Share Market Highlights 11 March 2024: Sensex sheds 617 pts, Nifty closes below 22,350

“Continued selloff in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently at an overbought level. The stronger than expected US nonfarm payroll data and caution ahead of the release of US inflation data tomorrow kept investors on the edge. 

“The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe haven assets like gold.”

Stock market benchmark Sensex declined by 616.75 points on Monday, snapping its two-day gaining streak due to selling in metal and banking shares amid weak trends in the global markets.

Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 616.75 points or 0.83 per cent to settle at 73,502.64 due to profit taking. During the day, the barometer tanked 685.48 points to 73,433.91.

The broader Nifty slumped by 160.90 points or 0.72 per cent to close at 22,332.65.

Aluminium prices on Monday declined by 0.17 per cent to ₹202.20 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market.

On the Multi Commodity Exchange, aluminium for delivery in March fell 35 paise or 0.17 per cent to ₹202.20 per kg in 4,380 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Guar seed prices on Monday rose ₹72 to ₹5,166 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market.

On the National Commodity and Derivatives Exchange, guar seed contracts for March delivery rose ₹72 or 1.39 per cent to ₹5,166 per 10 quintals with an open interest of 25,825 lots.

According to marketmen, speculators raised bets, tracking a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.

“Today, the benchmark indices witnessed profit booking at higher levels, the Nifty ends 161 points lower while the Sensex was down by 617 points. Among Sectors, Media index shed over 3 percent whereas some buying interest were seen in selective Pharma and Healthcare stocks. Technically, after a muted opening the market consistently witnessed selling pressure at higher levels. On daily charts, the index has formed bearish candle, which indicates temporary weakness is likely to continue in the near future. 

“However, the short-term texture of market is still in to the positive side. We are of the view that, as long as the market is trading below 22425/73800 the weak sentiment is likely to continue. Below which, the market could slip till 22250-22000/73200-73000. On the flip side, technical pullback possible only after dismissal of 22425/73800. Above 22425/73800, the market could retest the level of 22500-22525/74000-74200. Contra traders can take long bet near 22000/73000 with strict 35/100 points stop loss.”

The rupee declined by 8 paise to settle at 82.75 (provisional) against the US dollar on Monday, tracking bearish equity markets.

Forex analysts said weakness in the US dollar and a decline in crude oil prices cushioned the downside.

At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.76 against the greenback. The local unit finally settled at 82.75 (provisional) against the dollar, registering a loss of 8 paise from its previous close.

Silver prices on Monday rose ₹38 to ₹74,300 per kilogram in futures trade as participants widened their bets on a firm spot demand.

Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.

Globally, silver was trading 0.08 per cent lower at $24.53 per ounce in New York.

AstraZeneca Pharma India Ltd and Mankind Pharma Ltd has entered into an agreement for distribution of AstraZeneca’s budesonide and formoterol fumarate dihydrate (inhaled corticosteroid (ICS) and long-acting beta-aganist (LABA) combination) brand Symbicort in India.

Major gainers on the NSE at 3 pm:

Apollo Hospitals (2.58%), Nestle India (2.18%), Cipla (1.57%), Bajaj Finserv (1.45%), SBI Life (1.44%)

Major losers:

Tata Consumers (-3.04%), Bajaj Auto (-2.27%), Power Grid (-2.24%), Tata Steel (-2.16%), SBI (-1.78%)

Stocks advanced on BSE at 3 pm on March 11, 2024, were 967 against 2,968 stocks that declined; 129 stocks remain unchanged. Total stocks traded were 4,064. The number of stocks that recorded a 52-week high was 189, and those that hit a 52-week low was 91.

We Win has received work order for setting up, operations and management of state-of the art Call Center for State Helpline in the State of Punjab. The 3-year project is valued at ₹8.28 crore.

We Win stock declined by 2.85% on the NSE, trading at ₹75.70.

Venus Remedies Ltd has secured a good manufacturing practices approval from the UNICEF. 

Stock rose 2.49% on the BSE, trading at ₹342.05.

EaseMyTrip.com has signed an MoU with the Ministry of Rural Development to train Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)‘s Women’s Self Help Groups (SHGs) members under the Lakhpati Didi Yojana to focus on women-led skill development.

Ease Trip Planners stock has declined by 1.06% on the NSE, trading at ₹46.85

TVS Motors board has declared an interim dividend of ₹8 per share for the financial year ending March 31, 2024.

TVS Motors stock inches up by 0.63% on the NSE, trading at ₹2,274.

Granuels India has appointed Atul Dhavle as Chief Human Resources Officer (CHRO) of the company with effect from today.

PSP Projects has informed the exchange that the company is in receipt of new orders worth ₹410.06 crore.

The contract for construction of fintech building for Gujrat International Finance Tec-City Company Limited at GIFT City, Gandhinagar, worth ₹333.06 crore is to be completed within a period of 36 months. 

PSP Projects stock trades at ₹646.90 on the NSE, down by 2.81%.

Solar Industries India Limited has received export orders worth ₹455 crore for supply of products over next 2 years for use in defence products. 

Stock rises 2% on the NSE to trade at ₹7,663.20.

Axis My India, India’s foremost consumer intelligence company has appointed Mr. Prateek Dubey as its Chief Operating Officer (COO), effective 1st February 2024. Under a full-time secondment from Google India, Mr. Dubey will play an instrumental role in spearheading and setting in motion the company’s crucial strategic initiative, a revolutionary People Empowerment Platform (PEP) – ‘a’ App and its pan-India rollout campaign.

Navi Mutual Fund has launched IT Index Fund new fund offer which will close for subscription on March 22.

The open-ended index scheme will track the Nifty IT Index which includes top IT companies based on their free float market capitalization listed on the National Stock Exchange.

Investors can participate in the new fund with a starting amount of just Rs 10.

Mamaearth has announced its entry into the personal wash category. The brand’s expansion into this segment marks a significant milestone in its mission to provide safe, effective, and toxin-free goodness for consumers across the country.

The personal care industry has seen rampant advancements with extensive research and development over the years. However, one of the biggest categories of personal care being personal wash has seen relatively stagnant innovation in recent years. The market continues to be dominated by products containing chemicals and synthetic ingredients falling majorly under Grade 2 & 3 segments, with very limited Grade 1 options.

