Morning Update
Reliance Industries, Coal India, JSW Steel, IndusInd Bank and Bharti Airtel were among big gainers on the Nifty, while losers were Bajaj Auto, Tata Consumer, TCS, Infosys and Britannia Industries.
Sensex – Fall -135.76 Points at :- 72,169
Nifty 50 – Fall -67 Points at :- 21684
Indian Market
FII AND DII
| FII Sold | 1,879.23 Cr |
| DII Bought | 1,827.45Cr |
Indian Market News
- Wall Street falls with inflation data on deck.
- Asian markets were neutral early Thursday as investors anticipated U.S. personal consumption expenditures price index data for indications on the Federal Reserve’s interest rate policy.
- GIFT Nifty shows a good opening; Wall Street falls, Asia markets divided.
- RIL launches a Rs 70,352 crore joint venture with Disney to consolidate streaming and television assets in India.
- Reliance Capital slated to be delisted and taken private by Hinduja Group.
- JG Chemicals sets a price band of Rs 210-221 for its Rs 251 crore IPO.
- Bharat Highways InvIT IPO subscribed 37% on the first day of bidding.
- GPT Healthcare shares is expected to list at a 5% premium to its IPO pricing on February 29.
- Institutional investors purchase Rs 67 crore worth of shares in Mukka Proteins’ IPO via anchor book.
- SEBI gives confirmation order on Brightcom Group and urges further examination by ED.
- US fourth-quarter GDP growth was revised somewhat lower.
- Oil prices fall, as US oil stockpiles fuel demand anxieties.
Global Markets updates
GIFT Nifty
With a gain of 83.50 points, or 0.38 percent, the GIFT Nifty trends suggest that the broader index in India is off to a solid start. The 21,968 mark was the focal point of the Nifty futures trade.
US Markets
Wednesday’s slightly lower closing price for US stocks came one day ahead of an important inflation report that may have a significant impact on when the Federal Reserve decides to cut interest rates.
The S&P 500 lost 8.42 points, or 0.17 percent, to 5,069.76, the Nasdaq Composite lost 87.56 points, or 0.55 percent, to 15,947.74, and the Dow Jones Industrial Average sank 23.39 points, or 0.06 percent, to 38,949.02.
Asian Markets
Early on Thursday, investors were waiting for U.S. personal consumption expenditures price index data to provide hints about the Federal Reserve’s likely interest rate path. This resulted in lower trading on Asian markets.
Gold Prices
Gold fell slightly on Monday as investors’ attention turned to U.S. inflation data that is scheduled for release this week, which may have an impact on when the Federal Reserve will decrease interest rates.
Spot gold increased by 0.5% to $2,025.91 an ounce. The price of US gold futures fell 0.6 percent to $2,036.60.
Dollar
As investors braced themselves for the release of US and European inflation statistics on Thursday, the dollar surged against the euro and yen on Wednesday. Additionally, the direction of the market may be affected by month-end portfolio rebalancing.
Bitcoin saw a surge of over two years, owing to robust market liquidity.
Crude
Growing US crude stocks added additional pressure, and US crude oil futures ended the day lower on Wednesday. The Federal Reserve maintained its determination to postpone lowering interest rates for the foreseeable future.
At $83.68 per barrel, Brent crude futures ended the day 3 cents higher, or 0.04 percent higher. US West Texas Intermediate (WTI) futures ended the day at $78.54, down 33 cents, or 0.42 percent. Prior to this, both benchmarks had dropped $1 in trading.
US crude stockpiles increased.
News updates
Disney and RIL launch a joint venture worth Rs 70,352 crore to combine streaming and TV assets in India.
By striking a profitable deal to join The Walt Disney Company as a senior partner in a joint venture, Reliance Industries Ltd. has risen to the top of one of the media and entertainment sectors with the fastest rate of growth in the world.
The joint venture that results from the merging of Viacom18 and Disney’s India unit Star India would be owned by RIL, both directly and through its unit Viacom18.
