Mahindra & Mahindra Sells Stake in Mahindra CIE Automotive

Indian Markets:

• Nifty 50 Movement: Indices opened higher at 17,160.55 and hit the days high of 17,224.65 in early trade.
• Major drags on the market included TCS, which witnessed a 2% fall, followed by Kotak Mahindra Bank, ITC, and Infosys, which saw a dip of 1.60%, 1.07%, and 0.96%, respectively.
• The dampened investor sentiment was due to the turmoil in the US banking space with the failure of Silicon Valley Bank (SVB) and the closure of New York-based Signature Bank. 
• Overall, the market witnessed a volatile session, with indices closing in the red. While certain sectors managed to hold strong, others faced significant losses, led by selling pressure. Investors will keenly watch for any further developments in the banking space and await economic data releases to assess the market’s future direction.

Global Markets:

• The Dow Jones futures were up 137 points, indicating a positive opening in the US stock market today. 
• Most European shares advanced while Asian stocks fell across the board on Tuesday as investors grappled with the fallout of failed banks in the U.S., including the Silicon Valley Bank. 
• US stocks ended lower on Monday even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. 
• The fallout from SVBs collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe. 
• Traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in bets on the Feds next move ahead of its meeting on March 21 and 22. As per reports, a hot inflation report will raise expectations the Fed could hike rates by 50 basis points, up from the 25 points it implemented in February.

Stocks in Spotlight:

?Mahindra & Mahindra sold 2,29,80,000 equity shares, equivalent to 6.058% of the paid-up share capital of Mahindra CIE Automotive, which is a listed associate of the company. As a result of this sale, the shareholding of Mahindra & Mahindra in MCIE has now reduced from 9.253% to 3.195% of its share capital. Societe Generale, the French multinational bank, purchased approximately 64 lakh shares under the block deal. 

?Sun Pharmaceuticals Industries made significant gains in the stock market following Jefferies’ recent ‘buy’ rating on the company’s shares. According to Jefferies, Sun Pharma’s acquisition of Concert has added a complementary derma product to its existing specialty portfolio. The firm believes that the strong efficacy against competing drugs and the utilization of the existing infrastructure will result in peak global sales of $850 million by 2031.

?Bharti Airtel’s share price made notable gains in the stock market after Morgan Stanley reiterated its ‘overweight’ stance on the stock. The global research firm expects the telecom stock to reach a target of Rs 860 per share, indicating an upside of 11 percent from the current market price. Morgan Stanley highlighted that the telecom service provider has introduced higher minimum recharge plans in the remaining three circles and has taken the lead in raising entry-level tariffs.

News from the IPO world?

• Global surfaces IPO fully subscribed, retail portfolio booked 1.45 times
• Udayshivkumar Infra’s IPO to kick off on March 20
• Dev Labtech IPO opens on March 17th

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter