All You Need To Know Going Into Trade On March 28 

Stocks in Asia retreated following a decline in U.S. equities and an extension of the rally in developed-market sovereign bonds amid global growth concerns.

Japanese and South Korean shares bore the brunt of losses early Thursday, with more modest declines in Australia, while futures on U.S. stocks edged down. That comes after a weak session on the S&P 500 Index, with a fall in oil prices weighing on energy producers.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, fell 0.3 percent to 11,413 as of 7:15 a.m.

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BQ Live

Here's a quick look at all that could influence equities today.

U.S Market Check

• Stocks fell and the dollar rose as energy companies in the S&P 500 Index joined a slide in oil, while industrial shares gained.
• Traders piled into bonds amid concern about a slowdown in global growth.
• Treasury 10-year yields dropped to the lowest since December 2017, and rates on benchmark German bunds sank further below zero after European Central Bank President Mario Draghi said an accommodative stance is still needed.

#BQMarketWrap | Treasuries rally as U.S. stocks drop on economic angst.

Read: https://t.co/ZQTRnVJyck pic.twitter.com/RqeueFBWvr

Asian Cues

• Japan's Topix index fell 1.5 percent.
• South Korea's Kospi index retreated 0.9 percent.
• Hang Seng Index futures earlier slid 0.1 percent.
• Australia's S&P/ASX 200 Index dropped 0.3 percent.
• The S&P 500 Index futures dipped 0.4 percent.

Commodity Cues

• Brent crude traded 0.29 percent to 0.29 percent to $67.63 per barrel.
• West Texas Intermediate crude fell 0.2 percent to $59.32 a barrel.
• Gold was steady at $1,309.13 an ounce.

London Metal Exchange

• Aluminium ended higher for the second consecutive trading session, up 1.2 percent.
• Nickel ended 0.12 percent lower.
• Lead halted a four-day decline, ended 0.75 percent lower.
• Tin halted an two-day fall, ended 0.23 percent lower.
• Copper ended 0.1 percent higher.
• Zinc extended decline for the third consecutive trading session, ended 0.49 percent higher.

Data To Watch

• India Q4 BoP current account balance, estimate -$16 billion. Prior -$19.1 billion.

Indian ADRs

Stocks To Watch

• Tata Motors' long term rating downgraded to ‘B+' from ‘BB-' by S&P. The ratings remain on watch negative and the agency expects cash flow to remain negative at least for the next 12-18 months before the Chinese operations stabilize and cost cuts restore its financial health. (Bloomberg News)
• Mcleod Russel completed the sale of its Rwandan arm to Rwanda Tea Investment. The board has accepted the resignation of BM Khaitan as the chairman of the company on account of old age, but he will continue to be ‘Chairman Emeritus'. Existing Vice-Chairman of the Board Aditya Khaitan will be the next Chairman.
• NBCC received infrastructure orders worth Rs 1,003 crore for five development projects across the country.
• Strides Pharma Science board approved divestment of Australia Business for transactions up to Rs 500 crore with Solara Active Pharma Sciences in each financial year, starting from financial year 2019.
• Indian court adjourned Vedanta Copper plant's case to April 23. (Bloomberg News)
• Dabur said it will dissolve its step-down subsidiary ‘Dabur Tunisie' by December 2019.
• Mahindra & Mahindra Financial Services increased its stake from 88.75 percent to 98.43 percent in Mahindra Rural Housing Finance for Rs 286.78 crore.
• Tata Global Beverages board re-appointed Ajoy Kumar Misra as the Managing Director and CEO of the company for a period of one year till March 2020. Board permits his request to retire post the above period of appointment.
• Lumax Industries said it will commence in-house manufacturing of PCBs for lighting components with effect from April 1. The Board also approved the purchase of machines required for manufacturing of PCB's from Lumax Auto Technologies for value not exceeding Rs 16 crore.
• Unichem Laboratories received final ANDA approval from the U.S. FDA for its Tadafil tablets which is used to treat impotency related issues.
• Corporation Bank said it will issue 340.6 crore preference shares at Rs 26.68 per share, aggregating to Rs 9,086 crore to the government of India.
• Sheela Foam OFS Update: Promoters said they will exercise the over-subscription offer to sell 9.75 lakh shares or 2 percent of the total equity capital. OFS was subscribed 2.78 times the demand for the non-retail investors with an indicative price of Rs 1,184.49 per share, as per the NSE.
• Som Distilleries & Breweries board approved share split of face value of Rs 10 per share into two shares with a face value of Rs 5 per share.
• Bharat Financial Inclusion completed ninth direct assignment of Rs 1,529 crore. With this assignment, the company has completed transactions worth Rs 8,195.1 crore in financial year 2019.
• Nelco board approved sale of company's entire stake of 12.3 percent in Nelito Systems to Japan's DTS Corporation for Rs 6.77 crores.
• Shree Renuka Sugars clarified that reports of lenders taking the company to the courts due to NPAs are false and misleading.

