The Initial Public Offering (IPO) of Manba Finance Limited opened today, offering investors a fresh opportunity to enter the financial sector. The public issue, worth ₹150.84 crore, will remain open for subscription until 25th September 2024. Below are the key details and expert insights about this IPO.

Manba Finance IPO key highlights

Issue size: ₹150.84 crore

IPO price band: ₹114 to ₹120 per equity share

IPO dates: 23rd September 2024 to 25th September 2024

Lead manager: Hem Securities Limited

Registrar: Link Intime India Private Limited

Stock exchanges for listing: BSE and NSE

Listing Date (Tentative): 30th September 2024

Share allocation and subscription status

The Manba Finance IPO consists entirely of fresh shares, aiming to raise ₹150.84 crore to strengthen the company’s capital base. Promoters currently hold a 100% stake in the company, and the issue allocation is divided into:

Qualified Institutional Buyers (QIBs): 50% of the issue

Retail Individual Investors (RIIs): 35% of the issue

Non-Institutional Investors (NIIs): 15% of the issue

On the opening day, the IPO witnessed an impressive subscription, with the issue getting subscribed 11.20 times by 1 PM. The non-institutional investor portion saw the highest demand, with 16.01 times subscription, followed by 14.69 times for retail investors, and 1.50 times for qualified institutional buyers.

Manba Finance shares are actively trading in the grey market, where stock market observers report a premium of ₹60 to ₹64 per share. This translates to a 53% premium over the upper price band of ₹120, indicating strong demand ahead of the official listing.

Manba Finance Limited is a Non-Banking Financial Company (NBFC) based in Maharashtra, specializing in loans for two-wheelers, three-wheelers, used cars, and small businesses. The company operates in 66 locations across six states—Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

Over the past two years, the company has demonstrated robust financial growth:

Assets Under Management (AUM): Increased to ₹936.85 crore in FY24, up from ₹495.82 crore in FY22, reflecting a CAGR of 37.5%.

Profit After Tax (PAT): Grew significantly by 89.5%, reaching ₹31.41 crore in FY24 from ₹16.58 crore in FY23.

Revenue: Increased by 44% to ₹191.58 crore in FY24, up from ₹133.32 crore in FY23.

Manba Finance’s lending model, which includes an average borrowing cost of 11.98% and lending rates above 20%, has also contributed to its strong return on capital employed (ROCE) margins, improving from 6.42% to 15.66%.

Manba Finance’s IPO has garnered significant attention from both institutional and retail investors, with its high grey market premium and strong first-day subscription figures indicating investor confidence. The company’s steady financial growth, combined with its expansion into personal and business loans, suggests it is well-placed to benefit from the rising demand in India’s NBFC sector. Investors looking for a high-growth opportunity, particularly in the lending space, may find Manba Finance’s IPO a promising investment.

The Indian stock market benchmarks, Sensex and Nifty 50, extended their gains into the third consecutive session, ending at fresh closing highs on Friday, June 7, following the Reserve Bank of India’s decision to maintain the repo rates and policy stance while revising the GDP estimates for FY25 upwards. Despite a significant 6% loss on June 4, market benchmarks have recorded substantial gains in June. The Sensex is up about 3.7%, and the Nifty 50 has gained nearly 3.4% in the first week of June.

During the session, the Sensex reached a new all-time high of 76,795.31 before closing 1,619 points, or 2.16%, higher at 76,693.36, with all components in the green. The Nifty 50 ended 469 points, or 2.05%, higher at 23,290.15, with only SBI Life (down 1.03%) and Tata Consumer (down 0.43%) in the red. Additionally, the BSE Midcap index rose by 1.28%, while the smallcap index saw a gain of 2.18%. The overall market capitalization of firms listed on the BSE surged to nearly ₹423.4 lakh crore from ₹415.9 lakh crore in the previous session, making investors richer by about ₹7.5 lakh crore in a single session.

Key factors boosting the stock market:

RBI raises growth forecast:

The RBI increased its GDP growth forecast for FY25 to 7.2% from 7%. The central bank anticipates an above-normal monsoon and buoyancy in services activity to drive rural and urban consumption, boosting the domestic economy. This positive outlook has significantly influenced market sentiment. The RBI projected real GDP growth for FY25 at 7.2%, with quarterly growth rates around 7.2% to 7.3%.

