Asian markets were set to fall after the U.S. equities dropped and government bonds rallied against the backdrop of weaker-than-expected economic data that supported forecasts for recession.
Contracts for share benchmarks in Japan and Australia declined. The S&P 500 retreated 0.3% as selling pressure clustered in vulnerable corners of the market.
The tech-heavy Nasdaq 100 dropped 1%, eroding a stellar first quarter in which the tech-heavy index rose by fifth. An index of non-profitable tech companies fell 4%.
Meanwhile, the yield on 10-year treasuries was trading at 3.30%. Crude prices trade above $85-mark, while Bitcoin was hovering around 28,000-level.
At 6:19 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India, was down 0.20% at 17,590.
Investors await the Reserve Bank of India's decision on the monetary policy later today. Indian benchmark indices—Sensex and Nifty—gained almost 1% as a rally in non-banking financial companies boosted markets on Wednesday in the truncated week.
Rupee strengthened against the U.S. dollar tracking positive sentiments in the domestic equity market.
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 806.8 crore, whereas the domestic institutional investors were net sellers for the second straight day and offloaded stocks worth Rs 947.2 crore, the NSE data showed.
Stocks To Watch
Tata Steel: Business Updates for Q4 FY23 (YoY)
Tata Steel India recorded 5% rise in crude steel production at 5.15 million tonnes.
Delivery volumes ticked up marginally to 5.15 million tonnes during the quarter.
Neelachal Ispat Nigam has an annual capacity of 1 million tonnes of crude steel and pig iron.
Tata Steel Europe saw production flat at 2.31 million tonnes, while deliveries dipped 11% to 2.13 million tonnes
Avenue Supermarts: Business Updates for Q4 FY23
The company reported 20% YoY rise in standalone revenue from operations at Rs 10,337 crore.
The number of stores, as of March 31, 2023, stood at 324.
Ujjivan Small Finance Bank: Business Updates for Q4 FY23 (YoY)
Total deposits increased 39% to 25,481 crore, while CASA deposits increased 35% to Rs 6,733 crore.
Gross loan book grew 33% to Rs 24,114 crore.
Disbursements increased 23% to Rs 6,001 crore.
Cholamandalam Investment and Finance Company: Business Updates for Q4 FY23 (YoY)
Disbursements increased 65% to 21,020 crore.
Collection efficiency on billing at an overall level stood at 130%.
The company holds cash balance of Rs 5,22 crore.
Equitas Small Finance Bank: Business Updates for Q4 FY23
Total deposits rose 34% to Rs 25,381 crore.
CASA deposits increased 9% to Rs 10,732 crore.
Gross advances increased 36% to Rs 28,061 crore.
Disbursements grew 80% to 5,917 crore
FSN E-Commerce Ventures: Business Updates for Q4 FY23 (YoY)
Nykaa said sustained consumption by Tier 1 consumers led to stronger revenue growth.
The company saw sustained strong demand for beauty and personal care categories.
It expects percentage revenue growth rates for FY23 to be in line with the ones seen in 9M FY23, early-thirties.
Hero MotoCorp: The company announced a voluntary retirement scheme open for all its staff members. The plan offers a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, etc.
Reliance Industries: Reliance Retail Ventures, the retail arm of the conglomerate, opened its flagship store in Mumbai, and launched the app and website for its beauty brand Tira.
Larsen & Toubro/Chambal Fertilisers and Chemicals: Chambal Fertilisers and Chemicals awarded a contract worth Rs 960.71 crore to Larsen & Toubro for building a technical ammonium nitrate manufacturing plant with an annual capacity of 2.4 lakh metric tonnes.
Dalmia Bharat Sugar and Industries: The board approved capex of Rs 400 crore for setting up grain-based distillery at the company's Nigohi unit with daily capacity of 250 kilolitres. It also approved capacity expansion at Ramgarh Sugar unit from 6,600 tonnes of cane per day to 7,000 tonnes of cane per day at a capital expenditure of Rs 14 crore.
Infosys: The company extended its collaboration with data and analytics company LexisNexis to provide end-to-end information services across their range of content, enterprise, and product applications.
Rail Vikas Nigam: The company emerged as the lowest bidder for provision of E1 based automatic signalling with continuous track circuiting and other associated works in Jhansi-Gwalior section of Jhansi Division of North Central Railway at a cost of Rs 121.06 crore.
Religare Enterprises: The company will acquire the entire 87.5% stake of Religare Housing Development Finance Corporation from wholly owned subsidiary Religare Finvest. The company will also acquire 100% stake in MIC Insurance Web Aggregator from iGear Holdings, a part of The Indian Express Group, for an undisclosed cash consideration.
Coffee Day Enterprises: The company appointed Crest Law firm for recovery of outstanding dues from Mysore Amalgamated Coffee Estates to its seven subsidiaries.
Offerings: Avalon Technologies IPO Day 3
Avalon Technologies: The issue was subscribed 9% on the second day. The retail portion again saw the most demand and was subscribed 45%. Non-institutional investors placed bids for 5% of their basket, while no bids were received from institutional investors.
Trading Tweaks
Price Band Revised From 10% To 5%: Brightcom Group
Price Band Revised From 20% To 5%: GHCL
Ex-Date Interim Dividend: Rail Vikas Nigam, Vedanta
Record Date Interim Dividend: Rail Vikas Nigam
Ex-Date Spin Off: GHCL
Move Into Short-Term ASM Framework: SML Isuzu
Insider Trading
Confidence Petroleum India: Promoter group Confidence LPG Bottling bought 1.45 lakh shares on March 31.
BLS International Services: Promoter group Ruchita Gaurav Aggarwal bought 12,547 shares on March 14.
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company sold 10 lakh shares on March 31.
Pledge Share Details
Asahi India Glass: Promoter and director Sanjay Labroo created a pledge of one lakh shares on March 31.
Choice International: Promoter group Patodia Properties created a pledge of 38.50 lakh shares on March 31.
Gati: Promoter TCI Finance revoked a pledge of 2.03 lakh shares on March 31.
F&O Cues
Nifty April futures ended at 17,625.35 a premiun of 151.35 points.
Nifty April futures fell 3.27% and 7,073 shares in Open Interest.
Nifty Bank April futures ended at 41,141 a premium of 127.10 points.
Nifty Bank April futures fell 17.27% and 19,074 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Nil
Money Market Update
Rupee closed 0.40% higher against the U.S. dollar at 82 on Wednesday, compared to Monday's close of 82.33.
Research Reports
IT Services Q4 Results Preview - Banking Crisis To Weigh Upon Near Term Growth: IDBI Capital
Hindalco - Increase In Capacity, Value-Added Downstream Products To Drive Performance: Motilal Oswal
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