Share Market Highlights 13 March 2024: Sensex sheds 906 pts, Nifty slips below 22k amidst turmoil in small-, mid-cap segments

Atul Ltd’s stock declined 0.95% to close at ₹6,000 on NSE. 

Hindusthan Urban Infrastructure’s shares declined 1.42% to close at ₹2,169 on NSE. 

Zydus Lifesciences’ shares declined 1.85% to close at ₹969.40 on NSE.

Dynamatic Technologies Limited announced partnership with Deutsche Aircraft, the German OEM based in Münich, Germany. The collaboration focuses on producing the Rear Fuselage for the 40-seater D328eco regional turboprop aircraft. 

Dynamatic Technologies stock fell 4.42% to close at ₹6,615 on the NSE.

“Recently, the small- and mid-caps faced a bumpy ride due to SEBI’s vigorous crackdown on over-speculation, prioritizing the safeguarding of market participants’ interests. Both indices slipped below their recent consolidation levels, sparking increased bearishness among market participants. 

“Moreover, they’ve dipped below crucial short-term moving averages, further dimming the overall sentiment. While buying on substantial dips may offer opportunities, it’s essential to be highly selective and focus on specific stocks within the broader market landscape.”

The rupee declined by 5 paise to settle at 82.85 (provisional) against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets.

Forex traders said the rupee is likely to trade with a slightly negative bias on recovery in the greenback and concerns over elevated crude oil prices.

At the interbank foreign exchange market, the local unit opened at 82.82 and witnessed an intra-day low of 82.91 and a high of 82.82 against the greenback during the trading session.

“The recent US inflation numbers turning out sticky have led to gold prices inching higher, thereby slashing the chances of a rate cut by the US Fed. This uncertainty will directly reflect in further volatility when it comes to gold prices in the international market. Rise in inflation can have a direct impact on Indian gold exports as the US is one of the largest importing markets after China. 

“This along with a higher US Dollar index will lead to a further lead to spike in gold rates, inching closer to the ₹70k mark.”

“Its seems like large-caps have joined the correction in small-caps and mid-caps which have been under severe selling pressure in the last few days. Nifty has a derivatives support at 22,000 so any sustenance below the same should be taken as an indication of caution for longs. The only silver lining today has been in select private banks and FMCG stocks which have held their ground amidst a market-wide sell-off.”

Balkrishna Industries informed the stock exchange that the Income Tax Department is conducting search at the office premises and manufacturing units of the company since March 11, 2024 and the search is ongoing. 

Shares closed at ₹2,294.90 on the NSE, down by 2.11%.

“Today, the benchmark indices corrected sharply, the nifty ends 338 points lower while the Sensex was down by 906 points. Among Sectors, all the major sectoral indices were traded in the red but Reality, Metal, Media and Energy indices, shed over 5 percent. Technically, after dismissal of 22200/73600 or 20-day SMA (Simple Moving Average) support levels the selling pressure intensified. After a long time the index closed below 20 day SMA and also formed long bearish candle on daily charts which is largely negative. 

“We are of the view that, the short term texture of the market turned to bearish from the bullish. Now, for the day traders, 22200/73600 would act as a trend decider level. Below the same, the market could slip till 21900-21800/72500-72200. On the flip side, above 22000/772800 a minor pullback rally possible till 22100-21120/73000-73100.”

“In contrast to the global uptrend, unfavourable risk-reward balance of mid and small-cap stocks, fuelled by prolonged premium valuations, has aggravated the downfall. Meanwhile, FMCG and contrarian plays like gold are offering some refuge. Other than the premium valuation no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps.

Globally, the persistent US inflation rate has cast doubt on the Fed’s ability to implement imminent rate cuts. While domestic inflation appears to be showing signs of easing. However, the easing trend in global commodity prices may prompt central banks to consider rate cuts in the latter half of 2024, which could be positive for equity.”

The BSE Sensex slid by more than a per cent on Wednesday. As many as 1,000 stocks hit the lower circuit on the exchange. The number of stocks at 52 week low stood at 221 compared with 89 that hit a 52 week high. Over 3500 stocks declined compared with 352 that advanced. 

All other sectoral indices traded in the red, with Realty, Media, Energy, Metals dipping over 5 per cent. BSE Midcap and Smallcap indices slid 3-4 per cent.

Adani Green Energy (-9.88%)

Adani Total Gas (-9.23%)

Adani Enterprises (-7.32%)

Adani Ports (-7.12%)

Adani Wilmar (-5.07%)

Ambuja Cements (-5.06%) 

Adani Power (-5%)

Bharti Airtel has deployed additional sites in Bharuch district.

Stock falls 4.16% on the NSE trading at ₹1,154.15.

BSE Sensex tumbles 723.97 pts or 0.98% to trade at 72,943.99 and NSE 50 declines 277.50 or 1.24% to trade at 22,058.20 as of 2 pm.

Heritage Foods Limited has inaugurated new Ultra High Temperature (UHT) milk plant at Sampanbole Village, Shamirpet Mandal, Medchal Dist, Telangana. 

Heritage Foods stock declines 4.05% on the NSE, trading at ₹312.70.

BSE imposes fine on NTC Industries amounting to ₹3,82,320 for certain non-compliance pursuant to the scrutiny of records in connection with grant of in-principle approval for preferential issue of equity shares. 

NTC Industries shares fell 6.90% on the BSE, trading at ₹103.15.

Paisalo Digital secures in-principle approval for bonus issue of shares in the ratio of 1 new share for every 1 existing equity share. Paisalo stock tumbles 13.16% on the NSE, trading at ₹121.75.

