The domestic equity indices ended with minor gains on Monday. The Nifty closed above the 22,050 mark after hitting the day?s low of 21,916.55 in mid-morning trade. Metal, media and FMCG stocks advanced while oil & gas, private bank and auto shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex was up 104.99 points or 0.14% to 72,748.42. The Nifty 50 index advanced 32.35 or 0.15% to 22,055.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index shed 0.07%.
The market breadth was positive. On the BSE, 2,006 shares rose and 1,934 shares fell. A total of 116 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, gained 1.49% to 13.90.
Politics:
Lok Sabha elections 2024 will take place in seven phases from April 19 to June 1 and the counting of votes will take place on June 4, the Election Commission announced on 16 March 2024.
IPO Update:
The initial public offer (IPO) of Krystal Integrated Services received 3,76,37,320 bids for shares as against 29,99,448 shares on offer, according to stock exchange data at 15:30 IST on Monday (18 March 2024). The issue was subscribed 12.55 times.
The issue opened for bidding on Thursday (14 March 2024) and it will close on Monday (18 March 2024). The price band of the IPO is fixed at Rs 680 to 715 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index gained 2.49% to 7,996.90. The index rallied 4.57% in three trading sessions.
Tata Steel (up 5.05%), APL Apollo Tubes (up 4.99%), Jindal Steel & Power (up 4.93%), Ratnamani Metals & Tubes (up 3.32%), Steel Authority of India (up 3.04%) , JSW Steel (up 2.87%), Vedanta (up 2.15%), NMDC (up 2.09%), Hindustan Zinc (up 2.04%) and National Aluminium Company (up 1.87%) advanced.
On the other hand, Adani Enterprises (down 0.6%), Hindustan Copper (down 0.42%) and Hindalco Industries (down 0.36%) edged lower.
Stocks in Spotlight:
ITC fell 0.46% and International Travel House rose 0.11%. ITC has entered into a share purchase agreement with its wholly owned subsidiary, Russell Credit, for acquisition of 36,26,633 equity shares of Rs 10 each of International Travel House (ITHL), a listed associate company, representing 45.36% of ITHL?s share capital, and 90,000 equity shares of Rs 100 each of Maharaja Heritage Resorts (MHRL), an unlisted joint venture company, representing 25% of MHRL?s share capital.
Coforge tumbled 6.76%. The IT company announced that its board has approved a proposal to raise funds upto Rs 3,200 crore through qualified institutional placement (QIP) or any other permissible mode as per applicable laws.
Zydus Lifesciences rose 0.74%. The company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules USP.
Hindustan Aeronautics (HAL) advanced 0.81% after the Ministry of Defence signed a contract with the company for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs 2,890 crore.
Torrent Power gained 2.60% after receiving letter of award from the company?s distribution unit for setting up of 300 MW (RE Power) grid-connected wind solar hybrid projects.
Procter & Gamble Hygiene & Health Care jumped 3.39% after the company?s board has approved the appointment of Kumar Venkatasubramanian as managing director (MD) for a period of 5 years with effect from 1 May 2024.
KPI Green Energy was locked in upper circuit of 5% after it emerged as the successful bidder in the Maharashtra State Power Generation Co. (MAHAGENCO) tender for development of 100MW solar power project.
The Anup Engineering soared 15.60% after the company announced that its board will consider bonus share issue on Wednesday, 20 March 2024. Meanwhile, the company has entered into a definitive share purchase agreement to acquire 100% equity shares of Mabel Engineering (Mabel), for a cash consideration of Rs 33 crore.
J.Kumar Infraprojects added 1.11% after the company said that it has received a letter of award (LOA) for a Delhi-based project worth Rs 334.25 crore from NBCC (India).
Housing & Urban Development Corporation (HUDCO) slipped 4.45%. The company said that the board will meet on Wednesday, 20 March 2024, to consider a proposal to raise funds and also to increase the overall borrowing limit.
Gensol Engineering was locked in 5% upper circuit after the company has successfully completed 160 megawatt (MW) ground-mounted solar projects for Continuum Green Energy in Bhavnagar, Gujarat.
Global Markets:
Most of the European shares advanced while Asian stocks ended higher on Monday, ahead of key central bank policy decisions due this week for clues into the future global interest rate trajectory.
The Bank of Japan's rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.
China reported stronger-than-expected numbers for retail and fixed asset investment for the first two months of 2024. Retail sales rose 5.5% and industrial production was up 7%. The unemployment rate for cities was 5.3% in February.
U.S. stocks closed lower on Friday, led by technology-related megacaps, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting.
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