Nomura says 'buy' on Info Edge, target at Rs 4,940
Morgan Stanley keeps 'overweight' rating on DLF, target at Rs 417
NCLT approves merger of HDFC & HDFC Bank
Jefferies maintains buy rating on NTPC, target Rs 195
G R Infraprojects emerges as lowest bidder for a project worth Rs 587.59 crore
Maruti Suzuki introduces All New Brezza S-CNG
TeamLease Services board sets April 3 as the record date for share buyback
Morgan Stanley maintains overweight rating on Bharat Forge, target Rs 1,068
Himatsingka Seide to consider opening USD 12.5 million FCCBs, Rs 460 crore NCDs issues on March 21
Delhi High Court directs DMRC to pay Rs 4,800 crore as per Arbitral Award to Reliance Infra, stock price jumps
GAIL India signs MoU with Shell Energy India for hydrocarbon imports
Sandwell Council collaborates with Infosys to provide free digital learning platforms for residents, colleges, and schools
Market at 2 PM:
Sensex was up 213.31 points or 0.37 percent at 57,848.15, and Nifty 50 was up 73.90 points or 0.44 percent at 17,059.50.
USDINR spot price is expected to trade in a range of 82-83: Anuj Choudhary
Gold gains, set for best week since mid-Nov on banking crisis woes
Oil rises on demand hopes as banking crisis fears subside
Glenmark Pharma arm gets USFDA nod for IND application of solid tumours & lymphomas drug Phase 1/2
Atul Jain resigns as Chief Financial Officer of Jain Irrigation
Punjab Chemicals appoints Ashish Nayak as Chief Financial Officer
Lloyds Metals appoints Subbarao Venkata Munnang as independent director
Bharat Electronics board approves second interim dividend for FY23
Lemon Tree Hotels announces 6th new property in a month, stock gains
Lupin Digital Health unveils results of digital therapeutics study with ACS patients
HDFC Mutual Fund picks additional 2.04% stake in Transport Corporation of India
Jubilant Ingrevia buys 37.98% stake in associate company Mister Veg Foods
Luke Fernandez resigns as independent director of Bajaj Healthcare
IDBI Bank shares gain rises after DIPAM secretary clarifies IDBI divestment process
Indices trade higher amid volatility; HCL Tech, Infosys top gainers
HDFC to consider issue of NCDS worth Rs 57,000 crore on March 27
Bharti Airtel launches ‘Unlimited Data’ offer to its 5G customers
Unichem Laboratories gets USFDA nod for Ranolazine tablets
BSE Smallcap index up 0.5 percent led by Jubilant Pharmova, HLE Glascoat, Laxmi Organic Industries
Restaurant Brands Asia up 1% as General Atlantic eyes Everstone Capital's stake in Burger King
Glenmark Life Sciences declares dividend of Rs 21 per share for FY23
Procter & Gamble Health's executive director, CFO Amit Gupta resigns
Ipca Labs' shareholding in Lyka Labs increases to 32.46% after allotment of 20 lakh equity shares
Dr Reddy's Laboratories shares gain on selling nine brands in the dermatology segment to Eris Lifesciences
BSE Realty index jumps 1 percent supported by DLF, Phoenix Mills, Godrej Properties
Samvardhana Motherson board approves to acquire balance stake in Fritzmeier Motherson Cabin
BSE Capital Goods index up 1 percent led by Hindustan Aeronautics, Bharat Electronics, Bharat Forge
Gold poised for best week since mid-Nov on banking sector tension
Lemon Tree Hotels signs License Agreement for a 60 rooms property in Rajasthan
Hindustan Aeronautics shares gain order win worth Rs 32,000 crore from defence ministry
Va Tech Wabag share price up 5% on winning order worth Rs 800 crore
Rail Vikas Nigam emerges as L1 bidder for projects worth Rs 112 crore
Morgan Stanley stays 'Equal-weight' on TCS, target at Rs 3,350
US weekly jobless claims fall
Dollar slips as banks rescue makes room for relief rally
Defence Ministry clears proposals to buy weapons worth Rs 70,000 crore, HAL bags almost 50% of orders
CLSA keeps outperform rating on TCS with a target of Rs 3,550
Expect a range of 82.50 and 83 on USDINR spot: Anindya Banerjee
TCS MD & CEO Rajesh Gopinathan resigns, K Krithivasan to take over
Bernstein maintains 'overweight' on TCS, target at Rs 3,840
Expect Nifty to move towards 17,250-17,440: Santosh Meena
ECB raises key interest rate by 50 bps
Oil steadies as investors take stock of banking crisis
Asian markets are trading firm with Taiwan Weighted up 1%, Nikkei, Hang Seng, Straits Times up 0.5% each
Wall Street closes higher as First Republic helps lift banks
SGX Nifty indicates a positive start for the Indian indices
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 57,613.72 | -40.14 | -0.07% |
| Nifty 50 | 16,951.70 | -34.00 | -0.20% |
| Nifty Bank | 39,567.90 | 136.60 | +0.35% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| IndusInd Bank | 1,036.15 | 23.30 | +2.30% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Adani Enterpris | 1,600.85 | -122.20 | -7.09% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 39567.90 | 136.60 | +0.35% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 11918.00 | -117.10 | -0.97% |
What we are seeing is a relief rally backed by strong positive global cues as there are expectations that the US Fed may not take aggressive rate hike steps to tame inflation. Some of the concerns over the falling financial health of the US banking industry have also subsided, which further boosted the market sentiment. Falling crude oil prices and recovery in the metal space on hopes of revival in the Chinese economy is also providing some support to the struggling markets.
Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps, indicating its preparedness to provide liquidity to banks upon necessity.
The Nifty witnessed a volatile day of trade today. It witnessed sharp swings in both directions and ultimately closed in the green for the second consecutive day. On the way up the 40 hour moving average and the hourly upper Bollinger band placed in the range 17,150 – 17,200 acted as a strong resistance and restricted further upside and on the way down the swing low formed at 16,850 shall act as a crucial support from short term perspective.
We expect the Nifty to consolidate between these two parameters from the next few trading sessions. we believe that the pullback rally has some more steam left and the Nifty is likely to carry on this positive momentum next week as well.
Indian rupee ended 18 paise higher at 82.55 per dollar against previous close of 82.73.
Market Close: Benchmark indices ended higher in the volatile session on March 17 with Nifty at 17,100.
At close, the Sensex was up 355.06 points or 0.62% at 57,989.90, and the Nifty was up 114.40 points or 0.67% at 17,100. About 2008 shares advanced, 1407 shares declined, and 118 shares unchanged.
HCL Technologies, Hindalco Industries, UPL, UltraTech Cement and Nestle India were among the biggest gainers on the Nifty, while losers were Eicher Motors, NTPC, Maruti Suzuki, ITC and Asian Paints.
Barring auto and FMCG, all other sectoral indices ended in the green.
The BSE midcap was up 0.3 percent and smallcap index added 0.7 percent.
-Buy rating, target at Rs 4,940 per share
-Hiring slowdown in tech sector continues on Naukri business
-Focussed on mid-market on 99acres business
-Happy with early trends of business model change of Jeevansathi
-Continue to hold Zomato and PolicyBazaar as financial investments
Info Edge India was quoting at Rs 3,495.65, up Rs 69.80, or 2.04 percent.
-Overweight rating, target at Rs 417 per share
-Company achieved USD 1 billion in sales from a single project at launch
-This indicates strong pent-up demand in system & strength of DLF's land bank
DLF was quoting at Rs 375, up Rs 15, or 4.17 percent.
-Buy rating, target at Rs 195 per share
-Reports suggest Malaysia's Petronas could offer USD 460 million for 20 percentstake in NTPC's RE arm
-NTPC commissioned approximately 2.9 GW RE capacity & had 4.7 GW under construction in Q3
-RE capacity is approximately 6 percentof FY24 estimates overall capacity estimates
-Speculated deal implies Rs 12.5 per share for NTPC shareholders after 20 percentholdco discount
NTPC was quoting at Rs 177.30, down Rs 2.30, or 1.28 percent.
Global equity markets reacted to the crisis in US and European banks. Indian markets were under pressure from these global developments. Accordingly, key domestic benchmark indices Nifty-50 and Sensex-30 were down during the week. Broader indices including BSE Midcap, BSE Small-cap and majority of the sectoral indices too posted negative returns in this week.
On the economy front, India’s February 2023 CPI inflation moderated to 6.44% and trade deficit remained in check with marginal increases (over January 2023) in exports and imports. Crude oil prices corrected sharply this week amid the recent banking crisis.
The yield on the 10-year US Treasury was lower as compared with last week. Meanwhile, the European Central Bank raised interest rates by 50 bps and continued with its policy tightening measures. Market participants will keenly watch-out for next week’s Federal Reserve policy decision.
Benchmark indices were trading firm in the final hour of the trading session with Nifty around 17,050.
The Sensex was up 296.27 points or 0.51% at 57,931.11, and the Nifty was up 97.20 points or 0.57% at 17,082.80. About 1886 shares advanced, 1381 shares declined, and 90 shares unchanged.
