Stock Market Today: Nifty Pares Gains In Last Hour But Ends Week Over 1% Higher

Overseas investors stayed buyers on Thursday for the third consecutive day.

Foreign portfolio investors bought stocks worth Rs 188.31 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the seventh day and mopped up equities worth Rs 2,691.52 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 10,893 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

-The local currency weakened by 2 paise to close 83.40 against the U.S. Dollar.

-It closed at 83.38 a dollar on Wednesday.

Source: Bloomberg

Benchmark equity indices pared some gains in the last hour of the session today but still managed to close the last week of the financial year over 1% higher.

The Nifty ended at 22,343.50, up 219.85 points or 0.99% and the Sensex closed at 73,635.48, up 639.16 points or 0.88%. Weekly, the Nifty rose 1.04% and Sensex rose 1.13%.

In the financial year 2024, Nifty ended 28.61% higher and the Sensex ended 24.85% up.

"To sustain a continued rally, it (Nifty 50) must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support," said Rupak De, senior technical analyst at LKP Securities.

Shares of ICICI Bank Ltd., State Bank Of India, Larsen & Toubro Ltd., Bajaj Finance Ltd., and HDFC Bank Ltd contributed the most to the gains.

Meanwhile, those of Tech Mahindra Ltd., Bajaj Auto Ltd., Axis Bank Ltd., and Reliance Industries Ltd. weighed.

All sectoral indices except Nifty Media fell. Nifty PSU Bank gained the most.

Broader markets underperformed benchmark indices. The S&P BSE Midcap index settled 0.62% higher and the S&P BSE Smallcap 0.33% higher.

On BSE, all 20 sectors ended higher, with the S&P BSE power sector emerging as the top performing sector.

Market breadth was evenly split between buyers and sellers. Around 1,995 stocks declined, 1,828 stocks rose, and 113 remained unchanged on BSE.

Board approves amalgamation of units Maxbhumi Developers & Sleek International with co

Source: Exchange Filing

Executes agreement for sale of 100% stake in arm SeQuent Penems to Symbio Generrics India for Rs 12.5 crore

Source: Exchange Filing

As the financial year of 2024 draws to a close, investors are a happy lot. Various asset classes, from equities to cryptocurrencies, gave stellar returns during this period and some of this was fueled by the high global geopolitical tensions witnessed in the past 12 months.

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Grasim Industries Ltd. rose as much as 3.72% to Rs 2,289.50 apiece, the highest level since its listing on May 10, 1995. It was trading 3.57% higher at Rs 2,286.25 apiece, as of 1:55 p.m. This compares to a 1.39% advance in the NSE Nifty 50 Index.

It has risen 101.53% in 12 months. Total traded volume so far in the day stood at 1.06 times its 30-day average. The relative strength index was at 62.87.

Out of 10 analysts tracking the company, eight maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.7%.

Marked by new highs and volatility, fiscal 2024 was a boon to equity investors who parked their investments in broader markets.

In FY24, while the benchmark indices advanced 29% at most, Nifty Smallcap and Nifty Midcap bagged returns of 64% and 56%, respectively.

In another noteworthy trend in the small-cap space, Jai Balaji Industries Ltd., a steel manufacturer with captive power generation and plants in nine locations, saw its share price rise over 20 times.

NDTV Profit brings you key highlights of the equity markets during fiscal 2024. Click here to read.

Extending gains for a second day, the benchmark stock indices rose sharply on Thursday in the last session of FY24, tracking rise in ICICI Bank Ltd. and HDFC Bank Ltd.

Financial services and IT stocks rose, which assisted upward movement of the benchmark stock indices.

As of 12:56 p.m., the NSE Nifty 50 was trading 292.15 points or 1.32% higher at 22,415.80, and the S&P Sensex was 923.11 points or 1.26% up at 73,919.42.

Intraday, the Nifty scaled a high of 22,434.85 and the Sensex touched a high of 73,984.61.

"Technically speaking, the market maintained positive momentum throughout the day on the daily chart after a positive start. In our view, the market structure is bullish," Shrikant Chouhan, head of equity research at Kotak Securities Ltd., said.

Shares of Bajaj Finance Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd. and Larsen & Toubro Ltd. were leading the gains in the Nifty.

Axis Bank Ltd., Bajaj Auto Ltd., Britannia Industries Ltd., HCL Technologies Ltd. and Hindalco Industries Ltd. weighed on the index the most.

On the NSE, all 12 sectors advanced, with the Nifty PSU Bank rising the most among peers.

