HAL stock price rallies on large deal approval from govt.

Indian Markets:

• Nifty 50 Movement: Indices settled below the 17,350 mark. Trading was volatile due to expiry of weekly index options on the NSE.
• Market continued their downward journey amid mixed global cues.
• A rally in global shares was disrupted amid pressure by a pullback in Chinese stocks (as analysts look for more evidence to gauge the pace of economic recovery) and higher US yields (10-year yield crossed 4 percent) amid fears that the Federal Reserve will keep raising interest rates to combat sticky inflation.

Global Markets:

• Shares in Europe declined while Asian stocks ended mixed on Thursday, as investors braced for further hikes ahead as Federal Reserve speakers reiterated more hikes are needed to tame inflation.
• Minneapolis Fed President Neel Kashkari on Wednesday said the Fed will “continue doing what were doing until we finish the jobs, and Im committed to doing that.” The U.S. 10-year Treasury yield briefly topped 4% overnight.
• In the US, all the major averages finished lower on Wednesday as bond yields rocketed higher.
• The tech-heavy Nasdaq Composite led Wednesday’s losses, falling 0.66%, while the S&P 500 dipped 0.47%. The Dow Jones Industrial Average added just 5.14 points.
• The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days.

Stocks in Spotlight:

• Adani group stocks saw heavy interest in the block deal window, even as the conglomerate denied reports of the $3-billion credit line from a sovereign wealth fund. Adani Green and Adani Transmission shares opened in the green and hit the 5 percent upper circuit in early trade.
• Hindustan Aeronautics Ltd (HAL) rose two percent on March 2 as the Indian government approved a large deal to procure aircrafts from the defence equipment manufacturer. HAL focusing on the International Market, Civil Aviation, Civil Maintenance, Repair and Overhaul (MRO), Unmanned Aerial Vehicles (UAVs) and other diversified business opportunities through indigenous efforts and business collaborations in order to boost growth.
• Foreign investor SVF Doorbell (Cayman), a subsidiary of SoftBank, sold 3.8 percent stake in Delhivery. SVF sold 2.8 crore shares of the company via open market transactions at an average price of Rs 340.80 a share.

News from the IPO world?

• Divgi TorqTransfer Systems IPO update: Retail investors respond favorably on Day 1
• Sudarshan Pharma IPO opens on March 9
• Global Surfaces IPO subscription to open on March 13th

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