Nifty hovers below 17,300; media stocks correct

The benchmark indices were trading firm in mid-morning session. Pharma and auto scrips advanced. The Nifty traded below the 17,300 mark.

At 11:30 IST, the barometer index, the S&P BSE Sensex rose 245.18 points or 0.43% at 57,838.67. The Nifty 50 index gained 74 points or 0.43% at 17,296.

The S&P BSE Mid-Cap index added 0.59%. The S&P BSE Small-Cap index rose 0.55%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 1,650 rose and 1,546 shares fell. A total of 131 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 801.41 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,161.70 crore on 28 March 2022, as per provisional data available on the NSE.

Buzzing Index:

The Nifty Media index fell 1% to 2,313. The index jumped 9.51% in the past eight trading sessions.

Inox Leisure (down 4.56%), PVR (down 3.24%), Network18 Media and Investments (down 2.51%), TV18 Broadcast (down 1.65%) and Dish TV India (down 0.01%) declined.

INOX Leisure, PVR on Sunday (27 March) announced a merger in which shareholders will receive 3 shares of PVR in exchange of 10 shares in INOX. The board of PVR and INOX Leisure, at their respective meetings held on Sunday (27 March 2022), approved an all stock amalgamation of INOX with PVR. The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

Upon obtaining all approvals, INOX will merge with PVR. INOX shareholders will receive 3 shares in PVR for 10 shares of INOX. Post the merger, PVR promoters will have 10.62% stake while INOX promoters will have 16.66% stake in the combined entity. The board of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the board with 2 board seats each.

Stocks in Spotlight:

HDFC Bank rose 0.54%. The private sector lender on Tuesday said that it will pick 15% stake in India Debt Resolution Company Limited (IDRCL) for Rs 7.50 crore. HDFC Bank said that the equity investment will be done in tranches, the first of which for Rs 3 crore is expected to be complete by 31 March 2022. "Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL," it said. Post investment of all tranches, the bank will hold upto 15% of the equity share capital of the IDRCL.

Sudarshan Chemical Industries gained 0.87%. After market hours on Monday, the company announced that its board has approved the fund raising upto Rs 200 crore. In an exchange filing, the company said, the Board of Directors, at its meeting held today approved fund raising by way of issue of Non-Convertible Debentures aggregating up to Rs 200 crore, on private placement basis in one or more series / tranches.

Global Markets:

Asian stocks advanced as crude oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual US$5.8 trillion (S$7.89 trillion) budget plan that would steer US$6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

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