Indian equity indexes on Wednesday made a strong rebound to recover the previous day’s losses, ending with gains of approximately 2% amid broad-based advances driven by Realty, Metal, and Basic Materials stocks. Following a strong start, indexes continued to rise throughout the day, as traders were encouraged by the Ministry of Finance’s remark that the Indian economy is well-positioned to deal with any capital outflows induced by external shocks.
The Nifty50 has formed a reasonable long bull candle on the daily chart, signalling chances of a decisive breakout above 17,000 levels in the coming session, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“If the 50-scrip benchmark surpassed the 16,800-17,000 resistance area, one may expect sharp up moves in the near term. In such a case, the Nifty could reach up to 17,500 levels quickly,” he said.
Sensex rose 1039.80 points or 1.86% to 56,816.65 and the Nifty was up by 312.35 points or 1.87% to 16,975.35 in the previous session. Sensex touched high and low of 56,860.89 and 56,389.26, respectively. There were 28 stocks advancing against 2 stocks declining on the index. Nifty traded in a range of 16,987.90 and 16,837.85. There were 47 stocks advancing against 3 stocks declining on the index.
Broader Indices
The broader indices ended in green with the BSE Midcap index rising 1.80%, while the Small cap index was up by 1.47%. The top gaining sectoral indices on the BSE were Realty up by 3.66%, Metal up by 2.56%, Basic Materials up by 2.55%, Oil & Gas up by 2.18% and Consumer Durables up by 2.13%, while there were no losing sectoral indices on the BSE.
Support and Resistance levels
The key support level for the Nifty is placed at 16,879, followed by 16,783. If the index moves up, the key resistance levels to watch out for are 17,029 and 17,084, according to pivot charts.
SGX Nifty
The trends on SGX Nifty indicate a flat opening for the index in India with a 16-points loss. The Nifty futures were trading at 17,281.20 on the Singaporean Exchange around 06:45 hours IST.
Asian Markets
Asian markets closed sharply higher yesterday with shares in China leading the region. The Shanghai Composite was up 3.48% while Hong Kong’s Hang Seng was up 2.85% and Japan’s Nikkei 225 was up 1.64%.
The S&P 500 rose 95.41 points, or 2.2%, to 4,357.86.
The Dow Jones Industrial Average rose 518.76 points, 1.5%, to 34,063.10.
The Nasdaq rose 487.93 points, or 3.8%, to 13,436.55.
The Russell 2000 index of smaller companies rose 61.75 points, or 3.1%, to 2,030.72.
European Markets
European markets are sharply higher yesterday with shares in Germany leading the region. The DAX was up 3.68% while France’s CAC 40 was up 3.58% and London’s FTSE 100 was up 1.66%.
Oil surpasses $100 due to supply-demand issues, Ukraine holds discussions
Oil rose above $100 a barrel in a volatile session on Wednesday, finding support from supply concerns and easing worries about slowing Chinese demand, while signs of progress in Russia-Ukraine peace talks limited gains. Three million barrels per day of Russian oil and products may not find their way to market beginning in April in the wake of its invasion of Ukraine, the International Energy Agency (IEA) said on Wednesday, as sanctions bite and buyers hold off. “These losses could deepen should ban or public censure accelerate,” the Paris-based IEA said in its report, which also cut its oil demand forecast for 2022. Brent crude rose $1.47 or 1.5% to $101.38 a barrel by 1321 GMT, having traded as high as $103.70 earlier. U.S. West Texas Intermediate (WTI) crude added $2.50 or 2.6% to $98.94. Crude settled below $100 on Tuesday, the first time since late February. Trading has been volatile since Russia’s invasion of Ukraine on Feb. 24, with prices hitting a 14-year high on March 7 on supply fears.
BSE-registered investor accounts have surpassed 10 crore
BSE’s Chief Executive Officer (CEO) Ashish Chauhan on March 16 took to Twitter to announce that the number of registered investor accounts with the stock exchange had reached 10 crore. “@bseindia reached a landmark of 10 crore (100 million) registered investor accounts. Congratulations India !” said Ashish Chauhan in a tweet. The market capitalisation of BSE-listed companies stood at Rs 2,54,45,122.12 crore as of March 16. “BSE has reached a landmark of 10 crore (100 million) registered investor accounts today, on March 16, 2022. BSE has always focused on acting as a catalyst for nation-building and capital formation for the country during its 147 years history,” said Chauhan. Adding, “The large number of investors who have recently joined Indian capital markets show their confidence in the Indian government, its regulatory agencies and future growth of Indian economy which will help India achieve its goal of creating the US $5 Trillion and beyond.”
