Sensex, Nifty open in the red ahead of March series expiry

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Ahead of the March series expiry Indian benchmark Indian equity indices opened negative on March 25 amid mixed global cues. Sensex dropped 318 points or 0.65% to 48,862 in early deals, while Nifty slipped 82 points or 0.56%  at 14,467.

ITC, Maruti, IndusInd Bank, Axis Bank and Bajaj Finance, down over 1%, were the top laggards on the 30-share gauge. ONGC, Nestle, Titan and L&T, rising in the range of 0.20-0.81%, were among the gainers.

All sectoral indices on NSE were in the red. Nifty PSU Bank, down nearly 2%, was the top sectoral laggard, followed by Nifty Realty(-1.49%) and Nifty Auto (-1.52%).

Market breadth was bearish; 1,372 shares declined and 319 stocks advanced, while 534 scrips remained unchanged on the NSE.

The broader market fell at a faster pace compared to the benchmark indices. BSE MidCap and BSE SmallCap declined over 1%.

Economy

Fitch Ratings has revised India’s GDP growth estimate to 12.8 per cent for the fiscal year beginning April 1 from its previous estimate of 11 per cent, saying its recovery from the depths of the lockdown-induced recession has been swifter than expected.

Stocks in spotlight:

Specialty chemicals company Laxmi Organic Industries will make its debut on the bourses today, 25 March 2021. The company has mopped up Rs 600 crore through a fresh issue and offer for sale. The issue price was Rs 130 per share.

Shares of auto component maker Craftsman Automation will be listed on the bourses today, 25 March 2021. The price band was Rs 1,488-1,490 per share.

Jubilant Foodworks has entered into an exclusive Master Franchise and Development Agreement with PLK APAC Pte., a subsidiary of Restaurant Brands International Inc., to develop, establish, own and operate, and to license Franchisees to develop, establish, own and operate, Popeyes Restaurants in India, Bangladesh, Nepal and Bhutan.

Wabco India said that ZF International UK will sell 17,17,388 equity shares or 9.05% stake in the company through the offer for sale on March 25 and March 26. The company will also sell additional 17,17,387 equity shares or 9.05% stake in the company through an offer for sale on the same days. The floor price for the sale is fixed at Rs 5,450 per share.

Bank of India will raise up to Rs 750 crore by issuing Basel III compliant Additional Tier I Bonds. The bidding for the bonds will start on 26 March and end on 30 March.

Pokarna said that Pokarna Engineered Stone, its wholly-owned subsidiary, has started commercial production at its Unit 2, with effect from March 24, 2021.

Vakrangee has entered into a partnership agreement with TransUnion CIBIL (TUCIBIL), one of India’s largest credit information company regulated by the Reserve Bank of India to drive financial inclusion by providing easy access to CIBIL Score and Report to consumers through the Nextgen Vakrangee Kendra network.

Global markets:

Overseas, Asian stocks traded mixed on Thursday as tech stocks in the region took a hit following a sell-off in the sector overnight on Wall Street.

US stocks gave up earlier gains and closed in the red Wednesday as tech stocks sold off, continuing a market rotation out of high-flying growth names. On Wednesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen appeared for a second day for virtual Capitol Hill testimony. Talking with members of the Senate Banking Committee, Powell said he expects the economy to experience superior growth in 2021 amid a recovery from the pandemic. Investors are on edge as many regions of the world are seeing rising Covid-19 cases as highly contagious variants continue to spread. Germany and France are extending or enforcing new lockdown measures.