Morning Update :–Major gainers on the Nifty were Bajaj Auto, SBI Life Insurance, Kotak Mahindra Bank, Grasim Industries, and Coal India, while losers included Apollo Hospitals, Hero MotoCorp, Tech Mahindra, TCS, and BPCL.
Sensex – Fall -93 Points at 73,583
Nifty 50 – Fall -34 Points at 22,321
Indian Market
FII AND DII
| FII Bought | Â Â 574.28 Cr |
| DII Bought | 1,834.61Cr |
Indian Market News
- US markets plummet as bitcoin and gold reach historic highs.
- Asian markets were mainly lower on Wednesday, with the Kospi down 0.6 percent and the Nikkei down 0.3 percent, while the Straits Times up 0.8 percent.
- Bitcoin jumps to a record high
- The US services sector cooled in February.
- Oil dipped slightly as China’s economic concerns collide with output restrictions.
- The NSE has kept Zed Entertainment Enterprises on the F&O ban list for 6 March.
- Ant Group’s arm is going to sell up to 2% ownership in Zomato for Rs 2,800 crore in a block sale.
- The dollar holds firm ahead of Powell’s hearing, while bitcoin takes a respite.
- Sumitomo Wiring to sell 4.5% share in Samvardhana Motherson through block deal: Sources
- RK Swamy’s IPO issue was subscribed 6.01 times, with the retail component booked 18.31 times on Day 2.
- JG Chemicals IPO completely subscribed on its debut day, with retail and HNI backing.
- Krystal Integrated Services IPO begins on March 14; price band to be disclosed soon.
Global Markets updates
GIFT Nifty
The GIFT Nifty’s trends show that the Indian stock market’s overall index has had a flat start, down 18 points or 0.08 percent. The 22,421.50 level was the trading range for the Nifty futures.
US Markets
Tuesday’s Wall Street stock market saw a severe decline, and as investors focused on impending economic data and central bank moves, gold and bitcoin reached record highs.
The S&P 500 lost 52.3 points, or 1.02 percent, to 5,078.65, the Nasdaq Composite slid 267.92 points, or 1.65 percent, to 15,939.59, and the Dow Jones Industrial Average plummeted 404.64 points, or 1.04 percent, to 38,585.19.
Asian Markets
On Wednesday, the Kospi fell 0.5 percent and the Nikkei fell 0.3 percent, leading to lower trading in the Asian markets.
News Updates
Bitcoin reaches a record high.
Due to investor money flowing into US spot exchange-traded crypto products and the possibility of a decline in global interest rates, Bitcoin reached a new high on Tuesday.
The biggest cryptocurrency in the world reached an all-time high of $69,202, surpassing the $68,999.99 mark set in November 2021. Since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January, investor interest has grown.
Up to 2% of Zomato may be sold by Ant Group arm in a block sale for Rs 2,800 crore.
According to sources who spoke with CNBC-Awaaz on March 5, Antfin Singapore Holdings Pte, the Chinese subsidiary of Ant Group, is anticipated to sell up to 2% of Zomato (17.64 crore shares) for Rs 2,800 crore in a block sale.
According to the channel, the floor price for the block deal is set at Rs 159.4 per share, which is 4% less than the current market price of Zomato shares.
RBI forbids JM Financial from funding with shares and debentures, citing significant shortcomings
With immediate effect, the Reserve Bank of India (RBI) on March 5 prohibited JM Financial Products Ltd (JMFPL) from providing loans secured by shares and debentures, including the approval and disbursement of loans secured by share initial public offerings (IPOs).
The RBI announced the move, stating that it was made in response to finding certain significant flaws in the loan application process used by the financial services company. More significantly, the central bank emphasised that, in addition to regulatory norms being broken, there are grave concerns about the company’s governance.
In February, the US services sector contracts.
A measure of new orders rose to a six-month high in February, indicating underlying strength in the US services industry, even if the sector’s growth slowed slightly due to a drop in employment.
The non-manufacturing PMI dropped from 53.4 in January to 52.6 last month, according to data released by the Institute for Supply Management (ISM) on Tuesday. Over two thirds of the economy is made up of the services sector, which is growing when the reading is above 50. Reuters polled economists, who predicted the index will remain mostly unchanged at 53.0.
Stocks in news
JM Financial: Effective immediately, the Reserve Bank of India (RBI) has prohibited JM Financial Products (JMFPL) from providing loans secured by shares and debentures, including the approval and disbursement of loans secured by initial public offerings (IPOs) of shares.
Zomato: According to sources who spoke to CNBC-Awaaz, Antfin Singapore Holdings Pte, the Chinese subsidiary of Ant Group, is expected to sell up to 2% of Zomato (17.64 crore shares) for Rs 2,800 crore in a block sale.
Samvardhana Motherson International: According to reports cited by CNBC Awaaz, Sumitomo Wiring, a promoter entity in the automobile manufacturer Samvardhana Motherson, is expected to sell a 4.5 percent interest through a block trade.
Coal India: The Gevra mine in Chhattisgarh, operated by Coal India subsidiary South Eastern Coalfield, has the potential to surpass all other coal mines in Asia in size. The mine may now produce up to 70 million tonnes annually instead of the existing 52.5 million tonnes thanks to environmental clearance.
Wipro: In an effort to solidify its position as a market leader in software-defined vehicle and cloudcar engineering services, Wipro, an IT services provider, has purchased a 27% interest in SDVerse LLC.
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