| Daily Snippets|
Date: 17th March 2023
- Nifty 50 Movement: Index opened higher at 17,111.80, and hit the days high of 17,145.80 in early trade.
- In the wake of concerns over global banking turmoil, the outlook for the Federal Reserve has taken a less hawkish turn, prompting positive movements in global stock markets. Traders are currently pricing in this shift and responding accordingly. These developments have the potential to ease investor anxiety and foster greater stability in the financial markets.
- Banks, realty and IT shares rallied while auto, media and healthcare stocks declined.
- Shares in Europe and Asia advanced on Friday after Credit Suisse and First Republic Bank received financial help designed to prevent a crisis in the banking sector.
- US stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.
- Meanwhile, U.S. Treasury Secretary Janet Yellen said the U.S. banking system remains sound and Americans can feel confident that their deposits will be there when needed.
Stocks in Spotlight:
- Glenmark Specialty SA, a subsidiary of Glenmark Pharmaceuticals, has received approval from the United States Food and Drug Administration (USFDA) for its investigational new drug (IND) application for GRC 54276. This small molecule hematopoietic progenitor kinase 1 (HPK1) inhibitor has been developed to target advanced solid tumors and lymphomas in patients. The USFDA’s acceptance of the IND application paves the way for a first-of-its-kind phase 1/2 clinical study of GRC 54276, marking a significant milestone in the development of a potential new treatment option for cancer patients.
- HDFC has announced that its board will convene on Monday, 27 March 2023, to deliberate on the possibility of raising funds through the issuance of non-convertible debentures in multiple tranches, amounting to a total of Rs 57,000 crore. This potential move is part of HDFC’s ongoing efforts to secure additional capital and expand its financial capabilities.
- HAL share rallies on new orders from defence ministry. The council, under the chairmanship of Defense Minister Rajnath Singh, has also accorded acceptance of necessity (AoN) for procurement of advance light helicopters (ALH) MK-III from HAL for the Indian Coast Guard.
News from the IPO world?
- Cello World kicks off IPO to raise around Rs 2,000 crore
- Maiden Forgings IPO subscription to open next week
- Udayshivkumar Infra IPO to open on March 20th
Day Leader Board
Nifty 50 Top Gainers
Nifty 50 Top Losers
|Top Sectors||Day change (%)|
|NIFTY FIN SERVICES||1.19%|
Advance Decline Ratio
|Advance/Declines||Day change (%)|
Numbers? that matter
|Indices Name||Latest||% 1D||% YTD|
|Dow Jones (US)||32,247||1.2 %||(2.7) %|
|10 Year Gsec India||7.4||0.00%||1.10%|
|WTI Crude (USD/bbl)||68||1.10%||-11.20%|