Stock Market Today: Sensex, Nifty Close At Record High Led By RIL, NTPC, ICICI Bank; FPIs Turn Net Sellers

Overseas investors turned net sellers of Indian equities on Monday after two sessions of buying.

Foreign portfolio investors sold stocks worth Rs 564.1 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the second day and bought equities worth Rs 3,542.8 crore, the NSE data showed.

Foreign institutions have been net sellers of Rs 17,833 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed flat at 7.06% on Monday.

Source: Bloomberg

India's benchmark indices extended gains for fourth session to end at record high for third day in a row as index-heavy Reliance Industries Ltd., NTPC Ltd., and ICICI Bank rose.

The NSE Nifty 50 settled 27.20 points or 0.12% higher at 22,405.60, and the S&P BSE Sensex ended 66.14 points or 0.09% higher at 73,872.29.

Intraday, the NSE Nifty 50 rose 0.28% to fresh life high 22,440.90. The S&P BSE Sensex rose 0.25% to 73,990.13.

"The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish. A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level," said Kunal Shah, senior technical and derivative analyst, LKP Securities.

Reliance Industries Ltd., NTPC Ltd., ICICI Bank Ltd., Power Grid Corp of India Ltd., and Axis Bank Ltd. added to the index.

Infosys Ltd., Mahindra & Mahindra Ltd., ITC Ltd., Tata Consultancy Services Ltd., and JSW Steel Ltd limited gains in the index.

On NSE, six sectors out of 12 advanced, and six declined. The Nifty Oil & Gas sector was the best performing sector, and the Nifty Media sector was the worst performing sector.

Broader markets ended on a mixed note on BSE. The S&P BSE Midcap ended 0.16% higher, and the S&P BSE Smallcap settled 0.78% lower.

On BSE, ten sectors declined and ten ended higher. The S&P BSE Oil & Gas jumped the most.

Market breadth was skewed in favour of sellers. Around 2,525 stocks fell, 1,429 rose, and 131 stocks remained unchanged on BSE.

The scrip fell as much as 8.43% to Rs 1,191 apiece, the lowest level since Feb 6. This is the fourth consecutive session in which the stock fell.

Wind energy stocks tumbled on Monday on fears tariffs would fall after a report suggested the government was weighing reverse auctions of wind capacity power.

Shares of Inox Wind Ltd. and Suzlon Energy Ltd. tanked nearly 5% following the report.

The Ministry of New and Renewable Energy is planning to bring back the old method of ‘reverse auctions’ for selling wind power capacity to energy companies given the undersubscription and higher tariff discovered in recent wind bids, local media reported as per reports.

• Bharat Heavy Electricals Ltd had submitted a price bid on 21.12.2023, and is the only bidder, for the mentioned NTPC tender, which is an activity in the normal course of business.

• Submission of bid does not result into automatic bagging of an order, therefore, is not required to be informed under Regulation 30 of the SEBI Listing Regulations, 2015.

• As of now, BHEL has not received any order from NTPC regarding the subject project.

• Ugro Capital Ltd will consider raising funds via bonds on March 7.

Source: Exchange Filing

The IPO was subscribed 1.17 times as of 2:12 p.m. on Monday.

• Institutional investors: nil.

• Non-institutional investors: 1.18 times.

• Retail investors: 4.83 times.

• Employee reserved: 0.32 times, 32%

CIE Automotive Ltd logged biggest intraday gains in one month after its 1% equity shares changed hands in two large trades.

CIE Automotive Ltd had 39.2 lakh shares change hands in two large trades in the price range of Rs 441 to Rs 441.1 apiece. Buyers and sellers are not known immediately, Bloomberg reported.

The scrip jumped 3.17%, highest intraday percentage gain since Feb 5. CIE Automotive India rose to Rs 461.85 apiece, the highest level since Feb 28.

It was trading 1.64% higher at Rs 455.00 apiece, as of 2:04 p.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.

It has risen 8.77% in 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 40.90.

Out of nine analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.4%.

CLSA reiterates their cautious stance on the Indian Steel sector driven by three key points, domestic profit pool to shift from steel mills to miners, valuations do not reflect trough spreads and valuations do not reflect trough spreads and China stimulus a key risk.

