Closing Bell: Nifty ends near 14,750, Sensex jumps over 600 pts led by energy and FMCG stocks

Taking Stock: Market Bounces Back, Sensex Up 642 Points, Nifty Above 14,700

All the sectoral indices ended in the green, with the Nifty energy index gaining 3 percent, while metal and FMCG indices added 2 percent each.... Read More

Index closed a day on a positive note at 14,745 with gains of more than one percent and formed bullish piercing candle pattern on the daily chart which stands for a bullish reversal. Once Nifty cross above 14,800 zone, bullish piercing pattern will get active and we may see a good move towards immediate hurdle zone of 14,900-15,000, supports still at 14,650-14,580 zone and holding above said levels, the structure can be positive.

The forex market is still jittery about Fed’s move and there are speculations of an early rate-hike which are keeping the US Yields higher. There is also an upside risk to the rapid spread of coronavirus which will keep USDINR spot afloat. But until the spot is trading below 73 zone, the trend will be sideways to bearish within 72.10-72.80. The USDINR spot has to consistently trade above the resistance of 73 to breach 73.20-73.25 zone.

Indian rupeeendedflat at 72.51per dollar, amidbuyingsawin the domestic equity market.It opened marginally lower at 72.58 per dollar against previous close of 72.52 and traded in the range of 72.46-72.58.

Benchmark indices ended on positive note on March 19 supported by the buying across the sectors.

At close, the Sensex was up 641.72 points or 1.30% at 49,858.24, and the Nifty was up 186.10 points or 1.28% at 14,744. About 1461 shares have advanced, 1418 shares declined, and 200 shares are unchanged.

NTPC, HUL, JSW Steel, Power Grid Corp and UPL were among major gainers on the Nifty, while losers were L&T, Coal India, Tech Mahindra, Bajaj Auto and Titan Company.

All the sectoral indices ended in the green with Nifty Energy index rose 3 percent. BSE Midcap and Smallcap indices added 0.4-1.3 percent.

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14,400 today. The expected level should range between 14,600-14,900, and it’s going to crucial for the short-term market scenario to sustain above 14,400.

Technical evidence is still aligned to support a range-bound trading activity to continue. As such, investors are advised to approach the market from buying in deep while covering seeing a rally to adopt. Multiple momentum indicators are not confirming their bias between themselves. Lack of weight of evidence indicates a sideways market structure is likely.

Fitch Ratings has affirmed Tata Chemicals Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'. The outlook is stable.

The stable outlook reflects expectations that TCL's credit metrics would remain adequate for the rating over the medium term. However, downside risks could arise from higher-than-expected capex, shareholder payouts and acquisitions, or a prolonged weakness in industry conditions, it added.

Indian rupee is trading flat at 72.50 per dollar, amid buying seen in the domestic equity market. It opened marginally lower at 72.58 per dollar against previous close of 72.52.

The company board has approved the buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs 10 each of the company representing up to 0.64% of the total number of equity shares of the company at a price of Rs 1,000 per equity share payable in cash for an aggregate amount of up to Rs 60 crore.

Aarti Drugs was quoting at Rs 758.85, up Rs 75.75, or 11.09 percent on the BSE.

The initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2 times by noon on March 19, the final day of bidding, receiving bids for 2.79 crore equity shares against the offer size of 1.35 crore equity shares, data available on exchanges showed.

The portion set aside for qualified institutional buyers was subscribed 1.93 times. The part set aside for non-institutional investors has seen a 1 time subscription, retail investors has been subscribed 2.72 times and that of employees 24 percent.

The public offer of Nazara Technologies had been subscribed 61 times by the noon of March 19, the final day of bidding, with bids received for 17.92 crore equity shares against the issue size of 29.20 lakh equity shares.

The portion set aside for retail investors has been subscribed 64.78 times and that of employees 6.57 times. The company reserved Rs 2 crore worth of shares for its employees.

Non-institutional investors' portion was subscribed 83.48 times, while qualified institutional buyers had bid for 49.87 times of the shares set aside for them.

Investments through participatory notes (P-notes) in the Indian capital market rose to Rs 91,658 crore at February-end, making it the highest level in 33 months, suggesting growing confidence of overseas investors. Read More

: The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund), and Stelis Biopharma Pvt. Ltd., the biopharmaceutical division of Strides, a global pharmaceutical company headquartered in India, have partnered to produce, and supply a minimum of 200 million doses of the Russian Sputnik V vaccine against coronavirus sufficient to vaccinate 100 million people. Read more