Stock Market Today: Nifty, Sensex Snap Three-Day Rally As IT Stocks Drag

-The local currency strengthened by 2 paise to close 83.38 against the U.S. Dollar.

-It closed at 83.40 a dollar on Thursday.

Source: Bloomberg

Benchmark indices snapped their three-day rally as losses in IT stocks put pressure on them but mid and small cap banks led the outperformance in the broader indices.

The Nifty 50 ended at 22,453.30, down 8.70 points or 0.04% while the Sensex closed 110.64 points or 0.15% lower at 73,903.91.

From last two days the market witnessing range bound activity, according to Shrikant Chouhan, head of equity research at Kotak Securities.

"For the traders now, 22350/73700 and 22500/74100 would act as key levels to watch out. On the higher side, above 22500/74100 the market could rally till 22600-22650/74500-74600," he said. "On the flip side, dismissal of 22350/73700 could accelerate the selling pressure. "

Shares of Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., and ICICI Bank Ltd. weighed on the Nifty 50.

Meanwhile, those of HDFC Bank Ltd., Mahindra & Mahindra Ltd., State Bank Of India, Tata Consumer Products Ltd., and Bajaj Auto Ltd. minimised the losses.

Nifty Media led the gains as most sectoral indices ended higher. On the other hand, Nifty IT fell the most.

Boarder markets outperformed benchmark indices. The S&P BSE Midcap rose 1.14%, and the S&P BSE Smallcap settled 1.28% higher.

On BSE, 16 sectors advanced, and four declined. The S&P BSE Consumer Durable index was the top performing sector with over 1.82% gain. The S&P BSE TECK index fell the most among sectoral indices.

Market breadth was skewed in favour of buyers. Around 2,839 stocks rose, 1,009 stocks declined, and 112 stocks remained unchanged on BSE.

• Q4 disbursements at Rs 15,300 crore, up 11% YoY

• Q4 collection efficiency at 98%

• Stage-3 as of March 31 at around 3.3% vs 4% as of Dec 31, 2023

• Balance sheet liquidity at over Rs 7,650 crore

• March disbursements at Rs 6,100 crore, up 9% YoY

• March collection efficiency at 101%

Source: Exchange Filing

Board approves increasing borrowing limit to Rs 12,000 crore from Rs 7,500 crore

Source: Exchange Filing

Macquarie has chosen Aditya Birla Capital as its top pick in the non-banking financial companies segment as it's on path to post strong growth in upcoming years.

Initiating coverage on the NBFC, Macquarie has rated the stock 'Outperform' with a target price at Rs 230, which implies upside of 26.48% from Monday's close.

Aditya Birla Capital Ltd. rose as much as 9.76% to Rs 199.60, the highest level since Nov 29, 2017. It was trading 8.72% higher at Rs 197.70 as of 1:25 p.m., as compared to 0.24% decline in the NSE Nifty 50 index.

The scrip has risen 28.51% in 12 months. Total traded volume so far in the day stood at 7.9 times its 30-day average. The relative strength index was at 68.28.

Out of 10 analysts tracking the company, nine maintain a 'buy' rating, one recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.1%.

• Mining & export operations in Guinea impacted for the month of March

• To impact company's consolidated Q4 results

Source: Exchange filing

India's benchmark indices declined through midday on Tuesday on likely profit booking after hitting a fresh record high in the previous session.

Mixed global cues and worries of a delay in rate cuts by the Fed pulled IT stocks lower, led by Infosys Ltd. and Tata Consultancy Services Ltd.

As of 12:15 p.m., the NSE Nifty 50 was trading 40.05 points, or 0.18%, lower at 22,421.95, and the S&P BSE Sensex fell 172.22 points, or 0.23%, to trade at 73,842.33.

The Nifty fell 0.33% to hit an intraday low of 22,388.15, and the Sensex declined 0.36% to touch a low of 73,746.22 so far in the day.

"The short-term market trend is still positive. Our view is that the broader market structure is bullish, but a fresh uptrend rally is possible only after the rejection of 22,550/74,250," said Shrikant Chouhan, head of equity research at Kotak Securities.

Traders can take a contra trade around 22,325/22,300 with a stop loss of 22,200 levels, Chouhan said.

HDFC Bank Ltd., Bajaj Auto Ltd., Tata Motors Ltd., Adani Ports and Special Economic Zones Ltd., and Mahindra & Mahindra Ltd. were contributing to the Nifty.

Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd. were weighing on the index.

On NSE, nine sectoral indices were trading higher, while three declined. The NSE Nifty Realty rose the most, while the NSE Nifty IT fell the most among sectoral indices.

Broader markets outperformed benchmark indices with the S&P BSE Midcap rising 0.83% and the S&P BSE Smallcap gaining 1.02% through midday on Tuesday.

On BSE, 16 sectors advanced, while four declined. The S&P BSE Consumer Durables rose the most among sectoral indices, while the S&P BSE TECK index fell the most.

Market breadth was skewed in favour of buyers. Around 2,633 stocks rose, 1,019 stocks fell, and 121 stocks remained unchanged on BSE.

Commissions 3 MTPA integrated cement plant in Andhra Pradesh

Source: Exchange Filing

• Sale to new subsidiary Mankind Consumer Products by Oct 1

• To invest Rs 5 crore initially in Mankind Consumer Products, followed by a further investment of Rs 250 crore

Source: Exchange filing

In pact for EV charging technologies

Source: Exchange Filing

NTPC Records highest-ever yearly generation of 422 BU in FY24, up 6% YoY

Source: Press Release

InterGlobe Aviation Ltd. shares rose to a life time high on Tuesday while crisis in Tata Group airline Vistara deepened with further delays and cancellation of flights.

InterGlobe Aviation Ltd. rose as much as 2.71% to Rs 3,645.00, the highest level since its listing on Nov 10, 2015. It was trading 1.11% higher at Rs 3,588.35 as of 11:08 a.m., compared to 0.17% decline in the NSE Nifty 50 index.

The scrip has gained 77.24% in 12 months. Total traded volume so far in the day stood at 0.30 times its 30-day average. The relative strength index was at 75.35.

Out of 22 analysts tracking the company, 17 maintain a 'buy' rating, three recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.3%.

SpiceJet Ltd. rose as much as 3.01% to Rs 63.40, the highest level since March 11. It was trading 1.51% higher at Rs 62.48 as of 11:17 a.m., as compared to 0.14% decline in the S&P BSE Sensex index.

It has risen 101.55% in 12 months. The relative strength index was at 57.98.

Out of four analysts tracking the company, one maintains a 'buy' rating, three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 28.9%.

On NSE, Jet Airways India Ltd. hit a 5% upper circuit, and rose to Rs 49.10, the highest level since March 28. It remained locked in the upper circuit as of 11:25 a.m. as compared to 0.18% decline in the NSE Nifty 50 index.

The scrip has declined 18.78% in 12 months. Total traded volume so far in the day stood at 4.8 times its 30-day average. The relative strength index was at 47.08.

To buy stake for Rs 17.2 crore

Source: Exchange Filing

Got project worth Rs 520 crore from Jodhpur Vidyut Vitran Nigam in JV with Solar91 Cleantech

Source: Exchange Filing

To provide supply chain finance operations

Source: Exchange Filing

• Target Price Unchanged at Rs 500 on 8.5x FY26e EPS

• FY24 operating performance better than expectations

• Supply to power sector exceeded demand by 8.5mt

• Management indicated production & sales volume target of 838mt each

• Estimates production at 820mt and sales volume at 811mt

• Supply to NRS likely to stay elevated due to better rake availability and pit-head inventory

Gets 2 LoAs worth Rs 156 crore from Jodhpur Vidyut Vitran Nigam for solar power plants

Source: Exchange Filing

• FY24 ore production at 3.78 MT, up 13% YoY

• FY24 metal in concentrate output at 27,404 tons, up 11% YoY

Source: Exchange Filing

• Kheda plant has potential to generate 50,000-60,000 units of carbon credits annually, expected to generate annual revenue of Rs 100 crore

• Co holds 52% stake in JV with Thailand-based SCG International

Source: Exchange Filing

• March wholesales hit a speedbreaker

• PV witnessed demand moderation with higher year end discounts

• 2W fell short of analyst expectations but EVs were a key positive

• Tractors and CV on a slow road; on high base and election led pause

• CV outlook receovery only in H2FY25

• Buy on Maruti and Tata Motors

• To get aircraft as part of settlement inked last year

• Company to now have a total of 6 Q400 aircraft from NAC

• 4 major settlements that were recently announced to result in savings worth Rs 1,252 crore

Source: Exchange filing

• Manufacturing PMI rises to 16-year high of 59.1 in March

• India records highest manufacturing PMI reading since Feb 2008

Source: S&P Global

• Reiterates 'Underperform'

• Expect softer net adds in Q4 led by higher-than-expected churn

• Collections growth also to slow down

• See near-term impact on growth as company looks to defocus on monthly plan

• Better margin on lower opex to aid overall growth

• Limited visibility on churn reduction

• Reduce FY25/26 EPS on lower revenue growth

Signs 25-year power purchase agreement with Clean Renewable SPV

Source: Exchange filing

Bharat Electronics rose to fresh high after the company has recorded turnover of Rs 19,700 Crore in FY24, which is 13.7% higher from Rs 17,333 Crore in FY23, according to an exchange filing.