The research firm has downgraded Tata Steel and JSW Steel to 'sell'. It believe margins will be weighed down by weaker spreads and hence downgrade both the stocks. "Volume growth for both companies is likely to be strong, helped by capacity expansion over the next two years", it said.

CLSA changed the Ebitda estimates for the stocks under their coverage by -6% to +5% for FY24-26CL and hence cut target price by 7%-10% for Tata Steel from Rs145 to Rs 135 and for JSW Steel from Rs 810 to Rs730.

"We raise our target price for Jindal Steel & Power Ltd. from Rs 820 to Rs 840 and maintain underperform, as we believe it is relatively better off because weaker industry spreads will be more than offset by the margin expansion projects".

• Max Healthcare Institute had 60.5 lakh shares changed hands in multiple large trades.

• The company had 0.6% equity changed hands in the price range of Rs 738.15 to Rs 742 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

India's benchmark stock indices traded near their lifetime highs through midday on Monday, with shares of NTPC Ltd. and Reliance Industries Ltd. contributing the most.

At 12:05 p.m., the Nifty 50 traded 19.80 points, or 0.09%, higher at 22,398.20 after hitting a fresh record high of 22,440.90 at open. The Sensex rose 46.34 points, or 0.06%, to 73,852.49, near its lifetime high of 73,994.70 it hit on Saturday.

After a lacklustre month in February, we saw breakout momentum in the last three days, and this setup looks strong and robust, said Sudeep Shah, deputy vice president and head of technical & derivatives research at SBICAP Securities.

Shah sees 22,150–22,200 as support for the Nifty and 22,550–22,660 as resistance. His top picks among the Nifty 50 stocks are ICICI Bank Ltd. and Titan Ltd.

Bank Nifty charts indicate that till 46,800-46,900 support is guarded, the index can go up to 48,000, Shah said.

Shares of Reliance Industries Ltd., NTPC Ltd., Power Grid Corp. Of India Ltd., Bharti Airtel Ltd., and Oil and Natural Gas Corp Ltd., contributed the most to the gains.

Meanwhile, those of Infosys Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., ITC Ltd., and Mahindra & Mahindra Ltd. capped the upside.

Most sectoral indices fell with Nifty Media falling the most. Nifty Energy, and Nifty Oil & Gas gained the most.

The broader markets were mixed, with the S&P BSE MidCap rising 0.26% while the S&P BSE SmallCap fell 0.70% during midday on Monday.

Ten out of 20 sectors compiled by BSE Ltd. advanced, while 10 sectors declined. S&P BSE Power rose the most.

The market breadth was skewed in the favour of the sellers. About 2,375 stocks declined, 1,422 rose, while 171 remained unchanged on the BSE.

• Overall disbursement at Rs 4,730 crore up 13% YoY.

• Collection efficiency at 97%.

Source: Exchange filing

Shares of Reliance Industries Ltd rose as much as 1.09% to Rs 3,014.70 apiece, the highest level since its listing on Nov 29, 1995. It was trading 0.57% higher at Rs 2,999.25 apiece, as of 1:03 p.m. This compares to a 0.11% advance in the NSE Nifty 50 Index.

It has risen 36.68% in 12 months. The relative strength index was at 64.43.

Out of 34 analysts tracking the company, 28 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.0%.

• Downgrade Tata Steel from Outperform to Sell with a target price of Rs 135 from earlier Rs 145.

• Downgrade JSW Steel from Underperform to Sell with a target price Rs 730 from earlier Rs 810.

• Maintain Underperform on Jindal Steel & Power with a target Rs 840 from earlier Rs 820.

• Domestic profit pool to move from steel mills to miners; reiterate cautious stance

• Forecast FY25/26e spread at US$360/t vs 10-yr avg of US$410/t

• A rise in BF-based production in India would partly offset impact of China avoiding Australian coal.

• Valuations do not reflect trough spreads.

• Find consensus estimates unjustified of FY25/26e profitability being in line with or above Q3FY24 levels.

• Key risk: Broad based demand driven stimulus in China.

• The IPO was subscribed 41 times as of 12.12 p.m. on Monday.

• Institutional investors: 11.38 times.

• Non-institutional investors: 107.93 times.

• Retail investors: 29.24 times.

• The IPO was subscribed 0.66 times, or 66%, as of 12:09 a.m. on Monday.

• Institutional investors: nil.

• Non-institutional investors: 0.63 times, 63%.

• Retail investors: 2.75 times.

• Employee reserved: 0.18 times, 18%

• Max Healthcare Institute Ltd had 17.7 lakh shares changed hands in a large trade.

• The hospitals' 0.2% equity changed hands at Rs 738.15 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Banks place bids worth Rs 17,900 crore in 3-day VRRR auction conducted on Monday.

• Notified amount for the auction was Rs 75,000 crore.

• Auction cut-off was at 6.49%.

Source: RBI

Lupin Ltd extended gains for fourth day and rose to highest level in over seven years. The stock was also leading gains in the Nifty Pharma stocks along with Zydus Lifesciences Ltd., and Sun Pharmaceutical Industries Ltd.

The NSE Nifty Pharma stocks' Mcap rose by Rs 16,422.15 crore to Rs 13,96,298.75 crore as 12:04 p.m.

Lupin Ltd rose as much as 4.01% to Rs 1,700.00 apiece, the highest level since Aug 9, 2016. It was trading 3.37% higher at Rs 1,689.45 apiece, as of 11:59 a.m. This compares to a 0.08% advance in the NSE Nifty 50 Index.

It has risen 155.03% in 12 months. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 76.31.

Out of 38 analysts tracking the company, 12 maintain a 'buy' rating, 14 recommend a 'hold,' and 14 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.7%.

On NSE, Ami Organics Ltd rose as much as 6.20% to Rs 1,185.50 apiece, the highest level since Jan 29. It was trading 4.28% higher at Rs 1,164.05 apiece, as of 11:17 a.m. This compares to a 0.16% advance in the NSE Nifty 50 Index.

It has risen 23.22% in 12 months. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 61.37.

Out of eight analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.3%.

• Info Edge (India) Ltd.'s Naukri recruiter, Shiksha reinstated on Google Play Store.

• It will continue to work with Google to prevent such delistings in the future

Source: Exchange filing

• Swan Energy's subsidiary Swan LNG prepays Rs 2,206 crore loan

• Post prepayment, the company's debt has come down to Rs 1,675 crore

Source: Exchange filing

• Tata Investment Corporation clarified to the bourses that it's not in talks to invest in any semiconductor manufacturing operations.

Source: Exchange filing

• Raises 2024 GDP estimate to 6.8% from 6.1% earlier.

• India likely to remain fastest growing among G20 economies.

• RBI likely to keep policy rate on hold in the coming months.

• RBI likely to keep policy rate on hold on the back of strong growth and firm inflation.

• Moody's sees 2025 GDP growth seen at 6.4%.

• Expect policy continuity and infra push post general elections

Power Grid Corp of India Ltd rose as much as 3.05% higher to Rs 295.60 apiece, the highest level since Oct 5, 2007. It was trading 2.53% higher at Rs 294.10 apiece, as of 10:35 a.m. This compares to a 0.22% advance in the NSE Nifty 50 Index.

It has risen 72.63% in 12 months. Total traded volume so far in the day stood at 0.8 times its 30-day average. The relative strength index was at 64.57.

Out of 21 analysts tracking the company, 11 maintain a 'buy' rating, three recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.9%.

• MeitY says explicit approval needed by platforms to use under-testing/unreliable AI models.

• Such models to be deployed only after appropriately labelling unreliability of the output generated.

• Platforms to ensure that their AI model/LLM does not permit any bias or discrimination.

• Platforms to submit status report to MeitY by March 16.

Source: MeitY Advisory

The scrip rose as much as 9.91% to Rs 308.85 apiece, the highest level since Feb 12. It pared gains to trade 9.5% lower at Rs 307.90 apiece, as of 10:09 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.

It has risen 75.12% in the last twelve months. Total traded volume so far in the day stood at 3.15 times its 30-day average. The relative strength index was at 57.05.

