Most markets in the Asia-Pacific region were trading lower on Thursday morning, as risk-off sentiment heightened among investors after US President Donald Trump announced tariffs on automobiles. US will levy 25% tariff on all cars not manufactured within the country from April 2.
The Nikkei 225 and Kospi were trading 1.19% and 0.96% down, respectively as of 7:26 a.m. The S&P ASX 200 was down 0.48%.
On Wednesday, the Dow Jones Industrial Average and S&P 500 settled 0.31% and 1.12% down, respectively. The Nasdaq Composite index ended 2.04% lower.
The dollar index was trading 0.22% down at 104.44 as of 7:28 a.m.
The May future contract of brent crude was trading 0.08% higher at $73.85 a barrel as of 7:18 a.m. The Bloomberg spot gold was trading 0.14% higher at $3,023.67.
The Gift Nifty was trading 0.04% and 9 points at 23,502.50 as of 07:29 a.m.
Benchmark indices ended lower on Wednesday, breaking their longest gaining streak in nearly two months and recording the sharpest intraday fall in almost a month.
The NSE Nifty 50 declined 181.80 points or 0.77% lower at 23,486.85, while the BSE Sensex closed 728.69 points or 0.93% down at 77,288.50.
Foreign portfolio investors remained net buyers for the fifth session, purchasing Rs 2,240.55 crore in equities, while domestic institutional investors sold Rs 696.37 crore worth of stocks.
Stocks To Watch
BSE: Stock exchange firm to consider issuing bonus shares during its board meeting on March 30.
One MobiKwik Systems: The MCA approved incorporation of an arm for securities broking business.
Vedanta: The company appointed Tata Steel veteran Rajiv Kumar as the CEO of aluminium business.
MSTC: The board approved third interim dividend of Rs 4.50 per share at a face value of Rs 10 each for the current financial year.
JSW Infrastructure: The company has finalised a business transfer agreement to acquire a slurry pipeline business from its arm, JSW Utkal Steel, for Rs 1,617 crore. The company has also entered into a take-or-pay agreement with JSW Steel for transporting iron ore slurry from Nuagaon mines to Jagatsinghpur.
IRM Energy: The company signed a five-year deal with Shell Energy India to purchase 326.84 mmscm of regasified liquefied natural gas.
Wipro: The information technology company has won a 10-year strategic deal worth 500 million pounds or over Rs 5,500 crore with Phoenix Group, the UK's largest long-term savings and retirement business.
Newgen Software: The company secured a $1.28 million contract for its enterprise content management solution.
KBC Global: Company has withdrawn the record date of March 28, previously set to determine shareholders eligible for bonus shares.
Marico: The company's unit, Marico South East Asia Corp., has completed the intra-group merger of Beauty X Joint Stock Co. with the MSEA after receiving regulatory approval in Vietnam.
Restaurant Brands Asia: The company closed the QIP, approved issue price of Rs 60 per share.
Hindustan Unilever: The company has appointed Rajneet Kohli, former CEO and executive director of Britannia Industries, to lead its food business from April 7.
Aditya Birla Capital: The company’s board will consider raising funds via debt securities on March 31.
Dr Reddy's Laboratories: The company and Bio-Thera Solutions have entered into a commercialisation agreement for two biosimilars.
Maruti Suzuki India: The company has appointed Sunil Kakkar as an additional and whole-time director, marking the first instance of a homegrown Indian employee being nominated to the board by Suzuki Motor. It will also invest Rs 7,410 crore to establish a third factory in Haryana's Kharkhoda, with a production capacity of 2.5 lakh vehicles per year.
Ashok Leyland: The company's unit Switch Mobility has begun shutting down its UK operations. Its promoter has also pledged an additional 30 crore shares, representing 10.2% of total equity.
Torrent Power: The company has sold shares of 10 subsidiaries to its arm Torrent Green Energy for Rs 474.26 crore.
Piramal Enterprises: The company has invested Rs 600 crore in its wholly owned subsidiary Piramal Finance via a rights issue. The funds will be used for business and general corporate purposes.
UPL: The company's subsidiary Advanta Enterprises has raised $100 million from Alpha Wave for a 3.51% stake. It has also sold an 8.93% stake in Advanta Enterprises to Alpha Wave for $250 million.
