Stock Market Today: Sensex, Nifty Rebound Led By TCS, HDFC Twins, Adani Enterprises

Overseas investors in Indian equities were net buyers for the second straight day on Wednesday.

Foreign portfolio investors mopped up stocks worth Rs 1,245.39 crore during the day, according to data from the National Stock Exchange.

Domestic institutional investors turned net buyers after a day and bought equities worth Rs 822.99 crore, they snapped a 13-day buying streak on March 28.

Foreign institutions invested in Indian equities have remained net sellers so far in 2023, offloading equities worth around Rs 50,915.49 crore.

The yield on the 10-year bond closed 2 bps lower at 7.29% on Wednesday. It closed at 7.31% on Tuesday.

Source: Bloomberg

The local currency depreciated 15 paise to close at 82.34 against the greenback on Wednesday. It closed at 82.19 on Tuesday.

Source: Bloomberg

Indian equity benchmarks ended the trading day higher as it recovered after drifting lower amid volatility on Wednesday.

European stocks rose alongside Asian shares as the Hong Kong market rallied on a planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies. The U.S. equity futures also advanced.

The Stoxx Europe 600 Index climbed 0.6%, with tech and consumer shares gaining the most. UBS Group AG rose after the Swiss lender brought back a former CEO to oversee the acquisition of Credit Suisse Group AG. Asian stocks rose for a second day as benchmarks in Japan and Australia also increased.

Investors rushed back to Alibaba shares and other large tech companies that have been stung by a crackdown from Beijing over the past two years.

The S&P BSE Sensex Index closed up 346 points or 0.60% at 57,960.09 while the NSE Nifty 50 Index was higher by 129 points or 0.76% at 17,080.70.

Adani Enterprises Ltd., Axis Bank Ltd., Hindustan Unilever Ltd., Housing Development Finance Corp Ltd., and HDFC Bank Ltd. were positively adding to the change.

Whereas, Reliance Industries Ltd., Bharti Airtel Ltd., Asian Paints Ltd., ICICI Bank Ltd., and UPL Ltd. were negatively contributing to the change in the Nifty 50 Index.

All Adani Group company stocks advanced in trade, except Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Total GasLtd.

The broader market indices outperformed the larger peer; S&P BSE MidCap was up 1.67% whereas S&P BSE SmallCap was higher by 1.68%.

Nineteen out of 20 sectors compiled by BSE advanced, while S&P BSE Oil and Gas declined.

The market breadth was skewed in the favour of buyers. About 2,189 stocks rose 1,328 declined, and 121 remained unchanged on the BSE.

Indian benchmarks were trading higher as global markets stood reslient following the planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies.

Stocks that hit 52-week high intraday amid in Nifty 200 gauge.

Shares of Zee Entertainment Enterprises Ltd. rose 2.32% to Rs 213.65 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.12%.

Zee Entertainment and IndusInd Bank on Wednesday reached a settlement agreement in the insolvency case, lawyers told the National Company Law Appellate Tribunal. The tribunal was informed that a settlement between Zee and IndusInd had been effected and a certain payment had already been made. Zee said that the rest of the payment will be made before June 30.

Scrip gained as much as 4.41% intraday, the most in two weeks since March 16, 2023.

Total traded volume stood at 1.3 time its 30-day average. The relative strength index was at 58.2.

Out of the 25 analysts tracking the company, 22 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 29.3% over the next 12 months.

Source: Bloomberg

Indian equity benchmarks declined amid volatility, shedding all the morning gains. Nifty was trading below 17,000 level as Reliance Industries Ltd. dragged the index by nearly 28 points.

Asian markets drifted higher, while European and U.S. equity futures rose as the Hong Kong market rallied on a planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies.

Japanese and Australian equities also gained, while the U.S. equity futures advanced to effectively unwind a decline on Tuesday.

Investors rushed back to Alibaba shares and other large tech companies that have been stung by a crackdown from Beijing over the past two years.

On Tuesday, the Nasdaq 100 slumped 0.5% — paring a March advance to 4.7% — with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags.

As of 12:29 p.m., the S&P BSE Sensex Index was down 43 points or 0.08% at 57,570.32 while the NSE Nifty 50 Index was lower by 3 points or 0.02% at 16,949.15.

