Market Bizzz

The proposed HDFC Ltd and HDFC Bank amalgamation will involve HDFC Investments and HDFC Holdings merging with the parent mortgage company. Subsequently, HDFC will merge with its banking arm, resulting in all group companies becoming direct subsidiaries of HDFC Bank.

Asian shares opened higher on Monday, tracking gains on Wall Street, but early trade was volatile and gains were majorly capped as investors eyed developments in Ukraine and Covid-19 lockdowns in China. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.35 per cent.

Auto manufacturers, which have announced their sales numbers for the month of March, will remain under focus.

The dollar made a firm start to the week as Treasury yields rose with expectations of rapid-fire U.S. interest rate hikes, while talk of bans on Russian gas kept the euro within sight of its 2022 lows. The euro has been weighed down by worries about the economic damage from war in Ukraine and last bought $1.1047, not too far from last month’s almost two-year trough of $1.0806.

Monday may see a stable start to the week. The levels of 17,800 and 17,905 will act as probable resistance points while the supports may come in at 17,500 and 17,320 levels. The trading range for the week will stay wider than usual.

The extension of the deadline is to facilitate an efficient technology overhaul and its smooth transition to serve growing investor needs.

“Domestically, we are expecting some earning downgrades for about 50% of the companies which are price takers from the commodity complex. We are very positive on financials and happy to see Bank Nifty recovering. Energy, materials, real estate, cement, industrials are the sectors that tend to do well in a high inflation environment.”

As far as earnings are concerned, IT stocks seem to be on a strong footing. Numbers released by Accenture last month surpassed its expectations, which bodes well for the industry as a whole.

In another transaction, Lok Prakashan, the publisher of Gujarat Samachar–a Gujarati newspaper, bought 1,04,871 shares in Star Paper Mills at 172.94 per share.