PremiumIndian shares fell sharply on Friday ahead of December-quarter gross domestic product data, as a spike in global bond yields sparked a sell-off in world equities.
Equity benchmark indices snapped 3-day winning streak and closed deep in red on Friday with banks and financial stocks leading the market rout amid global selloff and fears of rising inflation. The Sensex plummeted 1,939 points or 3.80% % to close at 49,099.99. ONGC, closing nearly 7% lower, was the top laggard followed by M&M, Axis Bank, Power Grid and Kotak Bank. All stocks in the 30-share gauge settled in the red.
The Nifty fell 568.20 points or 3.76% to close at 14,529.15.
Gold futures on Friday slipped 0.35% to ₹46,080 per 10 gm, as participants offloaded their holdings on low spot demand.
In the international market, gold was trading 0.91% lower at $1,759.30 per ounce in New York. (PTI)
The world’s biggest Bitcoin fund is selling off faster than the cryptocurrency itself. The $32-billion Grayscale Bitcoin Trust has plunged 20% this week, outpacing a 13% decline in the world’s largest cryptocurrency. GBTC’s once-massive premium to its underlying holdings has evaporated as a result, with the price of GBTC closing 0.7% below its underlying holdings on Wednesday—the first discount since March 2017, according to data compiled by Bloomberg. The vanishing premium suggests that after billions poured into GBTC as investors sought exposure to Bitcoin’s dizzying rally, investors are looking for the exits as the climb stalls, according to Bloomberg Intelligence.
Bharti Airtel said it will seek shareholders' nod on March 19 for issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Ltd (LMIL) on preferential basis, to execute its deal for buying additional 20% stake in its DTH arm Bharti Telemedia, according to a regulatory filing.
As per the contours of the recently-announced deal, Bharti Airtel will acquire 20% stake in Bharti Telemedia from Warburg Pincus affiliate, LMIL, for about ₹3,126 crore. (PTI)
The Reserve Bank of India favours keeping the current inflation targeting regime unchanged, saying it has been effective in containing price-growth.
The current framework is appropriate for the next five years, according to a report from the RBI on Friday, after it reviewed the flexible inflation targeting regime put in place five years ago.
The existing mandate requires the RBI to keep headline inflation at the 4% midpoint of its target range of 2%-6%. While the central bank has managed to keep consumer-price growth mostly within bounds, a spike in food costs last year pushed inflation beyond its tolerance limit, forcing policy makers to pause interest rate cuts after 115 basis points of easing. (Bloomberg)
Eveready Industries Ltd's stock is in the vicinity of its 52-week high record even as markets bleed. It had been reported earlier that the Burman family, the single-largest investor in Eveready Industries Ltd with a 20% stake, may become joint promoters of the battery maker along with the Khaitan family, two people familiar with the talks between the two groups had said.
On the day of its inaugral listing RailTel Corporation of India rose 32.50% even as bourses faced a rout owing to selling pressures. The stock was trading at ₹124.85, compared to it opening price of ₹104.60.
Pidilite Industries's board of directors at its meeting held on 26 February agreed to 3,500 equity shares of worth ₹1/- each to eligible employees under its employee stock options scheme. The company's stock was down 1.24% to ₹1699.95.
Dewan Housing Finance Corp. Ltd seems to be locked in an upper circuit at ₹19.80, even as the markets are seeing a bloodbath. The non-bank lender has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Ltd (PCHFL) with the National Company Law Tribunal.
Natco Pharma gained 0.35% on Friday, as it launched epilepsy treatment drug 'Brivaracetam. The company has launched Brivaracetam tablets under brand BRECITA in India, Natco Pharma said in a regulatory filing.
Brivaracetam, indicated towards treatment of epilepsy, is developed by UCB Pharma and currently marketed in India by Dr Reddy's under brand name Briviact.
Just Dial was trading at ₹738.65 a piece, down -3.76%, a day after announcing the launch of its B2B app Jdmart. Meanwhile, HDFC Mutual Fund has offloaded 2.73% stake in local search engine for over ₹108 crore through an open market transaction.
According to a regulatory filing, the schemes of HDFC Mutual Fund, which held 8.33% stake in Just Dial earlier, sold 1,690,653 shares in open market transaction. The shares were offloaded on February 24, 2021.
Jet Airways was trading -2.18% lower at 1:22 pm. Meanwhile, UAE-based Indian businessman https://www.livemint.com/companies/news/jets-new-owner-jalan-to-operate-airline-build-airport-at-uzbekistan-11614324010652.html, who is part of a two-member consortium chosen to revive Jet Airways (India) Ltd by its creditors, is in an advanced stage of talks with the Uzbekistan government to start a full-service airline and also build a new airport in the central Asian country, lawyers representing the lenders and their chosen resolution professional informed the Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday.
Dilip Buildcon Limited has been declared as L-1 bidder for two new HAM projects under Bharatmala Pariyojana, Phase I in the state of Tamil Nadu and Union Territory of Puducherry, Order worth ₹2241.00 cr.
Ahead of the announcement of official GDP data, HDFC pegs Q3FY21 at 1.8%.
“We estimate Q3FY21 gross domestic product (GDP) growth at 1.8 percent," said Pranjul Bhandari, chief economist at HSBC India, said. "The reason is the whole pent up demand; the demand for goods in the last couple of months, the pent up demand for services that has started picking up, all of that will show in that number and also the government started spending in November and December. Therefore, it’s going to make for a good recovery and that is what we are going for," in an interview to CNBC-TV18.