Adani Ports & Special Economic Zone Ltd., ICICI Bank Ltd., Adani Enterprises Ltd., HDFC Bank Ltd., Tata Steel Ltd. were positively adding to the change.

Whereas, Reliance Industries Ltd., Infosys Ltd., Bharti Airtel Ltd., Asian Paints Ltd., UPL Ltd. were negatively contributing to the change in the Nifty 50 Index.

Adani Group refuted the reports in separate statements Tuesday, calling a publication's claims as “baseless speculation.”

Later in the day, the company addressed another report, saying it had paid off share-backed financing amounting to $2.15 billion and that the stock pledged for those facilities had been released.

Adani spokesman Jugeshinder Singh earlier tweeted that the report was a “deliberate misrepresentation.”

All Adani Group company stocks advanced in trade, except Adani Transmission Ltd., Adani Green Ltd., and Adani Total Ltd.

The broader market indices were trading higher; S&P BSE MidCap was up 0.65% whereas S&P BSE SmallCap was higher by 0.66%.

Sixteen out of 20 sectors compiled by BSE advanced, while S&P BSE Energy, S&P BSE Telecommunication, S&P BSE Oil and Gas, S&P BSE Teck.

The market breadth was skewed in the favour of buyers. About 1,920 stocks rose 1,400 declined, and 130 remained unchanged on the BSE.

Shares of PSU banking companies recovered in trade after opening lower as the benchmark Nifty 50 Index was higher by 0.17%.

Nifty PSU Bank Index rose 0.89% and eleven out of the 12 consdtituents complied by the gauge advanced in trade, whereas Indian Bank declined in trade.

UCO Bank, Babnk of Maharshtra, Punjab and Sind Bank, Bank of India, Union Bank of India, Indian Overseas Bank and Central Bank of India and Punjab National Bank advanced in trade.

Source: NSE

Shares of SML Isuzu Ltd. gained as the company decided to increase the prices of its vehicles (both trucks & buses) with effect from 1st April.

Scrip gained as much as 4.80% intraday, the most in a week since March 21, 2023.

The decision comes after the input prices rose due to new compliances - BS6 Integrated On-Board Diagnostic II (IOBD-II) and Electronic Stability Control - for buses, and general inflation.

Prices of truck models were increased by 4% while of bus models by 6%.

Shares of the company gained by 2.31% to Rs 705.05 apiece as of 11.00 a.m.

The total traded volume so far in the day was 8.9 times its 30-day average. The one analyst tracking the company recommends a 'buy' on the stock, as per Bloomberg.

Source: Exchange filing, Bloomberg

Shares of Quess Corp Ltd. rose 4.76% to Rs 359.7 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.54%.

The scrip has 4.5% or 66.4 lakh equity shares change hands in a bunched trade.

Sources have told BQPrime that Fairbridge Capital Mauritius purchased upto 4.45% equity share capital at 12.1-16.5% premium to closing price.

Scrip gained as much as 12.13% intraday, the most in over six months since Sept. 20, 2022.

Total traded volume stood at 81.1 time its 30-day average. The relative strength index was at 50.

Out of the eight analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 40.8% over the next 12 months.

Source: Bloomberg, Exchange filing

• Larsen & Toubro secured an order to set up 5 LTPA fertiliser plant, on engineering and procurement basis, for Hindustan Zinc at Rajasthan.

• It won order from Bharat Aluminium Co. to expand capacity by 435 KTPA of Aluminium Smelter Complex at BALCO Korba in Chattisgarh.

• L&T classifies orders with value ranged from Rs 2,500 crore to Rs 5,000 crore as 'large'.

Source: Exchange filing

Adani Group refuted the reports in separate statements Tuesday, calling a publication's claims as “baseless speculation.”

Later in the day, the company addressed another report, saying it had paid off share-backed financing amounting to $2.15 billion and that the stock pledged for those facilities had been released. 

Adani spokesman Jugeshinder Singh earlier tweeted that the report was a “deliberate misrepresentation.”

Stocks of Adani Group company recovered in trade after a mixed opening as all ten stocks advanced.

Source: Bloomberg

Shares of Jindal Stainless Ltd. rose 2.09% to Rs 285.8 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.35%.

The company will acquire a 49% stake in Indonesia-based nickel pig iron company New Yaking Pte. Ltd. for $157 million (Rs 1,289.8 crore).