RVNL bags contract from M. P. Paschim Kshetra Vidyut Vitran Company Ltd. for ₹106.37 crore. RVNL stock trades at ₹225.65 on the NSE, lower by 7.31%.

Lead futures (March contract) on the Multi Commodity Exchange (MCX), last week, found support at ₹177.50 and moved up. On Tuesday, it closed at ₹181.60. 

Nazara Technologies Limited revealed its plan to allocate Rs 830 crore for mergers and acquisitions over the next 24 months. Following a recent fundraise that garnered Rs 760 crore through preferential allotment, the company reported that it attracted investors like Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth Management.

Bannari Amman Sugars informed that the normal business operations at its Mysore unit is disturbed due to staged protests by unknown local individuals demanding employment.

Shares decline by 2.26% on the NSE, trading at ₹2,376.20.

SJVN Green Energy Ltd (SGEL), the renewable arm of SJVN, has received the letter of intent from Gujarat Urja Vikas Nigam Limited (GUVNL) for 500 MW Solar Project in GUVNL Phase -XXI.

SJVN stock slumps 6.28% on the NSE, trading at ₹105.30.

BGR Energy Systems said Mangalore Refinery and Petrochemicals Ltd (MRPL) has terminated a contract for supply of air-cooled heat exchangers. BGR Energy Systems trades at lower circuit of ₹41.65, lower by 5.02% on the NSE.

Glenmark Life Sciences stock declines by 3.61% trading at ₹696.90, following Nirma’s acquisition of 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences from Glenmark Pharmaceuticals.

Notwithstanding the stiff resistance from Big Tech, the Centre-appointed 16-member Committee on Digital Competition Law (CDCL) has recommended that a separate Digital Competition Act be enacted that enables the Competition Commission of India (CCI) to selectively regulate large digital enterprises ex-ante. 

Major gainers: ITC (5.87%), Kotak (0.96%), ICICI Bank (0.85%), Britannia (0.57%), Nestle India (0.38%)

Major losers: Power Grid (-6.03%), Adani Enterprises (-5.93%), NTPC (-5.58%), Adani Ports (-5.57%), ONGC (-4.42%)

Shraddha Umarji, Economist - Institutional Research at Prabhudas Lilladher Pvt. Ltd. basis IIP CPI Data

“India’s headline inflation at 5.09% during Feb’24 as against 5.10% last month continued to remain near the upper band of the MPC’s tolerance level. The food price index continued to be elevated while fuel and Core-CPI moderated. The coming months may witness moderation in food prices backed by pickup in rabi sowing besides normal monsoon showers. Fuel prices may continue to remain benign due to moderation in global demand besides slash in LPG and CNG prices domestically. The Core inflation will be assisted by easing global commodity prices and elevated borrowing costs eroding demand in the near term.

India’s industrial output growth slowed to 3.80% during Jan’24 as compared with 4.25% during Dec’23. The factory output growth is likely to be guided by recovering domestic demand amid improving employment prospects and cooling inflation. Likewise, continued Government and private capex plans bodes well for infrastructure and capital goods indices. However, subdued global demand may erode growth of export intensive sectors dragging down the overall index.

Indian Inc’s stable growth prospects coupled with easing inflationary concerns will be a guiding factor for the MPC decision at the forthcoming meeting. We foresee a change in stance to ‘neutral’ from ‘withdrawal of accommodation’ while a rate cut decision may be deferred for the next three to four months..”

While 420 stocks advanced on the BSE at 12 noon on March 13, 2024, 3,333 stocks declined; 78 stocks remained unchanged. Total stocks traded were 3,831. The number of stocks that recorded a 52-week high was 84, and 184 hit a 52-week low. In addition, 869 stocks hit the lower circuit, while 116 traded in the upper circuit.

Rungta Greentech Ltd, manufacturer of recycled and virgin plastic products, has announced the filing of its Draft Red Herring Prospectus (DRHP) with the NSE Emerge. The offering comprises a fresh issuance of 38 lakh equity shares, each with a face value of Rs. 10. Beeline Capital Advisors Pvt Ltd is the book-running lead manager, and Link Intime India Pvt Ltd is the registrar to the issue. 

The Kolkata-headquartered company manufactures recycled and virgin plastic products such as Recycled PET (Polyethylene Terephthalate) Flakes (RPF), Polyester Dope-Dyed Monofilament Yarn (PMY), Nylon Monofilament Yarn (NMY), and Blow- and Injection-Molded Jars and Caps (BM & IM). The company’s product lines cater to various sectors, primarily packaging, textiles, aquaculture, agriculture, and the edible oil sector.

Shakti Pumps (India) Ltd has received a work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 2,130 pumps. The total amount of the work order amounts to ₹73.32 crore. Shakti Pumps stock declines 4.70% on the NSE, trading at ₹1,160.10.

BCL denies association with the any of the rumoured entities (Zenith Multi Trading DMCC, Tano Investment Opportunities Fund, JE Impex DMCC and Forest Vincom Pvt Ltd). 

Pritika Auto Industries also issued a clarification in this regard, denying connections with Zenith Multi Trading DMCC.

Man Infraconstruction Limited (MICL) has announced the early delivery of Aaradhya Highpark Towers E & F, a residential project located near Dahisar at Mira Road.

Stock trades at ₹177.20 on the NSE, down by 5.44%.

Bharat Patenteral’s subsidiary Innoxel Lifesciences has signed a deal to license seven complex molecules including two, 505(b) 2 products. According to agreement, Innoxel Lifesciences will receive cumulative payments of ₹31 crore over the period of next three years.

