Closing Bell: Nifty at 22,150, Sensex gains 336 pts; banks underperform

Indian equity indices ended higher on March 14 with Nifty at 22,150 amid buying across the sectors barring banking names. At close, the Sensex was up 335.39 points or 0.46 percent at 73,097.28, and the Nifty was up 149 points or 0.68 percent at 22,146.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit for all the global market action.

Short covering provided the much-needed fillip after Wednesday's crash, as key indices rose sharply after early weakness but quickly rebounded thereafter. Sharp gains in the US Dow Futures indicating a positive start also buoyed the local market sentiment. Recovery in mid & small-cap stocks shows that money is waiting on the sidelines to enter the market post healthy correction.

Markets recovered after Wednesday’s fall and gained over half a percent. After the initial downtick, Nifty inched gradually higher in the first half however profit taking around the hurdle area i.e. 22,200 capped the upside. Eventually, it settled with decent gains at 22,146.65 level. Importantly, it was the rebound in the broader indices, which eased some pressure and aided strong market breadth.

Participants shouldn’t read much into a single-day rebound, especially in the broader indices and wait for some stability. Meanwhile, focus on sectors and stocks that are showing relatively higher strength like IT and select banking and FMCG names for long trades and maintain a few shorts also as a hedge.

The market was able to recover half of last trading day’s sell-off as leverage based square-off neutralised it, while institutional buying sustained the buoyancy. Domestic economic data wholesale price inflation (WPI) eased to four-month low at 0.2% YoY in February, bringing ease to upcoming CPI trajectory, a relief for future rate cuts. The broader market is outperforming the headline indices, taking advantage of Mid and Small cap as a bargaining strategy.

The sentiment remains negative as the Index consolidated around the lower half of the previous session's candle on the daily timeframe. Additionally, the index has closed below the 21EMA with a bearish crossover in the RSI. However, bulls managed to push the Nifty back into the rising channel by the session's end, suggesting a possibility of a bullish trend reversal.

Looking ahead, the Nifty could encounter resistance in the 22200-22250 zone. Clearing the resistance at 22250 might propel it towards 22500 in the near term. Support levels are situated at 22050-22000.

The BankNifty index witnessed a continued struggle between bulls and bears, resulting in a doji candle formation on the daily chart, indicating market indecisiveness. Immediate resistance is noted at the 47500 mark, and a conclusive break above this level on a closing basis would signal a resumption of upward momentum towards all-time highs. Conversely, the lower end support is situated at the 46700-46500 zone, and a break below this level on a closing basis could intensify downward momentum towards the 46000 mark.

At last a relief rally was seen in the Indian equities. After a volatile opening trade, one-way recovery was seen, especially in the Mid and Smallcap segments which led to an overall uptick in the markets except for BankNifty.

Both Nifty50 and Sensex30 reclaimed their psychological support levels of 22,000 and 73,000 and gained by 149 & 335 points respectively.

With gains of almost 2%; Metal sector was the top performer while in the Index recovery, IT counters played a crucial role. A sharp rebound was witnessed in the broader markets as Mid & Smallcaps advanced by 2.02% & 3.45% respectively.

With a hidden bullish divergence in RSI, the Index has formed a small green candle indicating a continuation of an uptrend where the downside seems to be protected at 21,920 while the higher side is capped at 22,320.

Indian rupee ended marginally higher at 82.82 per dollar on Thursday versus Wednesday's close of 82.86.

Indian equity indices ended higher on March 14 with Nifty at 22,150 amid buying across the sectors barring banking names.

At close, the Sensex was up 335.39 points or 0.46 percent at 73,097.28, and the Nifty was up 149.00 points or 0.68 percent at 22,146.70. About 2612 shares advanced, 1090 shares declined, and 100 shares unchanged.

Top gainers on the Nifty included Adani Enterprises, Adani Ports, Hero MotoCorp, Hindalco Industries and ONGC, while losers included Axis Bank, IndusInd Bank, Bajaj Finance, Tata Steel and JSW Steel.

