Benchmarks continue firm trade, TECK, Infra lead FOR 11 March Indian Market
Indian equity markets continued their firm trade in the late
afternoon session on account of buying in frontline blue chip counters taking
cues from European counterparts. Investors have started taking cautious
approach ahead of the release of February CPI and January IIP data, which is scheduled
to be released on Thursday. Traders were seen piling positions in TECK, Infra
and Power stocks while selling was witnessed in Metal, Realty and Consumer
Durables sector stocks. In scrip specific development, Jubilant Life Sciences
was trading in green after a foreign brokerage firm retained a buy rating on
the stock stating that the valuations of the stock are attractive, given
expectations of improvement in EBITDA margins and free cash flows.
On the global front, the Asian markets were
trading mostly in red while the European markets were trading on optimistic
note. Back home, the NSE Nifty and BSE Sensex were trading above the
psychological 8,700 and 28,700 levels respectively. The market breadth on BSE
was negative in the ratio of 1048:1598 while 133 scrips remained unchanged. The
BSE Sensex is currently trading at 28734.53, up by 24.66 points or 0.09% after
trading in a range of 28626.96 and 28815.95. There were 14 stocks advancing
against 16 stocks declining on the index. The broader indices were trading in
red; the BSE Mid cap index was down by 0.29%, while Small cap index down by
0.25%. The gaining sectoral indices on the BSE were TECK up by 0.64%, INFRA up
by 0.63%, Power up by 0.37%, FMCG up by 0.35%, IT up by 0.27% while, Metal down
by 1.51%, Realty down by 0.73%, Consumer Durables down by 0.35%, Auto down by
0.27%, PSU down by 0.25% were the losing indices on BSE.
The top gainers on the
Sensex were Bharti Airtel up by 3.83%, Hindustan Unilever up by 2.03%, Mahindra
& Mahindra up by 1.59%, GAIL India up by 1.51% and HDFC up by 1.26%. On
the flip side, Hindalco down by 5.65%, Cipla down by 1.82%, Sesa Sterlite down
by 1.57%, Tata Motors down by 1.42% and Sun Pharma down by 1.33% were the top
losers. Meanwhile, the government has revived plans to set up a fertilizer
plant in Iran with an investment of about Rs 5,000 crore. The proposal is to
set up a urea/ammonia JV Project with capacity to produce 1.3 MT Urea for
import to India. However, the government has requested the Persian Gulf nation
to offer long term gas contract for manufacturing the soil nutrient at feasible
rates. The government has nominated
companies like Rashtriya Chemicals and Fertilizers (RCF), Gujarat Narmada
Valley Fertilizers & Chemicals (GNFC) and Gujarat State Fertilizers
Corporation (GSFC) for the proposed 1.3 million tonne urea joint venture
plant. These Indian companies’ have appointed SBI Capital to identify
the Iranian partners for the Joint Venture Project.
Notably, both the nations
have been in discussions for setting up of a fertilizer plant in the Persian
Gulf nation since 2013, but talks failed to fructify stuck over gas price
issue. However, India has revived its plans after Iranian authorities
approached the government officials and expressed willingness to partner with
them in this project. The proposed urea joint venture plant in Iran would be on
the similar lines of OMIFCO (Oman India Fertiliser Company) in Oman, where the
Indian entities have jointly invested in urea manufacturing with local player.
The Indian government has a long term off-take arrangement with OMIFCO for
sourcing urea, which is produced at lower rates compared to domestic cost of
production. The CNX Nifty is currently trading at 8716.30, up by 4.25 points or
0.05% after trading in a range of 8686.35 and 8747.05. There were 20 stocks
advancing against 30 stocks declining on the index. The top gainers on Nifty
were Bharti Airtel up by 3.82%, HCL Tech up by 2.29%, Hindustan Unilever up by
2.04%, Mahindra & Mahindra up by 1.68% and GAIL India up by 1.50%. On
the flip side, Hindalco down by 6.05%, Cairn India down by 2.88%, Cipla down by
1.88%, Sesa Sterlite down by 1.85% and DLF down by 1.59% were the top losers. The
Asian markets were trading mostly in red; Hang Seng decreased 179.01 points or
0.75% to 23,717.97, Jakarta Composite decreased 39.61 points or 0.73% to
5,423.32, Straits Times decreased 23.79 points or 0.7% to 3,374.47, Taiwan
Weighted decreased 13.35 points or 0.14% to 9,523.18, FTSE Bursa Malaysia KLCI
decreased 9.33 points or 0.52% to 1,780.40 and KOSPI Index decreased 3.94
points or 0.2% to 1,980.83. On the other hand, Shanghai Composite increased
4.83 points or 0.15% to 3,290.90 and Nikkei 225 increased 58.41 points or 0.31%
to 18,723.52. The European markets were trading mostly in green; UK’s FTSE 100
increased 26.25 points or 0.39% to 6,729.09, France’s CAC increased 53.35
points or 1.09% to 4,935.30 and Germany’s DAX increased 90.44 points or 0.79%
to 11,590.82.
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