Benchmark indices opened marginally lower on Tuesday with Nifty below 10,850 level.
The Sensex is down 99.39 points at 35964.42, while Nifty is down 32.10 points at 10831.40. About 559 shares have advanced, 277 shares declined, and 90 shares are unchanged.
Vedanta, Axis Bank, Power Grid, Coal India, HPCL, BPCL, are among major gainers, while losers include Eicher Motors, L&T, Wipro, Bajaj Auto, Tech Mahindra, Bharti Airtel and Yes Bank
On the sectoral front, except energy and metal all other sectors are trading in red.
Rupee Opens :
The Indian rupee opened marginally lower at 70.94 per dollar on Monday against Friday's close 70.91.
On Friday, Rupee strengthened against the US dollar but today is expected to open on a flat note following comments that the US President intends to end India’s preferential trade treatment under a program that allows USD 5.6 billion worth of Indian exports to enter the United States duty free.
The US Trade Representative’s Office said removing India from the Generalized System of Preferences (GSP) program would not take effect for at least 60 days after notifications to Congress and the Indian government, and it will be enacted by a presidential proclamation.
Today, USD-INR pair is expected to quote in the range of 70.70 and 71.40.
Global Markets :
Wall Street ends lower:
Wall Street's major indexes fell on Monday, weighed down by a weak US construction spending report and declines in healthcare shares, as an initial rally on optimism over a US-China trade deal faded.
Asian markets trade lower:
Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States.
SGX Nifty:
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 18 points or 0.17 percent. Nifty futures were trading around 10,829-level on the Singaporean Exchange.
Crude dips:
Oil prices fell on Tuesday as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support.
China sets 2019 economic growth target at 6 to 6.5%
In a bid to defuse U.S. and European trade complaints, Premier Li Keqiang pledged in a speech at the opening of China's national legislative session that foreign and local companies will be "treated as equals."
Li set this year's growth target at 6 to 6.5 percent. That is off slightly from last year's 6.6 percent growth, a three-decade low, but would be among the world's strongest if achieved.
The announcement reflects official determination to shore up slowing economic activity in the face of U.S. tariff hikes and cooling global demand.
Authorities are expected to use the congress to highlight measures intended to support economic growth including a possible tax cut and more support for entrepreneurs.
Legislators also are due to endorse a law that aims to ease tensions with Washington and Europe by discouraging officials from pressuring foreign companies to hand over technology. Spending on the ruling Communist Party's military wing, the People's Liberation Army, will rise to 1.2 trillion yuan ($178 billion), according to Li.
China's total military spending, the second-largest behind the United States, is estimated by independent experts to exceed $220 billion a year.
Domestic Markets :
Here are the stocks that are in news today:
Jet Airways: An additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
Reliance Industries: Subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) acquired software company C-Square Info Solutions Private Limited and logistics services platform company Grab A Grub Services Private Limited.
Hindustan Zinc: Kiran Agarwal is appointed as Additional Director and Chairman of the company.
JSW Steel: Company and Duferco International Trading Holding SA aligned their strategic goals in a landmark $700 million 5-year advance payment and supply agreement (APSA).
Kolte-Patil Developers: Company invests Rs 70 crore in its subsidiary Kolte-Patil I-Ven Townships (Pune) Ltd.
Capacite Infraprojects: Board approved Scheme of Amalgamation amongst CIPL-PPSL-Yongnam Joint Venture Constructions Private Limited, company and their respective shareholders.
Indian Hume Pipe: Company received three letters of intent for the works aggregating to Rs 187.06 crore from Vidarbha Irrigation Development Corporation, Nagpur.
Mishra Dhatu Nigam: Company secured order worth about Rs 475 crore. The cumulative order booking during the financial year 2018-19 is about Rs 1,800 crore.