Easing inflation fears:

The RBI expects inflation to moderate due to an above-normal monsoon and stable crude oil prices. Governor Shaktikanta Das projected CPI inflation for FY25 at 4.5%, assuming a normal monsoon, which bodes well for the kharif season. The timely arrival of monsoon rains and expectations of a widespread distribution also contribute to easing inflation concerns, further boosting investor confidence.

Rate cut hopes:

Experts believe the RBI may begin rate cuts sooner than anticipated, as indicated by the split voting pattern within the six-member MPC. This sentiment aligns with global trends, as major economies, including the European Central Bank, have started adjusting key rates. This potential for rate cuts is seen as a positive driver for the market.

Political stability and policy continuity:

The BJP-led NDA coalition’s formation of a new government under Prime Minister Narendra Modi promises political stability and policy continuity. Modi’s commitment to a pro-development agenda and anticipated reforms are expected to drive further market gains. The assurance of stability within the coalition government has fueled a broad-based rally in the domestic market, pushing the Indian market to new highs.

Technical factors:

Market experts highlight a positive short-term formation, though temporary overbought conditions could lead to range-bound activity at higher levels. Key support zones are identified at 23,000-22,800/75,500-74,900, with resistance areas at 23,500-23,700/75,200-75,800. Short-term traders are advised to adopt a strategy of buying on dips and selling on rallies.

Indian stock market’s recent performance reflects a combination of positive economic forecasts, easing inflation fears, potential rate cuts, political stability, and favorable technical conditions. Investors remain optimistic about continued growth and stability in the market.

The Initial Public Offering (IPO) of Le Travenues Technology, the parent company of popular travel aggregator Ixigo, is set to make its debut on stock market on June 10, 2024. This eagerly anticipated IPO includes a fresh issuance of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by the existing shareholders.

Key highlights of the Ixigo IPO

• Total IPO size: Rs 740.10 crore
• Fresh Issue: 1.29 crore shares aggregating to Rs 120 crore
• Offer-for-Sale: 6.67 crore shares aggregating to Rs 620.10 crore
• IPO opening date: June 10, 2024
• IPO closing date: June 12, 2024
• Anchor book opening: June 7, 2024
• Allotment date: June 13, 2024
• Listing date: June 18, 2024
• Price band: ₹88 to ₹93 per share
• Minimum lot size: 161 shares
• Minimum investment for retail investors: ₹14,973

The IPO sees significant participation from various major shareholders:

SAIF Partners India IV and Peak XV Partners Investments V are the largest shareholders, holding 23.37% and 15.66% stakes respectively.

Other key stakeholders include Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC.

Le Travenues Technology has shown substantial growth in recent years:

FY23 performance: The company recorded a net profit of Rs 23.4 crore, a significant turnaround from a loss of Rs 21.09 crore in the previous year. Revenue from operations increased by 32% to Rs 501.3 crore.

9MFY24 performance: For the nine-month period ended December FY24, net profit soared by 252.1% to Rs 65.7 crore, up from Rs 18.7 crore in the same period of the previous fiscal. Revenue jumped 34.8% to Rs 491 crore.

Founded in 2006, Le Travenues Technology operates as an online travel agency (OTA) under the brand name “Ixigo”. The company provides a comprehensive range of services including train, flight, and bus ticket bookings, as well as hotel reservations. Ixigo has a strong user base with 83 million monthly active users as of September 2023.

With its strong financial growth and innovative service offerings, Le Travenues Technology’s IPO is poised to attract significant investor interest. The company’s robust performance and strategic plans position it well for continued success in the competitive travel industry. Investors looking to capitalize on the booming travel market should keep an eye on the Ixigo IPO as it opens for subscription on June 10, 2024.

The week commencing May 27 will see limited activity in the mainboard segment with no new public issues scheduled. However, the SME segment will be bustling with five IPOs lined up for launch.

Mainboard segment

Awfis Space Solutions will conclude its Rs 599-crore IPO on May 27. Over the initial three days starting May 22, the issue was oversubscribed 11.4 times, drawing strong interest from diverse investor categories. The workspace solutions provider is set to debut on the bourses on May 30. In the grey market, its IPO shares are trading at a 25-30% premium over the upper price band of Rs 383 per share, according to market observers. 

