Nifty, Sensex in the firm grip of bulls – Tuesday closing report
The major indices of the Indian equity market opened higher on Tuesday over Monday’s close and closed with strong gains. On the NSE, there were 1082 advances, 661 declines and 335 unchanged. 
 
 
European Commission President Jean-Claude Juncker and British Prime Minister Theresa May on Monday said that they agreed to "clarifications and guarantees" regarding the Brexit provision to prevent the return of a hard border between the Irish Republic and the UK province of Northern Ireland.
 
Public sector banks are in no hurry to follow big brother SBI in linking their deposit and lending rates to the RBI's repo rate, which may further irk the Reserve Bank of India for not transmitting the lower interest rates to the customers. While some of them do admit that ultimately linking to repo rate might happen but they are not firm on the time of such commitment. Many bankers said the mismatch between deposits and credit growth, and competition from the government for small-savings offering over 8% returns in many schemes, raise their cost of capital, restraining them to transmit monetary policy easing.
 
Telecom major Bharti Airtel will slash its stake in Bharti Infratel to 18.3% by selling around 32% stake to Nettle Infrastructure Investments, a regulatory filing by Infratel said on Tuesday. Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, has 3.2% stake in Infratel. After the transaction, its stake would rise to 35.2%, it said. Bharti Airtel currently has 50.3% stake in the telecom tower company.
 
Cairn Energy Plc said its holding in Vedanta Ltd has dropped to just 0.1% after the Income Tax Department sold most of its 4.9% stake in the company to recover a retrospective tax demand. Besides realising about Rs 5,000 crore from selling the shares together with redemption proceeds on Vedanta Ltd preference shares, the IT Department also seized Rs1,140 crore of dividend due to Cairn as well as Rs 1,590 crore of tax refund in an unrelated case.
 
State Bank of India plans to sell six non-performing accounts worth Rs2,338 crore to banks, ARCs, NBFCs and other financial institutions through the Swiss Challenge method. The auction will happen on March 26. The NPAs are Indian Steel Corporation (outstanding debt Rs 928.88 crore), Jai Balaji Industries (Rs 859.33 crore), Kohinoor Planet Construction (Rs 207.77 crore), Mittal Corp (Rs 116.34 crore), MCL Global Steel (Rs 100.18 crore), Shree Vaishnav Ispat (Rs 82.52 crore) and Gati Infrastructure (Rs 42.86 crore).
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Nifty, Sensex May Log in More Gains – Monday closing report
The major indices of the Indian equity market opened in the green on Monday and closed with strong gains. On the NSE, there were 1257 advances, 485 declines and 350 unchanged. 
 
 
Amid mixed global cues Sensex surged close to 250 points as key equity indices opened in green on Monday, owing to gains in the banking and finance stocks. Healthy buying was seen in all the sectors with BSE Oil and Gas index leading the pack, closely followed by banking and finance scrips. 
 
The Sensex of the BSE opened at 36,741.57 from its previous close at 36,671.43 on Friday. The Nifty of the National Stock Exchange (NSE) opened at 11,068.75 from it's previous close of 11,035.40. On Friday, foreign institutional investors (FIIs) bought stocks worth Rs 1,095.06 crore while domestic institutional investors (DIIs) sold stocks to the tune of Rs 470.70 crore.
 
The share price of Birla Corporation fell over 14% on Monday after the National Green Tribunal (NGT) ordered a stop to all mining activities in Rajasthan`s Chittorgarh city. The company said that it was studying the implications of the NGT order on its mining operations at Chanderia.
 
Insurance regulator Irdai is awaiting state-run LIfe Insurance Corp`s (LIC) proposal on the timeline of reducing its stake of 51% in IDBI Bank before taking any decision to enforce the 15% equity cap, a senior official said on Monday. As per Irdai rules, LIC will have to pare its stake to 15% keeping in place the regulator`s investment limit in listed investees.
 
In IDBI Bank, LIC holds 51% under a specific permission from Irdai but under the condition state-run insurance behemoth will bring the stake down. Not just Irdai, the Reserve Bank of India (RBI) has also told LIC that it cannot hold more than 15% stake in IDBI Bank over a long period of time. IDBI Bank also has to move out of its IDBI Federal Life Insurance interest. As per Irdai norms, one promoter cannot have two insurers, in order to avoid conflict of interest.
 
New guidelines by the National Housing Bank (NHB) for India's housing finance companies (HFCs) will not address the major challenges of credit risk for these companies, a Moody's report said on Monday. The NHB last week proposed to increase the capital adequacy ratio (CAR) for HFCs to 15% in a phased manner by March 2022. The housing finance regulator also reduced the borrowing limit of HFCs from 16 times of net owned funds to 12 times by March 2022. "The new guidelines would be credit positive because they would limit HFCs' credit growth and cap their maximum exposure to the debt capital markets. However, the new guidelines do not address issues regarding the key credit risk of these companies, their funding and liquidity," said the report.
 
Kalpataru Power Transmission Ltd (KPTL) has bagged new orders worth Rs 1,288 crore from its transmission and distribution and oil and gas business. KPTL is a specialised engineering, procurement and construction company in India engaged in power T&D, oil and gas pipeline, railways, infrastructure development, civil contracting and warehousing and logistics business.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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Nifty, Sensex upward bound but overbought – Weekly closing report

We had mentioned in last week’s closing report that Nifty, Sensex were still on an uptrend. The major indices of the Indian stock markets were range-bound during the week and closed on Friday with gains over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:

 

 
The markets were closed on Monday on account of Maha Shivratri. On Tuesday, the key Indian equity indices opened on a negative note on Tuesday, with the Sensex trading marginally lower, in line the major Asian markets. But the indices rallied and closed with huge gains. On the NSE, there were 1,493 advances, 290 declines and 302 unchanged.
 
