Bharti Hexacom sets the IPO price band at Rs 542 to 570 per equity share. The IPO of Bharti Airtel’s subsidiary is set to open its subscription on April 3 and will end on April 5. The IPO is entirely an offer for the sale of 7.5 crore shares valued at Rs 4,275 crore, which will be offloaded by Telecommunications Consultants India.

Bharti Hexacom is in the business of providing fixed-line telephone and broadband services in Rajasthan and North East – Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. 

Bharti Airtel has been issued an order by the Department of Telecommunications, Andhra Pradesh LSA, imposing a penalty of Rs 7,78,000 for alleged violation of subscriber verification norms. Consequently, shares decline by 1.38% on the NSE, trading at Rs 1,219.

Sanghvi Movers stock surged by 11.19% to reach a 52-week high of Rs 1,283.75 on the NSE following the company’s announcement of incorporating its subsidiary, Sangreen Renewables Private Limited.

Commenting on the rupee dollar outlook Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said that, Indian Rupee appreciated by 0.4% on Tuesday on decline in US Dollar from higher levels and positive Asian currencies. However, weak domestic markets and surge in crude oil prices capped sharp gains. US Dollar eased on softening US treasury yields and profit booking a higher levels. Disappointing economic data from US also weighed on the greenback. US new home sales declined to 662,000 in in February 2024 vs 664,000 in January 2024.

Choudhary also added that, We expect Rupee to trade with a negative bias on expectations of a recovery in US Dollar and rising crude oil prices. However, positive tone in the Asian currencies may support Rupee at lower levels. Any selling of Dollars by the RBI may also support Rupee. Traders may take cues from durable goods orders and CB consumer confidence data from US. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.75.

On March 26, 2024, Life Insurance Corporation of India lodged an appeal before the Commissioner (Appeals), Ahmedabad, contesting the order issued by the Additional Commissioner of Central Goods & Service Tax, Gandhinagar. The appeal challenges the order that mandates GST payment of Rs 19,64,584 for the fiscal year 2017-18, along with applicable interest and a penalty of Rs 19,74,584. Concurrently, LIC stock inches up by 0.22% on the NSE, trading at Rs 908.35.

Bajaj Finance, Britannia, Hindalco, ONGC, and Adani Ports were the top gainers in the Nifty 50. While Power Grid, Eicher Motors, Wipro, Divi’s Laboratories, and Bharti Airtel were the major losers in the Nifty 50 on March 26.

The broader market has been seeing substantial selling pressure in the last one month starting February 19. Most market observers believe this is primarily on the back of the SEBI Chief’s comment highlighting “There are pockets of froth in the market.”

Since February 19, over 80% of stocks in the BSE Small Cap Index have seen negative returns, contrasting with a nearly one percent gain in the Nifty during the same period.

The BSE Small Cap Index witnessed a significant decline of 7% over the past month, indicating a notable downturn in stocks with smaller market cap. The BSE Midcap Index experienced a relatively lesser decline of 2.24%, suggesting a more stable performance among mid-sized companies listed on the Bombay Stock Exchange.

Also Read : Why have mid and small cap stocks seeing selling in the last month?

Courtesy: NSE

Share of GAIL India rose 3.8% to an intraday high of Rs 180.70 after the company plans to commission its first green hydrogen project in April.

RVNL, Lalpath Labs, MFSL, IRFC, and Oil India were the top gainers in the Nifty Midcap 100. While Delhivery, Fertilisers and Chemicals, Apollo Hospitals, CG Power, and Yes Bank were the key laggards in the Nifty Midcap 100 on March 26.

Courtesy: NSE

Courtesy: NSE

SRM Contractors launched their IPO on March 26 to raise a total of Rs 130.20 crore by offering 6.2 million shares. The company opened the subscription to its IPO on March 26 and closed on March 28. The company set the IPO’s price band at Rs 200 to Rs 210 per share.

It is expected that the IPO will finalise on April 1 and will get listed on both the bourses -NSE and BSE – by April 3. The company has set the minimum application for a lot size of 70 shares valued at Rs 14,700.

SRM Contractors is in the business of the construction and development of roads, tunnels, slope stabilisation works, and other construction activities based in Jammu & Kashmir and Ladakh.