HSCC (India) Ltd, a wholly-owned subsidiary of NBCC, has received multiple contracts totalling up to ₹367.92 crore pertaining to Medical, Education & Ayush in Maharashtra, and three contracts from Power Grid Corporation of India.

NBCC stock declined by 3.77% on the NSE, trading at ₹122.50.

Zinc price has moved up well last week. The Zinc Futures contract on the Multi Commodity Exchange (MCX) rose over 3 per cent last week. The contract is currently trading at ₹221 per kg. Read more

REC stock rises 1.92% on the NSE, trading at ₹482, after signing an MoU with Rajasthan to provide financial resources to Government undertakings for the development of the infrastructure sector of the state. The company will provide loans of ₹20,000 crore every year to various departments, undertakings, institutions and schemes of the state government.

Honasa Consumer said the brand Mamaearth has announced its entry into the personal wash category. 

Honasa stock declines by 1.20% on the NSE, trading at ₹387.

Bharti Airtel (Airtel) is expected to lead on spectrum bids in the upcoming auctions in May as it has renewals for 42MHz of spectrum in 1800MHz and 900MHz band in six circles, which would result in the company spending of ₹3,800 crore at reserve prices, analysts said on Monday.

IndusInd Bank has announced the launch of its contactless payments wearables ‘Indus PayWear’, the all-in-one tokenizable wearables for both debit and credit cards on Mastercard.

IndusInd stock declines by 1.27% on the NSE, trading at ₹1,543.90.

SEBI chairperson Madhabi Puri Buch says T+0 settlement on an optional basis to be introduced from March 28. In order to curb price manipulation and trading manipulation in SME IPOS, SEBI is looking at more disclosures to be made, she said.

Bharat Financial Inclusion Ltd (100% subsidiary of IndusInd Bank) and IndusInd Bank has signed a Memorandum of Understanding (MoU) with Tamil Nadu for its Corporate Social Responsibility Programme, Bharat Sanjeevani. This initiative, in collaboration with AAVIN - Tamil Nadu Co-Operative Milk Producers’ Federation Limited (TNCMPFL) under the Dairy Development Department, aims to provide essential veterinary services and animal husbandry information to livestock owners associated with the AAVIN milk federation in the state.

Power Grid Corporation of India Ltd has executed an MoU with Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RRVPNL) to incorporate a Joint Venture (JV) Company for development of an Intra State Transmission System in Rajasthan with equity participation of 74% by Powergrid and 26% by RRVPNL. The proposed JV company shall undertake projects worth up to ₹10,000 crore in a phased manner. 

Power Grid stock declines by 2.12% on the NSE, trading at ₹286.45.

Major gainers: Bajaj Finserv (2.01%), Nestle India (1.88%), Cipla (1.21%), Apollo Hospitals (1.18%), Sun Pharma (1.03%)

Major losers: Tata Consumers (-3.61%), Tata Steel (-2.32%), Power Grid (-2.20%), Bajaj Auto (-1.78%), Tata Motors (-1.48%)

While 1,049 stocks advanced on the BSE at 12 noon on March 11, 2024, 2,764 stocks declined; and 156 stocks remained unchanged. The total stocks traded were 3,969. The number of stocks that recorded a 52-week high was 170, and those that hit a 52-week low was 70.

Sembcorp Industries on Monday said its arm Green Infra Wind Energy Ltd (GIWEL) has bagged a 440 MW wind-solar hybrid power project from SJVN Ltd. The build-own-operate project is part of a 1.5GW bid issued by SJVN in September 2023, a company statement said. PTI

D B Realty Ltd has informed the exchange regarding receipt of letter of acceptance from Brihanmumbai Municipal Corporation (BMC) for renting out approximately 186.52 acres of land parcels owned by DBL’s subsidary Mira Real Estate Developers at a licence fee of approximately ₹248 crore average per annum (p.a.) over the duration of 5 years. 

DBL stock declined by 4.88% on the NSE, trading at ₹268.90

Gravita India Ltd said its ‘Pure Lead’ has been empanelled as an approved Lead Brands deliverable against MCX lead futures contract. Stock trades at ₹872.45 on the NSE, up by 0.21%.

The Supreme Court begins hearing SBI’s plea to extend the deadline to June 30 for disclosing details of electoral bonds encashed by political parties. The court reminded SBI to follow its judgment for plain disclosure. It also questioned SBI on the steps taken in the last 26 days, noting that its application was silent on this matter. Read more

The Bank Nifty index has been coming down after failing to sustain a break above 48,000 last week. The index is currently trading at 47,590, down 0.52 per cent. The advance/decline ratio is at 4:8. This indicates the inherent weakness in the index. 

Dilip Buildcon has received a Letter of Award (LOA) for the tender floated by the National Highways Authority of India on Hybrid Annuity basis in Tamil Nadu, project costs ₹548 crore. DBL inches up by 0.35% on the NSE, trading at ₹439.

Major gainers: Kirloskar Brothers (9.59%), KEC (7.21%), NLC India (7.03%), Torrent Power (6.78%), Trent (6.13%)

Major losers: JTL (-13.21%), Tata Chemicals (-9.38%), JM Financial (-8.54%), HBL Power (-8%), Neuland Lab (-7.91%)

Vinati Organics Ltd has subscribed to the additional fully paid-up equity shares by way of subscription towards the rights issue of Veeral Organics Pvt. Ltd., a wholly-owned subsidiary.

Vinati Organics stock declines by 1.52% on the NSE, trading at ₹1,608.25.

JASH Engineering received consolidated orders worth ₹72 crore in Feb 2024. 

Stock fell 2.73% on the NSE, trading at ₹1,697.50.

Indian equity markets closed with mild gains amid mixed global cues after the U.S. Federal Reserve Chairperson hinted at potential rate cuts later this year but signalled uncertainty about inflation and growth. The key benchmark indices remained rangebound throughout the session and managed to close in green territory after registering a fresh high. 