Bharat Patenteral stock trades at ₹1,110 on the BSE, lower by 3.75%.

Nazara Technologies Limited pledges $100 million (₹830 crore) towards mergers and acquisitions (M&A) within the next 24 months.

Nazara Technologies stock trades at ₹649.30 on the BSE, down by 3.34%

UCAL Ltd board has approved issue of fully-paid NCDs of up to ₹30 crore and partially-paid NCDs of up to ₹20 crore on private placement basis.

UCAL stock tumbles 5.31% on the BSE, trading at ₹141.70.

Major gainers:

ITC (6.68%), Intellect (4.41%), TEGA (4.12%), Swan Energy (3.70%), LIC Mf Exchange (3.62%)

Major losers:

Sona BLW (-8.80%), NCC (-8.66%), HCC (-8.61%), RK Forge (-8.27%), Data Patterns (-7.75%)

Abbott India has appointed Swati Dalal as the Managing Director for a period of three years with effect from April 1, 2024. 

Abbott India stock trades at ₹27,006.55 on the BSE, up 0.01%.

National Aluminium (-4.12%), Welcorp (-3.90%), Adani Enterprises (-3.71%), SAIL (-3.58%), NMDC (-3%)

Dr Reddy’s Laboratories stock trades at ₹6,331.15 on the NSE, up by 0.46%. 

The company had received a tax demand with penalty totalling more than ₹74.22 crore from GST authority for wrongly availing of credit of input tax.

Indoco Remedies stock declines by 1.71% on the NSE, trading at ₹332.55 following the purchase of land parcel in Mumbai for the company’s expansion plans from Saldanha Realty and Infrastructure LLP.

Fears about SEBI mandated stress tests seem to be playing out with smallcap stocks as many freeze at lower circuit. BSE Smallcap 250 index down 2.3%. 623 stocks hit LC on BSE today

L&T’s business and factories vertical has secured ₹1,000-2,500 crore order from the All-India Institute of Medical Sciences (AIIMS) Madurai, under the PMSSY division, Ministry of Health and Family Welfare. 

The scope of work includes construction of a 720-bed hospital, a 150-bed Infectious Diseases Block, a 30-bed AYUSH Block, a 150-seat medical college, a nursing college, a 750-seater auditorium, hostel, and residential facilities. The project is to be executed in 33 months. The total built-up area is 2.1 mn sq. ft. 

L&T stock trades at ₹3,601 on the NSE, down by 0.57%.

NSE nifty was down by 0.14 per cent or 21.15 to 22,305.20 points, while the BSE Sensex was at 73,626 down by 0.03 per cent or 19.44 points. A total of 3,264 stocks were actively traded, 756 advanced, while 2,424 declined and 84 stocks remained unchanged where 37 stocks hit a 52 week high and 117 stocks hit a 52 week low at 9.30 am on Wednesday.

Infibeam Avenues has received PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP - Payment Technical Service Provider) in Saudi Arabia. 

Infibeam Avenues stock trades at ₹36.04 on the BSE, down by 0.69%.

Gensol Engineering has clarified media articles in connection with Zenith Multi Trading DMCC (Zenith). Zenith is a passive shareholder since September 2022, holds less than 1.5% in Gensol and holds neither decision-making rights nor any involvement in the business and operational strategies of the company. 

DroneAcharya Aerial Innovations Ltd has received accreditation as a DGCA-certified Medium Category Drone Pilot Training Organisation. DroneAcharya Aerial stock trades at ₹144.90, up by 0.21%.

Greaves Finance Ltd, a non-banking financial company (NBFC) and a wholly-owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, announced a partnership with Muthoot Capital Services Ltd (MCSL) to launch a co-lending arrangement to increase the availability of electric two-wheeler financing solutions across India. The collaboration entails a total deal size of up to ₹150 crore ($18 million).

Greaves Cotton stock trades at ₹134 on the NSE, down by 0.11%.

Shalby Limited has announced an investment in Healers Hospital Private Ltd (Healers Hospital) with an acquisition of 100% equity stake for a consideration of ₹104 crore (approximately). Shalby stock rose 2.33% on the NSE, trading at ₹235.35.

CG Semi Private Ltd, a subsidiary of CG Power and Industrial Solutions Ltd (CG), today said it has laid the foundation stone in Sanand, Gujarat. CG Power stock trades at ₹455.55 on the NSE, down by 0.02%

Reliance Ethane Holding Pte Ltd. (REHPL), a wholly-owned subsidiary of Reliance Industries, has invested in shares aggregating $102.90 million, in three wholly-owned subsidiaries, viz., Ethane Coral LLC, Ethane Diamond LLC and Ethane Jade LLC (Ethane LLCs).

Reliance Industries stock trades at ₹2,943.30 on the NSE, down by 0.26%.

Major gainers: ITC (5.49%), Wipro (1%), Nestle India (0.77%), ICICI Bank(0.69%), TCS (0.64%)

Major losers: Power Grid (-2.75%), NTPC (-2.38%), Coal India (-1.97%), ONGC (-1.79%), Tata Steel (-1.14%)

India has allowed its central bank to import gold without paying import levies, the government said in a notification. As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes. Of that, 388.06 tonnes is held overseas and 372.84 tonnes is held domestically, according to the RBI’s latest reserve management report.

Silver fell as the dollar rose on waning prospects of a Federal Reserve rate cut in the near future, following data showing an increase in U.S. consumer prices in February. According to Labour Department data, the US consumer price index rose by 0.4% in February, following a 0.3% increase in January. The survey also stated that the annual rate of consumer price increases increased to 3.2% in February from 3.1% in January. However, markets chose to maintain their bets on the Fed’s first interest rate cut in June.