Except bank, all other sectoral indices ended in the green with telecom, power, oil & gas added 3 percent each, while auto, capital goods, FMCG, Information Technology, healthcare, metal rose 1-2 percent.

Broader indices outperformed the main indices with BSE Midcap index rose 2.2 percent and Smallcap index gained 3 percent.

Centre forms committee for pricing framework for drugs & medical devices, quoting Sources, reported CNBC-TV18.

Stock Market LIVE Updates | HSBC View On OMCs

-Reiterate buy on BPCL, HPCL & IOC on hopes of rational policy decision-making
-Day-adjusted oil product demand grew 3 percent YoY & auto fuels 3.3 percent YoY
-Day-adjusted oil product demand grew despite fears of price cuts in market
-Marketing & refining margins are robust, given range-bound oil price
-Margins robust on unchanged pump price, but petchems remain weak
 

Bharat Electronics entered into a contract valued at Rs 847.70 crore plus taxes with Larsen & Toubro Limited (L&T) for the supply of 14 cutting-edge Communication and Electronic Warfare (EW) sensors and systems.

WPI trajectory continued to be benign, mildly slipping to 0.20% YoY in Feb'24 from 0.27% YoY in Jan'24. The deflation in fuel and power as well as in manufactured goods is behind the significant softness in the wholesale inflation. However, this is partly offset by the pressures on the inflation in the food group which moved slightly higher to 4.1% YoY in Feb-24.

The wholesale inflation for manufactured goods has persisted to be in the contractionary zone at -1.3% YoY with no sequential changes. For the last 12 months, manufacturing inflation has remained in a deflation mode, implying benign inputs costs for the industrial segment in the absence of a strong global demand. Fuel and power category has, however, seen some mild pressures at 0.2% MoM due to higher commercial LPG prices although the annualized figure is still in deflation at -1.6%.

The deflationary trend in manufacturing goods may reverse only gradually over the next few months. Overall WPI inflation print is expected will be shaped by the trend in the food category and in the absence of any major surprises, should remain range bound between 0%-1.0% over the next two quarters.

Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,40,76,000on Bank of India for non-compliance with certain directions issued by RBI.

Adani Green Energy has operationalized 126 MW wind power capacity in Gujarat. This marks the completion of the 300 MW of project, with 174 MW being operationalized earlier.

-Downgrade to reduce, target cut to Rs 340 from Rs 790 per share
-Gold loan business has been disrupted for now
-Gold loan business will impact overall AUM growth, revenues, & profitability
-Other IIFL business may be forced to moderate growth
-Actions of lenders & credit rating agencies remain uncertain
-Cut FY25-26 EPS estimates to 21-38 percent

Sensex Today | Market at 3 PM

The Sensex was up 299.47 points or 0.41 percent at 73,061.36, and the Nifty was up 133.60 points or 0.61 percent at 22,131.30. About 2537 shares advanced, 824 shares declined, and 66 shares unchanged.

The Board of Directors of Patanjali Foods declared an Interim dividend of Rs 6 (i.e. 300%) per equity share having face value of Rs 2 per share for the financial year ended March 31, 2024.

Gopal Snacks had a forgettable market debut on March 14, with the snack manufacturer listing at a 13 percent discount to the issue price. Analysts said expensive valuations, selloff in mid and small caps and stiff competition were the main reasons for the negative sentiment.

"This negative listing performance falls short of pre-listing expectations and raises concerns about investor sentiment, valuation, and the company's growth prospects in the competitive snack food market,” Shivani Nyati, head of wealth at Swastika Investmart, said.

The issue price may have been perceived to be too high, considering the company's growth trajectory and the competitive landscape. She advised investors to consider risk tolerance and long-term investment goals before holding on to the stock. Read More

The Indian Rupee appreciated marginally by 0.01% on Thursday as the domestic markets recovered after a three-day sell-off and some softening of the US Dollar. Positive tone in global markets also supported the riskier currency. The US Dollar declined on a slightly positive tone in the Euro and Pound amid positive European markets.