Bond yields fell following the ease in U.S. Treasury yields as expectations of a rate cut later this year were reinforced by remarks made by the chairperson of the U.S. Federal Reserve. The yield on the 10-year benchmark paper (7.18% GS 2033) fell by 2 bps to close at 7.03% as compared to the previous close of 7.05%.

Crude oil futures traded lower on Monday morning as the recent data from China showed a decline in imports. Read more

Adani Green Energy Ltd (AGEL) operationalises cumulative capacity of 1,000 MW solar energy at RE park at Khavda, Gujarat. Adani Green Energy stock trades at ₹1,919.95 on the NSE, down by 0.47%

Muthoot FinCorp has on-boarded Veefin Solutions as their technology partner to begin their Supply Chain Finance (SCF) operations. Veefin Solutions stock rises 2.07% on the BSE, trading at ₹319.80.

Excel Industries has received a notice from the Maharashtra Pollution Control Board ( Regional Office – Raigad ) that a bank guarantee of ₹1 lakh issued by the company has been forfeited for non-compliance of certain provisions of the Water ( Prevention and Control of Pollution ) Act, 1974 and the Air ( Prevention and Control of Pollution ) Act, 1981. 

Stock declined by 1.03% on the NSE, trading at ₹801.30.

Pondy Oxides and Chemicals Ltd, a leading manufacturer of lead, lead alloys and plastic additives, is taking up greenfield and brownfield capacity expansion programmes at an estimated investment of Rs.570 crore on favourable growth opportunities. Read more

DroneAcharya Aerial Innovations Ltd has been awarded the First Person View (FPV) drone pilot training contract by the Ministry of Defence. Shares trade higher by 2.96% on the BSE at ₹160.

KPI Green Energy stock trades at ₹1,762.90 on the NSE, higher by 2.15%. The company had bagged an order for development of 305MW ac solar power projects being part of wind-solar hybrid power project from Aditya Birla Renewables Subsidiary Ltd and ABREL (RJ) Projects Ltd.

Infibeam Avenues Ltd has launched its artificial intelligence (AI) product, THEIA – Video AI Developer Platform.

Infibeam stock rose by 1.12% on the NSE, trading at ₹40.60

Sigachi Industries has informed the exchanges that Sigachi Arabia, a joint venture (JV) between the wholly-owned subsidiary Sigachi MENA FZCO and Saudi National Projects Investment Ltd (SNP), has projected a revenue visibility of $180 million for the financial year 2024-25. 

Sigachi shares tumbled by 8.75% to trade at ₹64.65 on the NSE.

Major gainers: BPCL (1.21%), Cipla (1.09%), Ultratech (1.06%), Bajaj Finserv (0.87%), Hero Motocorp (0.80%)

Major losers: Tata Consumers (-3.06%), Tata Steel (-1.59%), Bajaj Auto (-1.07%), Tech Mahindra (-0.73%), HDFC Bank(-0.68%)

SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, signed a power usage agreement (PUA) for a 500 MW Solar Power and a power purchase agreement (PPA) for 100 MW Solar Power with Rajasthan Urja Vikas and IT Services Ltd (RUVITL).

Coal India and Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) hasd signed an MoU, which will initially explore the possibilities of setting up of 4100 MW projects through a JV company, across the 5 identified projects viz. pit-head Thermal Power Project, Solar Projects at Solar Parks, Pumped Storage Projects, Solar Projects at Existing TPPs and Wind Projects.

Crude oil futures traded lower on Monday morning as the recent data from China showed a decline in imports. At 9.18 am on Monday, May Brent oil futures were at $81.59, down by 0.60 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $77.50, down by 0.65 per cent. March crude oil futures were trading at ₹6416 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6459, down by 0.67 per cent, and April futures were trading at ₹6395 against the previous close of ₹6440, down by 0.70 per cent.

On Monday, India’s Sensex and Nifty opened slightly up, influenced by mixed global cues. Analysts suggest investors will track foreign portfolio investors for market direction. The BSE Sensex rose by 21.12 points to 74,140.51, while the NSE Nifty increased by 15.45 points to 22,509. However, most Asian equities are facing downward pressure. 

Manoj Purohit, Partner and leader—FS Tax, Tax and Regulatory Services, BDO India: “FPI inflows have shown a positive trend compared to the previous month. Thanks to the recent announcement of Q3 GDP numbers at 8.4 percent, the persistence performance of large Indian corporates is major factor in turning the tide green for the Indian equity market.”

On the regulatory front, announcements such as the removal of UAE from the grey list and SEBI’s consultation paper for easing UBO disclosures norms for regulated FPIs have been the major catalysts to put India on the forefront of potential long-term investments for the foreign fraternity, he added.

Following last Friday’s weak close of the US stocks, Asian stocks are under pressure, except for Chinese markets. Japan’s stocks are down over 2 per cent, while Australian equities are weak at about 1.5 per cent. However, Hong Kong and Chinese stocks are up by about 1-0.3 per cent even as Korean stocks edged down marginally.

Ajit Mishra, SVP—Technical Research, Religare Broking Ltd, said: Apart from the scheduled macroeconomic data, the performance of the global indices will continue to offer cues over market direction. Currently, the US markets are seeing some profit taking after a steady uptrend for four months. That might result in intermediate volatility in our markets, too, especially at the open.

Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said the outlook for the market may depend upon major global and domestic economic data, US Fed rate decisions, foreign and domestic institutional investors’ investment patterns, global market trends, rupee movement against the dollar, crude oil inventories, and upcoming general elections.

He added that the major economic data that will be focused on in the coming week are Japan’s and the UK’s GDP, the UK unemployment rate, US CPI Inflation numbers, industrial production data, and India’s CPI and WPI inflation figures, Industrial production, and manufacturing output.

Stocks likely to see action today include JM Financial, Sun Pharma, Tata Group stocks, JSW Energy, Panabyte Tech, Cosmic CRF, Patel Engineering, Tata Technologies, Epigral, Captain Polyplast, Control Print, RVNL, Alembic Pharma, KPI Green, Dishman Carbogen, Lemon Tree, HG Infra, PG Electroplast, Dwarikesh Sugar, Dilip Buildcon, Venus Remedies, Titagarh Rail, Swan Energy Read more

Today (March 11) is the last date to subscribe the initial public offering of Gopal Snacks. The issue has so far been subscribed 1.40 times so far. The Rajkot-based company come out with price band of ₹381-401 and the market lot is 37 shares. Read more

Domestic markets are expected to open flat on Monday amid mixed global cues. Due to the lack of domestic cues, analysts say participants will look to overseas markets for direction, especially the behaviour of foreign portfolio investors. Read more

Issue Period:- 07- March-24 to 11- March-24

For Non- Retail ( QIB +HNI ) open & close date - 07-March -24 

For Retail open & close date – 11 –March-24 (Today)

Floor Price: INR “212”

Closing Price on date of announcement: Rs.226.70\u0009

Current Market Price: 218.20

Base Issue size: 6.93 Crs Shares – 5.00% of O/S Capital

Green Shoe Issue size: 2.77 Crs Shares – 2.00% of O/S Capital

Total Issue Size: 9.71 Crs equity shares (INR 2058 Cr) – 7.00% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 07-March -24 

Total Issue Size: 8.73 Crs shares (INR 1851.99 Cr)

Non-Retail Clearing Price: Rs. 217.50

Retail Portion - 10% of Offer Size - Bidding on 11 March, 2024(Today) 

Total Issue Size: 0.97 Crs equity shares (INR 205.78 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 217.50.

Issue Open - 02-April-24

Issue Close - 17-April-24

Right issue Size: Rs. 49.90 Crs (3.33 Crs Shares)

Stock Price – 20.17 /-

Right issue Price: Rs. 15/-

Payment Terms: Rs. 15/- (Full amount of Rs. 15 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 31 shares held (Effectively 0.03 for every 1 share held).

Last Trade date (Cum Right): 19 March 2024

Ex-Right Trading date: 20 March 2024

Record Date: 20 March 2024

Right Entitlement (RE) Trading Period:- Not Yet Announced

Last day of Renunciation of Rights Entitlements: Not Yet Announced

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 0.16

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Route – Tender 

Buyback Price: 105

Current Market Price: 80.85/-

Market Cap: Rs 1,522 crores

Buyback Size: ₹ 31.50 Crs (Representing 4.50% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 30,00,000 shares (Representing 1.59 % of O/s. shares)

Retail Quota: 4,50,000 Shares

Last Cum Trading Date – 19 March 2024

Ex-Date – 20 March 2024

Buyback Record Date: 20 March 2024

Buyback Schedule: Not Yet Announced

Gov’t has announced a Rs100/cyl cut in price of domestic LPG, bringing down prices by 11% to Rs803/cyl (in Delhi)

Reckon this could lead to an under-recovery of c.$100/T for OMCs, though are not particularly perturbed

Retain +ve view on OMCs 

BP & HP preferred picks

In the trading week ended on March 7, the equity benchmark indices S&P BSE Sensex and Nifty recorded modest gains of 0.5 per cent and 0.7 per cent, respectively. The majority of sectoral indices concluded the week positively, with notable performances observed in BSE Metals (3 per cent), BSE PSU (2.4 per cent), and BSE Power (1.9 per cent). Read more

Silver maintained steady, supported by a weaker dollar and yields, as the latest US jobs report provided some leeway for the Fed to begin cutting interest rates this year. While nonfarm payrolls outperformed estimates in February, they were sharply revised downward in January and December. Furthermore, the jobless rate rose to its highest level in two years, and pay growth slowed more than anticipated. Fed Chair Powell previously signalled that monetary easing might begin soon, but further evidence of inflation returning to the 2% target is required. Over the week, the metal was expected to rise by more than 5%.

Key economic data slated for release includes Eurogroup Meetings from Euro zone.

Gold prices rose after data showing an increase in the US unemployment rate fueled anticipation that the Federal Reserve would begin reducing interest rates shortly. Despite an acceleration in job growth in February, the unemployment rate in the United States rose and pay gains moderated. Traders increased their wagers that the Fed will start decreasing interest rates in May to roughly 30% following the jobs news, though June remained the most likely option at 80%. SPDR Gold Trust reported that its holdings declined by 0.18% to 815.13 tonnes on Friday, down from 816.57 tonnes on Thursday.

Key economic data slated for release includes Eurogroup Meetings from Euro zone.

CLSA on Maruti Suzuki

Outperform Call, Target Rs 12,890

Co Likely To Benefit From Increase In Share Of CNG & Hybrid PV

Co Likely To Offset Its Weaker Positioning In Electric Vehicles

Stock Has Underperformed Sensex Significantly

Stock Trading At A 23.5x CY25 EPS, Below Its 10-year Average PE Multiple.

Jefferies on LTImindtree

Buy Call, Target Cut To Rs 5,890

Resignation Of Co’s CFO, Alongside Other Senior-level Exits, Suggests Integration Issues

Co May Take Longer To Realise Revenue Synergies From The Merger

Cut Est By 5-9% To Reflect Rev Synergies & Expect Co To Deliver 15% EPS CAGR In FY24-26

Stock Has Fallen 19% YTD

Think Risks Are In Price As Stock Trades At 28x, In-line With Its 5-yr Avg.

HSBC on M&M

Buy Call, Target Raised To Rs 2,300

If Co Demerges Its Farm & Auto Business, Value Unlocking Could Be Significant For Investors

Operationally, Co Continues To Do Well With Upside Risks From Tractor Demand

Co Continues To Do Well With SUV Launches In FY25

CLSA on HDFC Bank

Downgrade To Outperform From Buy

Target Cut To Rs 1,650 From 2,050

Twin Challenges On Deposits – High Ask Rate & A Tough Environment

Improving Yields Offset By Muted CASA Accretion To Keep NIM Recovery Gradual

Think NIM Recovery Will Be More ‘U-Shaped’ Than ‘V-Shaped’

Trim FY25/26 EPS Estimates By 5%

Citi on OMCs

Govt Has Announced `100/Cylinder Cut In Price Of Domestic LPG

Govt Has Brought Down Cylinder Prices By 11% To Rs 803/Cylinder In Delhi

Reckon This Could Lead To An Under-Recovery Of $100/t For OMCs

Retain Positive View On OMCs

Would Use Any Meaningful Pullback As An Enhanced Buying Opportunity

BPCL & HPCL Are Preferred OMC Picks, Along With ONGC And GAIL

CLSA on GAIL

Sell Call, Target Rs 165

Vijaipur Site Lies At The Heart Of Co’s Operations

Mgmt Showcased Operational & Tech Capabilities Of Vijaipur Site In Managing HVJ Pipeline Network

Co Has Taken Green Hydrogen & Captive Solar Power Generation Initiatives

Initiatives Underscore Co’s Commitment To Its Long-term Vision For Energy Transition

Initiatives Underscore Co’s Commitment To Be Net Zero By 2040

Jefferies on GAIL

Underperform Call, Target Rs 150

Co Taking Early Steps Towards Energy Transition Efforts With Construction Of Green Hydrogen Pilot

Co Taking Early Steps Towards Energy Transition Efforts By Commissioning Of SSLNG At Vijaipur Site

Progress Towards Target Of Blending 20% GH2 In Transmission Vol By 2040 Will Be Keenly Watched

MS on Life Insurance

HDFC Life, ICICI Pru Life & SBI Life, Grew Faster Than The 20% RWRP Growth Of Private Sector

Total APE Growth For HDFC Life, ICICI Pru Life & SBI Life Was Also +20%

There Could Be Upside Risks To Our APE Growth Estimates

Cannot Rule Out Lower VNB Margin Owing To Higher Acquisition Costs & Likely Higher ULIP Mix

Antique on BHEL

Buy, TP Raised to Rs 299

Co reported a robust order inflow in 9MFY24 of Rs 360 bn (+102% YoY).

It has already bagged 3 large orders 

Believe co is expected to witness a meaningful reversal in its ordering cycle over next 3–4 years

Bernstein on Banks

Time to switch back to prvt. banks

In last 3 yrs, PUSs have outshone thanks to their superior earnings growth & narrowing of growth gap.

However, looking ahead, see a less promising trajectory for PSBs 

Downgrade SBI to Market-Perform , TP raised to Rs 780

RVNL: Company gets letter of award for projects worth ₹1,298.2 crore from Himachal Pradesh Electricity Board 

Titagarh Rail: The Company has bagged the contract from the Railway Board for Manufacture and supply of 4,463 BOSM Wagons for a contract value of Rs. 1909 Cr 

PNC Infratech: Company executes concession agreement for HAM project worth ₹1,174 cr with MP Road Development Corporation. 

GAIL: Company signed tripartite MoU with ONGC & Shell Energy to explore opportunities for import of ethane & other hydrocarbons.

Torrent Power Gets LoA for supply of 306 MW Solar Power from Maha State electricity distribution company

India Glycols: Company adds 270 KLPD capacity to existing bio-fuel ethanol plant at Kashipur, Uttarakhand 

Tata Power: MERC approves power tariff hike for Tata Power in Mumbai.

HG Infra: Company declared L1 Bidder for project worth ₹610 crore by NHAI 

SBI Life: February Life insurance new premium growth by 32.3 percent YoY 

HDFC Life: February Life insurance new premium growth by 14.5 percent YoY 

ICICI Pru: February Life insurance new premium growth by 32.5 percent YoY

SJVN: Company receives LoA for 1,352 MW of solar power projects, total invst at ₹7,436 crore. 

Dwarikesh Sugar: Buyback Approved, Offer price Rs. 105, Record date 20th March 2024. 

JSW Energy: JSW Neo enters into a technology licensing agreement with SANY Renewable for the manufacturing of 3.X MW WTGs in India for captive usage by the Company

Stylam Industries: Care Ratings has improved the outlook of the company. 

United Breweries: Company launches new brand viz., ‘Kingfisher Ultra Max Draught Beer’ in the ‘Premium Strong Beer’ segment category in Karnataka market. 

KPI Green: Company gets an order for the development of 305MW solar power projects from Aditya Birla Renewables Subsidiary & ABREL (RJ) Projects.

Signature Global: Company will invest Rs 1,000-1200 crore per year to purchase land for the development of housing projects and encash strong consumer demand.

NBCC/BHEL: Signs two MoUs with BHEL to redevelop BHEL’s facilities, lease offices, residential units. 

Dilip Buildcon: Company gets order worth Rs 550 crore for tender floated by NHAI on hybrid annuity basis in Tamil Nadu 

Azad Engineering: Signs a Long-Term Strategic Supply Agreement (SSA) with a subsidiary of Baker Hughes

Tata Communications: Company invests in global live production services with facility in Los Angeles. 

Gujarat Gas/BPCL: Signed accord for liquid fuels, auto lubricants. 

Dredging Corp: Company in pact with BEML for manufacturing of spares, dredgers 

Zydus Life: Company has received the EIR report from the USFDA for the inspection conducted at the API Ahmedabad facility

Beverages stocks: Government hikes outlay to tea sector, incentives to small growers. 

Rainbow Medicare: Company has added a ~50-bed additional block to the existing hospital at Hydernagar, Hyderabad 

Imagicaaworld: To set up an entertainment hub at the Sabarmati Riverfront at Ahmedabad over an area admeasuring approximately 11 acres 

IOC: Company to manufacture fuel used in Formula1.

HCL Tech: Company partners with Service Now to offer Gen-AI-led solutions for driving efficiency, cost-savings in businesses.

VBL: Company is expanding its production capacities in the juices and value-added dairy products segments in 2024. 

Gensol Engineering: Company wins Gujarat Urja Vikas Nigam Limited’s (GUVNL’s) 70 MW (140 MWh) battery energy storage project worth ₹450 crore revenue

LTIMindtree: Board appoints Vipul Chandra as new CFO. 

NLC India: Govt to exercise oversubscription option for OFS.

DB Realty: Board approved QIP issue and authorized the opening on 7th March 

LTIMindtree: Company says filed plea in court against ₹730 cr GST claim. 

SBI: Moody’s affirmed ‘Baa3’ long-term currency deposit rating. 

M&M: Company says Prudential Management sold 0.75% stake in co

LIC Housing: Board approves borrowing budget for FY 2024-25 

Oil India: Company approves second interim dividend of Rs 8.5/share 

Auto Stocks: Karnataka to introduce extra cess on new transport vehicles and lifetime tax on luxury EVs 

Indigo: Promoter Rakesh Gangwal is looking to sell up to 5.8% equity to raise nearly Rs 6,600 cr. Floor price is at Rs 2,925/sh: Sources. 

Sun Pharma: Company recalls 55,000 bottles of generic drug from US market due to manufacturing norms violation 

Tata group stocks: Tata Sons’ IPO unlikely soon, company seeking options to comply with RBI norms: Media Sources 

Zee Entertainment: Punit Goenka accepts the resignation of Rahul Johri. 

JM Fin: SEBI bars JM Financial from acting as debt issue lead manager and from taking new mandate in debt public issue.

Vedanta: SEBI issues administrative waning to the Vedanta and asks the company to take corrective steps to strengthen internal control for corporate announcement 

IOC/HPCL: ₹100 LPG cylinder price cut to be borne by OMCs; no fiscal impact on government. 

APL LTD: US FDA issues Form 483 with four procedural observations for Oncology Formulation Facility (F-2) at Panelav

The OFS has been subscribed 2.92 times from non-retail investors on Thursday, after which the Finance Ministry said it will exercise the green shoe option.

“NLC India Limited offer for sale received an enthusiastic response from non-retail investors today. The issue was subscribed 2.92 times of the base size (Non Retail Category). The Government has decided to exercise the green shoe option,” Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey tweeted

“Banking sector is likely to witness some challenges in coming period. The liquidity crunch may create obstacles for credit growth. The intense deposit competition may keep the cost to income elevated. The net interest margin improvement is subjected to policy rate cuts. Hence, we expect the return ratio numbers to stay in range.

Furthermore, the contained slippages has kept the asset quality in check. Some extra systemic pressure can elevate the slippages from unsecured book.

Nevertheless, we expect the expected worrisome are in price and overall sector to preform well as per as stock price is concerned.”

Elara Securities

Domestic space to drive recovery

The agri-input industry (agrochemicals and fertilizers) has been in the doldrums for the past 12 months, driven by global destocking of agrochemicals, adverse Monsoon in India and non-remunerative subsidy regime for the domestic fertilizer industry. While global demand for agrochemicals continues to be weak, we expect green shoots to emerge for domestic agrochemicals and fertilizer companies. Hence, we expect a recovery in the agri input space, primarily driven by the domestic sector. Green shoots would emerge, given 1) a steadily weakening the El Nino phenomenon, and 2) better nutrient-based subsidy (NBS) for the domestic fertilizer industry. Hence, we prefer India-focused companies, such as Dhanuka Agritech (DAGRI IN), Bayer CropScience (BYRCS IN), Sumitomo Chemicals (SUMICHEM IN) and Coromandel International (CRIN IN)

Yes Securities, a leading financial services company, has reported a record number of women investors, with growth in women investor accounts exhibiting a steady rise. YES Securities recorded a 75% YoY growth in accounts opened by women investors in FY24 so far (period compared is 1st April 2023 till 31st January 2024 versus same period last year of FY23), and the contribution of women investors in total accounts increased to about 23%. This trend highlights a growing confidence, rise in financial awareness and proactiveness among women in managing their finances.

The overall investor base of Yes Securities has also grown at a positive momentum of 36% YoY during the first 10 months of FY24 so far (From 1st April 2023 till 31st January 2024). The momentum of women investors is on an upswing and interestingly, Yes Securities has seen more women investors opening their account post pandemic since FY21, and this trend is on a steady rise and has continued in FY24 as well.

Azad Engineering (Azad) has received an order from Nuovo Pignone Srl (part of Baker Hughes’ Industry & Technology business) for the supply of high-complex and critical components for the Oil & Gas (O&G) sector. We believe that this is significant as it: 1) deepens Azad’s presence in O&G; 2) potentially could translate into adjacent revenue streams; and 3) would likely keep earnings growth momentum. In our view, this is the second major order in Q4FY24 after Rolls-Royce for defence engines and signifies that the development efforts made over several years are now getting monetised. We also believe that there is a better possibility of our FY26E EPS of INR 20 being achieved; hence, we raise

our P/E multiple to 80x (earlier 70x), valuing the company at INR 1,600 (earlier INR 1,400) on FY26E EPS. Retain ‘BUY’.

Hexaware Technologies, a global leader in digital solutions, and Novelty Group, a prominent business group of the United Arab Emirates (UAE), has announced a joint venture to deliver cutting edge digital transformation services to UAE-based enterprises across diverse sectors like banking, financial services, manufacturing, energy and utilities, healthcare, insurance, hi-tech products & platforms, retail & consumer, logistics and travel & hospitality. This strategic collaboration aims to leverage Hexaware’s technological capabilities and Novelty Group’s local presence and market understanding.

Emkay Global

NIFTY 50: 22,494

The Life Insurance sector logged a robust 18.1% Retail APE growth for Feb-24, driven by strong 20.4% growth in the private sector, while seeing LIC’s growth improving to 13.3%. On the back of resilient growth in Feb-24, the industry witnessed 9.2% Retail APE growth for YTDFY24, with the private sector growing 13.1% and LIC growing 2%. The number of individual policies sold during Feb-24 grew 9.2% for the industry, while policy growth for private players was 16.1% and stood at 6.3% for LIC, YoY. While Retail APE growth in the private sector was largely led by growth in the number of individual policies sold, LIC’s premium growth is likely driven by a mix of growth in policies and average ticket size. On an overall APE basis, the industry clocked in a strong 25.8% growth, with the private sector growing 24.7% and LIC registering 27.7% growth for Feb-24. The sturdy growth in APE was driven by 58% growth in Group APE for the industry during Feb-24, backed by a solid 62% growth in LIC’s Group APE and 52% growth led by the private sector. Among listed players, Max Life reported a healthy 34.4% Retail APE growth in Feb-24, bolstered by ~25% growth in number of individual policies sold. IPRU Life continued its growth momentum at 33.9% Retail APE growth for Feb-24, while HDFC Life and SBI Life noted a robust 27.8% and 25.8% Retail APE growth, respectively. While the industry is seeing strong growth momentum in Feb-24, it is likely to note some growth moderation in Mar-24 versus bumper sales in Mar-23 owing to taxation changes. Further, Mar-24 growth for individual players would largely be contingent on how strong growth was in Mar-23. Given the conducive demography and economy, we remain positive on the medium-term growth outlook for the sector. With attractive valuations, Life Insurance stocks continue to offer a favorable risk-reward balance.

Views from . Aryaman Vir, CEO, WiseX- a real estate-based alternate investments company: “We commend SEBI’s proactive stance on introducing regulations on follow-on offers by REITs and InvITs with an aim to enhance liquidity and investor participation in these sectors. The establishment of a clear framework in SM REITs by SEBI will pave a way for enhanced opportunities in real estate investment segment. As a pioneer in the fractional ownership landscape, WiseX is at forefront in upholding the highest standards of transparency and accountability. The amendments are in alignment of our core values of empowering our investors with a plethora of secured investment avenues. This is a significant stride towards fostering innovation and excellence in the fractional ownership industry.”

Motilal Oswal Financial

- In Feb’24, the Individual weighted received premium (WRP) for private players grew 20.0% YoY (a three-year CAGR of 13.9%) vs. 19.0% YoY in Jan’24. For the industry, Individual WRP grew 18.0% YoY in Feb’24 (a three-year CAGR of 11.1%) vs. 15.0% YoY in Jan’24. During Apr-Feb’24, private players’ WRP grew 9.2% YoY.

- Among listed players, HDFCLIFE (including Exide merger) posted a growth of 27.8% YoY in Feb’24 (a three-year CAGR of 20.5%). SBI Life clocked a strong growth of 25.8% YoY in Feb’24. Bajaj Allianz/MAXLIFE/IPRULIFE recorded 34.2%/34.4%/33.9% YoY growth.

- Individual WRP for LIC grew 13.3% YoY in Feb’24 (+6.6% YoY in Jan’24). Over Apr-Feb’24, Individual WRP for LIC was flat YoY.

- After reporting a strong growth in Mar’23 aided by the taxation on INR0.5m+ premium (implemented from Apr’23), the industry witnessed a relatively muted performance over Apr-Jan’24. For the month of Feb’24, the industry reported stellar growth led by new product launches particularly in annuities and pension segments. For Mar’24, given a strong base, we expect industry to witness a decline. Nevertheless, SBILIFE will continue to report a robust performance on a modest base of Mar’23 and continues to be our preferred pick in the space

(JKLC IN, Mkt Cap USD1.3b, CMP INR892, TP INR1030, 15% Upside, Buy) Motilal Oswal Financial

Aims to increase grinding capacity to 30mtpa by FY30 from 14mtpa currently

- JK Lakshmi Cement (JKLC) is expanding its grinding capacity to ~24mtpa/30mtpa by FY27E/FY30E from the existing 14mtpa (including Udaipur Cement Work). Following the release of its 3QFY24 earnings, JKLC announced its next phase of expansion in the east and central regions (through a mix of brownfield and greenfield mode). Additionally, JKLC has announced an acquisition in the north-east region with an aim to broaden its market presence.

(GAIL IN, Mkt Cap USD15b, CMP INR189, TP INR215, 15% Upside, Buy)

Motilal Oswal Financial

- We visited the Vijaipur plant of GAIL (I) and were joined by senior management from the company, including Shri R K Jain, Director Finance.

- The management highlighted two futuristic projects, which form the cornerstone of the net zero and gas penetration strategies; (a) the first entails a 4.3tpd green hydrogen project, key to achieving decarbonization objectives and marking a significant milestone in the company’s pursuit of a long-term target of 20% hydrogen blending in natural gas, (b) GAIL (I) also highlighted the small scale LNG project (SSLNG), which the management believes would be instrumental in improving LNG availability in underpenetrated areas.

- We remain positive on GAIL (I) as the capex cycle unwinds. The company has continued to explore new avenues for investments such as green hydrogen, SSLNG, and even coal to gas/chemicals. At ~11x FY26 P/E and the current dividend yield of ~2%, we believe valuations remain reasonable. We retain a BUY rating on the stock.

TEPA/Favre Leuba offer huge upside; outperforming retail peers

TARGET PRICE (Rs) : 2,850

Moats and macros are weaving favorable tales for Ethos, given visible growth outperformance and upside from the signed Trade and Economic partnership agreement (TEPA)/ramp-up of own-brand Favre Leuba (FL). The signed TEPA offers elimination of the 22% custom duty gradually, in 7 annual instalments. We believe most of the benefits should be shared by retailers and brands, as consumer pricing is broadly akin to global pricing. Our bear/bull case analyses suggest 20%/50% TP upside. Along with this, ramp-up of FL on target lines (35% CAGR) has potential to raise our TP by another 10%. As regards execution, outperformance is continuing as Ethos has noted ~30% topline growth in 9M vs. sub-10% for other categories like QSR, Apparel, and Footwear. Ethos has also provided best-in-class medium-term outlook of 25% topline CAGR, backed by share gains in new watch retail and faster growth in pre-owned/other luxury categories/FL. Increase in GST slab from the current 18% could partly offset gains from the custom duty reduction. We retain Buy

SEBI issues administrative warning to Vedanta. The Regulator has asked the company to take corrective steps to strengthen internal migration control for corporate announcements. SEBI’s warning will have no impact on financial or other operations, the company said in a notice to the stock exchanges

Dharavi Redevelopment Project Pvt Ltd (DRPPL), the joint venture between the government of Maharashtra and the Adani group, is pulling out all stops to incentivise residents and commercial establishments in the slum cluster to ease the resettlement and rehabilitation process and make it more palatable to them. The $3 billion project is scheduled to be completed in seven years. Read more

Months after Sajjan Jindal-led JSW Group picking up stake in MG Motor India, the joint venture is set for first-ever launch in India with its most stylish offering MG5 sedan in India on March 20. Read more

Securities and Exchange Board of India has notified the regulations for small and medium real estate investment trusts and specified that investment managers of such REITs should have a minimum net worth of ₹20 crore and the REITs can raise a minimum of ₹50 crore from at least 200 unit holders. Read more

DATE 07-03-2024

NIFTY SPOT 22493 +19 (+0.09%)

NIFTY FUT.MAR. 22552 VS 22602

NIFTY PREMIUM MAR. +59 VS +128

BANKNIFTY SPOT 47835 (-0.27%)

BANKNIFTY MAR. 47958 VS 48115 

FII DATA IN CRORE

CASH FII +7304 & DII +2601

INDEX FUT +821 STOCK FUT +3622 

INDEX OPT -21735 STOCK OPT -149 

FNO TOTAL NET -17440 

\u0009

NIFTY HIGHEST OI (IN LACS)

CALL WEEKLY MONTHLY MAR. 

