Morning Update :–The Nifty saw big gains from Hero MotoCorp, SBI Life Insurance, Bajaj Finance, Cipla, and UltraTechCement, while Power Grid Corp, BPCL, Tata Steel, TATA Cons. Prod, and Tata Motors fell.
Sensex – Fall -74 Points at 74,044
Nifty 50 – Fall -12 Points at 22,480
Indian Market
FII AND DII
| FII Bought | Â Â Â 7,304.11Â Cr |
| DII Bought | Â 2,601.81 Cr |
Indian Market News
- Wall Street slides from records, with the Nasdaq leading declines.
- Asian markets were trading lower on Monday as Wall Street’s rise took a pause.
- Oil prices decrease amid concerns about China’s demand.
- US job market data strengthens Fed’s ‘no haste’ rate lowering outlook
- Bitcoin jumps to a record high of nearly $70,000.
- KP Green Engineering, the largest ever SME IPO, will hit Dalal Street on March 15.
- Sebi expresses concerns over loan applications cleared by JM Financial Products.
- NLC JV to establish 125MW Lignite-Based Power Plant and 1000MW Solar Power Plant.
- SBI Life Insurance’s board approved an interim dividend of Rs 2.70 for FY2023-24.
- ECB keeps rates on hold as inflation remains sticky.
- Cabinet approves Rs 10,372 crore India AI mission to establish compute facility.
- GAIL reduces CNG pricing by Rs 2.5 per kilogramme.
- India’s currency reserves rise by $6.55 billion to $625.63 billion.
- The ED has attached assets worth Rs 367 crore in the Bhushan Steel ‘bank fraud’ case.
- Yen advances as bets firm for an upcoming rate hike; sterling falls.
- HDFC Bank trades 1.78 million shares in a bunch: Bloomberg
Global Markets updates
GIFT Nifty
The GIFT Nifty, which lost 53 points, or 0.23 percent, suggests that the Indian index as a whole is off to a bad start. The 22,651 mark was the focal point of the Nifty futures trade.
US Markets
Despite hitting record highs during the session, the S&P 500 and Nasdaq ended the day lower. This was due to the reversal of high-flying semiconductor stocks and a mixed labour market data that showed a higher unemployment rate and more new jobs than anticipated.
After momentarily setting intraday records, the S&P and Nasdaq began to wane in the late morning. After reaching a record high during the day, the Philadelphia Semiconductor Index, opens new tab, drastically underperformed and finished the day down 4%.
The S&P 500 lost 33.67 points, or 0.65 percent, to 5,123.69, the Nasdaq Composite lost 188.26 points, or 1.16 percent, to 16,085.11, and the Dow Jones Industrial Average sank 68.66 points, or 0.18 percent, to 38,722.69.
Asian Markets
Following a pause in Wall Street’s advance, Asian markets saw a decline on Monday. Nvidia, the market leader in artificial intelligence, ended the day down more than 5%, marking its lowest day since late May.
News Updates
US labour market data supports Views on the Fed’s “no rush” rate cut
On Friday, officials at the Federal Reserve who are considering when to begin reducing interest rates were given another justification to hold off after a government report revealed strong job creation in February along with indications of a cooling labour market, which might aid the Fed in its fight against inflation.
According to a Labour Department data released on Friday, US companies added 275,000 jobs last month, easily exceeding the 200,000 experts had predicted.
Over $70,000 is the record high for bitcoin.
In erratic trading on Friday, Bitcoin surged to a record high as the investment community continued to be enthralled by cryptocurrency.
Expectations of falling global interest rates and investor demand for new US spot exchange-traded cryptocurrency products helped the top cryptocurrency cross the $70,000 threshold for the first time.
Forex reserves in India increase by $6.55 billion to $625.63 billion.
The Reserve Bank of India reported on Friday that during the week ending March 1, India’s foreign exchange reserves increased by $6.55 billion to $625.626 billion. The total reserves had increased by $2.975 billion to $619.072 billion over the previous reporting week.
It should be mentioned that the nation’s currency reserves hit an all-time high of $645 billion in October 2021. The reserves suffered as a result of the central bank using the kitty to protect the rupee from pressure brought on mostly by events that have occurred globally since last year. According to the report, foreign currency assets, which make up a significant portion of reserves, climbed by $6.043 billion to $554.231 billion for the week that ended on March 1.
JM Financial is prohibited by Sebi from leading any public debt offering.
JM Financial is not permitted to accept any new mandates from the market regulator to serve as the lead manager for any debt securities that are issued to the public.
The Securities and Exchange Board of India (Sebi) said in an interim order dated March 7 that JM Financial may carry out its lead manager role for debt securities that are issued publicly for a period of 60 days following the date of this order. According to Sebi, the investigation into this incident will be finished in six months and the observations expressed in the order are based on the material that is currently on file.
Co-founder of IndiGo Rakesh Gangwal hopes to raise roughly $450 million through a block transaction.
According to various people familiar with the issue who spoke on condition of anonymity, IndiGo co-founder Rakesh Gangwal intends to raise around $450 million by selling a 3.3 percent interest in Interglobe Aviation. “The offer floor price for the proposed block deal is Rs 2,925 per share with a 5.8 percent discount to the last close price,” according to one of the individuals.
The investment banks advising Gangwal on the deal are Morgan Stanley, JP Morgan, and Goldman Sachs, the second person said.
Rates are held by the ECB while inflation remains high.
The European Central Bank delayed beginning to lower borrowing costs on Thursday due to worries that sticky inflation is not abating as quickly as anticipated. As a result, interest rates were frozen once more.
As was to be expected, the governing council of the Frankfurt-based institution kept the benchmark deposit rate at a record four percent for the fourth consecutive meeting.
“Although most measures of underlying inflation have eased further, domestic price pressures remain high, in part owing to strong growth in wages,” the European Central Bank said in a statement.
Stocks in news
InterGlobe Aviation: According to reports cited by CNBC-TV18, IndiGo co-founder Rakesh Gangwal is thinking of selling up to 5.8 percent of the airline’s parent firm, InterGlobe Aviation. This is a larger amount than the 3.3 percent originally planned. According to the newspaper, the proposed equity offer has a floor price of Rs 2,925 per share and aims to raise approximately Rs 6,600 crore.
JM Financial: JM Financial is not permitted to accept any fresh mandates from the SEBI to serve as the lead manager for any debt securities that are issued to the public.
Rail Vikas Nigam: Under the Revamped Reformsbased and Results-linked, Distribution Sector Scheme (Loss Reduction Works), the state-run railway company has received a Letter of Awards (LoA) worth Rs 1,298.2 crore from the Himachal Pradesh State Electricity Board for the development of distribution infrastructure at the south and north zones of the state.
Torrent Power: Maharashtra State Electricity Distribution Co. has sent a Letter of Award to the Gujarat-based power provider for the establishment of 306 MW of grid-connected solar PV projects in Nasik, Maharashtra, with a tariff rate of Rs 3.10 per kWh. INR 1,540 crore is the project’s cost.
GAIL (India): To investigate the possibility of importing ethane and other hydrocarbons, the gas distribution business, Oil and Natural Gas Corporation (ONGC), and Shell Energy India (SEI) inked a tripartite Memorandum of Understanding (MoU).
PNC Infratech: The infrastructure business has declared the signing of a concession agreement with MP Road Development Corporation (MPRDC) for a bid project valued at Rs 1,174 crore. The project is a hybrid annuity mode (HAM).
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