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Research Periodic Report Indian markets expected to open on flat note, SBI raises capital, Bharat Forge opens e bike manufacturing facility.

Indian markets expected to open on flat note, SBI raises capital, Bharat Forge opens e bike manufacturing facility.

Written by - Fisdom Research

March 9, 2023 3 minutes

Opening Bell:

SGX Nifty is up by 4 points in the early morning trade, indicating a flat opening for Indian stock market.

Asia-Pacific shares rose on Thursday as Bank of Japan kicks off its two-day monetary policy meeting, with investors eyeing any policy changes that could accompany BOJ governor Haruhiko Kuroda’s final meeting. The Japanese Nikkei is up by 0.45 percent. Hong Kong’s Hang Seng is up by 0.18 percent and South Korea’s Kospi is down by 0.35 percent in early morning deals.

The S&P 500 ended an indecisive session with a nominal increase and Treasury yields edged up on Wednesday as a spate of economic data appeared to support Federal Reserve Chairman Jerome Powell’s reassertion, in his second day of congressional testimony, that the central bank would continue to ratchet up policy rates until inflation subsides. The S&P 500 gained 0.14 percent and Nasdaq Composite added 0.4 percent respectively.

Stocks News:

👉The entities belonging to the late Gautam Kulkarni family and part of the promoter group of Kirloskar Oil Engines Ltd have offloaded nearly 18% stake in the company for Rs 825 crore through block deals.

👉Adani Enterprises, Adani Power, and Adani Wilmar have been placed under the short-term additional surveillance mechanism framework with effect from Thursday, according to a NSE circular.

👉SBI has raised Rs 3,717 crore through its third Basel III compliant additional Tier-1 bond issuance in the current financial year at a coupon rate of 8.25%.

👉Bharat Forge through its e-mobility subsidiary, Kalyani Powertrain, inaugurated its first e-bike manufacturing facility at MIDC Chakan on 8 March. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum.

👉Foreign institutional investors (FII) bought shares worth Rs 3,671.56 crore, whereas domestic institutional investors (DII) sold shares worth Rs 937.80 crore on March 8, the National Stock Exchange’s provisional data showed

Domestic and International Events

  • The Securities and Exchange Board of India (Sebi) on March 8 released a circular chalking out restrictions on placements of bids, price and volume for a company seeking to buy back its shares through the exchange route.
  • US private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday.
  • Federal Reserve Chair Jerome Powell said Wednesday that officials have not yet made a call on the size of the rate increase they are almost certain to deliver at their upcoming policy meeting.
  • US job openings fell less than expected in January and data for the prior month was revised higher, pointing to persistently tight labor market conditions that likely will keep the Federal Reserve on track to raise interest rates for longer.

Key Equity Indices

Hang Seng (Hong Kong)20,051(2.4) %
Shanghai Composite (China)3,283(0.1) %
Dow Jones (US)32,798(0.2) %
DAX (Germany)15,6320.5 %
FTSE 100 (UK)7,9300.1 %
Nikkei (Japan)28,4440.5 %
Straits Times (Singapore)3,227(0.6) %

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