The broader markets underperformed the benchmark indices as the BSE MidCap rose 0.51% and the SmallCap rose 0.71%.

On the BSE, all 20 sectors advanced, with Power rising over 1% to become the top performing sector.

The market breadth was skewed in the favour of the buyers as 2,276 stocks advanced, 1,324 declined and 136 remained unchanged on the BSE.

610.8 MT supply to power sector breaches FY24 target of 610 MT

Source: Exchange Filing

• A consortium of lenders including ICICI Bank, HDFC Bank, Bajaj Finance and more also invest

• A total investments of Rs 500 crore is pledged by the consortium

• The move is aimed at unlocking potential for financing affordable housing

• RMBS stands for residential mortgage-backed securities market

Source: Press release

• Acquires 100% stake in Sonata Finance for Rs 537 crore

• Sonata Finance now a wholly-owned subsidiary of bank

Source: Exchange Filing

Bajaj Finance Ltd. surged to over two-month high on NSE as its arm is likely planning an initial public offering. The company is said to be seeking valuation of $10 billion. However nothing is finalised yet as discussion is in nascent stage.

• Revenue up 30.2% at Rs 517 crore vs Rs 397 crore

• EBITDA down 45.7% at Rs 19 crore vs Rs 35 crore

• Margin at 3.7% vs 8.8%

• Net profit down 55.7% at Rs 12 crore vs Rs 27 crore

Nidhu Saxena currently serves as the Executive Director of Union Bank

Source: Exchange filing

• Adani Family increases stake in co by 3.6% to 66.7%

• Adani Family sets path to almost double co's existing capacity to 140 MTPA by 2028

Source: Exchange Filing

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

Larsen & Toubro's wholly owned subsidiary L&T GeoStructure won multiple orders worth in the range of Rs 1,000-2,500 crore across the country. 

L&t GeoStructure has secured orders from Paradip Port Authority, Hindustan Shipyard Ltd., and a real estate-developers, according to the exchange filing released on Thursday. 

The construction didn't reveal the real-estate developer's name in the exchange filing.

The scrip rose as much as 1.66% to Rs 3,768.00 apiece, the highest level since its listing on Jun 23, 2004. It was trading 1.64% higher at Rs 3,767.00 apiece, as of 11:29 a.m. This compares to a 1.12% advance in the NSE Nifty 50 Index.

It has risen 76.53% in 12 months. Total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 66.31.

Out of 35 analysts tracking the company, 30 maintain a 'buy' rating, three recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.7%.

Shares of Chalet Hotels Ltd. rose to record high on last trading session of current financial year as it opened its qualified institutional placement to raise funds.

Chalet Hotels intends to raise up to Rs 2,000 crore. 

The luxury hotel operator has opened its QIP on Thursday at a set floor price of Rs 780.76 per share. The company offering the QIP at 5% discount, Chalet Hotels said in an exchange filing. 

The scrip rose as much as 9.89% to Rs 958.00 apiece, the highest level since its listing on feb 7, 2019. It pared gains to trade 3.47% higher at Rs 902.00 apiece, as of 10:52 a.m. This compares to a 1.09% advance in the NSE Nifty 50 Index.

It has risen 150.69% in 12 months. Total traded volume so far in the day stood at 17.00 times its 30-day average. The relative strength index was at 72.29.

Out of 13 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.8%.

• Unit commissions first unit of greenfield copper refinery

• To invest close to $1.2 billion in copper plant in first phase

• Project to create 7,000 direct and indirect employment opportunities

Source: Exchange Filing

Consideration for acquiring initial 70% stake in Decision Point at $39.1 million

Source: Exchange Filing

Orders in the range of Rs 1,000-2,500 crore

Source: Exchange Filing

• Olympus Capital Asia Investment sold 8.86% stake via open market on March 27

• Olympus Capital Asia Investment holds 10.1% stake post open market sale

Source: Exchange Filing

Shares of GOCL Corp Ltd. jumped over 19% as it signed a Memorandum of Understanding with the Squarespace Infra City Pvt. Ltd. to monetise 264.50 acres in Hyderabad.

The monetisation of 264.50 acres in Kukatpally in Hyderabad will happen in period over 18 months in tranches, according to exchange filing.

GOCL Corp Ltd. jumped 19.57% to Rs 453.00, the highest level since March 11. It pared gains to trade 12.59% higher at Rs 426.55 as of 10:09 a.m. This compares to 0.83% advance in the Nifty 50 index.