Economic data slated for release includes German WPI m/m, Industrial Production m/m from Euro Zone.

Gold prices remained under pressure after a strong U.S. inflation report dimmed the Federal Reserve’s hopes for reducing interest rates soon. Consumer prices in the United States rose significantly in February, indicating some inflationary pressures. According to data, the Consumer Price Index (CPI) increased 0.4% month on month in February. Annually, it climbed by 3.2%, exceeding the 3.1% expectation. According to the CME FedWatch tool, the market continues to price in a 70% possibility of a rate drop in the United States by June.

Economic data slated for release includes German WPI m/m, Industrial Production m/m from Euro Zone.

Crude oil futures traded higher on Wednesday morning as the monthly report by the OPEC (Organization of the Petroleum Exporting Countries) indicated an increase in demand for oil during 2024. At 9.20 am on Wednesday, May Brent oil futures were at $82.36, up by 0.54 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $78, up by 0.57 per cent. March crude oil futures were trading at ₹6465 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹6447, up by 0.28 per cent, and April futures were trading at ₹6452 against the previous close of ₹6438, up by 0.22 per cent.

Nifty has been showing resistance near the 22450 zone and witnessing a slide with support maintained near the level of 22250, thereby overall having a range-bound movement for the time being. The support for the day is seen at 22200 level while the resistance would be seen at 22500. Banknifty also failed to move past the important level of 47800, which is acting as a tough resistance from the last 2 sessions, and has been witnessing profit booking, which further slipped Banknifty down to close near the 47300 zone. Banknifty would have the daily range of 46800-47800 levels

Focus Today – Both India and US reported slightly above expected Feb, Inflation data. UK – GDP and IIP data to be released today. US Feb CPI at 3.2% -expectation 3.1% (Previous month 3.1%) and core CPI 3.8% -expectation 3.7% (previous month 3.9%). US Vix (Volatility Index ) declined 10% to below 14. Domestic –February CPI reported at 5.09% - expectation 5.04%. Copper price 2-month high. 

Market trend Today – Market trend Today – Rally in the global markets, slightly above expected both US and domestic inflation print, expectation of US Fed to cut interest rate and strong FIIs and DIIs buying interest, may open domestic market on a positive note. U.S. stocks ended up to 1.5% higher on Tuesday, propelled by mega-cap technology stocks (Nvidia gained 7%) even amid concerns that a marginally hotter-than-expected February inflation. Investors digested after reporting marginally increased both CPI and core CPI data. Market sentiment boosted after the market is analysing the super core data which focuses on the price of services and excludes energy and housing. Super core CPI rose 4.3%, coming down from 6.1% a year earlier. As a result, US Vix (Volatility Index) declined nearly 10% to close at below 14. Gift Nifty is flat to positive. –Yesterday, Nifty ended on a flat note while underperformance is seen in small and mid-cap stocks. Nifty 500 stocks’ advance decline ratio was 1:4. FIIs were net buyers over Rs14000cr while DIIs net buyers nearly Rs20000cr this month. IT stocks may be positive after US based Oracle Inc reported impressive quarterly results and smart rally global IT major index Nasdaq Composite. Metal stocks may be positive as Copper price surged to 2-month high on LME.

Oil Price Update – Oil advanced 1% to $83/bbl after four days of losses as an industry report pointed to shrinking US crude inventories. On the other hand, OPEC cuts and OPEC revealed no changes to the group’s demand forecasts for this year.

Gold Price Update – Gold snapped nine days of record-breaking gains as underlying US inflation topped forecasts for a second month in February, reinforcing the Fed’s cautious approach to cutting interest rates. Gold declined 1% to $2154/ounce

NIFTY-50 OUTLOOK

· NIFTY-50 has maintained to hold its last week low of 22,200 despite the broader market weakness and breakdown below could trigger sharp profit booking in index pivotal.

· On the higher side the double top at 22,500 levels would act as swift resistance while on the downside the support at 20 day average has moved higher to 22,200 levels.

· RSI has reversed trending below the average line and we could expect some retracement to test the lower band of the range. 

· Highest call OI has moved to 22,500 strike while on the downside the highest put OI is at 22,000 for the weekly expiry

BANK NIFTY OUTLOOK

· BANK NIFTY once again failed to cross 48,000 levels led by sharp profit booking in PSU banks and witnessed pressure to decline from the day high.

· The lower support average has been held near to 46,800 levels while on the higher side 48,100 will be a resistance and breakout level.

· RSI is piercing below the average line near which indicates the negative momentum to continue for the next few days.

· Bank Nifty highest call OI is at 48,000 levels while on the downside put OI is at 47,000 levels for the weekly expiry.

The GIFT Nifty’s recent gain signals bullish market sentiments, backed by key factors like a stable India VIX at 13.63, robust buying by FIIs totalling Rs. 4286 crore, controlled inflation at 5.09%, and optimistic global cues from the US and Wall Street. With technical analysis indicating strong support and resistance levels for the Nifty, the market is ripe for strategic trades, suggesting a buy for Nifty and Bank Nifty with specific targets. The current market dynamics favour value buying in stocks such as INDIGO, APOLLO HOSPITALS, and COLPAL, with INDIGO being spotlighted for an immediate buy based on its momentum play, setting an optimistic tone for investors looking to capitalize on the upward trend.