China on Tuesday lowered its economic growth target for this year to between 6% and 6.5%. Opening the annual session of China's legislature on Tuesday, Premier Li Keqiang laid out plans to fend off risks in the economy and keep the nation's jobless rate steady, reports Efe news. Chief among the remedies to prop up growth: increasing deficit spending, launching new tax cuts and other fee reductions for businesses - totalling 2 trillion yuan, or 2% of China's $13 trillion economy - and boosting bank lending to small and private companies by 30%.
 
State-owned Bank of Baroda (BoB) announced it has cut benchmark lending rate by 0.1% across all tenors up to one year, effective from 7 March 2019. The move would make home, auto and other loans cheaper for its borrowers.
 
The major indices of the Indian stock markets closed with gains over Tuesday’s close. On the NSE, there were 1,173 advances, 600 declines and 298 unchanged. On the BSE, 1636 shares advanced, 1025 shares declined, and 147 shares were unchanged.
 
BPCL, Bajaj Finance, ICICI Bank, Reliance Industries, Vedanta, Power Grid Corp and Bharti Infratel were among major gainers on the indices, while Tata Motors, Axis Bank, HUL, Hero Motocorp, HCL Tech, Zee Entertainment and Indiabulls Housing slid. Among the sectors, except auto all other indices ended in green led by energy, pharma, infra and metal.
 
A day after Jet Airways informed about grounding of two more aircraft, the scrip price fell over 4% during the intra-day trade, but recovered to end higher.
 
Investors were jittery over the financial health of the company following continuous grounding of aircraft, the latest of which came on Monday. The company in BSE filings had informed that its 19 aircraft were grounded in February over non-repayment of dues to lessors, while 6 aircraft were grounded this month, taking the total to 25. The Jet Airways Group operates a fleet of 123 aircraft. "Further to our letter dated 2 March, 2019, we now write to inform you that an additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the company said in a regulatory filing on late Monday. Lately, Jet Airways has been in a tight spot financially even as a rescue plan is being negotiated between the airline, its partner Etihad and a consortium of banks. 
 
The major indices of the Indian stock markets closed on Thursday with gains over Wednesday’s close. On the NSE, there were 853 advances, 889 declines and 332 unchanged.
 
As many as 31 stocks declined in the Nifty 50 index while 17 stocks advanced and two remained unchanged. In BSE Sensex, 17 stocks including Tata Motors, ITC, TCS were trading in green while 13 stocks including Coal India, Tata Steel, Yes Bank were trading in red. On Thursday, Asian indices were showing mostly a negative trend. 
 
Automobile major Maruti Suzuki India introduced the new WagonR S(Smart)-CNG with a starting price of Rs4.84 lakh (ex-showroom Delhi). "Maruti Suzuki WagonR S-CNG will be available in states with CNG infrastructure including Delhi-NCR, Gujarat, Mumbai, Pune, parts of Andhra Pradesh, Uttar Pradesh and Madhya Pradesh," the company said in a statement. "The factory-fitted WagonR S-CNG will be available at Rs4.84 lakh for Lxi and Rs4.89 Lakh for Lxi (O) variants respectively. Both prices are ex-showroom Delhi." According to the company, the WagonR S-CNG comes with factory fitted CNG, ensuring enhanced safety.
 
The key Indian equity indices opened on a negative note on Friday, tracking a similar trend in the Asian markets. Both Sensex and Nifty50 traded marginally lower from the closing levels on Thursday. 
 
Amid weak global cues, the Indian equity indices ended with marginal losses on Friday after trading in a range for a major part of the session. Sensex and Nifty ended in the red after four consecutive sessions of gains following weakness in the global markets owing to the slashing of growth forecast by the European Central Bank (ECB) and weak export data from China. 
 
Indian rupee strengthened supported by FIIs (financial institutional investors) liquidity and benign oil prices, portraying the positive undercurrent in the domestic market.
 
Wipro slumped over 4% on Friday after reports of a block deal emerged whereby Azim Premji Trust allegedly sold 0.44% or 2.67 crore shares in the company. The share price fell nearly 5% around 11.45 a.m. to touch an intra-day low of Rs255.60 per share. At 2.10 p.m, the stock price was Rs257.40, lower by Rs11.40 or 4.24% from its previous close of Rs268.80 per share.
 
Azim Premji Trust is a part of the promoter group that owns 74.3% stake in the software services provider. Wipro, however, has not put out the details of the deal so far and is yet to respond to a clarification sought by the BSE.
 
The stock price of Tata Motors fell over 3% on Friday after weak demand in China impacted the retail sales of Jaguar Land Rover (JLR), down 4.1% during February. Share price of Tata Motors fell up to 3.77% on the BSE during the afternoon session. At 1.28 p.m., it traded at Rs182.85 apiece, down Rs6.35 or 3.36%. JLR retail sales fell in February to 38,288 vehicles, down 4.1% compared to February last year.  "Retail sales were up significantly in North America (25.4%), UK (11.3%) and modestly higher in Europe (1.1%) but weaker market conditions continued to weigh on sales in China (down 47.6%)," JLR said in a statement.

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