Share Market Highlights: Nifty closes above 17750, Sensex surges 120 pts; Bank Nifty ends above 41570, Adani stocks gain Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices concluded Wednesday’s volatile session in the green territory. The NSE Nifty 50 rose 42.95 pts or 0.24% to 17,754.40 and BSE Sensex climbed 123.63 pts or 0.21% to 60,348.09. Bank Nifty rose 226.70 pts or 0.55 to 41,577.10. The top gainers on Nifty 50 were IndusInd Bank, Adani Ports, Adani Enterprises, Bajaj Auto and Larsen & Toubro while the top losers were Bajaj Finance, Hindalco, Tech Mahindra, Infosys and Apollo Hospital. Live Updates Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights The top gainers on Nifty 50 were IndusInd Bank, Adani Ports, Adani Enterprises, Bajaj Auto and Larsen & Toubro while the top losers were Bajaj Finance, Hindalco, Tech Mahindra, Infosys and Apollo Hospital. The NSE Nifty 50 rose 42.95 pts or 0.24% to 17,754.40 and BSE Sensex climbed 123.63 pts or 0.21% to 60,348.09. Bank Nifty rose 226.70 pts or 0.55 to 41,577.10. All Adani Group stocks were trading in the green territory on Wednesday after the Gautam Adani-led group informed that it has prepaid share-backed financing of Rs 7,374 crore ahead of maturity in April 2025. The Gautam Adani-led group has now prepaid over $2 billion of share-backed financing, including the repayments done in February. Now the shares of Adani Ports & Special Economic Zone, Adani Enterprises, Adani Transmission and Adani Green Energy will be released as follows: Adani Ports & Special Economic Zone Ltd – 155 million shares, representing 11.8% of the promoters’ holding Adani Enterprises Ltd – 31 million shares, representing 4.0% of promoters’ holding Adani Transmission Ltd – 36 million shares, representing 4.5% of promoters’ holding Adani Green Energy Ltd – 11 million shares, representing 1.2% of promoters’ holding “The dominant trigger pushing the global equity markets up or down this year has been the economic data from the mother market US. This data has not been consistent and, therefore, the markets have been volatile responding to alternate bouts of positive and negative news. The disinflation trend pushed the markets up while data indicating a strong economy and tight labour market pulled the markets down. This see-saw movement appears likely to persist for some more time. The latest negative factor, from the market perspective, is the Fed chief Powell’s comment that “the ultimate level of interest rate is likely to be higher than previously anticipated”. So, markets are pricing in a 50bp rate hike in the next Fed meeting on March 21-22. In the near-term investors may adopt a twin strategy of opting for attractive fixed income returns with incremental investable funds while continuing to buy high quality stocks on market weakness.”- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The top gainers on Nifty 50 were Adani Enterprises, UltraTech Cement, BPCL, SBI Life and Bajaj Auto while the losers were Hindalco, Tech Mahindra, Infosys, HCL Tech and JSW Steel. The NSE Nifty 50 fell 92.45 pts or 0.52% to 17,619.00 and BSE Sensex tanked 329.33 pts or 0.55% to 59,895.13. “Bank Nifty index witnessed some selling pressure from higher levels but the broader trend remains bullish and one should keep a buy-on-dip approach. The index lower-end support stands at 41000 where the highest open interest is built up on the put side and the upside resistance is at 42000. The index is likely to trade in this range for the next couple of trading sessions,” said Kunal Shah, Senior Technical Analyst at LKP Securities. “Bank nifty has support at 40900-41100 while resistance is placed at 41700-41900 range,” said Devan Mehata, Equity Research Analyst at Choice Broking. “The benchmark Nifty has maintained its 200 Day EMA of 17,583, forming a respectable bullish candlestick pattern on the daily charts. In order to advance closer to the 18000 level, the index must now surpass the 50-day EMA, which is close to 17815 levels. The volume profile indicates Index has strong support around the 17450-17550 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17800 followed by 18000 strike prices while on the put side, the highest OI is at 17500 strike price,” said Devan Mehata, Equity Research Analyst at Choice Broking. “On the daily chart, a shooting star kind of candlestick pattern has formed, suggesting a bearish reversal. A fall below 17650 may trigger a steep correction in the market. While a sustained trade above 17750 may induce buying in the market,” said Rupak De, Senior Technical Analyst at LKP Securities. “For Nifty, 17800-17900 could be the immediate profit booking zone for the bulls while 17650-17600 would be the sacrosanct support zone for the traders. However, below 17600 uptrends would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. Domestic indices ended the pre-opening session in the red territory. NSE Nifty 50 fell 45.70 pts or 0.26% to 17,665.75 and BSE Sensex tanked 308.36 pts or 0.51% to 59,916.10. “Markets could retreat sharply in early trades Wednesday on the back of weak global cues after US Federal Reserve Chairman Jerome Powell made a hawkish statement and indicated that interest rates are likely to be higher than previously estimated in view of higher inflation. The two big catalysts for the markets are IIP data and the US jobs report to be released on March 10, which would provide some near-to-medium term direction to the investors. Technically, Nifty’s immediate make-or-break support is seen at the 200-DMA at 17414 mark.” – Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. The Nifty futures on the Singapore Exchange were trading 137.50 pts or 0.77% lower at 17,715.50 in the early morning trade. The US market ended the overnight session in the red territory falling over one and a half percent. The Dow Jones Industrial Average fell 1.72%, S&P 500 dropped 1.53% and the tech-heavy Nasdaq dipped 1.25%. Asian markets were trading mostly lower with China’s Shanghai Composite index falling 0.17%, Hong Kong’s Hang Seng dropping 2.01% and South Korea’s KOSPI dipping 1.31% while Japan’s Nikkei 225 rose 0.18%.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.