Indian markets could open flat to mildly higher, in line with muted Asian markets today and despite higher US markets on Mar 12

U.S. stocks finished higher on Tuesday with megacap technology stocks driving the gains despite worries that a hotter-than-expected February inflation reading could delay the Federal Reserve’s interest-rate cuts until the second half of 2024. Stocks climbed to a fresh record as the latest inflation figures did little to alter bets the Federal Reserve will cut rates this year — even if officials keep a more cautious stance for now. The US Labor Department reported that the Consumer Price Index (CPI) rose 0.4% last month after climbing 0.3% in January. Excluding volatile food and energy components, consumer prices increased 0.4% in February after rising by the same margin in January. Growth in India’s industrial output decelerated to 3.8 percent in January. At 3.8 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is unchanged from the December 2023 figure of 3.8 percent. That number was on March 12 revised higher to 4.2 percent by the statistics ministry. 

India’s headline retail inflation rate was largely unchanged at 5.09 percent in February. The Consumer Price Index (CPI) inflation print in January was 5.10 percent. At 5.09 percent, the latest headline retail inflation figure is as per expectations, with economists having predicted prices likely rose 5.1 percent year-on-year. Asia-Pacific markets were mixed after Wall Street jumped overnight, following U.S. inflation data that largely met expectations. Improving domestic sentiment helped lift Chinese markets on Tuesday after the country’s No.2 property developer China Vanke said the impact of a Moody’s ratings downgrade on its financing activities was “controllable”. Nifty ended flat after a volatile session on March 12. At close, Nifty was up 0.01% or 3.1 points at 22335.7. Nifty formed a long-legged doji on March 12 after a fall. The bearish Evening star pattern formed in the previous session has not yet been negated. Nifty could now stay in the 22224-22526 band for the near term. Adverse breadth data is weighing on the minds of investors and traders.

On Tuesday, the benchmark indices showed range-bound movement. The Nifty index closed 2.5 points lower, while the Sensex index was up 165 points. Among the sectors, the Realty index saw the most significant fall of 3.7 per cent, while certain IT stocks experienced intraday buying.

From a technical perspective, the Nifty/Sensex indices faced resistance close to 22450/74000 after an intraday technical bounce and then witnessed a bullish correction. On the intraday charts, the formation appears weak but corrective, indicating that the weak sentiment is likely to continue. For day traders, 22450/74000 will act as a crucial resistance zone. If it falls below that, the weak structure is likely to continue, and the market may gradually slip to 22250-22200/73400-73200 again. On the other hand, short covering could occur above 22450/74000 and the market may jump to 22500-22530/74600-74700. The recommended strategy is to buy between the levels of 22250 and 22200 and keep a stop loss at 22100 levels.

Regarding the Bank-Nifty, we believe that the trend is still strong. However, due to significant volatility on Tuesday, we could see a sideways consolidation or range-bound activity between 46900 and 47800 levels. Buying is advisable at around 47000, and selling is recommended at 47700 levels.

Domestic shares are set to open higher on Wednesday, tracking Asian markets after a largely in-line US inflation data failed to impact expectations of a Federal Reserve rate cut in June, and as domestic consumer prices eased slightly in February.

The GIFT Nifty was trading at 22,455 as of 07:54 a.m. IST, indicating that the Nifty 50 will open above Tuesday’s close of 22,335.70. 

The US and India are both contending with persistent inflationary pressures. In the US, inflation has surpassed expectations for the second consecutive month in February. Prices have surged notably for items such as car insurance, air travel, and clothing. The core consumer price index, excluding food and energy costs, rose by 0.4% from January and 3.8% from a year ago. Overall, the consumer price index climbed by the same margin from January and stood at 3.2% higher compared to a year ago. This trend underscores the Federal Reserve’s cautious stance on interest rate cuts, as evidenced by their reluctance to ease policy too soon. Similarly, India saw little change in its inflation rate last month, prompting policymakers to remain cautious. The consumer price index rose by 5.09% from a year earlier, slightly surpassing the market forecast of 5.04%. This figure exceeds the central bank’s target of 4% and is slightly lower than January’s rate of 5.1%.On the commodity front, oil prices rose on Wednesday, driven by expectations of robust global demand, particularly from the United States, the world’s leading consumer. Despite somewhat persistent inflation in the US, market expectations regarding potential rate cuts by the Federal Reserve remained unshaken. In stock-specific news, British American Tobacco initiated a block deal to sell a 3.5% equity stake in India’s ITC Ltd to institutional investors, totaling around Rs 16,775 crores. As a result, the benchmark Sensex and Nifty indices are poised to open higher, buoyed by positive trends in the GIFT Nifty, indicating a favorable start for the broader market index.

The 50 index witnessed a volatile opening, with sharp swings on both sides within the opening hour. As the volatility cooled off, the index oscillated in the range of 96 points. However, it closed marginally above the 10DEMA in the lower quartile of the 196-point trading range established during the day without offering any decisive directional bias. The index shows resilience despite the other broader indices trending under pressure, which is a positive sign for the large caps. The zone of 22300-22250 holds immediate support for the price action, and sustenance above this zone will allow the index to garner further bullish strength

HSBC on ITC: Upgrade to Buy on Company, target price at Rs 480/sh (Positive) 

CLSA on ITC: Upgrade to Buy on Company, target price at Rs 468/sh (Positive) 

MS on ITC: Maintain Overweight on Company, target price at Rs 491/sh (Positive) 

GS on ITC: Maintain Buy on Company, target price at Rs 480/sh (Positive) 

MS on DMART: Maintain Overweight on Company, target price at Rs 4471/sh (Positive) 

Citi on Kalyan Jewel: Maintain Buy on Company, target price at Rs 480/sh (Positive) 

Citi on Ultratech: Maintain Buy on Company, target price at Rs 11700/sh (Positive) 

