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WEEKLY MARKET REPORT
After trading in the green for four weeks in a row, the market ended in the red with the benchmark indices shedding 2 percent each and posting one of the biggest weekly losses on March 15, driven by midcap and smallcap stocks and mixed data points.
In this week, BSE Sensex lost 1,475.96 or 0.99 percent to end at 72,643.43 and Nifty50 shed 470.25 points or 2.09 percent to finish at 22,023.30.
Among sectors, the Nifty Realty index shed 9.4 percent, the Nifty Media index 8.3 percent, the Nifty PSU Bank 8 percent, and the Nifty Metal index fell 6.8 percent. The Nifty Information Technology index, however, added 1 percent.
Considering Broader markets, The BSE Smallcap index posted its biggest weekly losses since December 2022 as it plunged 6 percent in the week ended March 15.
Foreign institutional investors (FIIs) sold off equities worth Rs 816.91 crore, while their domestic peers (DIIs) continued to support the market, infusing Rs 14,147.5 crore.
ECONOMY
Assam secured over Rs 13,000 crore investments in the last 14 months
Assam has secured investments to the tune of Rs 13,364 crore with employment generation for more than 17,000 people in the last 14 months, Chief Minister Himanta Biswa Sarma said. The investments have been committed through 21 proposals, approved by the state cabinet, under the Industrial and Investment Policy of Assam (IIPA), 2019.
Q3 GDP numbers are mystifying, says former CEA Arvind Subramanian
Former chief economic adviser Arvind Subramanian on Friday said India’s latest GDP numbers are ‘mystifying’ and difficult to comprehend. India’s economy grew by better-than-expected 8.4 percent in the final three months of 2023 – the fastest pace in one and a half years. Elaborating further, Subramanian said while the implied inflation in these numbers is 1 to 1.5 percent, actual inflation in the economy is somewhere between 3 and 5 percent.
India’s oil meals export up 9% to nearly 5.16 lakh tonne in February on higher soya meal shipments
In a statement on Friday, Solvent Extraction of India (SEA) said the export of oil meals in February stood at 515,704 tonnes as compared to 4,71,770 tonnes in the year-ago period. Of the total oil meals exported last month, the shipments of soybean meal stood at 3,47,905 tonnes and rapeseed meal at 1,44,372 tonnes. The data showed that the total export of oil meals during the April-February period of this fiscal increased 19 percent compared to the previous year.
GLOBAL MARKETS
Wall Street drops with tech-related shares, investors assess rate outlook
US stocks fell on Friday, led by technology-related megacaps that have propelled this year’s rally, while investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting. The Dow Jones Industrial Average fell 190.89 points, or 0.49%, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65%, at 5,117.09 and the Nasdaq Composite dropped 155.36 points, or 0.96%, to 15,973.17.
Tech pulls down Asia stocks, dollar gains on inflation data
Asian stocks slumped on Friday, tracking tech-led declines on Wall Street overnight after hotter-than-forecast U.S. inflation knocked back bets for how soon and often the Federal Reserve will cut interest rates.
U.S. benchmark bond yields held near the 4.3% level they reached on Thursday for the first time this month, following their biggest jump in three months. The dollar advanced to its highest since March 5 against a basket of major peers.
Oil prices dip, but are set for a weekly gain of over 3%
Oil prices dipped on Friday, a day after topping $85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from U.S. refiners completing planned overhauls. Brent crude oil futures slid 9 cents or 0.11% to $85.33 a barrel at 12:16 p.m. CDT (1716 GMT). U.S. West Texas Intermediate (WTI) crude was down 17 cents or 0.21% to $81.09.
STOCKS IN NEWS
SpiceJet: The company on Friday said it will lease two wide-body A340 planes for Haj operations and these aircraft will be operated from Srinagar and Guwahati. The first phase of the Haj operations is scheduled to commence on May 9 in Medina. SpiceJet said flights are scheduled to operate from seven Indian cities – Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada.
GAIL: GAIL is planning to enter the Liquefied Natural Gas (LNG) retail sector by setting up LNG dispensing stations across golden quadrilateral/major national highways and mining areas with an investment plan of Rs 650 crore. The company also aspires to capture 50 percent plus market share in the next 5-6 years, according to a regulatory filing on March 14.
Adani Green Energy: Adani Green Energy (AGEL) on Monday said it has operationalized a cumulative capacity of 1,000 MW solar energy at Khavda, in Gujarat. With this, AGEL has achieved an operational capacity of 9,478 MW and continues its journey to the stated goal of 45,000 MW by 2030, a company statement said.
Green Infra Wind Energy: Sembcorp Industries on Monday said its arm Green Infra Wind Energy Ltd (GIWEL) has bagged a 440 MW wind-solar hybrid power project from SJVN Ltd. The build-own-operate project is part of a 1.5GW bid issued by SJVN in September 2023, a company statement said.