Good morning!
The GIFT Nifty, a futures contract based on the Nifty 50, was up 0.3% at 23,574 as of 6:45 a.m., indicating a higher open for the benchmark index. US and European index futures ticked higher.
Asia Market Update
Asian stocks followed US peers lower in early trading Friday, with oil prices in focus on growing fears that the war in Iran will further crimp energy supplies and boost inflation. A gauge of Asian shares dropped 0.5% in early trading. Japan’s Nikkei 225 dropped 2% while the broad-based Topix fell 1.4%. South Korea’s blue chip Kospi slumped almost 3%. Hong Kong’s Hang Seng index was set to open lower.
Commodities Check
Brent oil traded near $100 and the WTI near $96 a barrel following one of the most volatile trading weeks ever, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz effectively shut.
Gold was headed for a second weekly decline as the dollar strengthened and the ongoing war in the Middle East forced oil prices higher. Spot gold edged up 0.4% to $5,099.98 an ounce in Singapore. Silver rose 0.4% to $84.18.
Wall Street Recap
Major stock indexes notched closing lows for 2026, with the Dow Jones Industrial Average falling nearly 740 points to settle below 47,000 for the first time this year. The S&P 500 shed 1.5% to end the session at 6,672.62, while the Nasdaq Composite lost 1.8% to close at 22,311.98.
India Market Recap
India’s benchmark equity indices closed lower for a second consecutive session on Thursday, tracking bearish sentiments across the world. The Nifty 50 ended 227 points or 0.95% lower at 23,639.15. The BSE Sensex shed 1.08% to close at 76,034.42 on weekly expiry day. Intraday, both benchmarks dropped 1.3%. Auto and FMCG were the top sectoral losers on the NSE.
The broader market outperformed the blue-chip indices, with the Nifty Midcap 150 and Nifty Smallcap 250 falling 0.2% and 0.4%, respectively.
ALSO READ: Trade Setup For March 13: Nifty Finds Support At 23,550-23,500 As Market Crashes For Second Day
Stocks In News
- JNK India: The company appoints Anand Agarwal as Interim Chief Financial Officer.
- Manorama Industries: The company’s board approves a proposal to raise up to Rs 500 crore through equity and/or debt.
- Sigma Advanced: The company completes the sale of its stake in Extrovis AG for Rs 138 crore.
- DCM Shriram: The company will incur capex of up to Rs 130 crore for renewable‑energy infrastructure and will invest Rs 87 crore in an SPV for a renewable‑energy project.
- Balaji Amines: The company reports severe logistical disruptions due to the Middle East conflict, impacting ammonia procurement. Some plants are currently non‑operational due to non‑availability of ammonia.
- Fino Payments Bank: The company will appeal the court order refusing to lift the Rs 11.9 crore lien.
- Avenue Supermarts: The company opens two new stores in Pune and Chilakaluripeta, taking the total store count to 463.
- Five‑Star Business Finance: The company’s board will meet on March 17 to consider issuance of NCDs.
- Max Financial: The company’s board approves raising Rs 2,000 crore via QIP or other instruments to meet the funding needs of Axis Max Life.
- Shipping Corporation of India Land & Assets: The company designates Nitin Khamesra with additional charge of Director (Finance), a role he also holds at SCI.
- Gandhar Oil: The company states base‑oil prices have surged 20% in the last 15 days. It maintains optimal inventory at its UAE plant and notes that continued conflict may affect raw‑material supplies.
- Quadrant Future Tek: The company enters the final stage of passenger field trials for KAVACH equipment meant for Indian Railways.
- Associated Alcohols & Breweries: The company approves allotment of 11 lakh shares at a premium of Rs 669 per share to a promoter‑group warrant holder.
- AGI Infra: The company invests Rs 12 crore as the first tranche of its total Rs 30 crore investment in Worldnext Realty LLP.
- Power Grid: The company acquires NES Pune East New Transmission for Rs 8 crore.
- Lloyds Engineering Works: The company approves a corporate guarantee of Rs 109 crore in favour of HDFC Bank for credit facilities availed by its arm.