The scrip has risen 51.37% in 12 months. Total traded volume so far in the day stood at 37 times its 30-day average. The relative strength index was at 48.71.

Bharat Heavy Electricals Ltd's stock continued gains in the sixth consecutive session today after the company received an order from Adani Power Limited for setting up the 2x800 MW Raigarh Phase-II Thermal Power Plant at Raigarh, Chhattisgarh.

The scrip rose as much as 4.36% to Rs 603.85 apiece, the highest level since March 12. It pared gains to trade 1.8% higher at Rs 247.55 apiece, as of 10:06 a.m. This compares to a 0.80% advance in the NSE Nifty 50 Index.

It has risen 253.25% in the last twelve months. Total traded volume so far in the day stood at 0.14 times its 30-day average. The relative strength index was at 51.83.

Out of 19 analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold,' and eleven suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 32.7%.

Kalyan Jewellers is buzzing in trade today as Citi came out with a note on it and Kalyan Jewellers remains their top pick.

Citi has set a target price of Rs 480 for Kalyan Jewellers, backed by a 24% discounted EPS compared to Titan.

• 11.8 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 1,158.45 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of ICICI Securities Ltd. fell over 3% on NSE today as the institutional investors casted their vote in favour of delisting, and merging it with the ICICI Bank Ltd.

Results of shareholders vote showed 71.89% of them voted to delist the company, and go merging after the delisting process. To the favour of the proposal 83.8% public institutional shareholders voted, and only 32% non-institutional shareholders voted.

The arrangement is indicating that shareholders of ICICI Securities will get 67 shares of ICICI Bank against every 100 shares held.

Benchmark equity indices extended gains from Wednesday and opened the last trading session of this fiscal on a positive note.

At pre-open, the S&P BSE Sensex Index was up 153.03 points or 0.21 %, at 73,149.34 while the NSE Nifty 50 was 39.95 points or 0.18% higher at 22,163.60.

"Sustaining above the 22,200 level may lead to further gains towards 22,400 and 22,500 levels in the coming days," said Mandar Bhojane, research analyst at Choice Broking. "Conversely, the 22,000 level is anticipated to provide strong support, bolstered by the alignment of the 20, 50, 100, and 200 EMAs."

Shares of ICICI Bank Ltd., Infosys Ltd., HDFC Bank Ltd., State Bank Of India, and Tata Consultancy Services Ltd., contributed the most to the gains.

Meanwhile, those of Mahindra & Mahindra Ltd., Bharti Airtel Ltd., ITC Ltd., and Axis Bank Ltd. weighed on the Nifty.

All sectoral indices, except Nifty Auto, gained. Nifty Media and Nifty PSU Bank gained over 1%.

During general election years, there tends to be a notable trend with foreign institutional investors and their investment behaviour. Looking back at the past five Lok Sabha poll cycles, foreign institutional investors have generally shown a positive inclination towards the Indian market in the pre-election quarter, with the exception occurring only in 2009 because of the global market conditions post the Lehman crisis.

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At pre-open, the S&P BSE Sensex Index was up 153.03 points or 0.21 %, at 73,149.34 while the NSE Nifty 50 was 39.95 points or 0.18% higher at 22,163.60.

• The local currency strengthened by 5 paise to open 83.33 against the U.S. Dollar.

• It closed at 83.38 a dollar on Wednesday.

Source: Bloomberg

• Gets new orders worth Rs 2,071 crore

• Gets orders in T&D business in overseas markets

• Gets order for design & construction of underground metro rail project in India

Source: Exchange Filing

• The yield on the 10-year bond opened 5 bps lower at 7.02%.

• It closed at 7.07% on Thursday.

Source: Bloomberg

• 59.8 lakh shares changed hands in pre-market large trade

• 1.6% equity changed hands at Rs 2,386 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

GMR Visakhapatnam gets Rs 395 Crore towards subscription of 39.5 crore CCDs

Source: Exchange Filing

• To allot 2.64 lakh shares issue price of Rs 227/share

• Issue price at a discount of 1.91% to the floor price of Rs 231.43/share

Source: Exchange Filing

• Tax demand worth `2,883 cr & interest worth Rs 1,295.8 crore incorrectly computed by I-T department, Mumbai

• Co filing rectification application to tax authority

• Tax demand to be around Rs 1,295 crore post rectification; Interest to be recomputed accordingly

Source: Exchange Filing

• Arm Jio Leasing Services invests Rs 2.5 crore in Reliance International Leasing IFSC

• RILIL is a 50:50 JV between Jio Leasing Services and RIL arm Reliance Strategic Business Ventures

Source: Exchange Filing

• Liraglutide is a diabetes drug

• MHRA stands for Medicines and Healthcare Products Regulatory Agency

  Source: Exchange Filing

• Unit Mahan Energen enters 20-year long-term PPA for 500 MW with Reliance Industries

• To avail benefit of Captive User Policy, RIL has to hold a 26% ownership stake in captive unit.

