Morning Update :–BPCL, Adani Ports, Maruti Suzuki, Reliance Industries, and Hindalco Industries were among the Nifty’s top gainers, while UPL, Tata Consumer, Britannia Industries, Wipro, and Nestle India fell.
Sensex – Rise +332 Points at 72,666
Nifty 50 – Rise +114 Points at 22,070
Indian Market
FII AND DII
| FII Bought | Â Â 10.13Â Â Cr |
| DII Bought | 5,024.36Â Cr |
Indian Market News
- Asian markets were trading mixed on Wednesday, with the Hang Seng down 1% and the Nikkei up 1%.
- Oil prices fell for the second day as US crude inventories increased.
- PE firm Olympus looks to sell nearly 10% stake in Aster DM Healthcare for $235 million.
- The dollar remains stable, while the yen teeters ahead of key US inflation data.
- The yen has hit a 34-year low ahead of a key US inflation test.
- Dow, S&P fall for third straight session as inflation data is expected
- 9.2% of CDSL’s equity changed hands.
- India’s current account deficit falls to $10.5 billion in October-December.
- Warburg Pincus-backed Avanse raises Rs 1,000 crore in Mubadala-led funding round for its IPO.
- Goldman Sachs has maintained its buy rating on Reliance Industries and raised the target price to Rs 3,400 from Rs 2,925, according to CNBC-TV18.
- Olympus Capital Asia Investments is likely to sell up to 9.8% stake in Aster DM Healthcare through a block deal.
- Standard Chartered Bank is likely to sell its entire 7.18% stake in CDSL for $151 million.
- Indiabulls Housing Finance will issue bonds worth USD 350 million.
- Olympus Capital Asia Investments is likely to sell up to 9.8% stake in Aster DM Healthcare through a block deal.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which lost 44 points, or 0.20 percent, suggests that the Indian index as a whole is off to a bad start. The 22,046 mark was the focal point of the Nifty futures trade.
US Market
The Dow and S&P 500 saw their third consecutive decline on Tuesday as US stocks fell, giving up small gains late in the day as investors awaited economic data in a week shortened by holidays to determine the Federal Reserve’s policy path.
At 39,282.33, the Dow Jones Industrial Average dropped 31.31 points, or 0.08 percent. The Nasdaq Composite fell 68.77 points, or 0.42 percent, to 16,315.70, while the S&P 500 lost 14.61 points, or 0.28 percent, to 5,203.58.
Asian Markets
Early on Wednesday, Asian indices were rising, with the Nikkei and Straits Times rising by 0.7 percent apiece
Dollar
Tuesday saw a decline in the dollar as investors awaited new information on Federal Reserve policy. In contrast, the yen held steady following the statement made by Japan’s finance minister that he would not rule out taking steps to counteract the declining value of the Japanese yen.
Gold Prices
Buoyed by a declining US dollar, gold prices rose on Tuesday as investors awaited data that is scheduled for release later this week that will provide insight into underlying inflation trends and help determine the Federal Reserve’s interest-rate policy.
Crude Oil
Tuesday saw minimal movement in oil prices as traders viewed the loss of Russian refinery capacity in the wake of the recent attacks in Ukraine more cautiously, with some support coming from a slightly depreciating US dollar.
News Updates
From October to December, India’s current account deficit decreased to $10.5 billion.
India’s current account deficit (CAD) decreased to $10.5 billion in Q3 2023-24, accounting for 1.2% of the country’s GDP. The deficit was $11.4 billion in July-September 2023 and $16.8 billion in October-December 2022. The RBI reported that the CAD for Q2 2023-24 was revised to 1.3% due to an upward adjustment of customs data on merchandise imports, indicating a slight improvement in the country’s financial health.
Stocks in news
Central Depository Services (India): According to sources who spoke with CNBC-TV18, Standard Chartered Bank, a public shareholder, is expected to sell all 7.18 percent of CDSL—roughly 75 lakh equity shares—for $151 million in a block deal.
Cipla: Sanofi India, Sanofi Healthcare India, and Sanofi India have announced an exclusive distribution and marketing agreement with Cipla for Sanofi India’s six central nervous system (CNS) products, including Frisium, a top brand in the anti-epileptic drug category.
Shyam Metalics and Energy: The Industry, Energy, Labour, and Mining Department of the Government of Maharashtra has sent a Letter of Intent to Shyam Metalics and Natural Resources Energy (NREPL) for a composite licence for an iron ore block covering 1,526 hectares in Maharashtra.
Prism Johnson: The building materials company announced that the Board of Directors will convene on 29 March to discuss the possibility of raising money through the private placement of non-convertible debentures.
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