Sensex, Nifty Log Losses For Second Day Amid Surge In Crude Prices
"Volatility continues to remain elevated in the markets - in line with volatility seen across global markets. For the March series, momentum support level is seen at 16,350; Resistance is placed at 16,800-17,000 levels", Sahaj Agarwal, Head of Research - Derivates at Kotak Securities wrote in a note and suggested maintaining long positions as long as momentum support level was held.
"Bank nifty is expected to underperform in the near term until strong reversal is seen - midcap stocks also remain under pressure. Preference remain for select frontline stocks in the current scenario".
Lupin received approval from U.S. FDA for Efinaconazole Topical solution, 10%.
It is a prescription drug used to treat fungal or yeast infection in toenails.
It had an estimated annual sales of $274 million in the U.S., according to IQVIA (December 2021).
Shares of Lupin traded with 1.37% losses compared to 0.5% decline for Nifty Pharma index.
Source: Exchange Filing, Bloomberg
HDFC has 1.5 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Russian Foreign Minister Sergei Lavrov speaks to the media.
Russian, Ukrainian officials to hold talks Thursday, says Lavrov.
Source: Bloomberg
Aditya Khaitan and Amritanshu Khaitan have tendered resignations from Eveready Industries.
Aditya Khaitan was the non-executive director and chairman, while Amritanshu Khaitan served as the Managing Director.
The resignations will be effective immediately.
The resignations of the Chairman and MD of Eveready comes amid Burman group seeking control of the company.
Source: Exchange Filing
The broader indices outperformed their larger peers with the S&P BSE MidCap losing -0.1% and S&P SmallCap adding over 0.5%. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Auto Index and Consumer Durables leading the losses.
The market breadth was skewed in the favour of bulls. About 2,158 stocks advanced, 1,046 declined and 137 remained unchanged.
Future Group Vs Amazon: Both Sides Agree To A Dialogue
Supreme Industries received letter of intent for supply of 7,35,186 units of 10 kg capacity composite LPG cylinders worth Rs 170 crore from Indian Oil Corporation.
Supreme Industries expects to execute the order over 12 months.
It has also planned to double present capacity to reach one million cylinders per annum in the next 8-9 months with a capital outlay of Rs 50 crore.
Of the 27 analysts tracking the company, 21 maintain 'buy', four suggest 'hold' and two recommend 'sell'. The overall consensus target price of analysts tracked by Bloomberg implies an upside of 27.6%.
Shares of Supreme Industries are trading with 0.61% gains, as on 12:13 p.m while Indian Oil rose 1.6%.
Source: Exchange Filing, Bloomberg
HDFC Bank Leads Nifty Bank Declines Since Russia-Ukraine Crisis Erupted
SEBI Wants New-Age IPO-Bound Firms To Disclose More. Will That Work?
Yields rose across the India sovereign yield curve in Thursday morning trading.
The 2-year yield rose 0.5bps to 4.959%
The 10-year yield rose 1.7bps to 6.832%
The 14-year yield rose 2.9bps to 7.105%
The 2-year-10-year yield spread was 187.3bps, vs previous close 186.1bps
Source: Bloomberg
India’s government bonds extended declines as oil prices push higher, stoking concerns about inflation and finances for the net importer. Traders will also take a note of widening trade deficit.
10-year yields rose 2bps to 6.83% on Thursday, climbing for a third straight day
USD/INR slipped 0.1% to 75.6550
Source: Bloomberg
Godrej Appliances To Blue Star Hope To Make Up For Two Lost Summers
Investment Trust of India rose over 18%, the most in over two months, after about 1.27 million shares changed hands on Bombay Stock Exchange, according to data compiled by Bloomberg
Details of buyers and sellers are not immediately known.
Source: Bloomberg
The broader markets outperformed their larger peers. All the 19 sectoral indices compiled by BSE Ltd. rose, with S&P BSE Power, Metal, Oil & Gas, Utilities leading the gains.
The market breadth was skewed in the favou rof bulls. About 2,129 stocks advanced, 297 declined and 58 remained unchanged.
Tata Elxsi and Semiconductor solutions provider Renesas Electronics will collaborate on a state-of-the-art design center in Bengaluru.
The design center will focus on developed targeted solutions for electric vehicles.
The two firms will work on critical EV subsystems like Battery Management Systems, Motor Control Units among others.
Source: Exchange Filing
India’s rupee and government bonds may extend a recent decline as oil prices push higher, stoking concerns about inflation and the finances of the net importer. Traders will also take a note of widening trade deficit data
USD/INR gained 0.5% to 75.7125 on Wednesday.
10-year yields rose 5bps to 6.82%
Global funds sell net Rs 4,340 crore of India stocks Wednesday: NSE
They sold Rs 1,440 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 319 crore of corporate debt
State-run banks bought Rs 1,420 crore of sovereign bonds on March 2: CCIL data. Foreign banks bought Rs 2,680 crore of bonds.
Source: Bloomberg
Reliance, Sanmina To Set Up JV For Electronics Manufacturing In India
Dollar Advances as Powell Signals Fed Set for March Liftoff
Fitch And Moody’s Cut Russia’s Rating to Junk: Ukraine Update
Shares of restaurant, cinema operators are in focus after PTI reported that Maharashtra has allowed cinema halls, restaurants to function at full capacity in 14 districts including Mumbai.
About 90% of eligible population has taken at least one dose of anti-coronavirus vaccines and over 70% people are fully vaccinated in these 14 districts.
In Focus: Inox Leisure, PVR, UFO Moviez, Mukta Arts, Cineline India, Speciality Restaurants
Source: PTI
The government is in discussions with RBI and will decide on pegging the two local exchange rates, Business Standard newspaper reported citing people it did not identify.
Financial transactions between the two countries have come to a grinding half after banks stopped remitting funds to firms for their exports: Report
Most of the due payments to Russian companies are for defence-related items: Report
Payments worth about $400 million for Indian exporters may be stuck after the sanctions on Russia banks to access SWIFT messaging system: Report
Stocks To Watch: Punjab & Sind Bank, Sterlite Technologies, UPL, Vedanta
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