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Sensex closes slightly lower, Nifty at 14,736; Realty, IT, FMCG shine

Stock markets today: The Sensex and the Nifty closed slightly lower on Monday, erasing the gains from Friday's close of trade. (PTI)Premium
Stock markets today: The Sensex and the Nifty closed slightly lower on Monday, erasing the gains from Friday's close of trade. (PTI)

  • Benchmark Indian equity indices closed lower with the Sensex closing at 49,771.29, down 86.95 points or 0.17%, while the Nifty was at14,736.40, down 7.60 points, or 0.05%. Banks, financials and auto sector stocks closed in red.

Benchmark Indian equity indices closed lower on Monday amid rising fears around rising Covid cases, and mixed cues from Asian peers which saw volatility owing to rising bond yields and uncertainty around inflation. The fall in the value of the Turkish lira after the firing of the central bank governor added to the volatility. US treasury bond yields remained volatile as the Fed Reserve refused to renew capital relief for banks.

22 Mar 2021, 03:47:41 PM IST

Indian markets close lower as rising covid cases dent optimism

Benchmark Indian equity indices closed slightly lower on Monday. The Sensex ended at 49,771.29, down 86.95 points or 0.17%, and the

Nifty was at 14,736.40, down 7.60 points, or 0.05%. As per the Union health ministry, 46,951 new cases of covid infections were recorded on Sunday. The figure for deaths from across the country crossed the 200-mark for the first time since January 12. Selloffs were seen in the banking, financials and auto sectors while realty, pharma and IT sectors drove gains as seen on the Nifty and BSE sectoral indices. The BSE Small and mid cap indices outperformed the benchmark.

Tech Mahindra, Sun Pharma, TCS, Infosys and 12 other shares closed in green on the 30-share Sensex, while IndusInd Bank, Power Grid, ICICI Bank, HDFC Bank and 10 other stocks ended the day in red.

Sensex at closing
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Sensex at closing
22 Mar 2021, 03:31:49 PM IST

Bill to increase FDI in insurance sector gets Parliament's nod

A bill to increase foreign direct investment (FDI) in the insurance sector from 49 per cent to 74 per cent was approved by Parliament with the Lok Sabha giving green signal to the legislation by a voice vote on Monday. Piloting the Bill, finance minister Nirmala Sitharaman said that hiking the FDI limit in the insurance sector will help insurers to raise additional funds and tide over financial problems. The Insurance (Amendment) Bill, 2021 was earlier passed by the Rajya Sabha last week. The minister said that the government will provide funds to the public sector insurance companies but the private players will have to raise capital on their own. (PTI)

22 Mar 2021, 03:31:12 PM IST

HDFC Bank, ICICI Bank, RIL drag down Sensex

Index contribution
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Index contribution
22 Mar 2021, 03:17:45 PM IST

Godrej Properties, Phoenix, Prestige drive up Nifty Realty

Nifty Realty index
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Nifty Realty index
22 Mar 2021, 03:08:51 PM IST

Narendra Solanki, head- equity research (fundamental), Anand Rathi Shares & Stock Brokers on market performance

“Indian markets opened weak with marginal decline following mixed to negative cues from its Asian market peers as investors watched the weakening Turkish Lira and fears of rise in cases due to Covid virus which increased volatility in markets. During the afternoon session, the markets extended their losses and sentiments were dented due to major dampener in the form of fast-rising covid-19 cases, especially in some economically significant cities like Maharashtra. Restricted economic activity in these regions may impact the optimistic growth projections for FY22. Traders seem to have overlooked RBI’s data that foreign portfolio investors have pumped in a record $36 billion into equities so far this fiscal up to 10 March, which is the highest since FY13. On the other hand, net foreign direct investment inflows jumped to $44 billion, till end January, up from $36.3 billion a year ago, driven by the massive inflows in November and December. On sectoral front, today's decline was led by banks and financial stocks while IT, FMCG and Pharma traded in green."

22 Mar 2021, 03:04:15 PM IST

MobiKwik eyes IPO by September

One MobiKwik System Pvt, the Indian digital wallet and payments startup, is targeting an initial public offering before September that could raise between $200 million and $250 million, according to people familiar with the matter.

MobiKwik is planning to file its draft IPO prospectus by May for an offering in Mumbai that could value the company at more than $1 billion, the people said, asking not to be identified as the information is private. The Gurgaon-based company intends to hold a pre-IPO funding round that could give the startup a valuation of about $700 million, the people said. (Bloomberg)

22 Mar 2021, 02:42:54 PM IST

Dollar cements gains; lira slumps

The US dollar held near a four-month high on Monday after Turkey's President Tayyip Erdogan stunned investors over the weekend by replacing the hawkish central bank governor, sending shockwaves through global currency markets.

