Asian share markets are lower today as the collapse of Silicon Valley Bank continued to reverberate across global markets.

The Nikkei is down 2.1% while the Hang Seng is trading lower by 1.8%. The Shanghai Composite is trading lower by 0.9%.

Sliding bank shares dragged Wall Street indices down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq ended higher as some sectors benefited from hopes the Fed could ease up interest rates hikes.

The Dow Jones Industrial Average ended 0.3% lower while the tech-heavy Nasdaq Composite rose 0.8%.

Here's a table showing how US stocks performed on Monday:

Data source: Equitymaster

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened in green tracking the trend on SGX Nifty but soon erased gains.

At present, the BSE Sensex is trading lower by 150 points. Meanwhile, the NSE Nifty is trading down by 57 points.

Titan and Tata Steel are among the top gainers today.

Tech Mahindra and M&M on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down 0.4% and the BSE Small Cap index is trading lower by 0.5%.

Sectoral indices are trading on a negative note with stocks in the IT sector, and the realty sector witnessing selling.

The rupee is trading at Rs 81.89 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 200 at Rs 57,442 per 10 grams.

Meanwhile, silver prices are trading lower by 0.5% at Rs 66,330 per 1 kg.
 

FPIs finally turn bullish on India because of the Adani block deal

Reversing their selling trend, foreign investors have infused over Rs 135 billion (bn) (about Rs 13,500 crore) in Indian share markets so far this month primarily driven by bulk investment from US-based GQG Partners in the Adani Group companies.

This came following a net outflow of Rs 52.9 bn in February and Rs 288.5 bn in January. Prior to that, FPIs made a net investment of Rs 111.2 bn in December, data with the depositories showed.

Going ahead, FPIs are likely to be cautious in their approach in the coming days as the collapse of the SVB Bank in the US has impacted sentiments in the market.

According to the data, Foreign Portfolio Investors (FPIs) invested Rs 135.4 bn in Indian equities till March 10.

Although like many other countries, India has also been going through a rate hike cycle given high inflation levels, it is still perceived to be relatively better placed with respect to macro conditions compared with other markets.
 

Gail declares interim dividend

On Monday, the board of Gail (India) approved an interim dividend of Rs 4 per equity share for the financial year 2022-23. The company fixed 21 March as the record date for determining the eligibility of shareholders for the proposed dividend.

The company has paid out a dividend of Rs 6 per share in the last 12 months, which results in a dividend yield of Rs 5.4% if we consider the current share price levels. Adjusting for the bonus and splits, the dividend yield is 3.6%

Did you know that Gail (India) is one of the top-performing large-cap stocks of 2023 so far?

In 2023 so far (between 1 January 2023 and 10 March 2023), the stock has already rallied 16%.

What's brewing with Lupin?

Pharma major Lupin on Monday announced that the United States Food and Drug Administration (USFDA) completed an inspection of the company's Bioresearch Centre in Pune with no observations.

The latest update from the company comes two days after it said on 10 March said that the USFDA completed a pre-approval and good manufacturing practice (GMP) Inspection of its API manufacturing facility located in Visakhapatnam in Vizag with no observations.

Prior to this, on 17 February, the pharma company had received an establishment inspection report (EIR) from the USFDA for the injectable unit in Nagpur with 5 observations.

In an earlier update on 21 February, the pharma major launched Lurasidone Hydrochloride Tablets which is used to treat certain mental/mood disorders in the US.
 

NALCO declares second interim dividend

Nalco has declared a second interim dividend of Rs 2.5 per equity share for the current financial year. The company has fixed 21 March as the record date to find out the eligibility of shares

The payment of the second interim dividend will be made on or before March 31 to all eligible shareholders, whose names appear in the register of members as of the record date.

Nalco has paid an equity dividend of Rs 2.5 in the last year, which results in a dividend yield of 3.04% if we take the current share price levels.

The consolidated profit of the state-owned Nalco fell by 69% to Rs 2.6 bn in the financial quarter that ended 31 December 2022, from Rs 8.3 bn recorded in the same quarter of the previous financial year.

The company's consolidated income fell 12.7% year-on-year to Rs 33.6 bn in Q3 of the current financial year, from Rs 38.5 bn in the year-ago period. Its earnings per share (EPS) fell from Rs. 4.5 in December 2021 to Rs. 1.4 in December 2022.

More By This Author: