Domestic equity barometers ended near the flat line with minor cuts on Wednesday. The Nifty settled below the 22,450 mark after hitting the day?s high of 22,521.10 in afternoon trade. PSU bank, IT and media stocks were in demand while realty, FMCG and auto stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 27.09 points or 0.04% to 73,876.82. The Nifty 50 index added 18.65 points or 0.08% to 22,434.65.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.61% and the S&P BSE Small-Cap index gained 1.18%.

The market breadth was strong. On the BSE, 2,798 shares rose and 1,054 shares fell. A total of 113 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) kicked off today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency's projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

New Listing:

Shares of SRM Contractors were locked in an upper circuit of 5% at Rs 236.20 on the BSE, representing a premium of 12.48% as compared with the issue price of Rs 210.

The scrip was listed at Rs 225, exhibiting a premium of 7.14% to the issue price.

The stock has hit a high of 236.20 and a low of 213.75. On the BSE, over 3.49 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 1,18,82,234 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 15:42 IST on Wednesday (3 April 2024). The issue was subscribed 0.29 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 2.58% to 924.85. The index witnessed profit booking after climbing 14.49% in the past eight trading sessions.

Macrotech Developers (down 4.5%), Godrej Properties (down 3.79%), DLF (down 3.23%), Oberoi Realty (down 1.91%), Mahindra Lifespace Developers (down 1.64%), Phoenix Mills (down 1.13%), Brigade Enterprises (down 0.7%), Prestige Estates Projects (down 0.66%) slipped.

Stocks in Spotlight:

UltraTech Cement shed 0.34%. The cement major informed about the commissioning of two greenfield capacities - 2.70 mtpa cement grinding unit at Karur, Tamil Nadu and 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh, taking the company?s total cement capacity to 151.6 mtpa.

Yes Bank rallied 3.17% after the bank reported 14.1% rise in loans & advances to Rs 228,465 crore as against Rs 200,201 crore as on 31 March 2023. The bank has recorded 5% growth in loans as compared with the figure of Rs 217,523 crore recorded as on 31 March 2023.

JSW Energy surged 7.21% after the company?s board approved to raise Rs 5,000 crore through qualified institutional placement (QIP) of equity shares with floor price of Rs 510.09 per share.

Hindustan Zinc advanced 3.97% after the company announced that its mined metal production stood at 299,000 tonne in Q4 FY24, registering a growth of 11% QoQ.

Granules India rose 2%. The drug maker has announced that it has received a communication from the United States Food and Drug Administration (USFDA) indicating the inspection classification as ?Voluntary Action Indicated? (VAI). The inspection was conducted at company?s wholly-owned foreign subsidiary, Granules Pharmaceuticals, Inc. (GPI), located in Chantilly, Virginia, USA.

Adani Green Energy (AGEL) lost 0.67%. The company announced that it has surpassed 10,000 megawatt (MW) of operational portfolio, delivering reliable, affordable and clean power to the national grid. AGEL?s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

Anupam Rasayan gained 1.61% after the company has signed letter of intent worth revenue of about $90 million (Rs 743 crore) over next 7 years with one of the leading Japanese company to supply two advance intermediates using fluorination chemistry.

Gensol Engineering was locked in an upper circuit of 5% after the company announced that it has recorded the highest ever revenue, surpassing Rs 960 crore in the financial year ended on 31 March 2024.

Global Markets:

Most of the European stocks advanced while Asian stocks declined on Wednesday, as U.S. yields held near four-month highs.

A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China?s service sector activity expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates. Tesla?s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV.

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