The lira slid 15% to near its all-time low and bond yields soared after Turkey's decision sparked fears of a reversal of recent rate hikes and undermined the bank's credibility.

Turkey's move comes against a backdrop of investors turning increasingly bullish on the prospects of the greenback in the short-term following rising U.S. Treasury yields and reinforces the safe-haven appeal of the greenback. (Reuters)

22 Mar 2021, 02:38:12 PM IST

Colgate-Palmolive's board approves dividend

The company's board of directors have declared a second interim dividend of 20 per equity share of 1 face value for FY21, Colgate-Palmolive (India) Ltd said in a regulatory filing.

22 Mar 2021, 02:28:50 PM IST

Power Grid trades lower

Power Grid Corporation of India Ltd was trading at 224.15 a piece, or 6.20 points, or 2.69% lower. The public sector company has signed an agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in their joint venture Jaypee Powergrid Ltd for 351.64 crore.

22 Mar 2021, 02:22:39 PM IST

Why Godrej Consumer Products' shares are under pressure

Shares of Godrej Consumer Products Ltd (GCPL) have underperformed the broader indices for some time now. True, the GCPL stock touched a new 52-week peak on 21 January, surpassing its pre-covid highs seen in the same month last year. But since then, the shares have declined, now trading about 10% lower than its pre-covid highs seen in January 2020. (Read more)

22 Mar 2021, 02:07:15 PM IST

Bhel secures solar power project in Mauritius

Bharat Heavy Electricals Ltd (BHEL) has received its maiden overseas turnkey contract for a grid-connected 8 MWac Solar Photovoltaic (PV) power plant in Mauritius, it said in a regulatory filing. The project is funded under Government of India’s line of credit (LOC) and has been secured by BHEL through a competitive bidding process.

22 Mar 2021, 01:57:04 PM IST

KNR Construction receives highway contract

KNR Construction has received an 1,100 cr contract for four-laning of a section on NH-75 on EPC basis in Karnataka, it said in a regulatory filing.

22 Mar 2021, 01:46:31 PM IST

Auto-debit defaults decline in February: NPCI data

Retail loan repayments are gradually getting more regular as seen in fewer defaults in auto-debit transactions in February.

Data from the National Payments Corp. of India (NPCI) showed that 36.6% of all auto-debit transactions by volume failed in February, or about 8.75 percentage points lower than what was seen in June last year (the highest in 2020). Bounce rate in February was, however, still higher than the pre-covid run rate.

22 Mar 2021, 01:24:23 PM IST

Airtel's board approves share allotment for DTH arm deal

Bharti Airtel on Monday said its special panel of directors has approved allotment of 36.4 million equity shares on a preferential basis to Warburg Pincus affiliate at 600 issue price, as partial consideration towards Bharti Telemedia deal.

As per the contours of the recently-announced deal, Bharti Airtel will acquire a 20% stake in its DTH arm Bharti Telemedia from Warburg Pincus affiliate Lion Meadow Investment Ltd for about 3,126 crore. (PTI)

22 Mar 2021, 01:12:14 PM IST

Vehicle scrapping policy lacks sufficient incentive: Jefferies

The vehicle scrapping policy, proposed in Parliament last week, is unlikely to make people junk their old vehicles for new ones in a big way, owing to insufficient incentives offered by the government for replacement, a report said on Monday.

Under the proposed policy, a scrapped vehicle will be offered a monetary value close to 4-6% of the showroom value. There could even be up to 5% discount on the purchase of a new vehicle if a scrap certificate is produced.

In addition, it also offers a 25% discount in road tax, among others.

It also proposes to de-register vehicles that fail fitness tests or are unable to renew registrations after 15-20 years of use. (PTI)

22 Mar 2021, 01:03:26 PM IST

Godrej Properties, Phoenix up more than 3%

Nifty Realty
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Nifty Realty
22 Mar 2021, 12:52:42 PM IST

Pharma sector buoyant

BSE Healthcare
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BSE Healthcare
22 Mar 2021, 12:46:33 PM IST

RIL, HDFC twins, ICICI Bank drag Sensex down

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Index contribution
22 Mar 2021, 12:43:41 PM IST

Sensex heatmap

18 stocks in red
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18 stocks in red
22 Mar 2021, 12:28:39 PM IST

Delhi HC stays single judge order restraining Future-RIL deal

The Delhi High Court has ‘stayed’ the single judge bench order granting status quo of the 25,000 crore Future-Reliance (FRL) deal. Hearing in Emergency Award against Future-Reliance deal, the Delhi High Court division bench stayed the single bench order favouring Emergency Award and imposing a 20 lakh on Kishore Biyani and other respondents including FRL and FCPL. The court said that stay will remain in effect till the next hearing.

