:::LALKAR GROUP::::

The key equity indices ended a volatile session with small gains on Thursday, snapping a five-day losing streak. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty settled above the 16,980 mark after hitting the day's low of 16,850.15 in morning trade. FMCG, media and realty shares were in demand. On the other hand, metals, IT and private banks witnessed selling.

The barometer index, the S&P BSE Sensex gained 78.94 points or 0.14% to 57,634.84. The Nifty 50 index rose 13.45 points or 0.08% to 16,985.60. In the past five trading sessions, the Sensex slipped 4.63% while the Nifty fell 4.41%.

Nestle India (up 2.45%), Asian Paints (up 2.32%), Hindustan Unilever (up 2.23%) and HDFC Bank (up 0.69%) were major market movers.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.05% while the S&P BSE Small-Cap index slipped 0.69%.

The market breadth was weak. On the BSE, 1,387 shares rose and 2,139 shares fell. A total of 114 shares were unchanged.

Credit Suisse shares soared on Thursday after Switzerland's central bank stepped in to support the lender, triggering a rally in bank stocks across Europe on easing investor concern that the firm's troubles would trigger a global banking crisis.

The initial market sell-off came amidst risks of contagion in the global financial sector, after fresh turbulence at Credit Suisse. Credit Suisse Group AG announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called decisive action to boost its liquidity.

The decision came shortly after shares of the lender fell sharply on Wednesday after its largest investor, Saudi National Bank, said it could not provide more financial assistance because of regulatory constraints.

The difficulties in the global banking sector have put the spotlight on the European Central Bank's meeting later in the session. The ECB had previously signaled the likelihood of another interest rate increase of 50 basis points as underlying Eurozone remained elevated, but the banking turmoil moving closer to home could prompt the policy makers to opt for a more cautious stance.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.360 from 7.363 in previous trading session.

In the foreign exchange market, the rupee edged lowest against the dollar. The partially convertible rupee was hovering at 82.80, compared with its close of 82.65 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement fell 0.30% to Rs 58,161.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 104.55.

The United States 10-year bond yield shed 0.10% to 3.490.

In the commodities market, Brent crude for May 2023 settlement advanced 80 cents or 1.09% to $74.49 a barrel.

Global Markets:

The Dow Jones Futures were down 136 points, indicating a weak opening in the US stocks today.

European markets advanced on Thursday as embattled lender Credit Suisse moved to shore up its liquidity position ahead of a European Central Bank policy-setting meeting. However, Asian stocks declined across the board in today's session.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month. It also followed the recent collapse of three U.S. regional banks, most notably Silicon Valley Bank.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

Stocks in Spotlight:

Patanjali Foods fell 2.38% after stock exchanges freeze shares of the company's promoter groups for not complying with the regulator's minimum public shareholding norms. The NSE and the BSE have frozen 29.25 crore shares of Patanjali Foods, representing 80.82% of the equity, held by promoters and group entities, for not complying with the regulator's minimum public shareholding norms within the stipulated deadline.

DLF rallied 4.05% after the company announced that its latest luxury high-rise residence 'The Arbour' had witnessed pre-formal launch sales worth more than Rs 8,000 crore, in three days.

ICICI Prudential Life Insurance Company jumped 6.50%. The life insurer announced that Anup Bagchi will replace N. S. Kannan as managing director (MD) and chief executive officer (CEO) effective from 19 June 2023. N. S. Kannan, MD & CEO will superannuate from the services of the company on the completion of tenure of his appointment on 18 June 2023.

Shriram Finance rose 1.64% after the NBFC announced that its allotment committee-NCDs approved and allotted non-convertible debentures (NCDs) under two options, on private placement basis.

Samvardhana Motherson International tumbled 10.87%, amid large volumes. On the BSE, over 2.70 crore shares of the company had changed hands at the counter as against an average trading volume of 4.81 lakh shares in the past two weeks.

In an exchange filing made today, Samvardhana Motherson said that Sumitomo Wiring Systems, Japan (SWS), a promoter of Samvardhana Motherson International (SAMIL) has intimated selling of 3.4% shares held in SAMIL through 'Bulk deal' at stock exchange in India, as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.

Eris Lifesciences declined 0.84%. The pharma company announced that it will acquire part of the dermatology portfolio of Dr.Reddy's Laboratories by way of acquisition of nine trademarks along with their applicable line extensions for Rs 275 crore. The transaction will be completed on or before 31 March 2023.

Paisalo Digital gained 1.91% after Canara Bank approved a disbursal of Rs 75 crore as term loan for 5 years to the company for onward lending.

JSW Energy shed 0.35%. The finance committee of the company's board approved the allotment of 25,000 unsecured, redeemable, rated, listed, taxable, non-convertible debentures having face value of Rs 1 lakh each, at coupon rate of 8.45%, aggregating to Rs 250 crore. The tenure of instrument is 2 years 11 months and 26 days and date of maturity is 13 March 2026. NCDs will be listed on BSE.