Domestic benchmark indices ended with modest gains on Friday. Realty, metal and bank stocks were in demand. On the other hand, media, pharma and healthcare stocks declined.
The Nifty 50 index opened higher at 17,111.80, and hit the day's high of 17,145.80 in early trade. However, the index pared gains as the session proceeded and briefly slipped into the negative terrain to hit the day's low of 16,958.15 in afternoon trade. The Nifty paved its way back into the positive zone to settle at 17,100 level.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 355.06 points or 0.62% to 57,989.90. The Nifty 50 index added 114.45 points or 0.67% to 17,100.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.69%.
The market breadth was positive. On the BSE, 2,058 shares rose and 1,448 shares fell. A total of 128 shares were unchanged.
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The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 8.94% to 14.77.
Risk sentiments took a back seat after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic Bank. The package announced by JPMorgan Chase, Morgan Stanley and nine other giants consisted of $30 billion uninsured deposits.
Investors will look ahead to the US Federal Reserve's meeting next week to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.
The European Central Bank on Thursday announced a further rate hike of 50 basis points despite of recent turmoil in the banking sector.
Buzzing Index:
The Nifty Realty index rose 3.03% to 399. The index jumped 4.18% in two trading sessions.
Prestige Estates Projects (up 4.86%), DLF (up 4.15%), Macrotech Developers (up 3.45%), Brigade Enterprises (up 3.37%), Sobha (up 2.69%), Phoenix Mills (up 2.01%), Godrej Properties (up 1.79%), Oberoi Realty (up 1.15%), Indiabulls Real Estate (up 0.17%) and Sunteck Realty (up 0.1%) advanced.
Stocks in Spotlight:
Housing Development Finance Corporation (HDFC) rose 1.75%. The housing finance major said that its board will meet on Monday, 27 March 2023, to consider raising of funds through issuance of non-convertible debentures in various tranches aggregating to Rs 57,000 crore, on private placement basis.
Tata Consultancy Services (TCS) shed 0.41%. After a successful stint as managing director & CEO during the last 6 years, Rajesh Gopinathan has decided to step down from Tata Consultancy Services (TCS) to pursue his other interests. Gopinathan will continue with the company till 15 September 2023 to provide transition and support to his successor.
The board has nominated K. Krithivasan as the CEO designate with effect from 16 March 2023. Krithivasan will go through a transition with Rajesh Gopinathan and will be appointed as the managing director & CEO in the next financial year.
Zee Entertainment Enterprises (ZEEL) declined 0.27%. The company offering a clarification to a media report, said that it has been exploring several strategies, including settlement, in relation to the ongoing dispute mentioned in the news report.
Media reports published yesterday stated that ZEEL has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it and inch closer to completing a merger with a Sony Group unit to create a $10 billion media giant.
Hindustan Aeronautics (HAL) rallied 3.05%. The Defence Acquisition Council on Thursday (March 16) approved proposals worth Rs 70,500 crore for the Armed Forces & Indian Coast Guard under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category. The council, under the chairmanship of Defense Minister Rajnath Singh, has also accorded acceptance of necessity (AoN) for procurement of advance light helicopters (ALH) MK-III from HAL for the Indian Coast Guard.
Glenmark Pharmaceuticals added 1.64%. The United States Food and Drug Administration (USFDA) gave its acceptance to Glenmark Specialty SA's investigational new drug (IND) application for GRC 54276, an orally available, small molecule hematopoietic progenitor kinase 1 (HPK1) inhibitor developed by Glenmark to proceed with a phase 1/2, first-in-human, clinical study for the treatment of patients with advanced solid tumors and lymphomas.
Adani Transmission locked in an upper circuit of 5% after the company said that it has incorporated a wholly owned subsidiary, Adani Electricity Aurangabad (AEAL), on 15 March 2023, with an authorized and paid-up share capital of Rs 1 lakh each for applying parallel distribution license in Aurangabad area.
Samvardhana Motherson International fell 1.04%. The company said that its board has approved the acquisition of remaining 50% stake of Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria. Post completion of the transaction, Fritzmeier Motherson Cabin Engineering will become wholly owned subsidiary of the company.
Rail Vikas Nigam (RVNL) rose 1.57% after the company said that it emerged as the lowest bidder (L1) for supply, installation, testing and commissioning work in Jabalpur for Rs 111.85 crore.
Lemon Tree Hotels gained 1.70% after the company signed license agreement for a 60 room property in Sri Ganganagar, Rajasthan under its brand "Lemon Tree Hotels". The property is expected to be operational by July 2026 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.
Genus Power Infrastructures advanced 2.42% after the company announced that it has incorporated Genus Assam Package-2 SPV, a wholly-owned subsidiary of the company on 9 March 2023. Genus Assam Package-2 SPV, is a public limited company, its main object is to manufacture consumption meters for electricity, water or gas, flow meters and counting meters.
Unichem Laboratories fell 2.99%. The pharma company announced that it has received abbreviated new drug application (ANDA) approval from the United States Food and Drug Administration (USFDA) for its Ranolazine extended-release tablets. The approved ANDA is a generic version of Ranexa of Gilead Sciences Inc. Ranolazine extended-release tablets are indicated for the treatment of chronic angina (chest pain).
Global Markets:
Shares in Europe and Asia advanced on Friday after Credit Suisse and First Republic Bank received financial help designed to prevent a crisis in the banking sector.
The European Central Bank followed through with the 50 basis point rate hike it flagged at its prior meeting, despite ongoing volatility in the banking sector. It takes the bank's main rate to 3%.
US stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.
Major Wall Street banks pledged a deposit of $30 billion in First Republic Bank in an attempt to bolster confidence in the banking system. The group of 11 banks, included Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.
Meanwhile, U.S. Treasury Secretary Janet Yellen said the U.S. banking system remains sound and Americans can feel confident that their deposits will be there when needed.
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