Morning Update :–HDFC Life, Tata Motors, Eicher Motors, HCL Technologies and Bajaj Finance were among major gainers on the Nifty, while losers were Power Grid Corp, Britannia, ONGC, Grasim and Tata Consumer.
Sensex – Fall -322 Points at 72,509
Nifty 50 – Fall -84 Points at 22,012
Indian Market
FII AND DII
| FII Sold | Â Â 3,309.76Â Cr |
| DII Bought | 3,764.87Â Cr |
Indian Market News
- Wall Street closes lower ahead of US data; dollar pressured by yen and yuan
- The Asian market was trading higher, with Kospi up 1% and Hang Seng and Straits Ties up 0.5% each.
- Oil prices continue to rise amid expectations of tighter supply.
- Gold remains in a tight range as the focus shifts to US inflation data.
- Bitcoin tops $70,000 again after slumping due to US ETF outflows.
- The dollar falls, and the yen gains support from Tokyo’s jawboning.
- Adani Ports to buy 95% stake in Gopalpur Ports.
- Welspun Corp’s associate company gets an order worth Rs 512 crore.
- The Indian government has rejected Hindustan Zinc’s plan to split the company.
- Bharti Hexacom to launch an IPO on April 3, and Telecommunications Consultants to sell 15% stake.
- Beige Ltd, a ChrysCapital affiliate, may sell 2.9% of Mankind Pharma in a block deal worth Rs 2,460 crore.
- Gold remains in a tight range as the focus shifts to US inflation data.
- HUL acquires 22.2% stake in SPV for Rs. 2.23 lakh.
- Tejas Networks announced a strategic partnership with Telecom Egypt.
- 1.09 million HDFC Bank shares trade in a bunch, according to Bloomberg.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 50.50 points, or 0.23 percent, suggests that the wider index in India is off to a good start. The 22,120 level was the trading range for the Nifty futures.
US Market
US stocks fell at the start of a holiday-shortened week on Monday, as investors braced for inflation data.
The Dow Jones Industrial Average fell 162.26 points, or 0.41 percent, to 39,313.64, while the S&P 500 fell 15.99 points, or 0.31 percent, to 5,218.19 and the Nasdaq Composite fell 44.35 points, or 0.27 percent, to 16,384.47.
Asian Markets
While the Nikkei was trading flat, Asian markets were trading higher, with the Kospi up 1.3 percent and Taian Weighted up 0.7 percent.
Dollar
Tuesday saw the dollar weaken due to profit-taking and some pressure from a slightly stronger yen as Japanese government officials persisted in their aggressive defence of the currency.
The New Zealand dollar rose against the US dollar from a four-month low to last buy $0.5999. The same was true for sterling, which increased to $1.2636 from last week’s one-month low of $1.25755.
Gold Prices
Monday’s increase in gold prices was fueled by traders’ expectations that the US Federal Reserve would cut interest rates this year, even as they wait for this week’s inflation data to confirm when these cuts will occur.
Silver increased by 0.2 percent to $24.71, while spot gold gained 0.5 percent to $2,175.68 per ounce.
Crude Oil
With the escalation of hostilities in the Middle East and between Russia and Ukraine, oil prices increased by more than 1 percent on Monday. US oil futures increased by $1.15, or 1.4 percent, to $81.78 while Brent crude futures increased by $1.05, or 1.2 percent, to $86.48 a barrel.
This year, both benchmarks have increased gradually; by Friday’s close, Brent had increased by almost 11% and WTI by roughly 12.5%.
News Updates
Again reaching $70,000, Bitcoin fell due to withdrawals from US ETFs.
Bitcoin users seem to be ignoring the withdrawals from US exchange-traded funds that occurred last week, as the largest cryptocurrency surged back above $70,000.
On Monday, the majority of digital assets saw gains, with Bitcoin rising as much as 7.1 percent to $70,816. For the first time in over a week, the token’s value has surpassed $70,000. Solana and Dogecoin were both up more than 4%, while Ether was up about 6%.
Beige will use block deals to sell up to 2.90% of Mankind Pharma.
CNBC-TV18 sources claim that Beige Ltd will use block seals to sell up to a 2.90 percent stake in Mankind Pharma. At the moment, Beige owns 2.99 percent of Mankind Pharma.
The offer price, at a discount of 0–5% to the CMP for Rs 2,460 crore, is in the range of Rs 2,103-2,214 per share.
SEBI issues an administrative warning to ICICI Securities
Following an examination of the company’s books and records pertaining to its merchant banking operations carried out in December 2023, the Securities and Exchange Board of India (SEBI) has sent an administrative warning to ICICI Securities. The administrative warning letter has no effect on the company’s operations, finances, or other business-related activities.
Stocks in news
Reliance Industries: The board has approved the acquisition of all equity shares of MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV from MSEB Solar Agro Power by the billionaire businessman Mukesh Ambani. The acquisition action complies with the conditions of the tender that Reliance was given to establish a total of 128 MW of solar capacity distributed over multiple Maharashtra locations as part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
ICICI Securities: Following an inspection of the company’s books and records pertaining to its merchant banking operations in December 2023, the Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities.
Hinduja Global Solutions: A deal has been reached by the IT services management company to sell its optical fibre assets to its subsidiary Indusind Media and Communications (IMCL) for a sum of Rs 208.04 crore.
Lupin: For between Rs 100 and Rs 120 crore, the company intends to sell its trade generics business in India to its subsidiary Lupin Life Sciences (LLSL) as a going concern in a slump sale.
Dr Reddy’s Laboratories: To commercialise centhaquine in India, the biopharmaceutical company Pharmazz Inc., based in the US, has entered into a licence agreement with the pharmaceutical major. Pharmazz developed centhaquine, a resuscitative drug that is prescribed to treat hypovolemic shock.
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