22 Mar 2021, 12:13:47 PM IST

Utkarsh Small Finance Bank garners ₹240 cr via private placement

Utkarsh Small Finance Bank on Monday said it has raised a little over 240 crore through a private placement of equity shares ahead of its initial share-sale.

Pursuant to an agreement in February, the bank has concluded a private placement of its equity shares and raised 240.47 crore by allotting 89,061,647 equity shares at 27 per equity share to six investors, the lender said in a statement.

The six investors are—Olympus ACF Pte Ltd, Ability Participations Mauritius; Aavishkaar Bharat Fund, Growth Catalyst Partners LLC, Triodos Sicav II - Triodos Microfinance Fund, Triodos Funds BV (in its capacity as the legal owner of Triodos Fair Share Fund), it added. (PTI)

22 Mar 2021, 12:02:32 PM IST

Piramal Capital & Housing Finance raises ₹4,050 cr via NCDs

Piramal Enterprises unit Piramal Capital & Housing Finance Ltd has raised 4,050 crore through five-year non-convertible debentures in two tranches, the company said in a regulatory filing.

22 Mar 2021, 11:42:46 AM IST

Barbeque Nation IPO to open on Wednesday

Casual dining chain Barbeque Nation Hospitality on Monday fixed a price band of 498-500 per share for its initial share sale, which will open for public subscription on March 24.

The three-day public issue will conclude on March 26, according to the company.

Barbeque Nation Hospitality is backed by private equity investor CX Partners and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital.

The IPO comprises a fresh issue of shares worth 180 crore and an offer-for-sale of up to 54,57,470 equity shares. (PTI)

22 Mar 2021, 11:23:58 AM IST

Indian cos more upbeat about profitability growth than EM peers

Business confidence among Indian manufacturers and services providers showed further improvement in February, according to IHS Markit's quarterly Business Outlook survey. This tri-annual survey is conducted in February, June, and October. (Read more)

22 Mar 2021, 11:17:23 AM IST

Knowledge Marine & Engineering Works gets listed

Knowledge Marine & Engineering Works Ltd was listed on the bourses at 38.10 a piece, up 0.10 points or 0.26% on Monday.

22 Mar 2021, 11:15:45 AM IST

RailTel Corporation secures ₹153.15 cr order

RailTel Corporation of India Ltd has received a 153.15 crore work order from Central Coalfields Ltd, to establish a MPLS-VPN network of higher bandwidth on rental basis for five years, the company said in a regulatory filing.

RailTel Corporation of India trading
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RailTel Corporation of India trading
22 Mar 2021, 11:05:52 AM IST

Sensex heatmap

Sensex at 11
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Sensex at 11
22 Mar 2021, 10:59:47 AM IST

Telecom advertising in India to grow at 11% by 2023: report

India will be the fastest-growing market for telecom advertising between 2020 and 2023 registering 11% annual growth, said a report by media agency Zenith. This is much higher than the telecom advertising globally which is predicted to grow at an average rate of 4.5% a year to 2023 as its recovers from an 8.7% decline in 2020, according to Business Intelligence—Telecommunications report, published on Monday. (Read more)

22 Mar 2021, 10:43:39 AM IST

Bandhan bank, Kotak Bank in green

BSE Bankex
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BSE Bankex
22 Mar 2021, 10:33:48 AM IST

India to face key test of risky bank debt

India is set to face its first test of demand for a riskier type of bank bond since the regulator introduced a cap on mutual funds’ investments in such securities.

One of the nation’s largest regional lenders, Bank of Maharashtra, is seeking bids Monday for rupee-denominated Tier 2 notes in a sale that will be closely watched to gauge demand from mutual funds, the biggest buyer of such debt.

The Securities & Exchange Board of India this month announced rules which restrict mutual funds’ holdings of perpetual Additional Tier 1 and Tier 2 notes to 5% of net assets for a single issuer, effective April 1. (Bloomberg)

22 Mar 2021, 10:27:25 AM IST

Rupee gains 6 paise to 72.46 against US dollar in early trade

22 Mar 2021, 10:26:13 AM IST

RIL, HDFC Bank, ICICI Bank drag Sensex down

Index contribution
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Index contribution
22 Mar 2021, 10:01:26 AM IST

Banks, financials, auto in red

Nifty sectoral indices
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Nifty sectoral indices
22 Mar 2021, 09:48:19 AM IST

Rangoli Tradecomm gets listed

Rangoli Tradecomm Ltd listed on the bourse at 211.00 a piece , up 4.00 points or 1.93% on Monday.

