Market Ahead, March 17: All you need to know before the Opening Bell

The S&P 500 and Dow Jones retreated late in the overnight session as yields on benchmark Treasury notes lingered close to more than one-year highs. Gains in Apple Inc and Microsoft Corp, however, lifted Nasdaq. With the global economy increasingly on a path out of the pandemic, the focus has turned to the Fed meet outcome later tonight, which will include fresh economic and interest-rate projections.

The Dow Jones Industrial Average fell 0.39%, the S&P 500 lost 0.16% while Nasdaq Composite edged up 0.09%.

Mirroring the sentiment in US stocks, most Asian traded lower ahead of the Fed outcome. Japan’s Nikkei index added 0.14% while Australia’s S&P/ASX 200 Index fell 0.4% and South Korea’s Kospi index dipped 0.1%.

However, back home, early indications suggested that benchmark indices could make an attempt to snap their 3-session losing run as SGX Nifty traded 0.26% higher at 15,010 around 7.25 am.

Besides, global market mood, stock-specific action and Covid-19 will also guide market direction.

Prime Minister Narendra Modi will hold a meeting with State Chief Ministers via video conference today as the central government seeks to ramp up the inoculation programme amid a sudden resurge in infections across India.

Now, a look at the stock-specific triggers that are likely to guide the market today:

Anil Agarwal-led Vedanta Resources Plc on Tuesday raised the open offer price for buying shares in its Indian firm to Rs 235 per share, nearly 4 per cent higher than the current trading price. It also raised the offer size to 651 million shares representing 17.5 per cent stake in Vedanta from 10 per cent it had offered to buy earlier.

Magma Fincorp will pare its shareholding in insurance venture Magma HDI by selling stake to ICICI Venture, Morgan Stanley PE, a Poonawalla Group firm and other entities in a Rs 525 crore-deal.

Government’s offer for sale for Tata Communications was subscribed 2.19 times of base size at a clearing price above the floor price by non-retail investors, said DIPAM Secretary Tuhin Kanta Pandey. The issue will open for retail investors today.

Infrastructure investment trust IndiGrid said its board of investment managers has approved a proposal to raise up to Rs 5,300 crore, including through term loans and issuance of debentures.

Godrej Properties raised Rs 3,750 crore through a qualified institutional placement of shares. The company raised the money at Rs 1,450 per share through QIP.

Now, an update on the primary market

IPOs by Nazara Technologies and Suryodya SFB will open for subscription today. While analysts sound positive on Rakesh Jhunjhunwala-backed Nazara, they are mixed on Suryodya SFB.

That apart, the IPO of Kalyan Jewellers India was subscribed 60 per cent on the first day of subscription. IPOs by Craftsman Automation and Laxmi Organics were subscribed 1.26 times and 6.05 times, respectively. Their issues close today.

Lastly, the IPO by Anupam Rasayan was subscribed 44.06 times on the last day of bidding on Tuesday. The category for qualified institutional buyers was subscribed 65.74 times, non-institutional investors 97.42 times and retail individual investors 10.77 times.

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