• RIL will invest in 5 crore shares of unit Mahan Energen

• RIL investment in Mahan Energen to aggregate to Rs 50 crore for proportionate ownership stake.

Source: Exchange Filing

• Target price set at Rs 480 set at a 24% discount to Titan

• Differences in business models affect growth rates, cash flows and return profiles

• Believes there is ample room for the stock to re-rate, provided there is steady execution.

• PE stake overhang or stock liquidity issues also affect headline multiples.

Upside risks include: -

a) stronger consumer traction to the company’s offers and promotions

b) potential upside from the company’s expansion plans or accelerated franchising plans

c) better-than-expected margins on account of the moderation in ad, staff and other expenses

Target price for Asian Paints of Rs 2,640

Risks include

• Higher-than-expected pricing led competitive intensity.

• Continued volatility in the economy could impact demand.

• Unrelenting pressure from inflationary input costs could further dent margins

• Maintains buy with a price target of Rs 1,322 apiece.

• Opened 90D +ve Catalyst Watch on ICICI Bank

• Expect RoA/RoE to be intact in 4Q, estimate mid-single-digit NIM contraction in Q4 (14bps in Q3)

• Operating leverage delta will be prominent from Q4 (to fall QoQ, grow low-double-digit YoY)

• Don’t see risk building in any of its product portfolios, credit cost estimated at less than 50 bps

• Expect 4% QoQ deposits growth translating to 17-18% YoY growth.

• Loan growth to be anchored to deposits growth with similar traction

• Kalyan Jewellers is their top buy, rates Titan neutral, recommends a pair trade – OW Titan/UW Asian Paints.

• Demand growth led by the gold price and decline in volume on a YoY basis is witnessed.

• Competitive intensity has increased from national, organized and unorganized/local players.

• Local jewellers buying rate are Rs200/gm lower than the selling rate compared to national players.

• Majority of jewellers now have the same level of making charge.

• Studded jewellery demand/growth has seen some impact due to correction in diamond prices.

• Gold has become a preferred product given the correction in diamond prices

• Studded mix is 40%; high value/solitaire diamond accounts for 10-12% of sales.

• Maintains 'buy' rating with a target price of Rs 4,300 based on 65 times FY26E EPS.

• Reduction in gold premium is compensated with other initiatives to protect operating margin.

• Management said that jewellery EBIT margin of 12-13% is sustainable.

• Company has scaled up its emerging jewellery business to Rs 455 billion in FY24 from Rs 3 billion in FY03.

• Jewellery and other businesses still have strong long-term growth potential.

• Gradual recovery in the studded ratio should support margin improvement.

• Continues to prefer TTAN for its best-in-class execution track record

• Consumer preference for branded jewellers will keep the robust growth rate intact.

• U.S. Dollar Index at 104.18

• U.S. 10-year bond yield at 4.21%

• Brent crude down 0.42% at $86.45 per barrel

• Nymex crude down 0.57% at $81.8 per barrel 

• GIFT Nifty down 23 points or 0.1% at 22,044.50 as of 7:33 a.m.

• Bitcoin was up 0.91% at $69,488.38

• Nifty March futures up by 0.48% to 22,088.55 at a premium of 43.4 points.

• Nifty March futures open interest down by 23.1%.

• Nifty Bank April futures up by 0.27% to 46,717.55 at a premium of 438.3 points.

• Nifty Bank April futures open interest down by 27.2%.

• Nifty Options March 28 Expiry: Maximum call open interest at 22,500 and maximum put open interest at 22,000.

• Bank Nifty Options April 3 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 46,700.

• Securities in ban period: Hindustan Copper, Zee Entertainment.

• Samhi Hotels: Blue Chandra sold 1.01 crore shares (4.67%), TT Asia-Pacific Equity Fund bought 82.82 lakh shares (3.79%), Societe Generale bought 11.51 lakh shares (0.53%), Dnb Fund - Asian Small Cap bought 3.94 lakh shares (0.18%), and Dnb Fund - India bought 3.44 lakh shares (0.16%) at Rs 206.1 apiece.