We expect the Rupee to trade with a slight negative bias on concerns that the US Dollar may recover as hotter-than-expected inflation in the US may trim rate-cut expectations in the US in June 2024. RBI has been buying the US Dollar to restrict sharp appreciation of the Rupee. Crude oil prices have also bounced back which may weigh on the domestic unit. However, fresh foreign inflows amid a recovery in domestic markets may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.

My feeling is that you should not be overweight across PSUs. Within oil PSUs, we like GAIL and IOC. We think that they have slightly better earnings trajectory. Valuation comfort is also there.

At the same time, in the railways PSUs, I really see no reason why there should be such a high valuation that they should get. Yes, we have some narrative around this Vande Bharat etc. But I don't think there is a case for a substantial earnings driven re-rating that one can really think of. So, you have to do a little bit of hard work in terms of what are the pockets where there is a genuine earnings driven re-rating which is happening as against just a narrative.

Gold prices fell on Thursday, hit by a firmer U.S. dollar and elevated Treasury yields, while traders awaited more U.S. economic data that could steer hopes for a mid-year rate cut by the Federal Reserve.

Spot gold fell 0.3% to $2,166.90 per ounce. U.S. gold futures dipped 0.4% to $2,172.

Reliance Industries has agreed to buy Paramount Global's entire 13.01% stake in local entertainment network Viacom 18 Media for about $517 million (42.86 billion Indian rupees), the U.S. company said in a regulatory filing.

Sensex Today | Market at 2 PM

The Sensex was up 235.64 points or 0.32 percent at 72,997.53, and the Nifty was up 103.70 points or 0.47 percent at 22,101.40. About 2514 shares advanced, 835 shares declined, and 61 shares unchanged.

DLF Home Developers (DHDL), a wholly-owned material subsidiary of DLF, has received approval from board of directors for raising of funds through issuance of non-convertible debentures (NCDs) worth up to Rs 600 crore on a private placement basis, to the eligible investors.

Sensex Today | Nifty Pharma index rose 0.7 percent led by Biocon, Zydus Life, Lupin

WPI inflation moderated to 0.2% in February, continuing in the positive territory for the fourth consecutive month in February. While both fuel and power and manufactured products categories continued in deflation, an uptick in wholesale food inflation led the overall print higher. Correction in global commodity and energy prices have aided in moderation of WPI inflation in fuel and power and manufactured products. Despite fading of supportive base, the WPI inflation is expected to remain range bound around 1% in the next month.

In the coming fiscal, waning El Nino conditions and strong recovery in rabi sowing bodes well for agricultural production and thereby food inflation. Global commodity prices are anticipated to remain relatively muted given the slow growth in China. Nonetheless, geopolitical tensions in the Middle East remain significant variables to monitor closely. We expect WPI inflation to average around 3% in FY25.

Transrail is one of the leading Indian engineering, procurement and construction companies with integrated manufacturing facilities for lattice structures, conductors, and monopoles and with over four decades of experience in providing comprehensive solutions on a turnkey basis globally.

The company has a track record of more than four decades and have been a trusted and longstanding partner in the sector. Their business is divided into four verticals, namely (i) power transmission and distribution (including substations), (ii) civil construction, (iii) poles and lighting, and (iv) railways.

Adani Green Energy's subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for supply of 534 MW of solar power projects. With execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.

Sensex Today | Nifty PSU Bank index gained 1.5 percent led by Central Bank of India, UCO Bank, Punjab & Sind Bank

Shantiram Kutumbkam Food Services has bought 15,52,622 equity shares (equivalent to 0.7% of paid-up equity) in Ruchi Infrastructure at an average price of Rs 10.5 per share. However, Patanjali Foods, the part of promoter group, sold 15 lakh shares in Ruchi at same price, against its shareholding of 2.72 crore equity shares or 12.37% stake as of December 2023.

Venture capital firm Polaris Banyan Holding has bought 2,96,650 equity shares (equivalent to 0.67% of paid up equity) in Indian Terrain Fashions at an average price of Rs 78.94 per share. With this, Polaris picked 8,92,880 equity shares or 2% stake in the company from last week.