Also Read: SRM Contracts IPO opens on March 26; Here’s all you need to know before investing

Courtesy: NSE

Commenting on derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said Nifty weekly contract has highest open interest at 23000 for Calls and 22000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 22000 for Puts. Highest new Ol addition was seen at 22500 for Calls and 22100 for Puts in weekly and at 22500 for Calls and 22100 for Puts in monthly contracts. Fils decreased their future index long position holdings by 6.54%, decreased future index shorts by 12.85% and in index options by 15.09% increase in Call longs, 11.28% increase in Call short, 24.61% increase in Put longs and 19.90% increase in Put shorts.

RVNL surged by 6.58% on the NSE, trading at ₹266.30, following its recent signing of a Memorandum of Understanding (MoU) with the Airports Authority of India (AAI). The MoU pertains to the construction of a subway/underpass to connect the operational area to the Airport Authority of India residential colony in Kolkata.

MBL Infrastructure shares surged over 4% to reach an intra-day high of Rs 54.25 following the announcement that MBL Infrastructure had informed the exchanges about a unanimous award from the Learned Arbitral Tribunal. The award favored the company against the Public Works Department, Government of Uttarakhand, for a completed road project titled “improvement or strengthening of State Roads, Contract Package no. 5” in the State of Uttarakhand. The award amounted to Rs 17.24 crore, with future interest of 12% p.a. from the date of the award to the actual date of payment unless paid within 90 days of the award, along with a declaratory award of GST.

Courtesy: NSE

Uno Minda stock surged by 1.66% on the NSE, trading at Rs 660, following the signing of a Technical License Agreement (TLA) with StarCharge Energy Pte. Ltd.

Commenting on Nifty’s technical Anand James, Chief Market Strategist, Geojit Financial Services said, We would be entering the week with a limited upside objective of 22400-500, and with low expectations of directional moves. Downside marker may be placed near 21920, until above which, a buy-on-dips approach could be taken early in the week. A direct fall below the 21810 region could force us to reconsider 21400-20900 as downside objectives.

The stock had reached an all-time peak of Rs 9,756 on March 7 before undergoing a 43% correction, trading at Rs 5,663 on Tuesday, March 26, 2024. This sharp decline over 10 days resulted in a staggering loss of nearly Rs 20,000 crore in market capitalization. Consequently, the company’s market cap dwindled from Rs 49,365 crore on March 7 to Rs 30,155 crore within a span of two weeks.

HDFC Life Insurance, HCL Technologies, Bajaj Finance, Eicher Motors, and Adani Ports were the top gainers in the Nifty 50. While Power Grid, Britannia, ONGC, BPCL, and Tata Consumer were the major losers in the Nifty 50 on March 26.

The NSE Nifty 50 opened 0.19% lower at 22,054.55, while the BSE Sensex opened 0.19% lower at 72,691.59.

On Tuesday, amidst cautious optimism, traders will focus on the Federal Reserve’s inflation fight and upcoming policy meetings, with attention on the PCE index due Friday. Today, volatility is expected as March F&O contracts expire Thursday, while IT stocks may trade sluggishly following Accenture’s revised revenue forecast. TCS kicks off the Q4 earning season on April 12. Preferred trades include buying Nifty and Bank Nifty with specified ranges and targets. “The top pick is Indigo, with suggested entry, stop, and target points based on the Momentum Play strategy,” said Prashanth Tapse, Senior Vice president of Research at Mehta Equities.

Bank Nifty also consolidated within a narrow range around the key daily moving averages. On the upside, the key retracement level can continue till 47000 – 47200 over the next few trading sessions. The crucial support zone is placed at 46500 – 46400,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

The Nifty opened at a gap down on Friday. However, it recovered and closed with gains. “On the daily charts, we can observe that the index is in the process of retracing the fall it has witnessed from 22526 – 21710. The key retracement levels are placed at 22118 – 22214. The dip found buying interest at 21900 – 21880 where the 20-hour moving average was placed. The retracement process is still not complete and hence the rally can continue,” said  Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. The daily and hourly momentum indicators provide a divergent signal which can lead to consolidation. The range is likely to be 22200 – 21900. Stock-specific action is likely to continue during this period.

Biocon, SAIL, Tata Chemicals, and Zee Entertainment Enterprise were in the F&O ban list on Tuesday.