Out of four analysts tracking the company, two maintain a 'buy' rating, one recommend 'hold', and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.9%.

Bharat Heavy Electricals Ltd rose as much as 9.98% to Rs 259.45 apiece, the highest level since Jul 26, 2011. It was trading 9.88% higher at Rs 259.20 apiece, as of 10:06 a.m. This compares to a 0.13% advance in the NSE Nifty 50 Index.

It has risen 246.06% in 12 months. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 73.65.

Out of 19 analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold,' and 11 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 36.2%.

Adani Ports and Special Economic Zone Ltd. handled 35.4 MMT of total cargo in February, implying a healthy 33% year-on-year growth.

While most ports observed a year-on-year jump in volumes, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, according to an exchange filing.

Shares of Adani Ports rose to as much as 1.36% to an all-time high of Rs 1,356.55 apiece on the NSE. The stock is trading 0.39% higher at Rs 1,343.55 per share, compared to a 0.01% advance in the benchmark Nifty 50 at 9:39 a.m.

Of the 21 analysts tracking the company, 19 maintain a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 0.9%.

One 97 Communication declined 3.47% to Rs 400.00 apiece, the lowest level since Feb 29. It was trading 1.92% lower at Rs 406.45 apiece, as of 9:51 a.m. This compares to a 0.06% decline in the NSE Nifty 50 Index.

It has declined 35.04% in 12 months. Total traded volume so far in the day stood at 0.2 times its 30-day average. The relative strength index was at 38.83.

Out of 14 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 69.0%.

Signature Global (India) Ltd. extended gains to a new all-time high on Monday as the positive sentiment after reporting record pre-sales of luxury homes in a Gurugram project.

Shares of Signature Global (India) jumped as much as 2.37% to hit a record high at Rs 1,423.95. The scrip is trading at 1.37% at Rs 1,410 as of 9:41, compares to a 0.06% decline in the benchmark Nifty 50.

Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 77, indicating that stock may be overbought.

The one analyst tracking the stock maintain a 'sell' rating with a downside return potential of 22.4%

NTPC Ltd rose as much as 3.58% to Rs 348.05 apiece, its highest level. It pared gains to trade 2.7% higher at Rs 351.30 apiece, as of 9:34 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.

It has risen 101% in the last twelve months. Total traded volume so far in the day stood at 0.53 times its 30-day average. The relative strength index was at 66.08.

Out of 23 analysts tracking the company, 20 maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.1%.

India's benchmark indices opened higher, with the NSE Nifty touching fresh record high, tracking gains in shares NTPC Ltd., Bharti Airtel Ltd, and HDFC Bank Ltd.

The NSE Nifty 50 was up 46.85 points or 0.21%, and the S&P BSE Sensex was trading 132.28 points or 0.18% up at 73,938.43.

"The Nifty 50 has closed in a doji candle near an all time high and we expect some consolidation with key supports at 22,000 levels on the downside," said Vikas Jain, senior research analyst at Reliance Securities.

On the higher side the pivot resistance is placed at 22,550 levels followed by 22,800 and could test in the coming few weeks. The RSI is trending above the average line and other key technical indicators are overbought on hourly charts from current levels, Jain said.

Highest call OI is placed at 22,500 strike while on the downside the highest put OI is at 22,000 for the weekly  expiry, he added.

NTPC Ltd., Power Grid Corp of India, Bharti Airtel Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. added to the benchmark index.

Tata Steel Ltd., Larsen & Toubro Ltd., JSW Steel Ltd., Titan Co. Ltd., and ITC Ltd. limited gains to the benchmark index.

On NSE, seven out of 12 sectors rose, and five sectors declined. The Nifty Energy index rose over 1% to become the top performer among sectoral indices, and the Nifty Media index fell over 1% to become the worst performer among sectoral indices.

On BSE, broader markets underperformed benchmark indices. The S&P BSE Midcap and S&P BSE Smallcap declined 0.13% and 0.44% respectively.

Out of 20 sectors complied by nine sectors advanced, and 11 sectors declined. The S&P BSE Utilities index rose the most among sectoral indices, and the S&P BSE Consumer Durable index fell the most among sectoral indices.