SME segment

The SME segment will be active with a new IPO launching each day next week:

Vilas Transcore IPO

Opening Date: May 27

Issue Size: Rs 95.26 crore

Price Band: Rs 139-147 per share

Closing Date: May 29

The Gujarat-based power distribution and transmission components manufacturer plans to use the proceeds for strategic investments, factory construction, acquiring new machinery, and general corporate purposes.

Beacon Trusteeship IPO

Opening Date: May 28

Issue Size: Rs 32.52 crore

Price Band: Rs 57-60 per share

Closing Date: May 30

The IPO includes a fresh issue of 38.72 lakh shares and an offer-for-sale (OFS) of 15.48 lakh shares. Proceeds will fund technology infrastructure, acquisition of Beacon RTA Services, new office premises, and general corporate purposes.

Ztech India IPO

Opening Date: May 29

Issue Size: Rs 37.30 crore

Price Band: Rs 104-110 per share

Closing Date: May 31

The civil engineering products designer will use the funds for working capital, general corporate purposes, and IPO expenses.

Aimtron Electronics IPO

Opening Date: May 30

Issue Size: Rs 87.02 crore

Price Band: Rs 153-161 per share

Closing Date: June 3

The Gujarat-based ESDM services provider will allocate the proceeds to repay borrowings, install additional machinery, and meet working capital requirements.

TBI Corn IPO

Opening Date: May 31

Issue Size: Rs 44.94 crore

Price Band: Rs 90-94 per share

Closing Date: June 4

The Sangli-based corn meal grits manufacturer will utilize the funds for expanding its existing unit, working capital, and general corporate purposes.

SME listing

GSM Foils will close its Rs 11.01-crore IPO on May 28, after opening on May 24 and receiving a robust response with a subscription rate of 16.63 times on the first day. Trading in its equity shares will commence on NSE Emerge from May 31, marking the only listing from the SME segment next week.

Today, the Indian stock market witnessed a surge in buying activity, propelling both the Sensex and the Nifty 50 to unprecedented record highs. The Nifty 50 commenced the day at 22,614.10, marking a significant leap from its previous close of 22,597.80, ultimately reaching a peak of 22,959.70 during the trading session—a notable 1.6% increase. Similarly, the Sensex started at 74,253.53, surpassing its previous close of 74,221.06, and surged to an intraday high of 75,407.39, also a 1.6% rise.

By 2:35 pm, the Sensex was up by 1.30% at 75,182, while the Nifty 50 showed a 1.33% increase at 22,898. Additionally, the Nifty Midcap index and the Small cap index 100 experienced gains of 0.30% and 0.05%, respectively, at that juncture.

Here are the key factors driving today’s market euphoria:

Election optimism

With the fading of election-related uncertainties, the market is witnessing a surge in optimism. Investors are now focusing on acquiring quality stocks, anticipating sustained political stability post Lok Sabha elections.

Positive macro indicators

The Reserve Bank of India’s announcement of a record ₹2.11 lakh crore dividend to the Centre for FY24 has bolstered market sentiment. This infusion of funds is expected to provide the government with additional fiscal maneuverability, potentially boosting infrastructure spending and reducing fiscal deficit.

Banking sector momentum

Shares of leading banks such as HDFC Bank, ICICI Bank, and Axis Bank are driving market gains. The significant drop in India’s 10-year bond yields, following the RBI’s dividend payout, has particularly buoyed banking stocks.

Domestic institutional investment

Despite foreign institutional investors offloading Indian equities this month, domestic institutional investors (DIIs) have exhibited strong buying behavior. DIIs have injected ₹38,331 crore into Indian stocks in the cash segment until May 22, offsetting the outflow from FIIs.

Technical outlook

The Nifty 50’s breakthrough past crucial resistance levels and the formation of a robust support base indicate a positive trajectory. Analysts foresee the index reaching the 23,000 mark by month-end, supported by aggressive put options writing and strong technical indicators.

Today’s market surge underscores the resilience and potential of the Indian stock market, fueled by a convergence of favorable economic indicators and investor confidence.

The global shift towards sustainability encompasses every facet of our lives, including energy production. Over the past year, the renewable energy sector has witnessed unprecedented growth, with more than 15 Indian renewable energy stocks surging by over 100%.