Scrip gained as much as 3.84% intraday, the most in three weeks since March 15, 2020.

Total traded volume stood at 0.8 time its 30-day average. The relative strength index was at 49.5.

Out of the eight analysts tracking the company, seven maintain a 'buy' rating and one recommends a 'hold' on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 5.4% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of South Indian Bank Ltd. fell 12.99% to Rs 14.4 apiece in trade on Wednesday. The headline index NSE Nifty 50 was trading higher by 0.4%.

The bank said in an exchange filing that it will constitute a search committee to identify candidates for the positions of MD and CEO after Murali Ramakrishnan requested not to be re-elected for the position.

Scrip plunged as much as 16.92% intraday, the most in over two years or 27 months since Dec. 22, 2020.

Total traded volume stood at 21 time its 30-day average. The relative strength index was at 24, implying that the stock maybe oversold.

Out of the five analysts tracking the company, three maintain a 'buy' rating, and two recommend a 'hold' on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 52.8% over the next 12 months.

Source: Bloomberg, Exchange filing

• HCC Group closed its sale of Baharampore-Farakka Highways Ltd. to Cube Highways and Infrastructure V Pte. ltd. at Rs 1,323 crore, which includes SPV debt of Rs 646 crore.

• HCC Group is to receive a total of Rs 941 crore in two tranches.

• HCC will also be entitled to a revenue share from BFHL over the entire concession period.

Source: Exchange Filing

• The company, on Tuesday, detected an IT security incident on its IT assets.

• Its dispatches faced some difficulty, which have now normalised.

• Company’s production facilities have not been affected by the incident.

• The IT team as well as the management has taken necessary precautions and measures to address the incident.

• The incident does not qualify as 'material' at the present.

Source: Exchange filing

Adani Green Energy Ltd., Adani Transmission Ltd., Adani Total Gas Ltd., and Adani Wilmar Ltd. declined in trade, while all the other group company stocks advanced.

Source: Bloomberg

Reliance Industries Ltd., Infosys Ltd., IndusInd Bank Ltd., Tata Steel Ltd., and UPL Ltd. were positively adding to the change.

Whereas, HDFC Bank Ltd., HDFC Ltd., Power Grid Corp of India Ltd., Larsen and Toubro Ltd., and Adani Ports and SEZ Ltd. were negatively contributing to the change in the Nifty 50 Index.

Indian equity benchmarks opened higher in trade after a mixed pre-open on Wednesday.

A rally in Hong Kong stocks reverberated across Asia after news of a planned revamp of Alibaba Group Holdings Ltd. bolstered demand for Chinese technology shares.

Japanese and Australian equities also gained, while the U.S. equity futures advanced to effectively unwind a decline on Tuesday.

On the other hand, a slide in technology shares halted a three-day advance in U.S. stocks as investors continued to recalibrate bets on the Federal Reserve’s path forward on interest rates.

On Tuesday, the Nasdaq 100 slumped 0.5% — paring a March advance to 4.7% — with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags.

At pre-open, the S&P BSE Sensex Index was down 42 points or 0.07% at 57,572.08 while the NSE Nifty 50 Index was higher by 26 points or 0.15% at 16,977.30.

At pre-open, the S&P BSE Sensex Index was down 42 points or 0.07% at 57,572.08 while the NSE Nifty 50 Index was higher by 26 points or 0.15% at 16,977.30.

Source: Bloomberg

• The local currency weakened by 5 paise to open at 82.24 against the greenback.

• It closed at 82.19 on Tuesday.

Source: Bloomberg

• Board of PNB Housing Finance approved a rights issue of 9.06 crore fully paid-up equity shares at an amount aggregating to Rs 2,500 crore.

• The issue price is set at Rs 275 per share, including a premium of Rs 265 apiece.

• Rights issue of the shares will open on April 13 and close on April 27.

Source: Exchange Filing

• Mphasis announces no exposure to Silicon Valley Bank, Signature Bank or Silvergate Capital, either as a client or as a banker.

• "Business from U.S. regional banks is a low single digit percentage contribution to the overall revenue," said Nitin Rakesh, CEO & MD, Mphasis.

Source: Exchange filing

• HFCL secures Rs 282.61-crore order for Surat Metro Rail Project from Gujarat Metro Rail Corporation.

• The project entails design, manufacture, supply, installation, testing and commissioning of telecommunication systems for Surat Metro Rail Project Phase-I.

• The timeline for the project completion stands at 90 weeks, with warranty support of 110 weeks thereafter.

Source: Exchange filing

• U.S. Dollar Index at 102.5

• U.S. 10-year bond yield at 3.57%

• Brent crude up 0.50% to $79.04 per barrel

• Nymex crude at $73.80 per barrel

• SGX Nifty up 0.08% at 17,003.5 as of 8:15 a.m.

• Bitcoin unchanged at $27,314.75

• India Cements: Promoter group EWS Finance & Investments created a pledge of 47 lakh shares on March 24.

• Hindustan Aeronautics: Promoter President of India acting through the government of India sold 1.17 crore shares on March 24.

• Bhansali Engineering Polymers: Promoter and director Jayesh B. Bhansali bought one lakh shares on March 27.

• Max Financial Services: Promoter Max Ventures sold 14.99 lakh shares on March 22.

• Bajaj Holdings & Investment: Promoter group Hercules Hoist bought 16,576 shares between March 23-24.

• Greaves Cotton: Promoter Karuna Carpets bought 77,800 shares on March 27.

• Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 25,000 shares and Deepak Arora bought 10,000 shares between March 27-28.

• Jai Corp: Promoter Ruchi Jain Hanasoge bought 2,01 lakh shares, and promoter NK Trust bought one lakh shares between March 24-27.

• Confidence Petroleum India: Promoter group confidence LPG Bottling bought 11.40 shares between March 27-28.

• NRB Bearing: Promoter and director Harshbeena Zaveri bought 21,243 shares on March 27.

• Zydus Wellness: Promoter Zydus Family Trust bought 9,066 shares on March 27.

• Sobha: Promoter Puthan NC Menon bought 40,000 shares on March 27.

• Shankara Building Products: Promoter group Dhananjay Mirlay Srinivas bought 10,000 shares on March 27.

• Star Cement: Promoter group Yash Bala Bhajanka bought 2 lakh shares; promoter and director Prem Kumar Bhajanka bought 18 lakh shares; promoter group Rahul Chamaria sold 8.25 lakh shares; and Sachin Chamaria sold 8 lakh shares on March 23.

• Godrej Agrovet: Promoter group Tanya Dubash bought 1.22 lakh shares, and Tad Family Trust sold 1.22 lakh shares on March 24.

• MTAR Technologies: Promoter Kavitha Reddy Gangapatnam sold 93,320 shares on March 24.

• KCP: Promoter VL Indira Dutt bought 2,000 shares on March 27.

• Price Band Revised From 20% To 5%: Mirza International

• Ex-Date Interim Dividend: Hindustan Zinc, SBI Cards and Payment Services

• Record Date Interim Dividend: Hindustan Zinc, SBI Cards and Payment Services

• Ex-Date Spin Off: Mirza International

• Record Date Spin Off: Mirza International

• Ex-Date Right Issue of Equity Shares: SEPC

• Record Date Right Issue of Equity Shares: SEPC

• Ex-Date Buy Back of Shares: Symphony

• Record Date Buy Back of Shares: Symphony

• Ex-Date Demerger: Mirza International

• Record Date Demerger: Mirza International

• Move Into Short-Term ASM Framework: GRM Overseas

• Kalyan Jewellers India: Highdell Investment sold 2.33 crore shares (2.26%) at Rs 110.04 apiece.

• India Glycols: Abhishek Khaitan bought 2.04 lakh shares (0.66%) at Rs 582.27 apiece.

• Shalby: Equity Intelligence India bought 6.1 lakh shares (0.56%) at Rs 117 apiece.

• Shilpa Medicare: India Opportunities Growth Fund sold 5 lakh shares (0.58%) at Rs 225.3 apiece.

• CE Info Systems: Zenrin sold 8 lakh shares (1.49%) at Rs 1,000.05 apiece.

• Steel Authority of India: Santosh Bhajanka bought 20 lakh shares (0.05%), Sajjan Bhajanka sold 20 lakh shares (0.05%) at Rs 81 apiece.

• Bajaj Finserv: Anant Bajaj Trust bought 4.05 lakh shares (0.04%), Geetika Shekhar Bajaj Trust sold 4.05 lakh shares (0.04%) at Rs 1,235 apiece.