Market breadth was skewed in favour of sellers. Around 1,687 stocks declined, and 1,436 stocks rose, and 121 stocks remained unchanged on BSE.

At pre-open, NSE Nifty 50 was trading 25 points or 0.11% higher at 22,403.50, and the S&P BSE Sensex was96.95 points or 0.13% higher at 73,903.09.

• The yield on the 10-year bond opened flat at 7.05%.

Source: Bloomberg

• The local currency strengthened by 6 paise to open at 82.85 against the U.S. Dollar.

• It closed at 82.91 on Friday.

Source: Bloomberg

• Client base at 2.14 crore, up 4.9%

• Gross client acquisition at 10.1 lakh, down 1.7%

• Average daily orders at 82.2 lakh, up 8.7%

Source: Exchange filing

• Biocon Biologics signs settlement pact with Bayer and Regeneron Pharma for introduction of Yesafili into the Canadian market.

• Biocon Biologics has secured a launch date for Yesafili, set no later than July 1, 2025.

• Settlement resolves multiple parallel patent infringement proceedings in Canada.

Source: Exchange filing

• Total cargo volumes at 35.4 MMT, up 33% YoY

• Well on track to surpass the 400 MMT mark before end of FY24

• Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT

Source: Exchange filing

• Morgan Stanley maintained 'Overweight' on Gujarat Gas Ltd with a Target Price of Rs 579.

• The brokerage saw price cuts to help company regain market share in ceramics.

• Spot LNG prices may continue to fall, making gas more attractive than alternatives.

• The brokerage expects significant upside to volumes with 80% of long-term LNG contracts up for renewal by mid-2025.

• Expects the global gas glut to support margins at mid-cycle levels.

• Moragn Stanley maintained 'Overweight' on Hindustan Aeronautics Ltd. with a price target of Rs 3,129.

• HAL won aero engine contract worth Rs 5,250 crore.

• Aero engines are to be produced by the Koraput Division of HAL.

• HAL is expected to sustain operational capability of Indian Air Force MiG-29 fleet

• Upside Risk: Ministry of Defence increasing its indigenization thrust

• Downside Risk: Order Delay

• Bernstein maintains outperform on HDFC Bank with a target price of Rs 2,100.

• Growth prioritization is falling towards the end of pecking order.

• Loan growth can decline to 10% with deposit growth of 18%-20%.

• Selective loan growth is to ensure EPS impact is minimal.

• HSBC Global Research maintained a 'Buy' on HDFC Bank with a target price of Rs1,750.

• HDFC Bank is already gaining 18-20% incremental deposit market share.

• Most of the lender's deposit growth is coming through CASA and retail, the brokerage said.

• Explicitly lowering loan growth guidance may actually be a catalyst, HSBC Global Research said.

• Offers possible returns of a 15-29% CAGR over FY24-27e from current levels.

• U.S. Dollar Index at 103.89

• U.S. 10-year bond yield at 4.19%

• Brent crude up 0.23% at $83.74 per barrel

• Nymex crude up 0.11% at $80.06 per barrel 

• Bitcoin was up 0.91% at $63,426.45

• Nifty March futures up by 1.31% to 22,451.25 at a premium of 112.5 points.

• Nifty March futures open interest down by 1.28%.

• Nifty Bank March futures up by 2.26% to 47,578 at a premium of 291.1 points.

• Nifty Bank March futures open interest up by 0.

• Nifty Options March 7 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000.

• Bank Nifty Options March 6 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 46,500.

• Securities in ban period: Zeel.

• Moved out short-term ASM framework: Azad Engineering, EIH Associated Hotels, Force Motors, IFB Industries, Jana Small Finance Bank, Solara Active Pharma Sciences.

• Indian Hotels: To meet analysts and investors on March 11 and 13.

• Whirlpool of India: To meet analysts and investors on March 6.

• PNB Bank: To meet analysts and investors on March 4.

• Tarc: To meet analysts and investors on March 4.

• Mahindra Logistics: To meet analysts and investors on March 6, 7, and 8.

• Ajmera Realty: To meet analysts and investors on March 6.

• Vedanta Fashion: To meet analysts and investors on March 6.