• Vijaya Diagnostic Centre: Kotak Mahindra Mutual Fund bought 8.1 lakh shares (0.79%), Sunil Chandra Kondapally sold 5.1 lakh shares (0.49%), and Surendranath Reddy Sura sold 3 lakh shares (0.29%) at Rs 630 apiece.

• Aster DM Healthcare: Olympus Capital Asia Investments sold 3.81 crore shares (7.64%) at Rs 405.02 apiece. Nippon India Mutual Fund bought 1.03 crore shares (2.07%) at Rs 405 apiece, SBI Mutual Fund bought 76.91 lakh shares (1.53%) at Rs 405 apiece, Olympus Capital Asia Investments Ltd. sold 60.74 lakh shares (1.21%) at Rs 406.72 apiece, ICICI Prudential Mutual Fund bought 82.71 lakh shares (1.64%) at Rs 405 apiece, Smallcap World Fund Inc bought 49.66 lakh shares (0.99%) at Rs 405 apiece, and Olympus Acf Pte sold 45.59 lakh shares (0.91%) at Rs 405 apiece.

• CDSL: Standard Chartered Bank sold 75 lakh shares (7.17%) at Rs 1,688.64 apiece.

• GMR Power & Urban Infra: Setu Securities sold 31.03 lakh shares (0.51%) at Rs 44.75 apiece.

• TVS Holdings: Sundaram Finance Holdings sold 2.02 lakh shares (0.6%) at Rs 8,138.9 apiece, and VS Trust bought 2.02 lakh shares (0.6%) at Rs 8,138.9 apiece.

• Ethos: KDDL sold 4.05 lakh shares (1.73%) at Rs 2,499.8 apiece, and Invesco Mutual Fund bought 3.07 lakh shares (1.31%) at Rs 2,500.05 apiece.

• Aditya Vision: Rashi Vardhan sold 2 lakh shares (1.66%) at Rs 3,400 apiece; Smallcap World Fund Inc. bought 2.73 lakh shares (2.26%) at Rs 3,400 apiece; and Sunita Sinha sold 0.81 lakh shares (0.67%) at Rs 3,400 apiece.

• Rama Steel Tubes: Sunflower Broking bought 74.31 lakh shares (1.46%) at Rs 13.8 apiece.

• Subex: Ashapura Commodities bought 36.81 lakh shares (0.65%) at Rs 29.99 apiece.

• Sunteck Realty: Jaliyan Commodity bought 7.76 lakh shares (0.53%) at Rs 400.05 apiece.

• Zee: Ppfas Mutual Fund bought 62.22 lakh shares (0.64%) at Rs 141.44 apiece.

• Deepak Fertilisers & Petrochemicals: Promoter Robust Marketing Services bought 31,000 shares on March 20.

• Pennar Industries: Promoter Aditya Narsing Rao bought 15,800 shares on March 26.

• Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge for 70,000 shares on March 26.

• Price band revised from 10% to 5%: Jyoti CNC Automation.

• Ex/special Dividend: Aditya Vision.

• Ex/Dividend: Crisil.

• Ex/Stock Split: Persistent Systems.

• Ex/Interim dividend: Housing & Urban Development Corp.

• Ex/record Interim Dividend: REC, R Systems International, SBI Cards and Payment Services.

• Moved into short-term ASM framework: Skipper.

• UltraTech Cement: During the course of its capacity expansion programmes, the company identified opportunities for debottlenecking across various locations, including its wholly owned subsidiary. Some of these have since been completed and stabilised, resulting in an additional production capacity of 2.4 MTPA. The total domestic grey cement manufacturing capacity stands at 140.8 MTPA. It will acquire a 26% stake in O2 Renewable Energy for Rs 15.7 crore.

• Bharat Heavy Electricals: The company has received an order worth Rs 4,000 crore from Adani Power for setting up a thermal power plant in Chhattisgarh.

• NHPC: The board approved plans to borrow Rs 6,100 crore from the market in tranches for FY25. It also gave in-principle approval for the closure of Loktak Downstream Hydroelectric in Manipur, subject to government approval.

• Dr Reddy's Labs: The drugmaker entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute the SHIPL vaccine brands, including well-established paediatric and adult vaccines, in India.

• LIC: The insurer has filed appeals before tax authorities in Ahmedabad and Bengaluru on certain GST demands.

