interest rate cuts this year while Treasury Secretary Janet Yellen rattled bank shares.

U.S. traders got a double dose of stress on Wednesday that reversed an initial rally in shares following the Fed’s expected 25-basis-point rate hike.

In a broad-based selloff, the S&P 500 dropped 1.7%. All 22 stocks in the KBW Bank Index retreated, with the measure of U.S. financial heavyweights down almost 5%.

Additionally, Yellen told lawmakers that the government wasn’t considering “blanket” deposit insurance to stabilise the banking system, while Fed chief Jerome Powell said he was prepared to keep raising rates until inflation shows signs of cooling.

The yield on the 10-year Treasury note was trading at 3.46%. Crude oil prices were trading around the $76 mark, while Bitcoin was hovering around the $27,000 level.

At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.17% at 17,128.5.

Both the Indian benchmark indices—Sensex and Nifty—closed around 0.2% higher, with pharma, healthcare, and PSU stocks leading the rally.

The currency markets were closed on Wednesday on account of Gudi Padwa celebrations.

Foreign investors in Indian equities ended their nine-day-long selling spree to become net buyers on Wednesday. Foreign portfolio investors bought stocks worth Rs 61.7 crore during the day. Domestic institutional investors remained net buyers for the tenth day as they raked in equities worth Rs 383.5 crore.

. Read more on Markets by BloombergQuint.