Nomura on Shriram Fin: Maintain Buy on Company, raise target price at Rs 2900/sh (Positive) 

Citi on CAMS: Maintain Sell on Company, target price at Rs 2300/sh (Neutral) 

Citi on TechM: Maintain Sell on Company, target price at Rs 1165/sh (Neutral) 

Jefferies on BSE: Maintain Buy on Company, target price at Rs 3000/sh (Neutral) 

Citi on ICICI Pru: Maintain Buy on Company, target price at Rs 670/sh (Neutral) 

Macquarie on Jubilant Food: Maintain Underperform on Company, target price at Rs 320/sh (Neutral) 

Macquarie on Godrej CP: Maintain Neutral on Company, target price at Rs 1150/sh (Neutral) 

Nomura on Fivestar: Maintain Buy on Company, cut target price at Rs 880/sh (Neutral) 

Nomura on Bajaj Finserve: Maintain Buy on Company, cut target price at Rs 1850/sh (Neutral) 

Nomura on Credit Access: Maintain Buy on Company, cut target price at Rs 1550/sh (Neutral) 

Nomura on LIC Housing: Maintain Buy on Company, cut target price at Rs 720/sh (Neutral)

HSBC on ITC

Upgrade to buy, TP Rs 480

Amidst news of stake sale by BAT, stock has corrected from its peak & down 11% YTD

Implies attractive val for its cig biz & creates a buying opportunity

CLSA on ITC

Upgrade to Buy, TP Rs 468

Correction offers an attractive multiple in a volatile market

Cigarette volumes to be muted but premiumisation underway

FMCG gradually becoming key driver, agri to stabilise with value-added products

MS on ITC

OW, TP Rs 491

Expect ITC’s stock outperformance to resume after stake sale

Remain bullish on ITC based on expectation of a moderate cigarette tax environment, continued scale-up of non-cigarette businesses & reasonable vals

Jefferies on BSE

Buy, TP Rs 3000

NSE announced a 1% cut to transaction charges on cash & derivatives products (1.3% earnings impact on 9MFY24 annualized)

See cut as part of a periodic exercise & smaller this time (vs FY17 & FY23) signifies ltd appetite to engage in price wars

Expect BSE’s product pricing & plans for monetization of new products to be unaffected

Continue to expect >2.5x jump in earnings over FY24-26E

Nomura on NBFCs

Reiterate cautious view

Shriram Finance & Five-Star top picks

Growth at risk; FY25 to be a reset yr

Cost of funds to remain elevated in FY25

Having said that, if any repo rate cut happens in 1HFY25F, it would be +ve for CoF/NIMs of NBFCs in 2HFY25F

MS on AvenueSupermart

OW, TP Rs 4471

DMart ready not a quick delivery platform but on pricing strategy & SKU availability they outpace peers

Maintains its ‘value focussed’ positioning SKU Availability - DMart Ready leading vs. peers & improving sequentially, too

• ABFRL

• HINDCOPPER

• MANAPPURAM

• MGL

• NALCO

• PEL

• SAIL

• TATACHEM

• ZEEL

Wonder Electricals Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 489

Ex-Dividend 14 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

ITC: British American Tobacco, the largest public shareholder of the company, has launched a block trade to offload up to a 3.5% stake in the company for over Rs 17,482 crore.

* Vedanta:* The Securities Exchange Board of India ordered the company to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends and barred the firm’s entire board from accessing the capital market for the same.

* Aurobindo Pharma:* Eugia Pharma has restarted distribution of aseptic products and will start commercial production from aseptic lines in a phased manner beginning next week.

* Glenmark Pharma:* The company completed the transfer of the remaining 20% stake in Glenmark Life Sciences to Nirma.

* Shree Cement:* The company has entered into an asset purchase agreement with Starcrete LLP for the purchase of five ready-mix concrete plants located in Maharashtra for Rs 33.5 crore.

* SRF:* The company incorporated a wholly owned subsidiary, SRF Middle East, in Dubai for trading in refrigerant gases.

* Oriental Rail Infrastructure:* The company received an order worth Rs. 1,249 crore from the Ministry of Railways for the manufacturing and supply of 3,055 BOXNHL wagons.

* Ramco Cements:* The company inaugurated the Gati Shakti Cargo Terminal project in Andhra Pradesh to transport crushed limestone through railway wagons from the company’s mines in Budawada to its integrated cement plant in Jayanthipuram.

* Allcargo Logistics:* The company LCL volume for the month of February increased 7% YoY and FCL volume up 5% YoY for the month of February.

* Muthoot Capital:* The company partners with Greaves Cotton unit Greaves Finance 100% EV-focused lending platform evfin for electric two-wheeler financing across India.

* Indoco Remedies:* The company approved the purchase of 2,860 sq m of land in Mumbai.

* Sterling & Wilson:* The company has issued clarification on the Shapoorji stake sale report and said it is not aware of negotiations.

* Titagarh Rail Systems:* The company launched its second 25T Bollard Pull Tug, Bahubali, for the Indian Navy.

* Vakrangee:* The Reserve Bank of India has renewed the authorization issued to the company for white-label ATMs.

* Jammu and Kashmir Bank:* The company clarified that the news 

item of an Enforcement Directorate action does not pertain to the bank in any manner.

Ethos: The company reduced its stake in Silvercity Brands AG to 35% from 100% earlier.

* Gensol Engineering:* The company incorporated Gensol Clean Energy as a wholly owned subsidiary.

* Welspun Living:* The company received approval from the NCLT, Hyderabad Bench for the amalgamation of five companies with itself and is awaiting approval from the NCLT, Ahmedabad

Bench.

