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Sensex slips 89 pts, Nifty holds 17,200; ZEEL rallies 17%

Published on Mar 24, 2022 16:54

The domestic equity barometers ended with minor cuts on Thursday, tracking negative global cues. The Nifty closed above the 17,200 mark, recovering from the day`s low of 17,091.15 hit in early trade today. Trading was volatile due expiry of weekly index options on the NSE. Media, metals and pharma stocks were in demand. On the other hand, banks and financial stocks declined.

The barometer index, the S&P BSE Sensex fell 89.14 points or 0.15% to 57,595.68. The Nifty 50 index lost 22.90 points or 0.13% to 17,222.75.

Titan Industries (down 2.63%), HDFC Bank (down 2.23%) and ICICI Bank (down 1.94%) were major drags.

In the broader market, the BSE Mid-Cap index rose 0.34% and the BSE Small-Cap index gained 0.16%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1444 rose and 1939 shares fell. A total of 122 shares were unchanged.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.835% as compared with 6.831% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 76.33, compared with its close of 76.39 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement rose 0.22% to Rs 51,880.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.21% to 98.83.

In the commodities market, Brent crude for May 2022 settlement rose 20 cents at $121.80 a barrel. The contract rose $6.12 or 5.30% to settle at $121.60 a barrel during the previous trading session.

Foreign Markets:

Most European stocks rose on Thursday with regional investors keeping a close eye on developments in Ukraine, and key meetings of NATO, EU and G-7 leaders in Brussels.

The war in Ukraine is top of the agenda as Russia`s invasion continues. U.S. President Joe Biden is attending the meetings and Ukrainian President Volodymyr Zelenskyy is expected to join the NATO summit via videolink.

Meanwhile, Asian stocks ended mixed on Thursday, as the recent global equities rally eased. Volatile commodity prices added concerns to a market already dealing with record inflation and the impact of an ongoing war in Ukraine.

In Japan, the au Jibun Bank Flash Japan Manufacturing Purchasing Managers` Index (PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month.

Buzzing Segment:

The Nifty Media index jumped 5.91% to 2,321.75. The index has climbed 8.83% in six trading sessions.

DishTV India (up 9.15%), PVR (up 1.19%), Sun TV Network (up 1.11%) and Saregama India (up 0.01%) jumped.

Network18 Media & Investments (up 4.96%) and TV18 Broadcast (up 4.24%) climbed. The media reported that the Reliance Group is readying its commercial launch of sports channel on 15 April 2022 in the midst of IPL 2022. As per the patent filing, the channel has been named Sports18. It will be a part of Reliance`s Network18 group which is the majority shareholder of Viacom that recently acquired FIFA World Cup broadcasting rights.

Zee Entertainment Enterprises (ZEEL) surged 16.89% after the company`s largest minority shareholder, Invesco Developing Markets Fund on 23 March said it decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee`s merger with Sony will achieve the fund`s aim of strengthening board oversight.

Invesco Developing Markets Fund and OFI Global China Fund on 11 September 2021 served a requisition notice to ZEEL to hold an EGM to remove Punit Goenka from the firm`s board as director. The letter also proposed the appointment of six independent directors.

In December 2021, ZEEL and Sony Pictures Networks India (SPNI) signed definitive agreements to merge ZEEL into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Stocks in Spotlight:

Kotak Mahindra Bank fell 3.09% after a large block deal took place in the initial deals on the BSE today. The media reported that Canada Pension Plan Investment Board is expected to sell stake via a bulk deal on 24 March 2022 to make a partial exit from Kotak Mahindra Bank. The Canadian pension fund will offload a 1.41% to 2.02% stake in the private lender at Rs 1,681.26-Rs 1,769.75 per share through the bulk deal, media reports said.

As on 31 December 2021, Canada Pension Plan Investment Board held 6.37% stake in Kotak Mahindra Bank.

One 97 Communications (PayTM) jumped 9.53% to Rs 574.35 on bargain hunting after a recent slide. The stock dropped 17.33% in the past four trading sessions to settle at Rs 524.40 yesterday, 23 March 2022. The scrip hit record low at Rs 520 yesterday. PayTM has slumped 70.71% from its record high of Rs 1,961.05 hit on 18 November 2021. It was listed on the bourses on 18 November 2021 at Rs 1,955, a discount of 9.07% to the IPO price of Rs 2,150.

Larsen & Toubro (L&T) rose 0.23%. The board of directors at its meeting held today approved long term borrowings upto Rs 10,000 crore, including refinancing, through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate.

Piramal Enterprises rose 0.91%. A meeting of the board of directors of the company will be held on 28th March 2022, to consider and approve the issue of secured, rated, listed, redeemable, principal protected, market linked non-convertible debentures up to Rs 50 crore along with an option to retain oversubscription up to Rs 325 crore, the total size aggregating up to Rs 375 crore, on a private placement basis.

Adani Total Gas surged 4.70%. The company was granted authorization for development of City Gas Distribution Network by Petroleum and Natural Gas Regulatory Board in 10 geographical areas.

RailTel Corporation of India shed 0.39%. The company said that it received work order from South Eastern Coalfields (SECL) worth Rs 15.76 crore.

Lupin gained 3.69% after the company announced that it received final approval from the US drug regulator, USFDA, for its abbreviated new drug application (ANDA), Sildenafil. The drug, a generic equivalent of Revatio of Viatris Specialty, is indicated for the treatment of pulmonary arterial hypertension.

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