India stands at the forefront of this transition, setting ambitious targets to generate 50% of its electricity from non-fossil fuels by 2030 and achieve ‘net zero’ emissions by 2070. To realize these goals, the country is aggressively pursuing clean energy initiatives, presenting lucrative opportunities for investors.

Let’s delve into the top 10 green energy stocks in India, understanding their performance, benefits, risks, and key factors to consider before investing.

KP Energy Ltd: Pioneering windmill infrastructure

KP Energy is a small-cap green energy company specializing in windmill infrastructure for geothermal energy development. With an impressive yearly growth rate of 49.06% over the last 5 years, KP Energy has emerged as a leader in India’s renewable energy landscape.

BF Utilities Ltd: Driving renewable electricity generation

BF Utilities Ltd, a holding company based in India, focuses on electricity generation through renewable sources such as windmills. With a revenue growth of 13.5% over the past five years and positive indicators of profitability and efficiency, BF Utilities presents a compelling investment opportunity.

KPI Green Energy Ltd: Empowering solar energy solutions

KPI Green Energy is dedicated to catering to solar power needs through various business verticals. Boasting a remarkable yearly growth rate of 82.91% and a substantial increase in market share, KPI Green Energy showcases strong potential for sustainable growth.

SJVN Ltd: Harnessing hydroelectric power

SJVN Ltd, formerly known as Satluj Jal Vidyut Nigam, is a leading Indian PSU company engaged in hydroelectric power production and transmission. Despite a slight decrease in market share, SJVN exhibits positive trends in performance and profitability, making it a noteworthy contender in the green energy sector.

KKV Agro Powers Limited: Leading the charge in renewable power

KKV Agro Powers Limited, an Independent Power Producer (IPP), has witnessed remarkable revenue growth and market share expansion over the past five years. With consistent dividends and a focus on renewable power generation, KKV Agro Powers stands out as a promising investment opportunity.

Orient Green Power Company Ltd: Championing wind energy

Orient Green Power Company Ltd specializes in producing renewable energy from wind sources. With a strong cash flow and profitability score, Orient Green Power demonstrates resilience and efficiency in the competitive green energy market.

WAA Solar Ltd: Illuminating the future with solar power

WAA Solar Ltd is a leading Indian holding company investing in solar power generation projects. With impressive annualized returns and robust profitability indicators, WAA Solar is poised to capitalize on the growing demand for clean energy solutions.

Energy Development Company Ltd: Driving hydroelectric power

Energy Development Company focuses on generating electric energy through hydroelectric power, offering stable returns and sustainable growth prospects. With a strong cash flow and profitability score, Energy Development Company is a reliable player in the green energy sector.

NHPC Ltd: Powering India with hydropower

NHPC Ltd, an Indian PSU company, has been pivotal in India’s hydropower generation efforts since 1975. Despite being overpriced, NHPC demonstrates positive trends in profitability and cash flow, presenting a long-term investment opportunity.

Adani Green Energy Ltd: Spearheading India’s renewable revolution

Adani Green Energy Ltd, a flagship company of the Adani Group, is one of India’s largest renewable energy producers. With exponential revenue growth and a significant increase in market share, Adani Green Energy exemplifies leadership in the transition to sustainable energy solutions.

Benefits of investing in green energy stocks

Investing in green energy stocks offers numerous benefits:

• Booming sector: With governments worldwide promoting renewable energy initiatives, the green energy sector is poised for significant growth.
• Eco-friendly: Green energy sources mitigate environmental impact, aligning with global sustainability goals.
• Reducing carbon footprints: Transitioning to green energy aids in reducing carbon emissions, addressing climate change concerns.
• Portfolio diversification: Adding green energy stocks diversifies investment portfolios, reducing overall risk exposure.
• Government incentives: Governments provide incentives and subsidies for renewable energy projects, enhancing investment appeal.

Risks associated with green energy investments

Despite promising prospects, green energy investments entail certain risks:

• Reliance on fossil fuels: India’s heavy reliance on coal-based power presents challenges to immediate renewable energy adoption.
• Intermittent energy production: Solar and wind energy’s intermittent nature complicates reliable power distribution.
• Peak demand challenges: Meeting peak energy demands poses difficulties due to fluctuating demand patterns.
• Storage solutions: Cost inefficiencies in energy storage solutions hinder widespread adoption of renewables.
• Market volatility: Green energy stocks may be subject to market volatility and regulatory uncertainties.