US-based Capital Group through its affiliate New World Fund Inc acquired 27,89,398 equity shares in Apl Apollo Tubes via open market transactions at an average price of Rs 1,601.1 per share, amounting to Rs 446.61 crore. However, Principal Global Investors Collective Investment Trust sold 15,31,367 equity shares at an average price of Rs 1,600.16 per share, against its shareholding of 28,77,356 equity shares or 1.04% stake as of December 2023.

Sensex Today | BSE Telecom index gained nearly 3 percent led by ITI, Avantel, Railtel Corporation

Oil prices climbed in early trade on Thursday, supported by strong demand in the U.S. after gasoline stocks hit a three month low and crude stockpiles dropped unexpectedly, with supply concerns remaining after Ukrainian attacks on Russian refineries.

Brent futures for May climbed 11 cents, or 0.13%, to $84.14 a barrel at 0652 GMT, while April U.S. West Texas Intermediate (WTI) crude rose 10 cents, or 0.13%, to $79.82 per barrel.

Both contracts had risen about 3% to a four-month high on Wednesday on the elevated U.S. demand outlook and heightened geopolitical risk.

Aditya Birla Sun Life AMC Limited (ABSLAMC), is an Associate company of Aditya Birla Capital (ABCL).

ABSLAMC has launched its IPO through offer for sale of its equity shares by the Promoters i.e. ABCL and Sun Life (India) AMC Investments Inc, and the equity shares of ABSLAMC were listed on the National Stock Exchange of India Limited and BSE Limited w.e.f. October 11, 2021, with combined dilution of 13.50% to public.

Post listing of its equity shares, ABSLAMC is required to achieve minimum public shareholding (MPS) of 25% of its paid-up capital within three years from the date of listing in compliance with SEBI (Securities Contract Regulation Rules), 1957 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) i.e by October 2024.

The above requirement of achieving MPS along with the potential dilution by the Promoter is already disclosed as part of the prospectus filed by ABSLAMC during its IPO.

In order to comply with the minimum public shareholding requirement, as a Promoter of ABSLAMC, the Company continuous to explore various options for achieving MPS within the prescribed timelines and the procedures as applicable. As and when any definitive decision is taken for sale of shares of ABSLAMC which would require disclosure under the Listing Regulations, requisite disclosures will be made to the stock exchanges as applicable.

Further, with reference to price movement/ trading, this could be due to market conditions and we have no specific comments to offer. If there is any event which requires disclosure, we would make such appropriate disclosures as mandated under the Listing Regulations.

Sensex Today | Nifty Media index added 3 percent led by Dish TV, TV Today Network, Jagran Prakashan

The company received order for construction of electrified 4th Railway BG Line in between RajnandgaonDongargarha and Bhilai- Ourg link block station, in the state of Chhattisgarh in South East Central Railway on EPC basis for Rs 305.81 crores.

L&T Finance Holdings has issued clarification note on news reports stating - L&T Finance has exited the market after a decision taken by the Reserve Bank of India. The company says it continues to offer a range of financial products and services under the brand name L&T Finance and the circular issued by RBI has been misrepresented by a section of the media.

In December 2023, it had successfully completed the merger of its subsidiaries, L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with itself. Post the completion of the merger, Certificate of Registration of L&T Finance and L&T Infra Credit were surrendered to RBI and the company is now in the process to change the name to L&T Finance from L&T Finance Holdings after completing the regulatory formalities.

Sensex Today | BSE Capital Goods index rose 2 percent supported by RVNL, V-Guard Industries, KPIL

Stock Market LIVE Updates | DB Realty board approved incorporation of Advent International Limited as a wholly owned subsidiary to acquire the hospitality business by way of a demerger scheme

Advent International to acquire the company's hospitality business by way of demerger.

Each equity shareholder as of the demerger record date to receive equity shares in Advent International

Advent International ltd. to be listed on BSE and NSE.

