Indian stock markets may arrest the four-day slide, with the global markets presenting a bullish signal following the US Fed’s dovish comments. The much-awaited Federal Reserve’s policy statement that it was committed to allowing the economy to run hot before starting to put the brakes on its ultra-easy monetary policy measures, lifted bullish sentiment across the globe.

The SGX NIfty is currently ruling at 14,940, against Nifty March futures close of 14,771, signalling an at least 170-point gap-up opening. Markets across Asia are staying positive, thanks to the Fed comments. Equities in Japan, Korea, China and Hong Kong are also up over 1 per cent.

However, domestic analysts still remain cautious on the market direction on the back of rising Covid-19 numbers. “The second-wave seems to be more fearful than expected,” said a Chennai-based analyst. “Unless, it is contained quickly, both economic and stock market recovery will go for a toss,” he added.

Deepak Jasani, Head of Retail Research, HDFC Securities, said: “A dovish than expected Fed statement could result in a gap-up opening, but whether Nifty is able to hold such a gain will be crucial to watch.”

S Hariharan, Head - Sales Trading, Emkay Global Financial Services, said: “The Fed’s commentary on how it sees US growth trajectory and inflation expectations panning out over CY21 would determine the next course for macro flows to emerging markets.”

Stocks to Watch

HFCL has won a ₹221-crore order from the Uttar Pradesh Metro Rail Corporation for setting up telecommunication systems for the Kanpur and Agra metro projects. According to the order details, HFCL will set up the telecommunication systems for 32.4 km (corridors one and two) of Kanpur Metro and 14 km (corridor one) of Agra Metro projects. The telecommunication system work for the metro projects will be completed in the next 33 months.

BHEL has emerged as the lowest bidder for supply of equipment for 6x700 MW nuclear power projects of Nuclear Power Corporation of India. “In an open competitive bidding process, Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest bidder ( ₹10,800 crore) for the fleet mode tender floated by Nuclear Power Corporation of India Ltd (NPCIL) for the 6x700 MW Turbine Island Package Projects,” the company said. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam turbines.

Indian Oil Corporation has inaugurated a joint venture with Israel-based battery technology start-up Phinergy to launch IOC Phinergy Private Limited, which will develop fuel cells using aluminium air technology and indigenous hydrogen storage solutions for promoting green mobility. Maruti Suzuki and Ashok Leyland signed a Letter of Intent with IOC Phinergy for application and commercial deployment of the storage solutions.

The Board of Somany Ceramics has approved the modernisation-cum-expansion of the production line of double fast firing to produce large format wall tile, at the Kassar plant of the company. Post modernisation the capacity will increase from 7,000 sqm per day of wall tile to 16,000 sqm per day. The capital expenditure required is ₹45 crore.

Future Retail: The Delhi High Court on Thursday will pronounce an Interim Order in the Amazon plea with respect to the Future-Reliance Deal.

IPO Corner

Kalyan Jewellers’ initial public offering closes today. The issue so far has been subscribed 1.22 times on the second day. The IPO has received bids for 11.57 crore shares against the 9.571 crore shares on offer. The retail investor portion was subscribed 1.92 times while the qualified institutional buyer portion and non-institutional investor portions received 25 per cent and 90 per cent. The company plans to raise up to ₹800 crore through a fresh issue and ₹375 crore through an offer-for-sale (OFS) by the promoters and existing investor Warburg Pincus. The price band of the issue has been pegged at ₹86-87.

Nazara Technologies: The ₹583-crore IPO, which opened on Wednesday and closes on Friday, was subscribed over four times on Day 1 of the issue itself. Nazara’s public issue is an OFS, which will see sale of 52,94,392 equity shares by the promoters and existing shareholders. The retail investor portion has been subscribed 16.75 times while non-institutional investors received bids for 2.85 times and QIBs 36 per cent. The price band of the issue is ₹1,100-1,101.

Suryoday Small Finance Bank (SSFB): The IPO, which opened for subscription on March 17 and closes on March 19, was subscribed 0.42 per cent . The price band of the offer has been fixed at ₹303 to ₹305 per equity share. On Tuesday, SSFB raised ₹170 crore through by allotting shares to 13 anchor investors at ₹305 a share. The retail investors’ portion received 84 per cent subscription, while NIIs and QIBs have remained lukewarm to the SSFB public issue.

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