Sensex jumps 350 pts, Nifty settles above 17,300 mark

The benchmark indices closed near the day`s high on Tuesday, supported by positive global stocks. The market was in the green throughout the session. The Nifty managed to settle above 17,300 mark after hitting a low of 17,235.70 in afternoon trade. Pharma, healthcare and financial stocks were in demand. Media, PSU banks and oil & gas stocks declined.

The S&P BSE Sensex rose 350.16 points or 0.61% at 57,943.65. The Nifty 50 index gained 103.30 points or 0.60% at 17,325.30.

Eicher Motors (up 4.50%), HDFC (up 3.30%), Divi`s Laboratories (up 3.25%), Adani Ports and Special Economic Zone (up 3.15%) and JSW Steel (up 2.89%) were top Nifty gainers.

In broader market, the S&P BSE Mid-Cap index added 0.66% while the S&P BSE Small-Cap index rose 0.63%.

The market breadth was negative. On the BSE, 1,396 shares rose and 2,031 shares fell. A total of 91 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, dropped 5.78% to 21.30.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.824% compared with 6.836% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.9775, compared with its close of 76.1625 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.84% to Rs 51,140.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.39% to 98.672.

In the commodities market, Brent crude for May 2022 settlement rose $1.54 or 1.41% $111.03 a barrel. Crude oil prices dived over 6% in the previous session on demand concerns arising from a new lockdown in Shanghai.

Global Markets:

The US Dow Jones index futures were up 142 points, indicating a strong opening in the US stock market on Tuesday.

Shares in Europe and Asia advanced on Tuesday. Investors remain focused on developments in Russia`s invasion of Ukraine. Ukraine`s President Volodymyr Zelensky said Kyiv`s negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual $5.8 trillion (S$7.89 trillion) budget plan that would steer $6.9 billion towards Ukraine to assist in defending against Russia`s invasion, as well as to aid NATO.

Stocks in Spotlight:

Hero MotoCorp slumped 7.08%. The media reported that the Income Tax Department has found that Hero MotoCorp made more than Rs 1000 crore bogus expenses and over Rs 100 crore cash transactions for a farmhouse in Chhattarpur, Delhi.

Income Tax Department carried out a search and seizure operation on March 23 on Hero Motocorp and its chairman and managing director Pawan Munjal at multiple locations in Delhi NCR which concluded on March 26. The search operations covered more than 40 premises spread over different locations in Delhi NCR.

Ruchi Soya Industries jumped 15.94%. The Securities and Exchange Board of India (Sebi) has directed Ruchi Soya Industries to give the option to investors, who participated in their Rs 4,300-crore follow-on public offering (FPO), to withdraw their bids from 28-30 March.

Sebi`s directive came amid the circulation of unsolicited SMSes advertising the FPO issue. The messages, that were allegedly sent to Patanjali Ayurved users, recommended them to invest in the offer. The SMS contained forward-looking statements with regard to Ruchi Soya`s share price performance to attract investors to the FPO.

Bharti Airtel rose 2.89%. The company, alongwith its wholly-owned subsidiary, Nettle Infrastructure Investments, has acquired has acquired 12,71,05,179 equity shares (about 4.7%) of Indus Towers at Rs 187.88 per share from Euro Pacific Securities, an affiliate of Vodafone Group Plc.

G R Infraprojects rose 3.68%. The company announced that it has emerged as L-1 bidder for two tenders invited by National Highways Authority of India (NHAI).

The first project involves construction of four lane road of existing two lane stretch from Govindpur to Rajura in Maharashtra. The bid project cost is Rs 907 crore and the project is to be completed on hybrid annuity mode. The completion date for the project is 730 days from the date of appointment while operational period is 15 years from the commercial operation date.

The second project involves construction of four lane road of existing two lane stretch from Bamni to MH/TG Border in the state of Maharashtra under hybrid annuity mode. The bid project cost is Rs 837 crore and the completion date is 730 days from the date of appointment. The operational period for the project will be 15 years from the commercial operation date.

PNC Infratech jumped 4.63%. The company said it has been declared as L-1 (lowest) bidder for a road project in Karnataka. The project entails construction of 6 lane with access controlled greenfield highway MH/KN Border (Badadal) to Maradgi S Andola section of NH - 150C (Package-II of Akkalkot to KN/TS Border section) on Hybrid Annuity Mode. The bid project cost is Rs 1575 crore. The project is to be constructed in 30 months and operated for 15 years post construction.

Primary Market:

The initial public offer (IPO) of Veranda Learning Solutions received bids for 87,53,400 shares as against 1,17,88,365 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (29 March 2022). The issue was subscribed 74%.

The issue opened for bidding on 29 March 2022 and it will close on 31 March 2022. The price band of the IPO is fixed at Rs 130-137 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

The IPO of UMA Exports received bids for 2,26,91,240 shares as against 92,30,769 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (29 March 2022). The issue was subscribed 2.46 times.

The issue opened for bidding on 28 March 2022 and it will close on 30 March 2022. The price band of the IPO is fixed at Rs 65-68 per share. An investor can bid for a minimum of 220 equity shares and in multiples thereof.

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