22500 -42, 23000 -33,

23000 -34, 22500 -23,

PUT WEEKLY MONTHLY MAR.

22400 -39, 21000 -46, 

22500 -36, 22000 -36, 

NIFTY HIGHEST OI ADD (IN LACS)

CALL WEEKLY MONTHLY MAR. 

22500 +27, 23000 +01,

23500 +21, 23200 +01, 

PUT WEEKLY MONTHLY MAR.

22500 +28, 21500 +03,

22400 +25, 22500 +02,

HIGHEST OI BANKNIFTY (IN LACS) WEEKLY

CALL PUT 

48000 +31, 48000 +20, 

HIGHEST OI ADD TODAY (IN LACS) WEEKLY

CALL PUT

48000 +13, 39000 +11,

PUT CALL RATIO

NIFTY – 1.27

BANKNIFTY- 0.91

INDIA VIX

13.61 VS 14.30

NSE ADV/DEC. DATA

Advances +1611

Declines -989

Unchang. 97

52-WK H/L(NSE)

HIGH- +81, LOW- -54,

The Central Processing Centre, Ministry of Corporate Affairs, vide the ‘Certificate of Incorporation pursuant to change of name’ dated March 8, 2024, has approved the change of name of the Company from ‘D B Realty Limited’ to ‘Valor Estate Limited’ w.e.f. March 8, 2024.

• MANAPPURAM

• MGL

• SAIL

• TATACHEM

• ZEEL

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

Recent Interview...

As of 18:18 PM Thursday 07 March 2024

Atul Auto: Jitendra Adhia, VP-Finance

Atul Auto’s Volume Growth; To Invest ?20 Cr In EV Subsidiary

https://www.youtube.com/watch?v=tyLBBdNyE9U

City Union Bank: N Kamakodi, MD & CEO

Don’t Expect Much Impact On Gold Loan Biz Due To Recent RBI Moves On NBFCs: City Union Bank

https://www.youtube.com/watch?v=3pTpPvRtRUc

IIFL Securities: Harshvardhan Dole, Vice President

Regulating Profits Of City Gas Entities Is Not Something That Has Happened Before: IIFL

https://www.youtube.com/watch?v=Zr_WnA-o4-M

KEI Industries: Anil Gupta, CMD

Will Continue With Revenue Growth Guidance Of 17% for FY24 & FY25: KEI Industries

https://www.youtube.com/watch?v=kvV3-HkYIsA

Matrimony.com: Murugavel Janakiraman, Founder&CEO

CCI Order Is Very Clear And Charges Cannot Be Forced On App Developers: Matrimony.com

https://www.youtube.com/watch?v=TZjJpDu9zh8

Mahindra Life: Amit Kumar Sinha, MD CEO

Net Zero Buildings Will Bring Down Emissions Significantly: Mahindra Lifespace

https://www.youtube.com/watch?v=Fl13UAWK37k

Nestle: Suresh Narayanan, Managing Director

Nestlé India’s Chairman Optimistic About India’s Consumption Story

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

Coforge: Sudhir Singh, CEO

Aim To Close The Year With Orderbook Of Over $1 Billion’ | Sudhir Singh, CEO, Coforge

https://www.youtube.com/watch?v=82FW3_NYbw8

Suzlon Energy: JP Chalasani, CEO

Order Pipeline Is Robust And Typical Average Selling Price Is ?6 Cr Per MW: Suzlon Energy

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

Shriram Properties: Murali Malyappan, MD

9 Projects Lined Up For FY25; Looking At A Comfortable Growth: Shriram Properties

https://www.youtube.com/watch?v=89aLJQKxTbY

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

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +7304.11 

(22997.94 - 15693.83) 

DII: NET BUY: +2601.81 

(11886.95 - 9285.14)

Closing Bell:

• Sensex: 74119.39(+33.40) 

• Nifty 50: 22493.50 (+19.50) 

• Nifty bank: 47835.80(-129.60) 

Nifty top 5 Gainers:

• Tata steel: 157.25 (+5.65) 

• TATA Cons. Prod: 1,261.55 (+41.50) 

• Bajaj Auto: 8,879.05 (+273.25) 

• Tata Motors: 1,039.30 (+21.65) 

• JSW Steel: 830.00(+ 17.10) 

Nifty top 5 losers:

• M&M: 1,897.55 (-73.10) 

• BPCL: 624.70 (-13.65) 

• Reliance: 2,957.85 (-48.15) 

• Axis Bank: 1,111.45 (-13.55 ) 

• ICICI Bank: 1,087.95 (-9.15)

Legend Biotech Corporation (Pre market) (Sector- Healthcare)

Caseys General Stores, Inc. (Post market) (Sector- FMCG)

Vail Resorts, Inc. (Post market) (Sector- Hotel)

U.S. Daylight Saving Time Shift (American Markets to open from 19.00 pm IST)

No major macro data

The Nifty 50, Sensex and the Nifty Bank index continue to move up. Indeed, the Nifty Bank index outperformed last week by rising over a per cent. On the charts, the outlook for the Indian benchmark indices remains positive. On the other hand, the Dow Jones Industrial Average has been coming down over the last couple of weeks. Read more

Here is what the charts say about the shares of Amber Enterprises, Hitachi Energy India and Rallis India Read more

The stock has been in a strong uptrend. The 5.8 per cent rise on Thursday last week indicates the resumption of the uptrend. The inverted head and shoulder pattern on the daily chart strengthens the bullish case. ​Read more​