Indices to open flat

Investors may prefer to wait and watch ahead of the results season before immediately committing fresh capital.

The indices may have ended flat on Tuesday after twisting and turning through the day. But that does not take away the fact that the Sensex and Nifty managed to post their best fiscal year gain since FY10. In fact, the recent subdued days saw higher delivery of shares, so much so that March delivery-based buying hit a two-year high. Counters which fell from their recent 52-week highs were in demand.

The outlook is a flat to negative start. The indices may be cautious ahead of a long weekend. Markets are closed on Thursday and Friday and will not be able to react to global cues and data till Monday. Investors may prefer to wait and watch ahead of the results season before immediately committing fresh capital. Global cues are also subdued. US indices closed in the red.  Dow Jones fell 1.11%, S&P shed 0.88% and Nasdaq dropped 0.94%. Energy shares were among the biggest drags as crude oil fell.

The Asian markets are mixed, the Hang Seng index in Hong Kong was up by half a percent after Chinese manufacturing activity in March were better than expected. The Shanghai index in China was trading higher by 0.6%. While, the Nikkei index in Japan was down by 0.7%.

The country’s external debt stood at $461.9 billion as of end-December, up 3.5% from end-March 2014, data showed.  Meanwhile, February data for core sector growth fell to 1.4% as against 1.8% mom and 1.6% yoy. The culprits here were steel and natural gas. On the bright side, coal, cement and electricity output grew. This could attract some buying in cement and power shares.

Due to a fall in global prices, gas produced in India will cost 8% less during April-September, the govt said in a statement, due to a decline in global prices.

OMCs could remain in focus after IOC Chairman said the company will not have any inventory losses in the March quarter.

Sebi has reportedly proposed to ease listing norms to enable startups raise funds through initial public offerings (IPOs).

Former SAP Labs India MD Anirban Dey has joined Infosys subsidiary EdgeVerve as global head for software products.

The sharp rally in stocks during financial year 2014-15 has boosted the value of stock market investments of many companies with strong treasury operations, says a report.

In about 150 companies, the market value of the investments in stocks has more than doubled in the fiscal 2014-15, a report in ET added.

Reliance has signed a production-sharing contract with Myanmar's state-owned Myanmar Oil & Gas Enterprise for two offshore blocks that it bagged through competitive bidding in 2013.

The cabinet has reportedly recommended re-promulgation Of Land Acquisition Ordinance.

HCC Ltd has been awarded contract worth Rs 392.13 crore from the Ministry of Road Transport and Highway (MoRTH) for 4-laning of 26km long road on NH52 between Jamugurihat to Biswanath Chariali by-pass in Assam. The project will be completed in 36 months.

State Bank of India has announced that the Executive Committee of the Central Board (ECCB) has on March 30, 2015 authorised divestment of SBI's stake in SBI Life Insurance Co Ltd by up to 10%. 

eClerx Services has announced that its board approved entering into agreement to acquire 100% of CLX Europe for 25 mn Euros.

GVK Power and Infrastructure Ltd ended higher by 16% at Rs 9.51. Later in the day, the stock hit 20% upper circuit. The company is planning to file a draft prospectus for an up to $250 mn initial public offer (IPO) of its airport unit soon, according to reports. 

GMR Infrastructure Ltd stock ended higher by 5% at Rs 16.60. As part of its ‘Asset Light, Asset Right’ approach, the company continuously explores the possibility of selling full/part stake in some of its operational Energy and Highway projects 

ITC stock ended 1% lower to Rs. 325 amid high volumes. The stock has hit a high of Rs 328 and a low of Rs 323.

Petron Engineering Construction hit the 20% upper circuit at Rs. 261 on news report that the company received an Order from KSS Petron for civil, structural & underground piping works for Integrated Refinery Expansion Project (IREP) of BPCL, worth Rs. 84.71 crore.

Mastek moved higher on receiving approval from NYSE Listing Committee for listing of company's subsidiary, Majesco's shares on the NYSE market. The stock ended higher by 9% to a high of Rs. 432 and a low of Rs 386.

ECE Industries too was locked at the 20% upper circuit at Rs. 135 on news that its promoter hiked stake in the company.

Ramky Infrastructure zoomed to hit the 20% upper limit at Rs. 39.10 after the company's board approved its debt restructuring programme and lenders will be converting 25 per cent of some term loans into equity.

 

Valecha Engineering closed 9% higher after media reported that the company has bagged orders worth Rs. 125.50 crore.

TD Power Systems soared over 5% to Rs. 359 on winning fresh order for supply of 10 Traction alternators from Diesel Locomotive Works, a production unit of Indian Railways.

Bajaj Hindustan Sugar surged 4.7 per cent to Rs. 14.40 after the company allotted 17 crore shares at Rs. 20.77 per share on conversion of Funded Interest Term Loan (FITL) to JLF Lenders.

Oricon Enterprises rallied over 5 per cent to Rs. 54.35 on reports that the company has acquired 70 per cent shares of Oriental Containers from its joint venture partners OC Holding, Mauritius, for Rs. 105 crore.

Snapdeal announced its foray into financial services with the acquisition of a majority stake in RupeePower, a leading digital financial products distribution platform. Snapdeal will now offer consumers a financial services marketplace – a first of its kind initiative in the e-commerce industry.

Trends in FII flows: The FIIs were net buyers of Rs3.56bn in the cash segment on Tuesday.

 The domestic institutional investors (DIIs) were also the net buyers of Rs2.83bn, as per the provisional figures released by the NSE.