* Signature Global India:* The company, through its subsidiary, has launched its new project “Orchard Avenue-3” in Gurugram. The project consists of a total of 235 units, with an area of 1.66 acres.

New Listing 

JG Chemicals: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 221 apiece. The Rs 251.19 crore IPO was subscribed 27.78 times on its third and final day. Bids were led by institutional investors (32.09 times), retail investors (17.44 times), and non-institutional investors (46.33 times).

IPO Offering

Popular Vehicles and Services: The public issue was subscribed to 0.27 times on day 1. There are no bids led by institutional investors, non-institutional investors (0.11 times), retail investors (0.47 times) and portions reserved for employees (3.83 times).

Bulk Deals

Kfin Technologies: Kotak Mahindra Bank sold 34.7 lakh shares (2.03%) at Rs 600.28 apiece. 

Nirlon: Nihar Nandan Nilekani bought 22.52 lakh shares (2.49%) at Rs 430 apiece, while Kunal Virenchee Sagar sold 13.29 lakh shares (1.47%), and Alfano Pte. Ltd. sold 9.23 lakh shares (1.02%) at Rs 430 apiece.

Onward Technologies: White Oak India Equity Fund IV sold 1.25 lakh shares (0.55%) at Rs 463.81 apiece.

Insider Trades 

Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on March 12. 

IPCA Laboratories: Promoter Paschim Chemicals bought 35,000 shares on March 11. 

Zydus Wellness: Promoter Zydus Family Trust bought 1.86 lakh shares on March 11.

G R Infraprojects: Promoters Laxmi Devi, Suman, Ritu, Lalita, and Kiran sold 9.66 lakh shares each on March 7. 

SBFC Finance: Promoter SBFC Holdings sold 3 crore shares between March 5 and 7.

Pledge Share Details 

Paisalo Digital: EQUILIBRATED Venture CFLOW, PRI CAF, and PRO FITCCH revoked the pledge of 1.48 lakh shares on March 11.

Trading Tweaks 

Price Band changes from 20% to 10%: JTL Industries. 

Price Band changes from 10% to 5%: Gensol Industries, Swelect Systems. 

Moved into short-term ASM framework: JTL Industries. 

Moved out short-term ASM framework: Hind Rectifiers.

F&O BAN

1\u0009ABFRL

2\u0009HINDCOPPER

3\u0009MANAPPURAM

4\u0009MGL

5\u0009NATIONALUM

6\u0009PEL

7\u0009SAIL

8\u0009TATACHEM

9\u0009ZEEL

J.G.Chemicals Limited

Listing Date : Wednesday, March 13, 2024

ISIN : INE0MB501011

BSE : 544138

NSE : JGCHEM

Face Value : ₹10

IPO Price : ₹221

BID LOT : 67 Share

Sona Machinery Limited (SME IPO)

Listing Date : Wednesday, March 13, 2024

ISIN : INE0Q6H01012

NSE Scrip ID : SONAMAC (ST Group)

Face Value : ₹10

IPO Price : ₹143

BID LOT : 1000 Share

Mahindra Life: Company acquires 9.4 acres land parcel in Whitefield, Bengaluru. 

Auro Pharma: Eugia Pharma specialities start distribution of aseptic products manufactured at Unit III

Titagarh Rail: Company introduces second 25T Bollard Pull Tug for Indian Navy 

TCS: Company and SymphonyAI form strategic partnership 

Muthoot Capital: Company partners with EVFIN for electric two-wheeler financing across India.

L&T Finance: Company signs funding pact worth $125 million with Japan International Cooperation Agency.

PayTM: NPCI likely to approve third-party application provider license to Paytm latest by March 15

Vardhman Poly: Board meeting on March 28 to consider and approve sub-division/ split of shares 

SRF: Company incorporates wholly-owned subsidiary SRF Middle East in Dubai for trading in refrigerant gases 

Glenmark Pharma: Company completes transfer of remaining 20% stake of Glenmark Life Sciences to Nirma.

Sanghi Industries: Ambuja Cements to sell up to 4% stake in the Company

Jet Airways: NCLAT approves control transfer to Jalan Kalrock. 

Utkarsh Small Finance Bank: Company gets order from Income Tax department raising demand of Rs 52 crore for AY 2023-24. 

Vodafone Idea: Company as secured commitment of up to $1 billion for equity raise. 

Federal Bank: Bank to be part of the BSE Financial Services Index from Monday. 

SBI: Bank sends Electoral Bond data to ECI as per SC order

Kotak Mahindra Bank: Sold 34.7 lk equity shares of KFin Technologies in open market for ₹208 cr

Vedanta: SEBI asks Vedanta to pay Cairn UK ₹77.63 cr: Agencies 

ITC: British American Tobacco (BAT) Intends to sell up to 436,851,457 ordinary shares in ITC Limited 

Dr Reddy: Company has received an order from GST Authority towards tax demand of Rs 67.5 crore and Rs 6.7 crore interest and penalty.

J&K Bank: Issues clarification on news reports stating ED attached bank properties worth Rs 4.81 crore in bank fraud case.

Ethos: Reduces stake in arm Silvercity Brands AG to 35% from 100% earlier

Shalby: Company will acquire 100 percent stake in Healers Hospital from its existing shareholders for Rs 104 crore. 

Hindware Home: Salil Kapoor has resigned as the CEO of the company due to personal reasons, with effect from March 12.