22 Mar 2021, 09:31:47 AM IST

Market opening

Indian markets opened lower on cues from SGX Nifty and volatility in wider Asian markets owing to uncertainty around rising bond yields. The Sense opened at 49,703.89, 154.35 or 0.31% lower, while the Nifty was at 14,736.30, down 7.70 points, or 0.05%. Realty, power, oil and gas, and FMCG were in green among the BSE sectoral indices. IT, pharma and realty were the only positive outliers among Nifty sectoral indices, most of which were in red.

Sensex at opening
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Sensex at opening
22 Mar 2021, 09:08:50 AM IST

Market pre-opening

The Sensex was up 148.79 points or 0.30% to 50,007.03 at markets pre-opening, while the Nifty was at 14,744.00, up 186.15 points or 1.28% at 9:05 am. Asian peers had a mixed opening as investors were puzzled about rising bond yields and inflation amid recovery.

22 Mar 2021, 08:51:25 AM IST

Adani Green Energy unit wins 300MW wind power project

Adani Green Energy Ltd unit Adani Renewable Energy Holding Fifteen Ltd had participated in the tender issued by SECI for setting up 1,200 MW ISTS-connected Wind Power Project and received the letter of award (LOA) to set-up 300 MW wind power project under this tender. The fixed tariff for this project capacity is 2.77/kWh for a period of 25 years. This project brings Adani green Energy's total renewable capacity to 15,165 MW, of which 3,395 MW renewable plants are operational and 11,770 MW projects are under implementation, the company said in a regulatory filing.

22 Mar 2021, 08:43:59 AM IST

Axis Bank revises interest rates on FDs

Private sector lender Axis Bank has revised interest rates on fixed deposits (FDs) with effect from 18 March. Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years.

After the latest revision, Axis Bank is offering an interest rate of 2.50% on FDs with maturity between 7 days and 29 days, 3% for FDs maturing between 30 days and less than 3 months, 3.5% for FDs between 3 months and less than 6 months.

22 Mar 2021, 08:29:43 AM IST

Market outlook

Markets are likely to be wobbly on Monday following Asian peers while trends in SGX Nifty suggest a flat to negative opening of Indian benchmark indices. On Friday, the BSE Sensex ended at 49,858.24, up 641.72 points or 1.30%. The Nifty closed at 14,744, up 186.15 points or 1.28%.

Asian markets were holding their nerve on Monday as a plunge in the Turkish lira tested risk appetite, with stocks and bonds showing only a limited bid for safe-havens. (Read more)

22 Mar 2021, 08:14:04 AM IST

Stocks to Watch

Future Retail, PGCIL, Adani Green and Bharti Airtel, among other stocks, are expected to be in focus today. (Read here)

22 Mar 2021, 07:57:07 AM IST

Saudi Aramco to focus on supply to China for next 50 yrs: CEO

Saudi Aramco will ensure China's energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.

22 Mar 2021, 07:51:32 AM IST

Oil falls as European lockdowns douse recovery hopes

Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.

Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 0136 GMT. US oil was off by 68 cents, or 1.1%, at $60.74 a barrel. Both contracts fell by more than 6% last week. (Reuters)

22 Mar 2021, 07:43:23 AM IST

Gold drops as dollar strengthens

Gold declined as the dollar remained resilient and 10-year Treasury yields held near the highest level in more than a year, weighing on the precious metal which doesn’t offer interest.

Spot gold fell 0.3% to $1,739.78 an ounce by 7:44 am in Singapore, after rising 0.5% on Friday. Silver, platinum and palladium all retreated. The Bloomberg Dollar Spot Index advanced 0.2%. (Bloomberg)

22 Mar 2021, 07:27:52 AM IST

Asian markets open lower; Turkish lira stumbles

Asian stocks started the week mostly lower with investors fretting over bond yields and inflation as economic activity picks up. Turkey’s lira tumbled after the central-bank head was replaced.

US equity futures fluctuated. MSCI Inc.’s Asia Pacific gauge slipped as shares in Japan and South Korea declined, while Australia’s index climbed. The Turkish lira slumped as much as 15% in early Asian trading after President Recep Tayyip Erdogan removed the central-bank governor following a sharper-than-expected hike in interest rates. The dollar advanced against most Group-of-10 currencies.

The S&P 500 Index weakened slightly on Friday. The financial sector underperformed after the Federal Reserve let a capital break for big banks expire. The tech-heavy Nasdaq 100 recovered from Thursday’s slump. Oil fell after its worst week since October.

SGX Nifty was trading at 14,828.50, down 3.70 points or 0.02% at 7:20 am IST

S&P 500 futures fell 0.2% as of 9:20 am in Tokyo. Nasdaq 100 futures rose 0.1%.

Topix Index fell 1.1%.

Australia’s S&P/ASX 200 Index gained 0.3%.

South Korea’s Kospi Index fell 0.2%

The yield on 10-year Treasuries fell about two basis points to 1.70%.

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