As the world embraces sustainability, green energy emerges as a promising investment avenue. With India spearheading renewable energy initiatives, investing in green energy stocks presents significant opportunities for growth and diversification. 

The Indian stock market is likely to open lower on Monday, mirroring the cautious mood in global markets. Despite ending higher on Friday, Sensex and Nifty 50 experienced over 2% losses for the week, driven by heavy Foreign Institutional Investor (FII) selling and election-related concerns.  

Market cues driving the lower opening

• Weak Asian cues: Asian markets, particularly China, set the tone for a negative start. China’s inflation data and other economic indicators are raising concerns among investors.
• Profit booking after weekly losses: Despite a positive close on Friday, Sensex and Nifty 50 witnessed weekly losses exceeding 2%. Heavy selling by Foreign Institutional Investors (FIIs) and election-related anxieties contributed to this decline.

Domestic and global factors to watch:

• Q4 earnings season: Investors remain focused on the ongoing release of company results for the fourth quarter (Q4). These results will provide valuable insights into corporate performance and future outlooks.
• India’s retail inflation data: Upcoming retail inflation data for India will be closely monitored for its impact on market sentiment.
• Macroeconomic trends: Domestic and global macroeconomic trends, including interest rate policies, economic growth indicators, and geopolitical tensions, will influence investor decisions.
• Foreign capital flows: Fluctuations in foreign capital flows, particularly FII activity, can significantly impact Indian stock prices.
• Crude oil prices: Oil prices play a crucial role in influencing inflation and corporate earnings. Recent declines in oil prices offer some relief, but further developments will be watched closely.

Key market indicators:

• Asian markets: The Japanese Nikkei 225 and Topix indices fell, while South Korea’s Kospi saw a slight gain. Hong Kong’s Hang Seng index futures also suggest a weak opening.
• Gift Nifty today: Gift Nifty, an indicator of the upcoming session, traded around 22,095 levels, signaling a potentially negative start for Sensex and Nifty 50.
• Wall street performance: US stocks ended with a mixed bag on Friday. While the Dow Jones Industrial Average and S&P 500 gained, the Nasdaq Composite closed lower.
• US consumer sentiment: A decline in US consumer sentiment to a six-month low in May reflects ongoing economic uncertainties.
• US Fed policy stance: Although Federal Reserve officials acknowledge signs of a slowing economy, the timing of potential rate cuts remains unclear.
• China inflation: China’s consumer prices witnessed a third consecutive monthly rise in April, while producer prices showed continued decline.
• India’s Industrial Production: India’s Index of Industrial Production (IIP) growth rate slowed down to 4.9% in March compared to 5.7% in February.

You can make well-rounded investment decisions and adjust your strategies to navigate market volatility effectively. A comprehensive understanding of domestic and global factors influencing the Indian market is essential for successful investing.

In the dynamic world of stock markets, the Nifty 50 encountered a rollercoaster ride on May 3, with initial gains wiped out within the first hour of trading. As the session progressed, heightened volatility dominated the market sentiment, possibly driven by cautious anticipation surrounding the impending release of US non-farm payrolls data and April’s unemployment rate.

Despite the turbulent start, technical indicators suggest a potential upward trajectory for the Nifty 50. Analysts note that the index successfully defended the crucial 22,300 level, hinting at a possible move towards the 22,700-22,800 range in upcoming sessions, provided the index maintains this support level. However, a breach below 22,300 could lead to a downward spiral towards the 22,000 mark, according to experts.

The day began on a positive note for the Nifty 50, reaching an all-time high of 22,795 after opening strong at 22,766. However, a surge in selling pressure during the initial hour reversed the gains, leading to a significant decline by the end of the trading day. The index closed at 22,476, marking a decrease of 172 points and forming a long bearish candlestick pattern with a small lower shadow on the daily charts, engulfing the previous three candles.

Technical analysis further reveals a near-term bearish sentiment, as the Nifty 50 exhibits signs of a Double Top pattern on the daily chart, coupled with a Bearish Engulfing candle. Market data highlights key resistance levels at 22,600-22,700, with notable Call writing observed in the options market. Conversely, immediate support is identified at 22,300, with a breach below this level potentially intensifying downward momentum.