Crude oil stocks in the US declined by 5.521 million barrels in the week ending March 8, 2024, after rising by 0.423 million barrels the previous week, according to the API’s Weekly Statistical Bulletin. Crude oil stocks fell for the seventh week in a row, falling far short of market estimated gain of 0.4 million barrels.

SEBI on Tuesday restrained Vedanta Executive Vice-Chairman Navin Agarwal and his daughter, Priya Agarwal, from dealing in securities for delay in payment of dividends to Cairn UK Holdings (CUHL).

• Malaysian palm oil futures reached their highest in nearly eight months, trading around MYR 4,160 per tonne.

• The increase was driven by rival edible oils’ strength and crude oil price rise.

• Demand for palm oil surged, especially during Ramadan fasting and Eid-al Fitr festival.

• Industry regulator data showed palm oil stocks fell to their lowest since July 2023, and production hit a 10-month low.

• Cargo surveyor data showed shipments of Malaysian palm oil products rose by 6.8% to 382,640 tons in March.

• India’s palm oil imports fell to a 9-month low in February, limiting the upside momentum.

Dollar Tree, Inc. (Pre market) (Sector- Retail)

Williams-Sonoma, Inc. (Pre market) (Sector- Retail)

Lennar Corporation (Post market) (Sector- Construction)

UiPath, Inc. (Post market) (Sector- Technology)

SentinelOne, Inc. (Post market) (Sector- Technology)

12.30 U.K. GDP m/m (Expected: 0.2% versus Previous: -0.1%)

12.30 U.K. Industrial Production m/m (Expected: 0.0% versus Previous: 0.6%)

15.30 EURO Industrial Production m/m (Expected: -1.8% versus Previous: 2.6%)

GLENMARK LIFE SCIENCES SAYS NIRMA ACQUIRES MAJORITY STAKE IN GLENMARK LIFE SCIENCES || NIRMA COMPLETES ACQUISITION OF 75% OF SHARE CAPITAL FROM GLENMARK PHARMACEUTICALS

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:31 PM Tuesday 12 March 2024

Advanced Enzyme: Mukund Kabra, Wholetime Director

There Will Be Hit Of ?15 Cr On The P&L In Q4 Due to Order Against Adv Supp Tech: Advanced Enzymes

https://www.youtube.com/watch?v=nQK1TWG9Fi4

Anand Milk Unio: Jayan Mehta, MD

Decoding Urban Vs Rural Demand Trends & More

https://www.youtube.com/watch?v=L6LG7arau7I

Bharat Highways: Amit Kumar Singh, CEO

Bharat Highways InvIT Launches IPO; Lists at 1% Premium

https://www.youtube.com/watch?v=YzuQt2YcxQI

Ugro Capital: Shachindra Nath, Executive CMD

Expect To Maintain Growth & Operating Leverage: Ugro Capital

https://www.youtube.com/watch?v=ikUPjVP9B2Y

Entero Health: CV Ram, Group Chief Financial Officer

Entero Healthcare: After Healthy Q3, What Are The Expansion Plans?

https://www.youtube.com/watch?v=tZ7kWCox0IM

IRB Infra: Anil Yadav, CFO Director

Vadodara Final Hearing Has Concluded And We Are Expecting Award In Near Future: IRB Infra

https://www.youtube.com/watch?v=sxcs67OK96s

Pitti Engineeri: Akshay S Pitti, Vice-Chairman & MD

Bagadia Chaitra Industries Acquisition Will Take Our Capacity To 90,000 tpa: Pitti Engineering

https://www.youtube.com/watch?v=kcs9HqwlKwc

R K Swamy Ltd: Shekar Swamy, CEO

Looking To Grow Pie In Terms Of New Initiatives Already Undertaken: RK Swamy

https://www.youtube.com/watch?v=_ba8UZGyK5U

Amber Enterpris: Jasbir Singh, Chairman and CEO

Expect 7.5% Margin In FY25 And Expect It To Improve Further In FY26: Amber Enterprises

https://www.youtube.com/watch?v=jdcOSqyT7TY

Blue Star: B Thiagarajan, MD

Air Conditioner Market Will Grow By 20% This Summer Season & We Will Grow By 25%: Blue Star

https://www.youtube.com/watch?v=EHY3mjOA82Q

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

BSE Sensex: 73667.96 (+165.32)

Nifty 50: 22335.70 (+3.05)

NIFTY MID CAP 100: 48086.85 (-687.80)

NIFTY SMALL CAP 100: 15092.10 (-304.80)

📌 Index PE & PBV

SENSEX PE / PBV : 25.20 / 3.74

NIFTY 50 PE / PBV : 

23.06 / 3.91

NIFTY MIDCAP 100 PE / PBV : 24.93 / 3.85

NIFTY SMALLCAP 100 PE / PBV : 27.81 / 3.72

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: 73.12 crs / 14486.90 Crs

DII Activity: 2358.18 crs / 19540.27 crs

📌 Volatility Index

India VIX - 13.63

📌 Commodities

Brent Crude: $82.07

Gold USD Oz/10 gm: $2177.31 = INR 65950

Silver: INR 74686

📌 Currency

Rs/$: 82.77

US Dollar Index (DXY) - 102.85

📌 10 Year Yield

7.18% GOI 2033: 7.03% (New)

US 10 Yr Yield - 4.09%

Manufacturing slowed down industrial growth in January as headline number based on Index of Industrial Production (IIP) slipped to 3.8 per cent in January as against 4.2 per cent in December. However, experts still predicted February growth to be closer to the January number.

The short-term outlook is bullish for Shoppers Stop. The bounce from the low of ₹736 on Tuesday indicates the presence of strong buyers. The region between ₹750 and ₹725 is a strong support zone.