Indian benchmark indices BSE Sensex, Nifty 50 are likely to open gap-up on Wednesday as SGX Nifty soared more than 200 points ahead of today’s trading session. Global cues were also favouring a positive momentum. “While we have seen a strong rally in large caps, the broader market has not yet participated and is underperforming the Nifty. Also, with softening of crude and metal prices, we are witnessing interest in sectors which had underperformed so far like Auto and FMCG. The ongoing US Fed meeting would be the key event which would drive the near term market direction,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in Focus on 16 March, Wednesday

Reliance Industries: Talks between Amazon and the Future Group aimed at resolving their long-running legal battle over the latter’s proposed $3.4 billion sale of retail assets to Reliance Industries have failed, lawyers for the companies informed the Supreme Court on Tuesday. Senior counsel Gopal Suramanium and Aspi Chinoy, appearing for Amazon, urged the court to issue an interim order against taking over of Future Retail’s (FRL) stores by the Reliance group during the pendency of the proceedings before SIAC.

Future Group: Amazon.com Inc. and Future group on Wednesday told the Supreme Court that talks between the estranged partners failed to break an impasse over the sale of the latter’s assets to Reliance Industries Ltd. The Supreme Court had given Amazon, Future group and Reliance Industries till 15 March to resolve the dispute through discussions. “Nothing has emerged from the talks, which ended on Saturday, and no headway was made. Amazon has filed a new case against us which is coming up before the Delhi high court,” said Harish Salve, senior counsel representing Future group in the Supreme Court.

Paytm: Softbank managing partner Munish Ravinder Varma has resigned from the board of the digital financial services company One97 Communications, which operates under the Paytm brand, and PB Fintech, according to regulatory filings by both companies on Tuesday.

Zomato: Zomato will be investing $150 million in debt to rescue cash-strapped quick commerce startup Blinkit, the company said in a stock filing on March 15. The investment will happen in “one or more tranches” at an interest rate of 12 percent per annum with a tenure of not more than one year. “This loan will support the capital requirements of GIPL in the near term and is in line with our stated intent of investing up to $400 million cash in quick commerce in India over the next two years,” said Zomato.

Punjab National Bank: Punjab National Bank on March 15, reported a fraud of Rs 2,060 crore in the NPA account of IL&FS Tamil Nadu Power Company Limited (ITPCL). The bank informed it has already made provisions amounting to Rs 824.1 crore as per prescribed prudential norms. PNB said in a regulatory filing: “A fraud of Rs. 2060.14 crore is being reported by the Bank to RBI in the accounts of the Company. Bank has already made provisions amounting to Rs 824.06 Crore, as per prescribed prudential norms.”