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Sensex, Nifty snap two-day losing streak; VIX slumps 9%
(15:32, 26 Mar 2021)

The domestic equity benchmarks ended with strong gains on Friday, mirroring firm global stocks. All the sectoral indices on the NSE ended in the green. The Nifty closed above the 14,500 mark on bargain hunting after correcting 3.31% in the past two sessions.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 568.38 points or 1.17% to 49,008.50. The Nifty 50 index surged 201.05 points or 1.40% to 14,525.95.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 9.02% to 20.65.

The broader market was trading higher. The S&P BSE Mid-Cap index rose 1.66%. The S&P BSE Small-Cap index added 1.08%.

Buyers outnumbered sellers. On the BSE, 1658 shares rose and 1299 shares fell. A total of 177 shares were unchanged.

The stock markets will remain shut on Monday, 29 March 2021, on account of Holi.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 12,54,92,163 with 27,55,210 deaths. India reported 4,21,066 active cases of COVID-19 infection and 1,60,949 deaths while 1,12,64,637 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India recorded its highest single-day COVID-19 count in over five months on Thursday with 59,118 people testing positive for the virus.

Five States, Maharashtra, Punjab, Karnataka, Chhattisgarh and Gujarat have reported a surge in daily new cases. Maharashtra continues to report the highest daily new cases at 35,952. It is followed by Punjab with 2,661 while Karnataka reported 2,523 new cases. Three States, Maharashtra, Kerala and Punjab together account for over 73% of the total active cases in the country.

Economy:

The Reserve Bank of India Governor Shaktikanta Das on Thursday reiterated that RBI is fully committed to use all policy tools to secure a robust recovery of the economy from the debilitating effects of the pandemic. He was speaking at the Economic conclave organised by a private media house. He said that the collective endeavour resulted in stabilisation of the financial sector and provided necessary liquidity support to maintain the flow of credit in the economy.

Tata Group SC Verdict:

A Supreme Court (SC) bench headed by Chief Justice S A Bobde and also comprising Justices A S Bopanna and V Ramasubramanian ruled in favour of the Tatas in their battle with the Mistry group by setting aside the National Company Law Appellate Tribunal (NCLAT) order which had re-instated Mistry on Tata Sons' board and had termed current Chairman N Chandrasekaran's as ''illegal.

The country's apex court also rejected Mistry group's plea against the conversion of Tata Sons into a private company. The bench also refused to entertain Mistry group's plea for fair compensation for their 18.5% stake in Tata Sons saying the value of Mistry's stake will depend on valuation of Tata Sons assets and that it would not get into determining what should be a fair value.

SC's verdict in nearly five-year-old case puts an end to the corporate war between Tata Group and the Mistrys. A legal tussle erupted between the two sides after Cyrus Mistry was removed from Tata Sons' chairman post in October 2016.

Following the SC verdict, Tata Steel, Tata Communications, Indian Hotels Company, Tata Power, Tata Motors, Tinplate Company, Titan Company, Tata Investment Corporation, Tata Consumer Products, Voltas, Tata Coffee, Tata Chemicals, Tata Steel Long Products, Tata Metaliks, TCS and Rallis India rose by between 0.38% to 5.73%.

Meanwhile, shares of Pallonji Group's Sterling and Wilson Solar tumbled 9.18% to Rs 247.40.

Primary Market:

The initial public offer (IPO) of Barbeque Nation Hospitality received bids for 2.52 crore shares as against 49.99 lakh shares on offer, according to the stock exchange data at 15:20 IST on Friday (26 March 2021). The issue was subscribed 5.06 times.

The issue opened for bidding on Wednesday, 24 March 2021, and it will close on Friday, 26 March 2021. The price band for the IPO is set at Rs 498-500 per share.

New Listing:

Shares of Kalyan Jewellers India were trading at Rs 74.30 at 15:21 IST on the BSE, a discount of 14.60% over the initial public offer (IPO) price of Rs 87.

The stock was listed at Rs 73.9, a discount of 15.06% to the IPO price. The stock hit a high of Rs 81 and low of Rs 73. On the BSE, 34.16 lakh shares were traded on the counter.

The IPO of Kalyan Jewellers India was subscribed 2.61 times. The issue opened for bidding on 16 March 2021 and closed on 18 March 2021. The price band for the IPO was set at Rs 86-87 per share.

Shares of Suryoday Small Finance Bank were trading at Rs 284.70 at 15:22 IST on the BSE, a discount of 6.66% over the initial public offer (IPO) price of Rs 305.

The stock was listed at Rs 293, a discount of 3.93% to the IPO price. The stock hit a high of Rs 295.95 and low of Rs 271.15. On the BSE, 4.27 lakh shares were traded on the counter.

The IPO of Suryoday Small Finance Bank was subscribed 2.37 times. The issue opened for bidding on Wednesday, 17 March 2021, and it closed on Friday, 19 March 2021. The price band for the IPO was set at Rs 303-305 per share.

Buzzing Index:

The Nifty Bank index rose 1.33% to 33,445.25 amid value buying. The index declined by 3.45% in the past two sessions.

HDFC Bank (up 2.40%), Punjab National Bank (up 2.25%), Bank of Baroda (up 1.50%), ICICI Bank (up 1.48%), IDFC First Bank (up 1.22%), Axis Bank (up 1.04%), SBI (up 0.96%), Federal Bank (up 0.79%) and Kotak Mahindra Bank (up 0.79%) advanced.

Stocks in Spotlight:

Adani Enterprises rose 0.56% to Rs 987. The company announced its entry into the copper business by incorporating a wholly-owned subsidiary, Kutch Copper (KCL).

Bajaj Auto added 2.80% at Rs 3599.95. The domestic two-wheeler maker on Friday announced that it is strengthening its strategic cooperation with PIERER Mobility for the development of electric products in the two-wheeler sector to meet the growing demand for innovative e-mobility concepts. The PIERER Mobility Group is Europe's leading manufacturer of powered two-wheelers.

PIERER Mobility AG and Bajaj Auto originally joined forces to make a sizeable and relentless footprint in the international motorcycle industry. The two companies have now decided to jointly explore the zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles in urban settings and dense metropolitan areas.

Sun Pharma (up 1.69%), Torrent Pharma (up 0.66%), Cadila Healthcare (up 0.15%) and Lupin (down 1.19%) on Thursday announced they have subscribed to partnership interest in healthcare services firm ABCD Technologies at a cost of Rs 40 crore each.

The four pharmaceutical companies will acquire 20% stake each in ABCD Technologies, which will be renamed as IndoHealth Services.

The objective of acquisition is to facilitate, enable and promote efficiency and Good Distribution Practices including digitizing healthcare infrastructure in India, in support of the National Digital Health Mission of Government of India.

Confidence Petroleum jumped 6.88%. The company announced that it has signed an agreement with GAIL Gas for setting up 100 CNG stations on built & operate basis in Bengaluru city in next three years.

Godrej Properties jumped 7.86% to Rs 43.90 after the realty major announced that it has sold over 275 residences worth Rs 475 crore within one day at the launch of its project, Godrej Woods, in Noida.

Dilip Buildcon gained 0.70% to Rs 557.45. The company has incorporated a special purpose vehicle, DBL Poondiyankuppam Highways, which will undertake a road construction order worth Rs 1,228 crore. The project involves four laning of Puducherry-Poondiyankuppam section of NH-45A under the Phase I of the Bharatmala Pariyojana Project on HAM mode in the state of Tamil Nadu and the union territory of Puducherry.

H.G. Infra Engineering added 3.94% to Rs 291.20 after the company was declared as L-1 (lowest) bidder by National Highways Authority of India (NHAI) for a road project in Andhra Pradesh, the cost of which is Rs 1,060.11 crore.

Global Markets:

Shares in Europe and Asia rose across the board on Friday trade following an overnight rebound on Wall Street.

Crude oil prices rebounded overnight amid concerns that a massive container ship blocking the Suez Canal may take weeks to free up, squeezing global supply.

US stocks staged a late-day comeback on Thursday, boosted by economic comeback plays as the market rebounded from a two-day losing streak.

Federal Reserve Chairman Jerome Powell acknowledged Thursday that fiscal help from Congress and accelerated vaccine distribution has allowed the U.S. to recover faster than expected.

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