Kotak Mahindra Bank has alloted 6,32,432 shares as part of its Employees Stock Options (ESOP) scheme. The allotted shares are valued at Rs. 5 a piece.
The HDFC twins, ICICI Bank and RIL for more than 900 points of the 1,700 point fall in the Sensex.
The volatility index (VIX) rose 21% as broader indices tanked owing to selling pressures. Asian markets opened lower owing to selloffs and inflation fears after the U.S. 10-year yield traded as high as 1.6% Thursday, when a poorly received government auction led to forced selling by holders of mortgage securities.
After the unprecedented trading halt on 24 February, the National Stock Exchange (NSE) has been accused of a number of things, including inefficiency, poor communication and a general apathy towards the plight of market participants.
The gravest charge came from rival BSE, which said: “It was anti-competitive and unethical on the part of NSE Clearing Ltd (NCL) to stop its operations to preserve NSE’s monopoly and hold the market to ransom."
The reference is to the alleged inability of market participants to shift trading to BSE’s platform using the interoperability function permitted by the Securities and Exchange Board of India (Sebi). “The troubles at NCL prevented the market from shifting to BSE’s trading platform. The NSE-owned clearing corporation stopped functioning and ensured all brokers who clear through them couldn’t place orders on BSE," a spokesperson for BSE said in an email.
Indiabulls Housing Finance Ltd's stock was down to 217.60 by 3.50%. The company has issued foreign currency convertible bonds, it's first such issuance, worth ₹ 1,091 crore, it said on Thursday. The secured convertible bonds are due 2026. The initial conversion price is ₹242 per fully paid-up equity share of the company.
Dilip Buildcon on Friday said it has emerged as the lowest bidder for four-laning of a stretch of national highway in Tamil Nadu and Puducherry.
"The company has been declared as L-1 bidder for the tenders floated by the National Highways Authority of India (NHAI)... in the state of Tamil Nadu and Union Territory of Puducherry," the company said in a regulatory filing.
The company informed exchanges that the two tenders are for four-laning of Viluppuram Puducherry section of NH 45A (New NH 332) and Puducherry-Poondiyankuppam section of NH-45A under Bharatmala Pariyojana phase I in Tamil Nadu and Puducherry. (PTI)
Barti Airtel will conduct an extraordinary general meeting 19 March to seek the approval of the members on the proposal of issuance of equity shares of the company on preferential basis through special resolution.
The Indian rupee registered a massive fall of 67 paise and slipped below the 73 per US dollar mark in opening trade on Friday tracking weak Asian currencies and heavy selling in the domestic equities.
At the interbank forex market, the domestic unit opened at 72.43 against the US dollar, then lost further ground and touched 73.10, registering a plunge of 67 paise over its previous close.
On Thursday, the rupee had settled at 72.43 against the American currency. (PTI)
IndusInd Bank notified bourses about the preferential allotment of a total of 1,57,70,985 shares upon conversion of shares warrants to IndusInd International Holdings Ltd and IndusInd Ltd.
Shares of RailTel Corporation Of India rose as much as 16% on their debut on Friday, after the company’s ₹819 crore initial public offering (IPO) received a robust subscription of over 42 times when it closed earlier this month.
"15100 acted as a stiff resistance yesterday— we were unable to close above that level. I still feel traders should not take a position in either direction. We should evaluate the markets on Monday. Due to the volatility the stops are going to be large and hence the risk element is high. Hence a fresh view should be taken in a couple of days."
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Equity benchmark Sensex gave up the 50k mark and opened deep in red on Friday. At 9:32am, the 30-share gauge was at 50,309.87, down 729.44 points or 1.43%, while Nifty declined 196.50 points or 1.30% to 14,900.85.
On Sensex, 23 of the 30 stocks were in the red in early trade. Maruti, Nestle, HUL and Dr. Reddy's were among the gainers, while IndusInd Bank, ICICI Bank, Axis Bank and HDFC twins were among the laggards.
Indian stocks traded lower on Friday in the pre-opening session. At 9:05am Sensex was at 50,379.99, down 659.32 points or 1.29%, while Nifty was at 15,097.35 up 115.35 or 0.77%.
Key Indian indices continued their upward trajectory on Thursday as metals, PSU banks' stocks rallied. The Sensex ended ended at 51,039.31, up 257.62 points or 0.51%. The Nifty closed at 15,097.35, up 115.35 points or 0.77%.
ONGC, NTPC and RIL were among the top performers on the Sensex, while, L&T, Nestle and ICICI Bank were in red. Thirteen companies in the 30-share gauge closed in the red.
Asian stocks opened sharply lower on Friday after Wall Street's main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark US Treasury yields.
apan’s Topix Index fell 2%.
S&P/ASX 200 fell 2%.
South Korea’s Kospi Index fell 2.5%.
Hang Seng Index fell 1.9%.
Shanghai Composite Index fell 1.1%.
Wall Street's main indexes ended sharply lower on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.
Unofficially, the Dow Jones Industrial Average fell 561.36 points, or 1.76%, to 31,400.5, the S&P 500 lost 96.12 points, or 2.45%, to 3,829.31 and the Nasdaq Composite dropped 478.54 points, or 3.52%, to 13,119.43.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