• Apollo Micro Systems: Promoter Karunakar Reddy Baddam revoked the pledge of 11 lakh shares on Feb. 28.

• Choice International: Promoter Patodia Properties bought 1.5 lakh shares on Feb. 28.

• Star Health and Allied Insurance Company: APIS Growth 6 sold 99.6 lakh shares (1.7%) at Rs 553.01 apiece, while ICICI Prudential Mutual Fund bought 69.6 lakh shares (1.19%) at Rs 553 apiece, ICICI Prudential Life Insurance bought 30 lakh shares (0.51%).

• Ultramarine and Pigments: Swayam Rajiv Doshi bought 1.47 lakh shares (0.5%) at Rs 399.96 apiece.

• Suven Pharmaceuticals: Abu Dhabi Investment Authority Stable bought 15.74 lakh shares (0.61%) at Rs 698.15 while, Amansa Holdings sold 31.26 lakh shares (1.22%) at Rs 689.19 apiece.

• Mukka Proteins: The public issue was subscribed to 6.97 times on day 2. The bids were led by non-institutional investors (6.22 times), retail investors (10.21 times), institutional investors (1.86 times).

• Bharat Highways: The public issue was subscribed to 8.01 times on day 3. The bids were led by institutional investors (8.92 times) and other investors bid for 6.93 times.

• Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company.

• One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank's obligations under the Prevention of Money Laundering Act, 2002.

• Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap.

• Axis Bank: The company approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore.

• Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore.

• Torrent Power: The company received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project.

• Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy 'Messaging as a platform' in India.

• Cipla: The company completed the transfer of generics business to to Cipla Pharma and Life Sciences Ltd. as a going concern on a slump basis. U.S. FDA completed the pre-approval inspection of the company’s manufacturing facility in Qidong, Jiangsu Province, China with zero observations. Subsidiary Cipla (EU) with Kemwell Biopharma UK Ltd. and MNI Ventures received confirmation of incorporation of joint venture company MKC Biotherapeutics Inc. from Secretary of State, Delaware, U.S.

• PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune.

• Larsen & Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29.

• Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February.

• Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units.

• Welspun Corp.: The company’s unit proposed to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh for an investment of Rs 400 crore.

• Rainbow Children's Medicare: The company has inaugurated a new 80-bed hospital in Tamil Nadu. After this, the total bed capacity of the company will increase to 1,885 beds. The total project cost is Rs 60 crore.

• Lemon Tree: The company signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand, ‘Keys Lite’.

• PFC: The company incorporated Bhuj II Transmission for the development of 'Augmentation of Transformation Capacity at Bhuj-11 PS' and Angul Sundargarh Transmission for the development of 'Eastern Region Transmission Limited Generation Scheme-I'.

• FSN E-Commerce Ventures: The company expands its global footprint with the launch of Nysaa, the first ever beauty retail store in Dubai, in collaboration with Apparel Group.

• SH Kelkar & Co.: The company incorporated a wholly owned subsidiary in New Jersey, USA.

• Angel One: The company collaborated with a group of seasoned wealth managers to lead its tech-led omnichannel wealth management business.

• Ganesha Ecosphere: The company announced the start of commercial operations at its subsidiary's production lines for recycled polyester staple fibre and rPET chips in Telangana.

• Harsha Engineers: The company has terminated HASPL Americas Corp., a wholly owned subsidiary of the company, in accordance with applicable laws as per a certificate issued by the state corporation commission.

• Godrej Properties: The company entered into an agreement to develop a township project on a 62-acre parcel in North Bengaluru, with an estimated booking value of approximately Rs 5,000 crore.

• Zaggle Prepaid Ocean Services: The company signed a five-year pact with Axis Bank for sales, distribution and marketing, along with expense management to drive forex card spends and greater usage of the software.

• PSP Projects: The company bagged two projects: to construct and maintain the Human and Biological Gallery at Science City, Ahmedabad, for Rs 268.11 crore and to construct the commercial building ORYX at GIFT City for Rs 118.13 crore.

• SJVN: The company will develop a 200 MW solar park worth Rs 1,100 crore in Khavda, Gujarat, on a build, own and operate basis.