• Tata Elxsi: The company and Dräger, a global leader in medical and safety technology, have announced a collaboration to advance critical care innovation in India.

• GOCL Corp: The company entered into an MoU with Squarespace lnfra City, Hyderabad for the monetisation of approximately 264.50 acres of land situated at Kukatpally, Hyderabad.

• Texmaco Rail & Engineering: The company's Rs 250-crore QIP saw the participation of Samena Capital, Abu Dhabi Investment Authority, Societe Generale, and Mahindra Manulife Mutual Fund.

• Balmer Lawrie & Co: The company will set up a free trade warehousing zone in the special economic zone of Jawaharlal Nehru Port Authority near Mumbai on a land parcel of approximately 15 acres and invest Rs 230 crore.

• REC: The company approved a Rs 1.6 lakh crore market borrowing plan for FY25 through different instruments.

• Zydus Lifesciences: The US FDA conducted an inspection at the SEZ Onco Injectable Manufacturing Plant in Ahmedabad, which closed with four observations.

• Cyient: The company announced a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer, on the detailed design for manufacturing of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

• SRF: The company has given Rs 190 crore in corporate guarantees on behalf of its wholly owned subsidiary, SRF Industries (Thailand).

• Himatsingka: The company has made further investment of Rs 16.64 crore in unit Himatsingka Holdings NA Inc.

• Exide Industries: The company invested Rs 34.99 crore in subsidiary Exide Energy Solutions on a rights basis. With this investment, the total investment stands at Rs 2,000 crore.

• Shiva Cement: The board approved the issuance of shares worth Rs 400 crore by way of a rights issue.

• Blue Dart: The company introduced a 20-hour delivery service to GIFT City from major metros through a fleet of eight Boeing aircraft.

• Zaggle Prepaid Ocean Services: The company will acquire a 45% stake in Span Across IT Solutions for Rs 24.75 crore to enter a new segment of employee-related business.

• Info Edge: The company has agreed to invest Rs 30 crore in Naukri Internet Services.

• Aditya Birla Capital: The company has invested Rs 18 crore in Aditya Birla Capital Digital.

• Bajaj Finance: The non-banking financial company is planning for an initial public offering, with likely size of $1 billion, people aware of the matter told NDTV Profit. Bajaj Finance is said to be seeking a valuation of $10 billion. However, nothing is finalised yet as discussion is in its nascent stage.

• SRM Contractors: The Rs 130.2-crore issue was subscribed 17.42 times on its second day. The bids were led by non-institutional investors (45.51 times), retail investors (13.94 times), and institutional investors (2.41 times).

Most markets in the Asia-Pacific region fell as concerns about interest rates to stay higher for longer in the U.S. rose after the Federal Reserve's hawkish remarks.

The Nikkei 225 was trading 342.60 points or 0.84% lower at 40,420.13, and the KOSPI index was 4.36 points or 0.16% down at 2,750.75 as of 06:32 a.m.

In contrast to its peers, the S&P ASX 200 hit a fresh high in early trade, and was 78.90 points or 1.01% up at 7,898.50 as of 06:33 a.m.

Fed Governor Christopher Waller said that there is no hurry to cut interest rates right now. Current inflation reading suggests rates can stay at current level for longer to bring down the inflation sustainably to 2% target rate, Waller said at the Economic Club in New York.

A renewed bout of volatility gripped U.S. stocks in the final stretch of a quarter that saw the market surge almost 10%, with many institutional investors potentially rebalancing their portfolios, according to Bloomberg.

The S&P 500 index and Nasdaq Composite ended 0.86% and 0.51% up respectively. The Dow Jones Industrial Average 1.22% higher.

Brent crude was trading 0.25% higher at $86.34 a barrel. Gold was down by 0.25% at $2,189.39 an ounce.

The GIFT Nifty was trading 4.5 points or 0.02% higher at 22,218.50 as of 06:37 a.m.

India's benchmark stock indices recouped from loss to gain on Wednesday, tracking recovery in heavyweights Reliance Industries Ltd., HDFC Bank Ltd., and Axis Bank Ltd.

The NSE Nifty 50 closed 143.25 points, or 0.65%, higher at 22,147.95, and the S&P BSE Sensex ended 526.02 points, or 0.73%, up at 72,996.31.

Overseas investors remained net buyers of Indian equities for the second consecutive day on Wednesday. Foreign portfolio investors bought stocks worth Rs 2,170 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 1,198 crore, the NSE data showed.

The Indian currency weakened by 9 paise to close at 83.38 against the U.S. dollar.