It's order book stands at Rs 76,000 crore as on April 1.

Bharat Electronics rose as much as 4.69% to Rs 221.00 apiece, the highest level since Jul 19, 2000. It was trading 4.57% higher at Rs 220.75 apiece, as of 10:13 a.m. This compares to a 0.15% decline in the NSE Nifty 50 Index.

It has risen 128.00% in 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 69.49.

Out of 33 analysts tracking the company, 17 maintain a 'buy' rating, six recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 2.2%.

Shares of Larsen and Toubro Ltd. hit an all-time high on Tuesday after its target price was raised by Citi Research, citing the ongoing capex upcycle and potential rerating in the sector.

Citi has raised its target price for the multinational conglomerate to Rs 4,373 per share from an earlier Rs 4,082 per share. The revised target price implies a potential upside of 14% from Monday's closing on the BSE.

Shares of L&T rose as much as 0.57% to hit an all-time high of Rs 3,860 apiece on the NSE. It was trading 0.19% higher at Rs 3,845.4 apiece, compared to a 0.02% deline in the benchmark Nifty 50 as of 9:52 a.m.

The stock has risen 77.09% in the past 12 months. The relative strength index was at 70.

Thirty out of the 35 analysts tracking the company have a 'buy' rating on the stock, three recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 2.6%.

• Target price: Rs 230

• Top pick in NBFC space

• Poised to show strong growth in earnings and lending

• Moats: strong parentage, leveraging group strength, diversified products, strong leadership

• Stock has potential to double in 3years

• TP based on SOTP valuation; 1.9x PBV on NBFC and 1.4x on HFC

Aditya Birla Fashion and Retail Ltd. hit a 15% upper circuit as the company announced a demerger with Madura Fashion & Lifestyle Business.

Shareholders of Aditya Birla Fashion and Retail will have identical ownership in the new entity, the exchange filing said.

The scrip hit 15.00% upper circuit and rose to Rs 243.45 apiece, the highest level since Feb 2. It pared gains to trade 11.71% higher at Rs 236.50 apiece, as of 09:47 a.m. This compares to a 0.07% decline in the S&P BSE Sensex Index.

It has risen 9.67% in 12 months. Total traded volume so far in the day stood at 51 times its 30-day average. The relative strength index was at 65.01.

Out of 24 analysts tracking the company, five maintain a 'buy' rating, nine recommend a 'hold,' and 10 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.7%.

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Shares of CSB Bank Ltd. jumped to hit their highest level in near two-months after the lender reported a 17.91% year-on year increase in its gross advance to Rs 24,574 crore.

Adani Ports and Special Economic Zone Ltd. to report strong volume, revenue and Ebitda growth along with good cash flows in fourth quarter in FY24E results, according to Citi Research.

The research firm is opening a 90 days +ve catalyst watch on the ports company.

Adani Ports rose as much as 3.56% to Rs 1,424.95 to hit a life. It pare gains and was trading 2.03% higher at Rs 1,403.80, compared to 0.7% decline on NSE Nifty 50 index as of 9:32 am.

It has risen 123.61% in 12 months. The relative strength index was at 68.

Out of 22 analysts tracking the company, 20 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.1%.

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

Bajaj Auto Shares snapped two-day fall and rose over 2% today after the company's total sales in March was up 25% on year to 3.7 lakh units.

The scrip rose as much as 2.26% to Rs 9,246 apiece, the highest level since March 27. It pared gains to trade 1.57% higher at Rs 137.85 apiece, as of 09:55 a.m. This compares to a flat Nifty 50.

Benchmark equity indices snapped their three-day rally and fell after opening flat as HDFC Bank and ICICI Bank dragged.

The NSE Nifty 50 was trading 3.20 points or 0.01% down at 22,458.80, and the S&P BSE Sensex was trading 7.75 points or 0.010% up at 74,022.30.

