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Sensex rises 114 pts, Nifty ends near 17,400 mark; smallcaps rally

Published on Apr 03, 2023 17:15

The key equity benchmarks ended a volatile session with small gains on Monday. Positive global cues supported buying. However, gains were capped as the surprise production cut by OPEC+ fuelled concerns about inflation. The Nifty opened higher at 17,427.95, but slipped as the session progressed. The index hit a low of 17,312.75 in early afternoon trade. It later bounced back in mid afternoon trade and settled near the 17,400 level. Autos, PSU banks and realty shares advanced while oil & gas, FMCG and metal shares were under pressure. Small and microcap shares rallied.

The barometer index, the S&P BSE Sensex gained 114.92 points or 0.19% to 59,106.44. The Nifty 50 index rose 38.30 points or 0.22% to 17,398.05.

Maruti Suzuki India (up 2.52%), Bajaj Finance (up 1.74%) and ICICI Bank (up 0.80%) boosted the indices.

The broader market rallied. The S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index gained 1.17%.

The market breadth was strong. On the BSE, 2,736 shares rose and 900 shares fell. A total of 125 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 2.70% to 12.59.

The Reserve Bank of India (RBI) kicked off its monetary policy meeting today. The outcome of the meeting will be announced on Thursday, 6 April 2023. The RBI`s monetary policy committee (MPC) is expected to hike the repo rate by 25 basis points (bps) in order to combat rising inflation.

The domestic stock market will remain shut on Tuesday, 4 April 2023, on account of Mahavir Jayanti.


The seasonally adjusted S&P Global India Manufacturing Purchasing Managers` Index (PMI) rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far. That said the PMI average for the final fiscal quarter (55.7) came in below that recorded in the prior period (56.3 in Q3).

Meanwhile, the gross GST revenue collected in March 2023 is Rs 1,60,122 crore. The total gross collection for 2022-23 stands at Rs 18.10 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year. This was the fourth time in the current financial year that the gross GST collection has crossed Rs 1.5 lakh crore, marking the second-highest collection ever.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose to 7.317 from 7.315 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.32, compared with its close of 82.21 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement fell 0.05% to Rs 59,373.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, declined 0.02% to 102.48.

The United States 10-year bond yield advanced 0.82% to 3.519.

In the commodities market, Brent crude for June 2023 settlement jumped $4.07 or 5.09% to $83.96 a barrel. Crude oil prices surged after OPEC+ members agreed to cut more than 1 million barrels per day to extend through the end of 2023.

Global Markets:

The Dow Jones futures were up 121 points, indicating a positive opening in the US stock market today.

Markets in Europe and Asia advanced on Monday, as investors further digested key manufacturing data.

The S&P Global Eurozone Manufacturing PMI declined to a four-month low at 47.3 in March from 48.5 in February.

China`s Caixin/Markit manufacturing Purchasing Managers` Index for March was 50. The reading for March fell from 51.6 seen in February. China`s official PMI for March stood at 51.9.

Japan`s factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2% for March, higher than February`s figure of 47.7%, based on a private survey.

U.S. stocks rose Friday after the Federal Reserve`s preferred inflation gauge showed a cooler-than-expected increase in prices.

The Federal Reserve`s preferred inflation gauge climbed at a 0.3% monthly pace in February, marking a slight slowdown from the month before as pricing pressures show signs of gradually easing.

The core personal consumption expenditures price index increased 4.6% in February from a year earlier, the Commerce Department reported Friday, compared to January`s 4.7% annual pace.

Stocks in Spotlight:

Mahanagar Gas (MGL) (down 6.44%) and Indraprastha Gas (IGL) (down 1.88%) tumbled as the government on 31 March 2023 kept domestic gas prices unchanged at $8.57/mmBtu on a provisional basis from April 2023 to September 2023. The ceiling, however, was reduced marginally to $12.12/mmBtu from $12.46/mmBtu on Gross Calorific Value (GCV) basis.

Tips Industries surged 8.92% to Rs 1575.50 after the company said it has fixed 21 April 2023, as the record date for the proposed 10-for-1 stock split.

Maruti Suzuki India rose 2.52%. The car major announced increase in prices across models. An estimated weighted average of increase across models stands at around 0.8% and is calculated using ex showroom prices of models in Delhi. This is effective from 1 April 2023, said the company.

Maruti`s total sales declined 0.19% to 170,071 units in March 2023 compared with 170,395 units in March 2022. The company`s domestic sales decreased 2.74% to 139,952 units, while total exports spurts 13.67% to 30,119 units in March 2023 over March 2022.

Meanwhile, its total production skid 5.66% to 1,54,148 units in March 2023 compared with 1,63,392 units recorded in March 2022.

Tejas Networks rose 4.54% after the company said it won Rs 696 crore order for a pan-India router network from Bharat Sanchar Nigam Limited (BSNL).

CSB Bank advanced 3.44% after the bank`s total deposits jumped 21.39% to Rs 24,505.81 crore as on 31 March 2023 from Rs 20,188.30 crore as on 31 March 2022.

Dhanlaxmi Bank jumped 4.64% after the bank`s gross advances increased by 16.85% to Rs 9,867 crore as on 31 March 2023 from Rs 8,444 crore as on 31 March 2022.

UltraTech Cement added 0.23% after the company said that it had recorded 14% increase in consolidated cement sales volume to 31.7 million tons (MT) in Q4 FY23 from 27.7 MT in Q4 FY22. As compared with Q3 FY23, the company`s consolidated sales volume has risen by 22%. Sales volume in the previous quarter stood at 25.9 MT.

Steel Authority of India (SAIL) rose 0.95% after the company said it has achieved the best ever annual production during the financial year 2022-23 ending on 31 March 2023. During the period, SAIL recorded 19.409 million tonnes (MT) of hot metal and 18.289 MT crude steel production, a growth of 3.6% and 5.3% respectively over the previous best.

Life Insurance Corporation of India gained 1.91% after the major life insurer announced that Tablesh Pandey has been appointed as the managing director of the corporation effective from 1 April 2023.

Bharat Electronics (BEL) shed 0.91%. The company said that it has achieved a turnover of about Rs 17300 crore during the financial year 2022-23, against the previous year`s turnover of Rs. 15,044 crore, thereby registering a growth of 15% on YoY basis. BEL`s Order Book as on 1 April 2023, was around Rs 60,500 crore.

Hindustan Aeronautics (HAL) fell 0.67%. The company said that it has recorded highest-ever revenue from operations of Rs 26,500 crore (provisional and unaudited) in FY23 as against Rs 24,620 crore in FY22, registering a growth of 7.6%. The order book of the company stood at around Rs 82,000 crore at the end of March 2023, after liquidation of the supplies during 2022-23.

APL Apollo Tubes declined 1.96%. The company announced that it had registered sales volume of 649,726 ton in Q4 FY23, up by 18% from 551,723 ton in Q4 FY22. On a sequential basis, the company`s sales volume has risen by 7%. Sales volume in Q3 FY23 stood at 605,049 ton. For FY23, the company reported sales volume of 2,279,846 ton compared to 1,754,963 ton in FY22, up 30% YoY.

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