Bajaj Finserv: The company allotted 15.5 lakh shares upon conversion of 15.5 lakh warrants, with the balance 75% of price consideration amounting to Rs 892 crore.
Finkurve Financial Services: The company aims to achieve a Rs 10,000-crore loan book by 2029, with Rs 2,700 crore managed off-books, reinforcing its leadership in the gold loan sector through sustained growth and customer-centric solutions.
Bulk/Block Deals
Precision Metaliks: Ramsha Khan bought 1.4 lakh shares (0.6% equity) at Rs 22 per share, while BW Traders sold 4.88 lakh shares (2.12% equity) at Rs 22.45 apiece and Sapna Devang Shah sold 1.18 lakh shares (0.5% equity) at Rs 22.02 per share.
JB Chemicals & Pharmaceuticals: The promoter plans to sell up to 15.9 million shares in a block deal valued at Rs 2,576 crore, sources told NDTV Profit on Wednesday. This offer size represents 10.2% of the company's equity. The shares will be offered at a price of Rs 1,625 apiece, reflecting a 5% discount compared to the current market price.
Agro Tech Foods: CAG-Tech (Mauritius) Ltd. bought 1.55 lakh shares (0.4%) at Rs 797.9 apiece, while Infinity Portfolio Holdings sold 1.55 lakh shares (0.4%) at the same price.
Trident: Madhuraj Foundation bought 2.5 crore shares (0.5%) at Rs 24.9 apiece, while Trident Limited Employees Welfare Trust sold the same quantity at the same price.
Godrej Industries: Pirojsha Adi Godrej bought 88,230 shares at Rs 1,193 apiece, while Lana Pirojsha Godrej sold the same quantity at the same price.
Insider Trades
Mangalam Cement: Promoter Group Rambara Trading acquired 2.16 lakh shares.
Usha Martin: Promoter Group Brij Investments acquired 19,000 shares.
Greenply Industries: Promoter Sanidhya Mittal acquired 18,500 shares.
Rashi Peripherals: Promoter and Director Krishna Kumar Choudhary acquired 10,000 shares.
Vibhor Steel Tubes: Promoter and Director Vijay Lakshmi Kaushik acquired 12,000 shares.
Godrej Agrovet: Promoter Pirojsha Godrej bought 1 lakh shares on March 20, while promoter Karla Bookman sold the same quantity on the same day.
Nagarjuna Fertilizers and Chemicals: Promoter Amlika Mercantile Pvt. sold 70 lakh shares on March 21.
Westlife Foodworld: Smita Jatia bought 3,000 shares on March 21.
Ugar Sugar Works: Promoter Radhika Sanjeev Shirgaonkar bought 30,000 shares on March 25, while promoter Sohan Sanjeev Shirgaokar bought 27,492 shares on the same day.
Trading Tweaks
Price band change to 5% from 10%: Arenterp.
Stocks moving into short-term ASM framework: Ice Make Refrigeration, Kesoram Industries, Keynote Financial Services, Magellanic Cloud, Salasar Techno Engineering, Sangam (India), Sar Televenture, Vinyl Chemicals (India).
Stocks moving out of ASM framework: Carraro India, Frog Cellsat, Sahaj Solar.
Stocks trading ex-dividend: REC, TVS Motor.
Interim Dividend: Authum Investment & Infrastructure Ltd (Re 1), Bombay Burmah Trading Corp. (Rs 4), Naperol Investments Ltd (Rs 9), Sundaram-Clayton Ltd (Rs 4.75).
Price Band Changes: Shemaroo Entertainment Ltd (from 20 to 5), SA Tech Software India Ltd (from 5 to 2), Supreme Infrastructure India Ltd (from 5 to 2).
Who's Meeting Whom?
Bajaj Steel Industries: To meet White Oak Capital on March 31.
Escorts Kubota: To meet BofA Securities on April 4.
Indegene: To meet a group of analysts and investors on March 31.
F&O Cues
Nifty March futures: Down 0.81% to 23,521.90 at a premium of 35.05 points.
Nifty March futures open interest: Down 39.33%.
Nifty Options March 27 Expiry: Maximum call open interest at 24,000, maximum Put open interest at 23,000.
Currency Update
The Indian rupee closed five paise higher at 85.71, according to Bloomberg, after snapping an eight-day winning streak on Tuesday.
Also Read: Gold Prices Break Four-Day Losing Streak
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