Larsen & Toubro Infotech completed acquisition of 100% shareholding of Nielsen+Partner Unternehmensberater GmbH, Hamburg, Germany, along with its identified subsidiaries
RBI levied an aggregate penalty of Rs 4 crore on Karnataka Bank
NLC India commissioned solar power projects in Tamil Nadu
Union Bank of India: Stakeholders Relationship Committee (SRC) of the bank approved issue price of Rs 58.49 per share for new equity shares to be issued to the eligible employees of the bank under Union Bank of India Employee Share Purchase Scheme (Union Bank - ESPS). The offer will open for subscription by eligible employees on March 7 and will close on March 16.
Equitas Holdings: CRISIL revised the outlook on long term facilities rating of subsidiary, Equitas Small Finance Bank Limited from A/Stable to A/Positive.
GHIAL a subsidiary of GMR Infrastructure has divested its 100% stake in its subsidiary Asia Pacific Flight Training Academy
Central Bank of India approved raising of equity capital by issue of upto 68,72,48,322 equity shares at the issue price of Rs 37.25 per equity share aggregating to Rs 2,560 crore
Bank of Baroda appointed Hasmukh Adhia as non-Executive chairman
HOEC adds yet another block to its North East Portfolio
Ramco System positioned as a Major Contender in Everest Group's PEAK Matrix for Multi-Country Payroll Platform
Sterlite Tech wins Intertek’s (US) Zero Waste to Landfill certification for its optical fibre cable manufacturing plant in Rakholi, Silvassa
BHEL installs first Solar Electric Vehicle (EV) Charging Station in the upcoming network of Charging Stations on Delhi-Chandigarh highway
Tata Communications appoints Sumeet Walia as Chief Sales and Marketing Officer
IRB Infrastructure Developers: Company successfully completed Hyderabad Outer Ring Road project and accordingly handed over the project to Hyderabad Growth Corridor Limited.
Aurobindo Pharma: Company completed the acquisition of seven marketed oncology injectable products, intellectual property and commercial infrastructure from US-based Spectrum Pharmaceuticals.
Snowman Logistics: Company appointed Mamoru Yokoo as an additional director of the company.
Take Solutions: Company announced mergers of step-down subsidiaries in USA.
Coal India: February coal production up 6.5 percent at 58.05 million tonne, April-February FY19 coal production rises 6.6 percent to 527.70 million tonne YoY. February offtake up 3 percent at 51.45 million tonne and April-February offtake increases 4.5 percent to 548.49 million tonne YoY.
Hero Motocorp: February sales fall 2 percent to 6,17,215 units YoY.
Sunteck Realty: Company issued commercial paper of Rs 25 crore.
Tata Motors: On a media report saying Tata to explore options including JLR stake sale, the company clarified that there is no truth to the rumours that Tata Motors is looking to divest its stake in JLR and it would not like to comment further on any market speculation.
Biocon: Company appoints Dr Christiane Hamacher as CEO of Biocon Biologics India Limited.
Nucleus Software Exports: Board approved a scheme of amalgamation between wholly owned subsidiaries, Virstra I-Technology Services Limited and Avon Mobility Solutions Private Limited and company.
HT Media: Company has entered into share purchase agreements with the shareholders of NRL (subsidiary of Next Mediaworks Limited), to purchase 3,68,08,001 equity shares (constituting 48.6 percent stake) in NRL.
Dr Lal PathLabs: Company received an intimation from Arun Duggal, Independent Director, tendering his resignation.
VST Tillers Tractors: February sales dips to 2,076 units versus 3,478 units YoY.
KEI Industries: CARE reaffirmed CGR 3+ rating assigned to the corporate governance practices adopted by the company.
Steel Strips Wheels: Company achieved February 2019 total wheel rim sales of 12.83 lakh versus 13.03 lakh in February 2018 representing a de-growth of 1 percent YoY.
Medico Remedies: Company purchased adjoining manufacturing unit at Palghar.
Cochin Shipyard: Company signed contracts with Utkarsh Advisory Services Private Limited, Mumbai, (part of JSW group) for construction and delivery of 4 Nos. 8000 T mini bulk carriers.
Shivan Autotech: Company has achieved approximately 29 percent increase in sales in February 2019 compared to corresponding month in the previous financial year.