Coal India has outstanding dues of Rs 15,293.17 crore, but there is no liquidity emergency in the firm, according to Coal Minister
Coal India Ltd and its subsidiaries are not facing any cash crunch even as their outstanding dues were provisionally pegged at Rs 15,293.17 crore as of February 28, the Ministry of Coal said on March 16. While the gross debt of Coal India and its subsidiaries continues to remain high, it has come down significantly from Rs 22,165.85 crore as of March 31, 2021. In February, Coal India Chairman Pramod Agrawal had said that there was an urgent need to increase prices, and without it, certain subsidiaries will find it difficult to survive. Coal India has faced the challenging task of scaling up production and dispatch amid disruptions due to the pandemic and heavy rains in the fiscal as demand picked up. The company has huge receivables on one hand and on the other hand, is unable to increase prices despite rising costs. “At present, there is no cash crunch in Coal India Limited and its subsidiaries. However, the gross debtors of Coal India Limited (CIL) and its subsidiaries stood at Rs. 22165.85 crore and Rs. 15293.17 crore (Provisional) as on 31.03.2021 and 28.02.2022,” the ministry said in the statement.
Sanjiv Bajaj has been reappointed as managing director of Bajaj Finserv for another five years
Sanjiv Bajaj has been re-appointed as the managing director of Bajaj Finserv for a 5-year period, the financial services company informed the stock exchanges on March 16. The decision was taken at the meeting of the Board of Directors held earlier in the day, the regulatory filing said, adding that Sanjiv Bajaj’s new term will come into effect from April 1, 2022. Bajaj’s current term as the MD will expire on March 31. His fresh term at the company’s helm will span “from 1 April 2022 to 31 March 2027”, Bajaj Finserve said, adding that “he will not be liable to retire by rotation”. Bajaj is eligible to hold another term as the company’s MD in accordance with the norms laid down by market regulator SEBI, Bajaj Finserv clarified. “Bajaj is not debarred from holding the Office of Director by virtue of any order passed by SEBI or any other such authority and therefore, he is not disqualified to be re-appointed as managing director of the company,” it noted.
Among APAC nations, oil importers India and Thailand would be the worst affected by the Ukraine conflict, according to S&P
Large oil importers like India and Thailand will be the most affected among Asia-Pacific countries by the ongoing Russia-Ukraine war, S&P Global Ratings has said. S&P estimates the Indian economy to grow 7.8 per cent in the next fiscal year beginning April 1, 2022. Besides, the economy is expected to grow 6 per cent and 6.5 per cent in 2023-24 and 2024-25, respectively. It projected inflation at 5.4% in the current fiscal year. It said banks in Asia-Pacific (APAC) region have small direct exposure to Russia which will soften the impact of the conflict, but proximate downside risks — in particular, actual and potential secondary economic and other risks — lie ahead. The biggest risk of the Ukraine conflict is market volatility and higher commodity prices; emerging economies with large energy imports are most at risk, S&P said in a report. India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices.
ROHIT KUTHARI sold 11,00,000 shares in Antarctica Graphics Ltd at Rs 1.75 per share on the NSE.
SHANTIBEN KANJI RITA sold 80,00,000 shares in Inventure Gro & Sec Ltd at Rs 4.11 per share on the NSE.
EARC TRUST SC 404 sold 23,04,127 shares in Hind Natl Glass & Ind Ltd at Rs 11.63 per share on the NSE.
PANKAJ RAMESH CHANDRA VYAS sold 6,54,000 shares of SecUR Credentials Limited at Rs 71.01 per share on NSE.
NAVAGANSINH NATUBHAI CHUDASAMA sold 1,30,651 shares of Shree Ram Proteins Ltd. at Rs 115.01 per share on NSE.
DALAL AND BROACHA STOCK BROKING PVT LTD sold 36,46,000 shares in Supreme Engineering Ltd at Rs 1.91 per share on the NSE.
APPASAHEB ALLAPPA SHIRAGUR sold 15,00,000 equity shares in Vishwaraj Sugar Ind Ltd at Rs 22.01 per share on the NSE, the bulk deals data showed.
SUSHMA JAIN bought 9,65,000 shares in Vishal Fabrics Limited at Rs 35.65 per share on the NSE.
Foreign institutional investors (FIIs) purchased shares worth a net Rs 311.99 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 772.55 crore in the Indian equity market on March 16, as per provisional data available on the NSE.
Balrampur Chini Mills is under the F&O ban for March 17. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
