Sensex Rallies 800 Points, Nifty Trades Near 16,900; Axis Bank, IndusInd Bank & HDFC Top Gainers

Wed, 16 Mar 10:30 am

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Asian share markets are higher today, extending US gains as investors took a breather following another steep drop in crude prices.

The Hang Seng zoomed 2.3% while the Nikkei jumped 1.4%. The Shanghai Composite is trading higher by 0.2%.

In US stock markets, Wall Street indices rallied on Tuesday, with the S&P 500 snapping a 3-day streak of declines as another drop in oil prices and a softer-than-expected reading on producer prices helped ease inflation fears among investors.

The Dow Jones rallied 1.2% while the Nasdaq Composite surged 1.8%.

At the end of the Federal Reserve's two-day policy meeting, the central bank is widely expected to raise interest rates by a quarter of a percentage point.

Back home, Indian share markets opened on a strong note, following the trend on SGX Nifty.

Riding the rebound across global markets, benchmark indices are trading on a firm note.

The BSE Sensex is trading up by 842 points. Meanwhile, the NSE Nifty is trading higher by 243 points.

Axis Bank and HDFC are among the top gainers today.

Sun Pharma, on the other hand, is among the top losers today.

In line with the up-move in benchmarks, broader markets also extended profits.

Both, the BSE Mid Cap index and the BSE Small Cap index are trading higher by 1.3%.

All sectoral indices are trading in green with stocks in the metal sector, realty sector and banking sector witnessing most of the buying.

Shares of RHI Magnesita and Cholamandalam Investment hit their 52-week highs today.

The rupee is trading at 76.32 against the US$.

Gold prices are trading down by 0.4% at Rs 51,350 per 10 grams.

Meanwhile, silver prices are trading down by 0.7% at Rs 67,861 per kg.

Crude oil prices rose today, bouncing back after earlier falling more than US$1 a barrel, as Russia's invasion of Ukraine continues to dominate volatile trading with ceasefire talks the latest market trigger.

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In news from the mutual funds space, the market regulator on Tuesday clarified regarding transactions in mutual funds facilitated by online platforms.

The regulator said payment aggregators should directly credit the amount collected from the bank account of the investor only into an approved account, as per the instructions from the investor.

It also said payment aggregators should not act on instructions of the online platforms to alter the list of approved accounts and in no case, should the amounts be credited to the bank accounts of the online platforms.

The regulator said asset management companies (AMCs) would be liable to the unitholders in case of misuse of funds by payment aggregators or online platforms with respect to mandates covering mutual fund transactions.

Speaking of mutual funds, note that February 2022 marked the 12^th consecutive month of inflows into equity mutual funds.

It remains to be seen how the trend pans out this month as reports are suggesting March 2022 will likely see some outflows, as the Russia-Ukraine conflict continues to escalate.

Since you're interested in mutual funds, check out our article on top stocks mutual funds bought and sold in February 2022.

In news from the tech space, Zomato is among the top buzzing stocks today.

Zomato and online grocery firm Blinkit (formerly Grofers) are in talks for a merger deal, according to several media reports. This comes even while the food delivery platform in a regulatory filing on Tuesday said it has extended a loan of US$150 m to Grofers India.

According to sources, a share-swap deal is being discusses in which Blinkit would be valued at around US$750-800 m.

Shareholders and investors of Blinkit will get around 10% in Zomato. SoftBank, which has 40% stake in Blinkit, will get around 4-4.5% shareholding in the merged entity.

The final contours of the deal will reportedly be wrapped up in 45 days, however, Zomato will continue to offer the company loans to run its business.

Zomato in a BSE regulatory filing stated that the company has extended a loan at an interest of 12% per annum or higher with a tenor of not more than a year, and will be given in one or more tranches.

At present, Zomato holds around 10% equity in Blinkit. In June last year, the food delivery platform had invested US$100 m in the online grocery player that had catapulted both firms into the unicorn club.

Note that the merger, if happens, comes at a time when reports have emerged that Blinkit is shutting down several of its dark stores.

Apart from the merger with Blinkit, Zomato also made another acquisition announcement. It acquired 16.66% equity in Mukunda Foods for a consideration of US$5 m.

Mukunda is a food robotics company that designs and manufactures smart robotic equipment to automate food preparation for restaurants.

Zomato share price is currently trading up by 0.2%.

Moving on to news from the realty sector, Macrotech Developers on Tuesday said its arm Lodha Developers International, Mauritius has prepaid US$ 170 m (Rs 13 bn) of debt after recording better sales performances in its two projects in London.

The realty firm had said In January that the US$ 225 m bonds are likely to be repaid fully in the next four months from the sales proceeds, well in advance to their scheduled maturity of March 2023.

Macrotech Developers had achieved best-ever quarter of sales of around Rs 19 bn in the quarter.

The company, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London, from the Canadian government for over Rs 31 bn.

Macrotech Developers share price is currently trading up by 1.1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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