Lakshmi Machine Works: The company received a communication from LIC of India for withdrawal of nomination of V Sathyakumar, Nominee Director of LIC and filing of fresh nomination for appointing Anil Gupta as Nominee Director of LIC on the board of directors of the company.
Aster DM Healthcare: Company increased its shareholding in subsidiary Malabar Institute of Medical Sciences Limited to 73.22 percent from 70.68 percent earlier and in Prerana Hospital Limited to 84.93 percent from 80.80 percent earlier.
Tata Motors: February sales drop 3 percent to 57,221 units versus 58,993 units YoY.
TVS Motor Company: Company registered a growth of 3 percent with sales increasing from 2,90,673 units in February 2018 to 2,99,353 units in February 2019.
Eicher Motors: Royal Enfield sales in February fall 14 percent to 62,630 units versus 73,077 units YoY.
Himatsingka partners with the Iconix Brand group on the Royal Velvet brand
Analyst or Board Meet/Briefings
Meghmani Organics: Company, on March 8, to consider and approve interim dividend on the equity shares of the company for the financial year 2018-19.
Tata Metaliks: Extraordinary General Meeting of the shareholders to be held on March 25.
Xpro India: Board meeting is scheduled on March 8 to consider strategies and opportunities for the company's Biax Unit - I at Barjora and to approve a course of action including, if considered appropriate, sale/transfer of the company's Biax Unit - I at Barjora and the obtaining of necessary enabling approvals.
Excel Crop Care: Extraordinary General Meeting of the shareholders to be held on March 30.
Prabhat Dairy: Extraordinary General Meeting of the shareholders will be held on March 26.
Corporation Bank: Extraordinary General Meeting of shareholders of the bank to be held on March 27.
UCO Bank: Extraordinary General Meeting of shareholders of the bank to be held on March 25.
The Investment Trust Of India: Board meeting is scheduled on March 7 to consider the scheme of amalgamation of ITI Reinsurance Limited with the company.
Sheela Foam: Officials of the company will be meeting with various investors on March 5 in Mumbai.
Allahabad Bank: EGM of shareholders of the bank scheduled to be held on March 26, 2019.
Tata Steel: Company's officials will meet Trinity Alps Capital and Rare Enterprises on March 6.
Brigade Enterprises: Company's officials will investors on March 5 in Hong Kong.
R Systems International: Investors/analysts call of the company will be held on March 5 to discuss the financial results of the company for the quarter and year ended on December 2018.
PI Industries: Company's officials will meet Phillip Capital (India) on March 7, Motilal Oswal on March 14 and India Capital Growth Fund (ICGQ) on March 14.
Usha Martin: Extraordinary General Meeting of the company to be held on March 30.
Hindustan Fluorocarbons: Board meeting is scheduled on March 11 to consider the sale of 66 acres 13 gunthas vacant surplus land, and entering the agreement with MSTC E-auction.
Valecha Engineering: Board meeting to be held on March 11 to consider the issue of debt securities.
Shriram City Union Finance: Company's officials will meet Motilal Oswal Securities & ICICI Securities on March 7, and Motilal Oswal Securities on March 9.
Bulk Deals on March 01
NSE
BL Kashyap and Sons: Virwani Jitendra Mohandas sold 11,64,292 shares of the company at Rs 21.42 per share.
Nagarjuna Oil Refinery: Zuari Investments sold 32,69,026 shares of the company at 30 paise per share.
Proseed India: Krishnam Raju M sold 5 lakh shares of the company at 42 paise per share.
Anup Engineering: Enam Asset Management Company sold 54,787 shares of the company at Rs 472.5 per share.
Tourism Finance Corporation: Rajasthan Global Securities sold 5,44,634 shares of the company at Rs 118.62 per share.
Viji Finance: Vijay Kothari sold 5,61,417 shares of the company at 70 paise per share.
BSE
Aavas Financiers: Matthews International Funds A/C Matthews India Fund bought 4,04,915 shares of the company at Rs 1,070.10 per share whlie Amundi Funds SBI FM Equity India sold 4,47,963 shares of the company at same price.
