SCI rallies 5 percent on divestment news, JSW Steel reports strong quarterly numbers and more.

Indian Markets:

• Nifty 50 Movement: Index fluctuated between 17,655.15 and 17,748.75 during the day, but settled above the 17,700 mark
• The Indian benchmark indices were propelled by strong cues from Asian and European markets.
• Investors are optimistic due to the RBI’s decision to maintain interest rates, healthy GST collections, and a mixed economic growth outlook.
• Metals and banks stocks were in demand. While IT and consumer durables stocks were under pressure.
• IT stocks declined ahead of earnings announcements by leading companies this week.

Global Markets:

• Shares in Europe and Asia advanced on Tuesday.
• Bank of Korea held interest rates at 3.5%, in line with expectations. South Koreas central bank held rates for the second consecutive time.
• Chinas consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).
• U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.
• Investors are eyeing the latest consumer price index and producer price index data – due out Wednesday and Thursday, respectively – which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Stocks in Spotlight:

• Shipping Corporation of India (SCI) witnessed a 5% rise in its stock prices following reports that the Indian government is moving forward with the long-delayed divestment process. Despite shedding 40% in the past three months, the company’s stock has gained more than 100% over the past three years. According to a Reuters report, the Indian government plans to invite financial bids for the privatization of SCI in May.
• JSW Steel witnessed a nearly 4% surge in its stock prices after reporting its highest ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23. This production figure represents a YoY growth of 13% and a QoQ growth of 7%. For the entire fiscal year, JSW Steel’s consolidated crude steel production was also the highest ever at 24.15 million tonnes, up 24% YoY, beating the management’s guidance of 25 million tonnes.
• Star Health witnessed a surge of over 4% in its stock prices following a robust growth in premiums. According to the company’s recent provisional filing for Q1 of 2023, its gross direct premium in the health-retail segment increased by 18% from the previous quarter, while in the personal accident segment, it grew by 15%.

News from the IPO world?

• Govt kickstarts IREDA IPO process
• Nexus REIT plans to float Rs. 4,000 crore IPO in May 
• SEBI clears Rs. 6000 crore IPO of EbixCash

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