Zydus Lifesciences has launched Olaparib, a PARP inhibitor, under the brand name IBYRA in India. The drug will target specific genetic mutations prevalent in certain types of cancers, paving the way for more tailored and effective treatment approach.

Sanofi India signed an exclusive distribution and promotion agreement with Emcure Pharmaceuticals for its Cardiovascular products including Cardace, Clexane, Targocid, Lasix, and Lasilactone in India.

Sensex Today | Nifty Metal index rose 2 percent led by Adani Enterprises, Nalco, MOIL

Sensex Today | BSE Power index gained 2.5 percent supported by Adani Energy, Adani Green Energy, NHPC

Asian Energy Services Ltd (AESL)won a contract (alongside its partner) from Hardy Exploration & Production (India) Inc. The contract involves laying of flexible flow lines, dynamic risers, control umbilicals and associated accessories in PY3 Field in the Southern Coast of India. The esteemed project base scope is valued at approximately Rs 48 crore including taxes and it will be executed in FY25.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Chlorpromazine Hydrochloride Injection USP, 25 mg/mL and 50 mg/2 mL (25 mg/mL), Single-Dose Vials, (RLD: Thorazine Injection).

-Buy call, target Rs 530 per share
-Believe recent 13 percent decline in company’s shares offers a good buying opportunity
-Volume growth trajectory has improved to feed India's rising power demand
-The big fall in e-auction prices seems largely behind
-Stock is trading at 8.3x FY25 PE vs 2011-18 average of 13x
Trading at a steep 57 percent discount to Nifty-50 PE vs just 16 percent average discount over 2011-18

KEC International has secured new orders of Rs 2,257 crore across its various businesses including transmission & distribution projects in India and Americas, and first international order for a pipeline laying project. With these orders, its year-to-date order intake has surpassed Rs 16,000 crore.

Shares of SJVN surged around 8 percent on March 14, a day after the company's renewable arm SJVN Green Energy Limited (SGEL) received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for 500 MW Solar Project.

The tentative cost of construction and development of this project is R 2,700 crore. The project is to be developed at GIPCL Solar Park at Khavda.

SJVN Green Energy Limited, has earlier bagged the 500 MW (100 MW + 400 MW Green Shoe) project through tariff-based competitive bidding at a tariff of Rs 2.54 /Unit on Build Own and Operate (BOO) basis on e-RA was conducted on 25.01.2024 by GUVNL. Read More

Sensex Today | BSE Information Technology index up 1.5 percent supported by Moschip Technologies, 3i Infotech, Xchanging Solutions

The Board of Directors of XTGlobal Infotech taken a decision to further acquire 7% of total stake of Network Objects Inc, USA from its existing shareholder Mr. Srinivasa Raju Kosuri.

IIFL Finance has received approval from the board of directors for fund raising up to Rs 1,500 crore through issue of equity shares on a right basis to its existing eligible shareholders, and Rs 500 crore through issue of non-convertible debentures on a private placement basis. Further, the board also approved re-designation of Abhiram Bhattacharjee as the Chief Operating Officer of the company with effect from March 13. Abhiram is currently serving as Chief of Staff. Shivalingam A Pillai is appointed as Chief Compliance Officer of the company after Mauli Agarwal stepping down from the current position of Chief Compliance Officer pursuant to her transition into another role.

State Bank of India (SBI) has accepted ‘one time settlement’ proposal submitted by PC Jeweller. The company had opted for one time settlement to settle the outstanding dues. The terms of approved one time settlement includes cash and equity component, release of securities and mortgaged properties etc.

Gold prices edged higher on Wednesday after dropping more than 1% in the previous session, as investors digested hotter-than-expected U.S. inflation data and still banked on a Federal Reserve interest rate cut in June.

Spot gold edged up 0.3% to $2,163.12 per ounce, as of 1047 GMT. Bullion posted its worst single-day drop since Feb. 13 on Tuesday. U.S. gold futures rose 0.1% to $2,168.50.

Sensex Today | BSE Auto index up nearly 1 percent led by Bosch, Hero MotoCorp, Ashok Leyland