News Overview

Bulk of the fresh flows into stocks in March 2024 were led by the mainboard IPOs.

While MF were net sellers in debt, there were some smart equity accumulation stories too.

FPIs were net sellers of $2.23 Billion this week, as the global geopolitical situation deteriorated.

The week saw the markets gradually shifting towards just one rate cut expectation for 2024.

The message for the week was that rate cuts are ruled out for the time being.

In India, petrol and diesel pricing is influenced by factors such as freight charges, value-added tax (VAT), and local taxes.

The IPO comprises a combination of fresh equity shares valued at ₹500 Crore and an offer-for-sale (OFS) of shares worth ₹300 Crore by the promoters.

The company, headquartered in Hyderabad, is also exploring a pre-IPO placement to raise approximately ₹300 Crore before finalizing the red herring prospectus with the Registrar of Companies.

The spike in oil prices is positive for oil extractors as it results in better realization per barrel. In recent times, that is limited due to the windfall tax on oil. Oil refines also tend to gain from higher oil prices as it generally improves the gross refining margins (GRMs) and also leads to higher valuation of inventory. There are two sectors that take a hit. Oil marketing companies (OMCs) would typically see their marketing margins come down, more so in the Indian context where the effort is to ensure that petrol and diesel are available at reasonable costs. ik

On the nifty index, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Maruti Suzuki, and JSW Steel closed as the top gainers on the chart on Friday.