Offerings

• Indian Diagnostic Chain Metropolis Healthcare may announce shares price band for IPO.

Bulk Deals

• Khadim India: UTI MF acquired 3.7 lakh shares or 2.06 percent equity at Rs 436.7 each.

United Breweries

• Heineken International BV acquired 74.05 lakh shares or 2.8 percent equity at Rs 1361.35 each.
• The Enforcement Directorate of India sold 74.05 lakh shares or 2.8 percent equity at Rs 1,361.35 each.
• Heiniken Group Increased its stake in the company from 43.73 percent to 46.53 percent.

Kridhan Infra

• Indiaman Fund Mauritius acquired 31.6 lakh shares or 3.33 percent equity at Rs 40.94 each.
• Aquarius Capital Mauritius sold 31.6 lakh shares or 3.33 percent equity at Rs 41 each.

Pledge Share Details

• JSW Energy promoters created pledge of 9.2 crore shares from March 25-26.
• Adani Transmission promoter group Gautam Adani created pledge of 2.8 crore shares on March 25.

Trading Tweaks

• Aarti Drugs ex-date for share buyback.
• CRISIL, Hindustan Aeronautics, BEML ex-date for interim dividend.
• IGSEC Heavy Engineering ex-date for stock split from Rs 10 to Rs 1 per share.

Who's Meeting Whom

• Mahindra Logistics to meet Vallum Capital on April 1.
• Dr Lal PathLabs to meet Saif Partners, Banyan Tree Advisors and Arisaig Partners from March 28-31.
• Mahindra & Mahindra to meet Nomura Securities on March 29.
• Majesco to meet Arohi Asset Management on March 29.
• Cipla to meet GICS, Stewart Investors and other investors from March 28-29.
• Eris Lifesciences to meet Sundaram MF on March 28.
• Sonata Software to meet Reliance Securities on March 28.

Insider Trading

• JSW Steel promoter group Vividh Finvest acquired 12.69 lakh shares from March 20-26
• Mukand promoter group acquired Bachhraj Factories acquired 1.26 lakh shares from March 22-25
• Uniply Industries promoter Keshav Narayan acquired 1 lakh shares on March 26
• Fiem Industries promoter and director Jagjeevan Kumar Jain acquired 43,500 shares on March 25
• Sun Pharma Advanced Research promoter group Pratham Investments sold 1.25 lakh shares from March 15-18
• Minda Corporation promoter Whiteline Barter acquired 59,500 shares on March 25

(As reported on March 27)

Money Market Update

• The rupee on Wednesday ended at 68.88/$ versus Tuesday's closing of 68.86/$.

F&O Cues

• Nifty March futures closed trading at 11458, premium of 13 points.
• Max OI for March series at 11,60 Call, OI at 35.6 lakh shares.
• Max OI for March series at 11,000 Put, OI at 28 lakh shares.

Stocks In F&O Ban

• In Ban: Adani Enterprises, Adani Power, IDBI, Jet Airways
• Out of Ban: Reliance Power

Put-Call Ratio

• Nifty PCR at 1.49 versus 1.64

Fund Flows

Brokerage Radar

BofAML on HCL Technologies

• Upgraded to ‘Buy' from ‘Neutral', hiked price target to Rs 1,250 from Rs 1,060.
• Expect organic revenue growth rate to improve in 2019-20.
• Poised to gain from large deal intake, lower portfolio drag.
• See stable margin on accretion from software products in the next financial year.
• 2019-20 revenue guidance implies an uptick in organic growth rate.

BofAML on L&T Technologies

• Upgraded to ‘Buy' from ‘Neutral', hiked price target to Rs 1,650 from 800.
• Large projects and leveraging of M&A lift growth visibility.
• Maturing sales construct to drive 15 percent revenue CAGR.
• Expect stable margins and better pricing power versus IT.

Citi on TCNS Clothing

• Downgraded to ‘Neutral' from ‘Buy', lowered price target to Rs 847 from Rs 885
• Downgraded given the limited upside we see for the stock.
• TCNS remains ahead of its peers in execution and cash generation.
• Management focus is to boost margins and full price sell-through rates.

Deutsche Bank on IDFC First Bank

• Maintained ‘Sell'; raised price target to Rs 44 from Rs 35.
• Find the risk reward extremely unfavorable for the stock.
• Focus will be to build CASA - but this will be a long and costly journey.
• Very long gestation period to earn its cost of capital.
• See subdued RoEs and RoAs by around 8 percent and 0.7 percent respectively until 2022-23.

CLSA on Godrej Properties

• Maintained ‘Buy', price target of Rs 1,024.
• Record new launches driving share gains for the company.
• Launch pace pick-up supported by project pipeline, faster churn.
• Strong response to Pune affordable launch indicates good end-user demand.

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