Key indices end with minor cuts; auto stocks witness significant selling

March 28,2023

The key equity barometers ended with minor cuts on Tuesday as volatility on domestic continued to persist. The Nifty ended tad above the 16,950 level after hitting the day's high of 17,061.75 in early trade. Auto, metal and oil & gas stocks declined while banks & financials managed to end in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 40.14 points or 0.07% to 57,613.72. The Nifty 50 index lost 34 points or 0.2% to 16,951.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index was declined 0.79%.

Sellers outnumbered buyers. On the BSE, 1045 shares rose and 2500 shares fell. A total of 99 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 0.97% to 11,917.95. The index has slipped 2.36% in the three sessions.

Tata Motors (down 2.77%), Hero MotoCorp (down 2.65%), Sona BLW Precision Forgings (down 2.32%), Samvardhana Motherson International (down 1.95%) and MRF (down 1.63%) were the top losers.

Among the other losers were TVS Motor Company (down 1.15%), Eicher Motors (down 1.09%), Bharat Forge (down 1.04%), Mahindra & Mahindra (down 0.98%) and Maruti Suzuki India (down 0.85%).

On the other hand, Tube Investments of India (up 1.76%), Balkrishna Industries (up 1.47%) and Bosch (up 1.13%) moved up.

Stocks in Spotlight:

One 97 Communications fell 1.01%. Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions.

Kalyan Jewellers slumped 9.22%. On the BSE, over 74.51 lakh shares of the company had changed hands at the counter as against an average trading volume of 3.39 lakh shares in the past two weeks.

Warburg Pincus will reportedly offload a 2.5% stake in the company through a block deal. The shares would be offloaded at Rs 110 apiece, as per reports.

Aditya Birla Capital rose 1.13%. The company received board approval for sale of its entire 25.65 lakh shares or 50.002% stake in Aditya Birla Insurance Brokers (ABIBL), to Edme Services. Infocyber India, the other shareholder of ABIBL, will also sell its 25.64 lakh shares, or 49.998% stake of the company, to Edme Services. The total enterprise value of the transaction is set at Rs 455 crore.

Adani Enterprises slumped 7.08%. AMG Media Networks (AMNL), a wholly-owned subsidiary of Adani Enterprises, has completed the acquisition of 49% stake in Quintillion Business Media (QMBL) for a cash consideration of Rs 47.84 crore.

PNC Infratech jumped 6.33%. The EPC company has been declared the L1 (Lowest) bidder for a highway project in Uttar Pradesh on hybrid annuity mode (HAM) with a bid project cost of Rs 819 crore. Project is to be constructed in 24 months and operated for 15 years, post construction.Dilip Buildcon tumbled 4.87%. The company has been declared as L-1 bidder for new HAM project 'Bengaluru - Vijayawada under Bharatmala Pariyojana Phase-I (Package -7) in Andhra Pradesh. The order is worth Rs. 780.12 crore.

Carysil slipped 1.34%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.

Paras Defence and Space Technologies declined 2.33%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.

Gujarat Ambuja Exports (GAEL) shed 0.69%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.

Allcargo Logistics added 1.21%. The company said it will buy a 30% stake in Gati-Kintetsu Express for Rs 406.71 crore. Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Policymakers and central bank officials have continued to stress the banking system is not heading for a crash, though jitters remain.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

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