• Vedanta: The company approved the fifth interim dividend of Rs 20.5 per share for the current fiscal, with a total outgo of Rs 7,621 crore. The record date for the dividend is April 7. Meanwhile, Ajay Goel, the acting CFO of the company, has resigned with effect from April 9.

• Tata Power: The company has proposed to set up a high-voltage 400 KV line corridor for Mumbai with the state electricity regulator. The proposed transmission line aims to cater to the city’s growing electricity demand by increasing its power capacity.

• Larsen & Toubro: The company issued two lakh non-convertible debentures to raise Rs 2,000 crore. The bonds will mature on April 28, 2028.

• GR Infraprojects: The company received a letter of acceptance from East Coast Railway for a project worth Rs 587.59 crore for the construction of tunnel work between Adenigarh and Purunakatak and allied works for the Khurda-Bolangir new rail line project.

• NBCC (India): The company received two work orders, jointly worth Rs 146.39 crore, from SIDBI and the Ghani Khan Choudhary Institute of Engineering and Technology.

• Jindal Stainless: The company will acquire a 49% stake in Indonesia-based nickel pig iron company New Yaking Pte. Ltd. for $157 million (Rs 1,289.8 crore).

• JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, will acquire additional 12 special purpose vehicles from Mytrah Energy (India) for Rs 1.82 crore.

• Aster DM Healthcare: The company acquired an additional 1.87% stake in subsidiary Malabar Institute of Medical Sciences for a cash consideration of Rs 18.65 crore, taking its overall shareholding to 76.01%.

• Adani Transmission/REC: REC Power Development & Consultancy, a wholly owned subsidiary of REC, has transferred the entire shareholding of Khavda IIA Transmission to the successful bidder, Adani Transmission.

• Zydus Lifesciences: The company received final approval from the U.S. FDA for loperamide hydrochloride capsules, the generic version of Imodium capsules.

• Inox Wind Energy: The board approved the transfer of the company’s wind energy business to its holding company, Inox Leasing and Finance, in a slump sale for a consideration of Rs 17 crore.

• Britannia Industries: The board of the company will meet on April 4 to consider and approve an interim dividend for the current financial year.

• NHPC: The board approved raising Rs 5,600 crore during the fiscal ending March 2024 via corporate bonds and/or term loans or external commercial borrowings.

• RHI Magnesita: The board of the company will meet on April 1 to consider raising Rs 200 crore via a preferential issue of shares.

• DCB Bank: The company issued and allotted 300 Tier II bonds of Rs 1 crore each, aggregating to Rs 300 crore.

• DB Corp: The company appointed Lalit Jain as chief financial officer, with effect from April 1, 2023, in place of Pradyumna Mishra, who is retiring at close of business hours on March 31.

• Apollo Tyres: The company will incorporate a wholly owned subsidiary to create an online direct-to-customer platform for offering passenger vehicle aftermarket services.

• South Indian Bank: The bank will constitute a search committee to identify candidates for the positions of MD and CEO after Murali Ramakrishnan requested not to be re-elected for the position.

Chinese stocks rose Wednesday as a planned revamp of Alibaba Group Holding Ltd. provided a bright spot in Asia following a decline in U.S. equities.

On the other hand, a slide in technology shares halted a three-day advance in U.S. stocks as investors continued to recalibrate bets on the Federal Reserve’s path forward on interest rates.

The Nasdaq 100 slumped 0.5%, paring a March advance to 4.7%, with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags.

U.S. consumers appear to have shrugged off the bank failures, with the latest consumer confidence figures unexpectedly higher in March.

Also, the yield on the 10-year Treasury note was trading at 3.57%. Crude oil prices rose to the $79 mark, while Bitcoin was hovering around the $27,000 level.

At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.08% at 17,003.5.

The Indian benchmark index Sensex closed 0.07% lower, while the Nifty declined 0.2% as gains in banking and metal stocks were offset by losses in realty, telecom, and utilities stocks.

The Indian rupee strengthened against the U.S. dollar for the second day in a row, tracking the weakness of the foreign unit in overseas markets.

Foreign institutional investors mopped up stocks worth Rs 1,531.1 crore during the day. On the other hand, domestic institutional investors turned net sellers, snapping their 13-day buying streak, and sold stocks worth Rs 156.1 crore, the NSE data showed.