"The breakout of 22,200 levels will act as strong support on the downside while the upside could get extended to 22,800 levels over the next few weeks," said Vikas Jain, Senior Research Analyst at Reliance Securities.

Shares of HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd. weighed on the Nifty 50.

Meanwhile, those of Bajaj Auto Ltd., Adani Ports and Special Economic Zone Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., and Kotak Mahindra Bank Ltd. minimised the losses.

Sectoral indices were mixed at open. Nifty Realty and Nifty Oil & Gas gained the most while Nifty IT and Nifty Bank were the top losers.

Broader markets outperformed. The S&P BSE Midcap gained 0.41% and S&P BSE Smallcap rose 0.70%.

Five out of twenty sectoral indices on the BSE fell while 15 rose. S&P BSE Consumer Durables rose the most.

The market breadth was skewed in the favour of buyers. Around 2,091 stocks rose, 738 fell and 114 were unchanged.

• Total sales at 3.7 lakh units vs 2.9 lakh units, up 25% YoY

• Total 2-wheeler sales at 3.1 lakh units vs 2.5 lakh units, up 27% YoY

• Total CV sales at 52,019 units vs 44,565 units, up 17% YoY

• Total exports at 1.5 lakh units vs 1.1 lakh units, up 39% YoY

• Target Price: Rs 3,900

• 55-70% is service income

• Product business should rise faster

• GE tie-up shows potential of moving up in OEM

• Expect 22% EPS CAGR in FY24-30

• JV to deliver automotive software, including software-defined vehicle solutions for BMW

• Tata Tech and BMW to hold 50% stake in JV each

• JV with BMW aims to establish automotive hubs in Pune, Bengaluru and Chennai

Source: Exchange filing

The NSE Nifty 50 was trading 3.20 points or 0.01% down at 22,458.80, and the S&P BSE Sensex was trading 7.75 points or 0.010% up at 74,022.30.

• The local currency strengthened by 2 paise to open at 83.38 against the U.S. Dollar.

• It closed at 83.40 a dollar on Thursday.

• Source: Bloomberg

The yield on the 10-year bond opened flat at 7.08%.

Source: Bloomberg

• Honda recalled bikes due to oil leakage from engine, which was caused due to dislodgement of sealing plug cone out of the engine cover

• Value of recalled part is about Rs 3.2 crore, but amount intimated by Honda is estimated to be Rs 76 crore

• Co has adequate recall policy and looks to settle amount via insurance

Source: Exchange filing

• Estimates slower Q4FY24/Q1FYF25 pre-sales amid election delay in RERA approvals

• Expect cos to guide 10-20% YoY growth in FY25E vs 30-40% in FY24

• Downgrades DLF to Equal Weight rating, price target of Rs 900

• Expect Q4FY24 pre-sales to disappoint as Privana West delayed to Q1FY25

• Upgrades Godrej Properties to Over Weight rating, price target of Rs 2,500

• Rating upgrade on stronger 3Q/4Q24 pre-sales and 40% higher 2025 pre-sales estimates

• Maintains Overweight on Prestige Estates, price target of Rs 1,400

• Maintains Equal Weight on Macrotech Developers, price target of Rs 1,050

• Maintains Underweight on Oberoi Realty, price target of Rs 1,180

• Volume trends in Mar-24 were a mixed bag

• 2Ws show Mixed performance; TVSL does well,HMCL a laggard

• PV Dispatches up in double-digits across the pack

• CVs Weakness persists led by MHCVs

• Tractor volumes decline in double-digits across major players

• Continue to prefer 2Ws amid replacement-led visibility over 2-3 years

• Underlying metrics continue to remain weak for PVs

• CVs are potentially poised for a downcycle

• TVSL and Escorts top picks in OEMs

Maintains Sell on Tata Technologies

• Price target revised to Rs 920 (vs Rs 1000 earlier)

• Revised FY24E-26E estimates by 2-4% on operational parameters

Assigns 40x multiple given moderating tech spends in automative vertical

Maintains Sell on TCS

• Price target revised to Rs 3500 (vs Rs 3635)

• Revised FY24E-26E estimates marginally on operational parameters

• Assign multiple of 26x (vs 27x) given concerns on demand recovery pace

Maintains Sell on Wipro

• Price target revised to Rs 440 (vs Rs 470 earlier)

• Revised FY24E-26E estimates by 0-1% on operational parameters

• Assign multiple of 18x (vs 19x) given concerns on demand recovery pace

Maintains Sell on Mphasis

• Target Price of Rs 2,255 (earlier Rs 2,515)

• Revise FY24e-26e estimates by 0-4% on changes in operational parameters

• Assign multiple of 24x (vs 26x Sep’25) given concerns on pace of demand recovery

Maintains Sell on Persistent Systems

• Target Price of Rs 2,910

• Multiple of 35x Sep’25 unchanged on changes in operational parameters and stock split

Maintains Neutral on Infosys

• Target Price of Rs 1,660 (earlier Rs 1,735)

• Assign multiple of 25x (vs 26x Sep’25) given concerns on pace of demand recovery

Maintains Sell on L&T Technology Services

• Target Price of Rs 4,375 (earlier Rs 4,325)

• Revise FY24e-26e estimates by 1% on changes in operational parameters

• Assign multiple of 30x Sep’25 - unchanged

• Price target increased to Rs 1,758 from Rs 1,564 earlier

• Expect strong volume, revenue and EBITDA growth for Q4FY24E

• Believes valuations remain reasonable at 30x P/E on FY25E estimates

• FY24 port cargo volume of 420 mnt exceeds revised guidance of 400 mnt

• Views recent acquisition of 95% equity stake in Gopalpur Port as incrementally positive

• Increasing FY24E/FY25E/FY26E EPS by 20%/18%/16%

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

• NZMobile to Lychee Ventures for $260,000

• NZMobile is involved in gaming distribution in Nigeria

Source: Exchange filing

• Target price Rs 2,500

• Expects double digit volume growth in Q4FY24

• Delay in acquisition of Jaiprakash Associates cement assets remains key overhang

• Expect prices in firm's key market areas to improve

• Leverage at comfortable level despite significant expansion

• Cut FY24/25/26 Ebitda estimates by 4/8/8% on weak pricing

• U.S. Dollar Index at 105.04

• U.S. 10-year bond yield at 4.31%

• Brent crude up 0.33% at $87.71 per barrel

• Nymex crude up 0.30% at $83.96 per barrel 

• GIFT Nifty up 63 points, or 0.28%, at 22,556 as of 7:30 a.m.

• Bitcoin was down 0.51% at $69,411.81

• Demand and penalty order worth Rs 184.2 crore from Delhi tax authorities

• Notice for non-payment of certain service tax for from October 2014 to June 2017

Source: Exchange filing

Demand notice giving effect to ITAT's order for FY 2010 demand worth Rs 238.7 crore

Source: Exchange filing

Got demand and penalty order worth Rs 7.8 crore from Bihar tax authorities

Source: Exchange filing

• Target price set at Rs 500 apiece on Honasa Consumer, promoter of Mamaearth, implying an upside of 19%

• Sees a steady scale-up in its business

• Expects robust revenue growth ~24% CAGR over FY23-26E

• Expects healthy margin to expand to ~12% by FY26E

• Expects to enhance its returns profile for FY26E RoE at ~17%

• Management’s asset-light approach leads to differentiated product development, new brands and categories

• Sees addition of new brands and inorganic brands creating a funnel

• Believes category relevance is the management’s top priority

• Expects company’s return profile to register steady expansion

• Nifty March futures up by 0.55% to 22,602.6 at a premium of 140.6 points.

• Nifty March futures open interest down by 7.2%.

• Nifty Bank March futures up by 0.84% to 47,913.7 at a premium of 335.45 points.

• Nifty Bank March futures open interest down by 41.53%.

• Nifty Options April 4 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 22,300.

• Bank Nifty Options April 3 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 47,000.

• Securities in ban period: Nil.

• Price band revised from 10% to 5%: MSP Steel and Power.

• Ex/record dividend: TVS Holdings, Bharat Dynamics, and GPT Healthcare.

• Moved into short-term ASM framework: Dynacons Systems and Solutions.

• Moved out into short-term ASM framework: Dishman Carbogen Amcis, Zaggle Prepaid Ocean Services.

• Suraj Estate Developers: BNP Paribas Arbitrage sold 2.22 lakh shares (0.5%) at Rs 302.97 apiece.

• Maruti Suzuki India: The company produced 1.63 lakh units of passenger vehicles for the month of March vs. 1.50 lakh units last year, and total production volume was 1.67 lakh units vs. 1.54 lakh units.

