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Budget News

  • Market ends with modest cuts amid volatility; Nifty settles below 17,100
  • March 23,2023  15:50
  • The domestic equity barometers ended a volatile session with modest losses on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty closed below the 17,100 level after hitting day's high of 17,205.40 in afternoon trade. FMCG, pharma and healthcare shares advanced while banking, realty and IT shares declined.

    As per provisional closing data, the barometer index, the S&P BSE Sensex declined 289.31 points or 0.50% to 57,925.28. The Nifty 50 index lost 75 points or 0.44% to 17,076.90.

    In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index slipped 0.15%.

    The market breadth was negative. On the BSE, 1,446 shares rose and 2,055 shares fell. A total of 133 shares were unchanged.

    The Federal Reserve on Wednesday raised interest rates by another 25 basis points to 4.75% to 5%, the highest level since September 2007. However, the central bank signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.

    New Listing:

    Shares of Global Surfaces were locked in an upper circuit of 5% at Rs 171.15 on the BSE, representing a premium of 22.25% compared with the issue price of Rs 140.

    The scrip was listed at a price of Rs 163, at a premium of 16.43% as compared to the issue price.

    So far, the stock has hit a high of 171.15 and a low of 156.30. On the BSE, over 4.36 lakh shares of the company were traded in the counter so far.

    Stocks in Spotlight:

    Larsen & Toubro lost 0.30%. The EPC major on Wednesday announced that it has entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

    Nazara Technologies advanced 0.44% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

    Maruti Suzuki India rose 1.18% after the company said it has planned price increase in April 2023 which shall vary across models.

    Hindustan Aeronautics (HAL) fell 4.69% after the offer for sale (OFS) opened for non-retail investors today, 23 March 2023. Through the OFS, the Government of India proposes to sell up to 58,51,782 equity shares (representing 1.75% stake), with an option to sell an additional 1.75% stake or 58,51,781 equity shares in case of oversubscription. The floor price for the sale has been set at Rs 2,450, a 6.67% discount to the stock's closing price of Rs 2625.20 on Wednesday, 22 March 2023.

    H.G. Infra Engineering rallied 4.83% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

    Glenmark Pharmaceuticals fell 0.10%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

    G R Infraprojects jumped 6.09%. The civil construction company emerged as lowest (L‐1) bidder for tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 1,226.87 crore in Uttar Pradesh.

    Meanwhile yesterday, G R Infra announced that Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as L-1 for construction of civil works project in Arunachal Pradesh. The bid project cost is Rs 3,637.12 crore and the share of GR Infraprojects in the contract is 50%.

    Further, the EPC company also announced that it has emerged as L‐1 bidder for the tender invited by NHAI for a road project amounting to Rs 872.17 crore in Maharashtra.

    Global Markets:

    European shares declined while Asian stocks traded mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

    US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

    The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

    The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

    Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

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