Star India was originally asking for more over $8 billion; as a result, the deal values the company at roughly $3.5 billion. Additionally, it represents about 5% of Star’s $15 billion India valuation in 2018, the year the company was sold from Rupert Murdoch to Walt Disney. This is further evidence of Reliance’s renowned ability to close deals, as it was able to wipe out a massive debt mountain during the height of the pandemic by selling small stakes in Jio and its retail businesses to a wide range of international brands.
Sebi issued a confirmation order on Brightcom Group and recommends that ED look into the matter more.
The directives issued to 20 out of the 25 noticees in the Brightcom Group case have been verified by the market regulator.
After looking into a preferential issue of shares and warrants for which some allottees had only made partial payments, the Securities and Exchange Board of India (Sebi) issued an interim decision on August 22, 2023. Sebi released a confirming order on February 28.
Ashwani Bhatia, a Whole-time Member of Sebi, has also recommended in the confirmatory order that the order be forwarded to the Enforcement Directorate (ED) for the agency’s review, given that some of the transactions involved foreign exchange and could have involved breaking laws related to dealing in foreign exchanges.
US economic growth in the fourth quarter was lowered down marginally.
The US economy expanded at a healthy rate in the fourth quarter because to robust consumer spending, the government announced on Wednesday. However, the economy seems to have slowed down a bit in the first few months of the year.
In its second estimate of fourth-quarter GDP growth, the Commerce Department’s Bureau of Economic Analysis stated that the gross domestic product grew at an annualised rate of 3.2 percent last quarter, which was revised slightly down from the previously reported 3.3 percent pace.
The economy expanded during the July–September quarter at a rate of 4.9 percent. It grew by 2.5 percent in 2023, up from 1.9 percent in 2022, and is now over the 1.8 percent non-inflationary growth rate that is considered by Federal Reserve policymakers.
Stock in News
Reliance Industries: The Walt Disney Company and the billionaire Mukesh Ambani-owned Viacom 18 Media have finalised legally binding arrangements to establish a joint venture (JV) that would integrate the operations of Viacom 18 and Star India. As part of its expansion plan, Reliance has committed to investing Rs 11,500 crore in the JV.
KSB: The producer of pumps and valves reported a consolidated net profit of Rs 54.9 crore for the quarter that ended in December 2023, a decrease of 1.8 percent from the same time the previous year due to a feeble operating margin. For the quarter, revenue from operations reached Rs 602.6 crore, up over 15% YoY.
UPL: As of March 28, Shriram Finance will take UPL’s place in the Nifty 50 index. As a replacement for UPL, the exchange stated that Shriram had the greatest six-month average free-float market capitalization within the qualified universe.
Coal India: To expand its coal-to-chemicals business, the state-owned coal mining corporation has partnered with BHEL in a joint venture agreement (JVA).
GPT Healthcare: On February 29, the healthcare services company is scheduled to make its market debut on the bourses. The price per share for the final issue has been set at Rs 186.
ICICI Securities: ICICI Securities has received an administrative warning from the Securities and Exchange Board of India (SEBI). The warning has been given in relation to the examination of the company’s books and records pertaining to its merchant banking operations.
PB Fintech: Policybazaar Insurance Brokers (Policybazaar), a wholly-owned subsidiary of PB Fintech, has been given a Certificate of Registration by the Insurance Regulatory and Development Authority of India (IRDAI) to function as a composite insurance broker as of February 28.
BGR Energy Systems: At an average price of Rs 55.81 per share, promoter Sasikala Raghupathy sold an additional 17,73,243 equity shares (or 2.46% of paid-up stock) in BGR through open market transactions. In light of this, Sasikala has sold 1,42,48,504 equity shares in total since February 21 (or 19.74% of paid-up equity), compared to its holdings of 1,73,14,450 equity shares (or 23.99%) as of December 2023. But Anita Jaideep Sampat chose to purchase 4 lakh BGR shares at an average price of Rs 54.85 per share, while Malti Narendra Sampat paid Rs 54.87 per share for her 4 lakh shares.
Venus Pipes & Tubes: The maker of seamless and welded stainless steel pipes and tubes has announced its entry into the fittings market as well as an increase in capacity. The next stage of the company’s growth will cost Rs 175 crore.
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