Indices at previous closing
Nifty50: 14,721 ▼ 189 (-1.2%)
Sensex: 49,801 ▼ 562 (-1.1%)
Nifty Bank: 34,229 ▼ 575 (-1.6%)
In the news
BHEL bags large NPCIL order
- The state-run heavy engineering company has emerged as the lowest bidder for Nuclear Power Corporation’s 4,200 megawatt project.
- The contract for the nuclear power plant is pegged at ₹10,800 crore. The stock closed 7% lower yesterday, but the news of the deal came after market hours.
Airline passenger volumes decline
- In February 2021, domestic air passenger volumes stood at 78 lakh, down 37% YoY.
- Although passenger volumes have been rising month-on-month, the second wave of Covid could pose a challenge to the airline business. Shares of Indigo (-2%) and Spicejet (-18%) have been on a decline in 2021.
Godrej Prop bullish on residential sector
- Godrej Properties plans to launch a total of 10 projects in Q4FY21, and is betting big on the growth of the residential real estate segment.
- To leverage the potential boom in the segment, the company has raised ₹3,750 crore through a QIP, which it will use to buy more land for residential projects. However, the stock has ignored the company’s strong outlook and fallen 10% this month.
US Fed keeps rates near-zero
- The US Fed believes that the bump in inflation will be short lived and will moderate in 2022. It aims to keep near-zero interest rates at least through 2023.
- The outlook buoyed investor sentiments. The Dow Jones extended its ongoing rally and ended at record high levels. Meanwhile, Treasury yields, which saw a mild correction around the Fed meeting, have also resumed their upward journey.
Events of the week
- Thursday: Initial jobless claims (US)
Sectoral indices (17 March)
| Top gainers | Top losers |
| NA | Nifty PSU Bank ▼ 3.7% |
| NA | Nifty Media ▼ 2.9% |
Global markets (at 9:00 am today)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 1.6% |
| Hang Seng (Hong Kong) | ▲ 1.5% |
| SSE Composite (China) | ▲ 0.5% |
| Dow Jones (US) (17 March) | ▲ 0.5% |
Fact of the day
Produced first in 1932, the RE Bullet 350, is today the longest running motorcycle to be in continuous production.
Source: Royal Enfield
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Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.