• Ashok Leyland: The company reported total domestic vehicle sales of 21,317 units vs. 22,885 units, down 7% YoY, and total domestic plus export vehicle sales of 22,866 vs. 23,926, down 4%.

• Aditya Birla Fashion: The company plans to vertically demerge its Madura Fashion and Lifestyle business into a separate listed company.

• Hero MotoCorp: The company recorded total sales at 4.9 lakh units vs. 5.19 lakh units YoY and motorcycle sales at 4.57 lakh units vs. 4.86 lakh units.

• JTL Industries: The company reported its highest-ever annual sales volume of 3,41,846 MT vs. 2,40,316 MT in FY24, up 42.25%.

• AU Small Finance Bank: The board of AU Small Finance Bank has announced the merger of Fincare Small Finance Bank with itself.

• NMDC: The company reported 4.86 MT of production for the month of March 2024 vs. 5.6 MT in March 2023, and sales for the month of March stood at 3.96 MT vs. 4.84 MT in March 2023.

• Infosys: The company received a tax demand order worth Rs 341 crore for FY20–21.

• TVS Motor: The company reported total sales at 3.55 lakh units vs. 3.17 lakh units, up 12% YoY, and motorcycle sales at 1.72 lakh units, up 22%.

• CSB Bank: The company reported total deposit as of March 31 at Rs 29,719 crore, up 21.27% YoY, and gross advances at Rs 24,574 crore, up 17.91%.

• Bharat Dynamics: The company reported a turnover of Rs 2,350 crore for FY24 vs. Rs 2,489 crore for FY23. Its order book position stands at Rs 19,468 crore as of April 1.

• IIFL Finance: The company received NSE approval to acquire shares aggregating up to Rs 284.4 crore of the bourse from FIH Mauritius Investments through an off-market transfer.

• Atul Auto: The company sold 3,128 vehicles for the month of March and reported total sales of 26,039 units for FY24, up 1.92%.

• IREDA: The company's loan was sanctioned as of March 31 at Rs 37,354 crore, up 14.63% YoY. Loan book outstanding as of March 31 was Rs 59,650 crore, up 26.71 YoY.

• Paisalo Digital: The board will meet on April 4 to consider fundraising through NCDs.

• Uflex: The company started commercial operations of the CPP Film production line at Flex Films Rus LLC, Russia, with an installed capacity of 18,000 MT per year.

• UNO Minda: The company received communication from Honda Motorcycle and Scooter India informing about the global recall of their bikes on account of leakage of oil observed from the engine caused by the dislodgement of the sealing plug cone out of the engine cover, which was supplied by the company's plant situated in Bawal, Haryana. The OEM has estimated that the recall will cost Rs 76 crore.

Asia-Pacific markets were mostly higher during early trade on Tuesday ahead of jobs data that would give more insight into the U.S. labour market.

All Asian indices gained except Australia's S&P ASX 200, which traded flat and China's CSI 300, which fell 0.1%. Hong Kong's Hang Seng was nearly 3% higher as of 7:35 a.m.

Market participants will be assessing the U.S. Job Openings and Labour Turnover Survey data, scheduled for release later today, to get fresh cues about the Federal Reserve's stance on monetary policy going forward. This data will be crucial after strong U.S. factory data.

The world’s biggest bond market came under pressure, and stocks erased gains as solid U.S. factory data reinforced speculation that the Federal Reserve will be in no rush to cut interest rates.

The S&P 500 index and Nasdaq Composite rose 0.20% and 0.11%, respectively, as of Monday. The Dow Jones Industrial Average dropped by 0.60%.

Brent crude was trading 0.37% higher at $87.74 a barrel. Gold was down 0.1% at $2,249.23 an ounce.

The GIFT Nifty was trading up by 63 points, or 0.28%, at 22,556 as of 7:30 a.m.

India's benchmark equity indices ended higher for the third straight day on Monday, led by gains in Larsen & Toubro Ltd., Tata Steel Ltd., and banking stocks.

The NSE Nifty settled 135.10 points, or 0.61%, higher at 22,462.00, and the S&P BSE Sensex rose 363.20 points, or 0.49%, to end at 74,014.55.

Overseas investors in Indian equities turned net sellers on Monday after three consecutive sessions of buying. Foreign portfolio investors offloaded stocks worth Rs 522.3 crore, and domestic institutional investors remained net buyers and mopped up equities worth Rs 1,208.4 crore, the NSE data showed.

On Monday, the Indian currency and bond markets remained closed.