• NTPC: The board approved a Rs 17,195.31 crore investment for two 800 MW power plants under the third stage of Singrauli Super Thermal Power Project.

• Dr. Lal PathLabs: Bharath U resigned from the post of CEO due to undisclosed reasons. His last working day will be on or before May 20.

• JSW Steel: Subsidiary JSW Steel Italy SRL signed a MoU to relaunch the Steelworks site in Piombino. The deal provides four months of collaboration for the execution of the programme agreement.

• Info Edge (India): The company’s mobile applications, Naukri Jobseeker, Naukrigulf Job Search App, and 99acres, were reinstated on the Google Play Store after being removed for alleged violations of payment policies.

• Matrimony.com: The company received a letter from Google stating it can't protect the delisting of apps from the Play Store if the company does not adhere to Google Play's payment policy. The company said it is in the process of initiating further actions to restore the apps, and its appeal is still pending before the Supreme Court.

• HG Infra Engineering: The company got a Letter of Acceptance from South Central Railway for a construction project worth Rs 447.1 crore.

• Vimta Labs: The company received a grant of Rs 4.1 crore from the Government of India for the upgrade of its food testing laboratory.

• Wardwizard Innovations & Mobility: The company opened a new assembly line for electric two-wheelers in Jharkhand, with an initial annual capacity of 20,000 units.

• Patel Engineering: The company received a Letter of Acceptance for a Rs 525.36 crore contract with a joint venture partner in Khammam City, Telangana, for the RCC protection wall project. Patel Engineering’s share in the contract is Rs 267.93 crore.

• Brigade Enterprises: The company launched a project in North Bengaluru with a revenue potential of Rs 380 crore.

• Apollo Tubes: The company received Rs 16.86 crore in GST demand, including tax, interest, and penalty, from the State Tax Officer, Tamil Nadu.

• MOIL: The company produced 1.51 lakh tonne of manganese ore, 15% more than the year-ago period. Overall production registered growth of 37% to 15.84 lakh tonne up to February.

• Gujarat Ambuja Exports: The company commissioned a 120 TPD liquid glucose unit in Malda, West Bengal.

• Finolex Industries: The company signed a pact to buy a 15.3% stake in Hinduja Renewables One Pvt. for Rs 3.14 crore, to purchase solar power for 25 years.

Japan's Nikkei crossed 40,000 mark for the first time in the first session of the week, taking cues from Friday's record rally on Wall Street.

The Nikkei 225 was trading 0.76% higher at 40,214.29, and the S&P ASX 200 was 0.1% higher at 7,750.90 as of 6:31 a.m.

Market participants are keenly awaiting for China's 14th National People's Congress, an annual parliamentary meeting, to see whether the country announces further stimulus measures.

The S&P 500 Index and Nasdaq Composite settled 0.80% and 1.14% higher, respectively on Friday, after touching record high. The Dow Jones Industrial Average rose by 0.23%.

Brent crude was trading 0.37% higher at $83.86 a barrel. Gold was flat at $2,082.63 an ounce.

GIFT Nifty was trading 16.5 points or 0.07% down at 22,512.00 as of 7:32 a.m.

India’s benchmark equity indices ended at new all-time closing highs on Friday after the country's third-quarter gross domestic product beat economists' estimates.

The NSE Nifty 50 was 355.95 points or 1.62%, up at 22,338.75, and the S&P BSE Sensex closed 1,245.05 points or 1.72%, higher at 73,745.35.

The gauges extended their rally to end at fresh closing highs in a special training session on Saturday. Both Nifty and Sensex hit new highs in the first of the two sessions held during the day. The S&P BSE Sensex closed 60.8 points or 0.08%, higher at 73,806.15, while the NSE Nifty 50 advanced 39.65 points or 0.18%, to end at 22,378.

Overseas investors remained net buyers of Indian equities for the second consecutive session on Friday.

Foreign portfolio investors mopped up stocks worth Rs 128.9 crore; domestic institutional investors also remained net buyers and purchased equities worth Rs 3,814.5 crore, the NSE data showed.

The Indian stock closed flat at 82.91 against the U.S. dollar.