The Bank Nifty, on the other hand, faced significant downward pressure, breaching the 49,000 mark and falling below the upward sloping resistance trendline. Despite the decline of 308 points to 48,924, the index managed to cling to the 10-day Exponential Moving Average (EMA) at 48,683, serving as immediate support, followed by the 21-day EMA at 48,300.

Amidst the market turmoil, volatility remains a significant concern, with the India VIX, or fear index, experiencing a notable increase of 8.72 percent to 14.62. This surge adds to the total seven-day gains, amounting to 43.4 percent, further contributing to the unease among market participants.

The Indian stock market witnessed a sharp decline on Friday, with the Nifty 50 index plummeting 1.03% to 22,519.4. This marks the steepest one-day percentage drop since March 19th, 2024, when the index fell by 1.08%.

The primary culprit behind the market selloff appears to be hotter-than-anticipated inflation data released in the US. Consumer Price Index (CPI) figures came in at 3.5%, exceeding the projected 3.4%. This unexpected inflation surge dashed hopes of an interest rate cut in the US this year, leading to widespread selling across markets.

Adding fuel to the fire, significant selling pressure emerged from Foreign Institutional Investors (FIIs) who remained net sellers for four out of the past five sessions, resulting in a net outflow of INR 6,526.71 crore. Further anxieties surrounding potential changes in the India-Mauritius tax treaty fueled a selling spree on Friday, with FIIs offloading a staggering INR 8,027 crore.

Gold’s relentless ascent also indicates a flight to safety, as investors seek refuge in this traditional haven during market volatility. However, a broader perspective of the Nifty 50 chart reveals a fundamentally positive trend. The index continues to hover near its all-time high, and a single day of decline doesn’t necessarily negate the ongoing upward trajectory.

The Nifty 50 appears poised to test its support zone at 22,300. This level presents a potential entry point for long positions if support holds. A breach below this zone could signify a shift towards a rangebound market rather than a sharp downturn, considering the underlying bullish sentiment and upcoming elections.

The India VIX index, a volatility gauge, surged 3.78% to 11.53 on Friday, indicating a rise in option premiums due to heightened volatility fears. In this environment, adopting hedged positions carries more favor compared to naked options trades.

Further, traders should be aware of a significant change taking effect on April 26th, 2024. The Nifty 50 lot size will be reduced from 26 to 25. Factor this adjustment into your trading positions to avoid any potential complications.

On April 9 morning, the Sensex soared above the landmark 75,000 mark for the first time, accompanied by the Nifty 50 climbing to a fresh peak, surpassing 22,750. This bullish trend was propelled by significant gains in heavyweight stocks like Infosys, Bajaj Twins, Maruti Suzuki, and HDFC Bank, extending their upward trajectory from the previous week’s record highs.

Market dynamics favored gainers, with approximately 1,622 shares advancing, 589 declining, and 88 remaining unchanged.

Experts anticipate the Nifty 50 to sustain its upward momentum in the days ahead, supported by a bullish market sentiment. Head of Retail Research at HDFC Securities, noted a formation of higher top higher bottom in the Nifty’s chart, predicting a trading range of 22,529 to 22,810 in the near term. Similarly, Research Analyst at Choice Broking, advised traders to capitalize on buying opportunities during market dips and suggested setting a stop loss at 22,500 for long positions.

The positive sentiment permeated broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 indices outperforming frontline indices by surging up to 0.4 percent within the first hour. Additionally, the India VIX, an indicator of near-term volatility, decreased by 1 percent, hovering around the 11 level.

Sector-wise, the Nifty IT and Nifty Realty indices emerged as top performers of the day. Infosys fueled gains in the Nifty IT index after receiving an upgrade from global brokerage firm BofA, while Sobha and Godrej Properties led the rally in the Nifty Realty index. Godrej Properties reported its highest-ever quarterly sales in Q4FY24, marking a 135 percent year-on-year growth.

On the global front, US markets closed near the flatline as investors awaited inflation data scheduled for April 10. Economists predict a slight easing of inflation pressures in the US consumer price index report, although the core gauge is expected to exceed the Federal Reserve’s 2 percent target.

In Asia-Pacific markets, Japan’s Nikkei 225 climbed 0.5 percent, while South Korea’s Kospi declined 0.2 percent, and Hong Kong’s Hang Seng index rose 0.7 percent, reflecting mixed sentiments across the region.