- Sri Lotus Developers: The company incorporates a new arm named Sri Lotus Elegancia Realty.
- Shriram Finance: The company’s arm, Shriram Overseas Investments, submits an application to RBI for a Primary Dealer (PD) operations licence.
- PFC: The company’s arm, PFC Consulting, is transferred to Montecarlo for Rs 3.6 crore.
- Deep Industries: The company’s board approves the sale of 15 lakh optionally convertible redeemable preference shares of Raas Equipment.
- Tata Consumer: The company recovers its compromised X account and has implemented enhanced security measures to prevent future incidents.
- Adani Energy Solutions: The company’s arm, Adani Transmission Step One, which has USD 500 million senior secured notes due July 2026, executes a note‑purchase agreement for issuing USD 500 million senior secured notes due 2041.
- Tata Steel: The company files an appeal against the Rs 1,132 crore GST order issued by the Jharkhand GST authorities, seeking quashing of the demand that comprises Rs 493 crore tax and Rs 639 crore penalty.
- Arvind: The company’s shareholders approve the sale and lease of 20% of the assets of its arm, Arvind Advanced Materials.
- JK Lakshmi Cement: The company will acquire a 77.96% stake in NECEM Cements for Rs 19 crore.
- The company emerges as the preferred bidder in the e‑auction for a limestone block in Assam.
- CESC: The company incorporates four new arms, Purvah Navurja, Purvah Cleantech, Purvah Bikaner‑V One Power, and Purvah Clean Energy.
- Sanghi Industries: The scheme of merger between the company and Ambuja Cements becomes effective today, with the appointed date being April 1, 2024.
- Kalpataru Projects: The company signs a redevelopment project in Andheri West, Mumbai, with a gross development value of Rs 1,400 crore over a 3‑acre land parcel.
- The company issues a corporate guarantee worth Rs 90 crore in favour of ICICI Bank.
- ACME Solar: The company commissions the second phase of 33.335 MW out of its 300 MW Battery Energy Storage System (BESS) project.
- Biocon: The company’s arm, Biocon Pharma, receives US FDA approval for liraglutide injection used for treating Type‑2 diabetes mellitus.
- IREDA: The company’s board will meet on March 19 to consider enhancement of the FY26 borrowing plan and raising additional resources.
- Action Construction Equipment: The company executes a joint‑venture agreement with Kato Works.
Bulk & Block Deals
Indigrid infrastructure trust: Neo real asset yield fund bought, and Sankhya financial services sold 15.43 lakh shares for Rs. 162.68 per share.
Shaily engineering plastics: Smallcap world fund inc bought 9.11 lakh shares for an average rate of Rs. 1,879 per share.
Skipper: Pragya mercantile bought 8 lk shares for Rs. 340.96 per share, while Santosh industries sold 10 lakh shares for Rs. 345.55 per share.
Tourism finance corp: Unity associates sold 23.78 lakh shares for Rs. 65.38 per share.
Kaynes technology india: Bofa securities europe sa bought 1.16 lakh shares, Kadensa master fund sold 46,934 shares, and Bluepearl map sold 69,148 shares for Rs. 3,614.40 per share.
Board Meeting
Insider Trades
Arkade developers: Amit Mangilal Jain, promoter & director, bought 1 lakh shares.
Authum investment & infrastructure: Mentor capital, promoter, bought 54,162 shares.
Ncc: Sirisha projects, promoter, bought 1.14 lakh shares.
Additional surveillance measure (ASM)
Price band
F&O cues
Nifty march futures: Down 0.92% to 23,718.00 at a premium of 78.85 points.
Securities in ban period: Sail, Sammaancap.
Currency Check
The rupee recovered from record low levels and settled with a loss of 16 paise at 92.17 (provisional) against the US dollar on Thursday as global crude oil prices stayed on an upward trajectory amid the raging war in West Asia.
A stronger greenback and volatility in the domestic equity markets further weighed on the rupee, which was already on a weak footing in early trade due to heavy foreign fund outflows, forex traders said.
ALSO READ: FPIs Extend Selling Streak Into 10th Session, Offload Over Rs 7,000 Crore Worth Of Equities
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