Morning Update :–Adani Ports, BPCL, TCS, Infosys and Apollo Hospitals were among major gainers on the Nifty, while losers were ITC, Nestle, Britannia, HUL and HDFC Life.
Sensex – Rise +87 Points at 73,590
Nifty 50 – Rise +4 Points at 22,336
Indian Market
FII AND DII
| FII Bought | Â Â Â 4,212.76Â Cr |
| DII Bought | Â 3,238.39 Cr |
Indian Market News
- Asian markets were broadly higher in the early trade on Tuesday, with Japan’s corporate inflation numbers for January coming in higher than expected.
- Japan’s Nikkei 225 fell 1%, while the Hang Seng and Kospi gained 0.30% each.
- Gold’s record run slows ahead of US inflation data.
- Oil increases slightly ahead of demand forecasts.
- British American Tobacco is planning to initiate an ITC selldown as early as this week.
- Dollar on guard; BOJ conjecture keeps the yen strengthened.
- DoT releases rules for the spectrum regulatory sandbox.
- Gopal Snacks IPO subscribed 9 times, with retail portion booked 4 times on the closing day.
- Manipal Hospitals in the last step of Medica Synergie purchase for Rs 1,200-1,400 crore.
- Institutional investors select Rs 180 crore worth of shares from the anchor book in Popular Vehicles and Services.
- 6 million shares of Infibeam Avenues changed hands in a block trade, according to Bloomberg.
- British American Tobacco is planning to initiate an ITC selldown as early as this week.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty show a positive start for India’s broader index, with a gain of 26.50 points (0.12%). The Nifty futures were trading near the 22,440.00 mark.
US Markets
A global market index fell for the second straight day on Monday, slipping further from a record high ahead of U.S. inflation data this week, which could have a significant impact on the Federal Reserve’s interest rate path.
The Dow Jones Industrial Average gained 46.97 points, or 0.12%, to 38,769.66. The S&P 500 sank 5.74 points, or 0.11 percent, to 5,117.95, while the Nasdaq Composite dropped 65.84 points, or 0.41 percent, to 16,019.27.
Asian Markets
Asian markets were trading neutral early Tuesday after Japan’s corporate inflation numbers for January came in higher than expected.
Japan’s corporate inflation rate increased to 0.6% in February, exceeding the 0.5% forecast by Reuters experts and rising from 0.2% in January.
Japan’s Nikkei 225 fell 1 percent, while the Kospi rose 0.30 percent.
Gold Prices
Gold traded flat on Monday, pausing after a record rise last week, as traders waited for U.S. inflation data that could shed more light on the Federal Reserve’s interest rate path.
Spot gold was unchanged at $2,179.69 per ounce at 9:32 a.m. ET (1332 GMT), after reaching a record high of $2,194.99 on Friday as U.S. labour market data supported rate cut bets.
US gold futures were similarly slightly changed at $2,186.20.
The US consumer price inflation (CPI) statistics for February is due on Tuesday.
CrudeÂ
Oil fell on Monday, with global benchmark Brent falling below $82 a barrel as concerns about war in the Middle East affecting supplies receded. Softening demand in China also weighed.
Brent futures were down 58 cents at $81.50 a barrel, while US West Texas Intermediate (WTI) down 93 cents, or 1.2 percent, to $77.08.
News Updates
British American Tobacco is planning to initiate an ITC selldown as early as this week.
British American Tobacco Plc, the producer of Lucky Strike cigarettes, plans to sell a portion of its investment in Indian partner ITC Ltd as early as this week, according to individuals familiar with the situation.
London-listed According to the sources, BAT has been in talks with Bank of America Corp. and Citigroup Inc. about divesting roughly $2 billion to $3 billion of ITC stock via block transactions.
Such transactions are typically conducted at a discount to the market price. Details of the transaction may yet alter, and the offering’s launch may be delayed until next week depending on market circumstances, according to the people, who requested anonymity because the information is confidential.
Bloomberg data shows that BAT presently controls almost 29 percent of Mumbai-listed ITC. The UK corporation announced last month that it is considering monetizing a portion of its holdings.
DoT releases rules for the spectrum regulatory sandbox.
The telecom department has announced rules for spectrum regulatory sandboxes and Wireless Test Zones to improve business efficiency and encourage “Make in India” in wireless devices.
The department stated that the sandbox will contribute in the development of technology for using and boosting the efficiency of greenfield spectrum bands.
Ashwini Vaishnaw, Union Telecom and IT Minister, stated that the spectrum regulatory sandbox will allow engineering institutes to test telecom equipment easily via a webpage.
Bitcoin reaches $72,000 for the first time, as rally gains momentum.
Bitcoin surpassed $72,000 for the first time, gaining for the sixth consecutive day and bringing gains this year to nearly 70% on the back of enormous inflows into US exchange-traded funds.
Stocks in news
HG Infra Engineering: The National Highways Authority of India (NHAI) has awarded the company a letter of award for a 4-lane access controlled highway in Andhra Pradesh that will be built using hybrid annuity mode. The project has a construction span of 24 months and a cost of Rs 862.11 crore.
Aurobindo Pharma: From September 11–15, 2023, Unit IV, a formulation production facility of APL Healthcare, a wholly owned subsidiary of the business, in Andhra Pradesh, was inspected by the Prequalification Unit Inspection Team (PQT-INS) of the World Health Organisation (WHO). Following the inspection, the Prequalification Assessment Team has been advised by the PQT-INS to include the facility as a manufacturing site in the dossier for tablets containing dolutegravir, lamivudine, and tenofovir disoproxil fumarate in the 50/300/300 mg strengths.
Rail Vikas Nigam: The government-owned railway has emerged as the lowest bidder (L1) for the Central Railway contract for signalling and telecommunication work related to the installation of automatic block signalling on the Khapri-Sewagram section of the Nagpur division. The project has a 47.36 crore rupee value. Additionally, Maharashtra Metro Rail Corporation’s RVNL turned out to be the lowest bidder for the Pune Metro Rail Project portion.
R. K. Swamy: On March 12, the marketing services company is scheduled to make its BSE and NSE debut. The price per share for the final issuance has been set at Rs 288.
ESAF Small Finance Bank: According to the small finance bank, the Board of Directors has given the go-ahead for the private sale of Tier II bonds to raise up to Rs 135 crore.
Must read book about investing – check here
Read more Check the latest news Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update