Closing Bell: Nifty at 22,000, Sensex sheds 362 pts; IT, banks down, oil & gas rally

Indian equity indices snapped three day winning run and ended lower with Nifty art 22,000. At close, the Sensex was down 361.64 points or 0.50 percent at 72,470.30, and the Nifty was down 92.10 points or 0.42 percent at 22,004.70

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 https://www.moneycontrol.com/markets/global-indices for all the global market action.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Nifty traded in negative territory throughout the session. Broader market however outperformed with Nifty midcap and smallcap 100 up 1% and 0.4% respectively. Sector-wise it was a mixed bag with buying seen in Realty, Oil & Gas, and Consumer Durables. Shorten trading week, derivatives monthly expiry along with global economic data to be released this week has kept the investors on the side-lines. Overall, we expect the market to consolidate in a broader range, however, buying in a broader market before the financial year end cannot be ruled out. Investors would watch for US Consumer confidence data to be released late today.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

On the daily charts we can observe that the Nifty is broadly trading in the range 21880- 22200 since the last three trading sessions. The range-bound action is likely to continue in the absence of any near-term triggers. Also, as we near the monthly expiry of the March series derivative contracts the volatility seems to have dried down resulting in to range-bound moves. The contraction of the hourly Bollinger bands also suggests sideway price action. Thus, multiple parameters are suggesting that Nifty is likely to witness subdued price action over the next few trading sessions. Stock specific action likely to continue during this period.

Bank Nifty also consolidated within a narrow range around the key daily moving averages. On the downside 46500 is acting as a crucial support while 46900 is acting as an immediate hurdle. Overall, we expect the Bank Nifty to resume its retracement towards 47000 – 47200 over the next few trading sessions.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index experienced a subdued start to the truncated week with sideways trading. Immediate resistance is noted at 47000, and a decisive close above this level could trigger significant short-covering rallies towards the 48000 mark. Conversely, immediate support is situated around the 46500-46450 zone. A breach below this support area may accelerate downside momentum towards the 46000 level.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Investors resorted to profit-taking due to lack of enthusiasm in a truncated week. Markets were mostly range-bound with a negative bias as frontline technology stocks were at the receiving end on concerns that subdued global economy may lead to muted IT spending by big clients this year.

Vinod Nair, Head of Research, Geojit Financial Services

Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility. Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts.

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained sideways throughout the day as market participants stayed perplexed on the first day of the holiday-shortened week. However, the trend remained positive for the short term as the index closed above the critical moving average on the daily chart. On the lower end, support is placed at 21,840 for the short term, below which weakness may emerge. On the higher end, resistance is visible at 22,240-22,300.

Aditya Gaggar Director of Progressive Shares

Indian bourses began the truncated week on a tepid note and remained rangebound throughout the day to close the session at 22,004.70 with a loss of 92.05 points. Among the sectors, Realty was the top performer while Media was the major laggard followed by IT. Buying traction was seen more in the broader markets as Mid and Smallcaps gained by 1.05% & 0.41% and outperformed the Nifty50. On the hourly chart, it appears that the Index is forming an inverted head & shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640.

Rupee Close:

Indian rupee ended 13 paise higher at 83.29 per dollar versus Friday's close of 83.42.

Market Close: Indian equity indices snapped three day winning run and ended lower with Nifty at 22,000.

At close, the Sensex was down 361.64 points or 0.50 percent at 72,470.30, and the Nifty was down 92.10 points or 0.42 percent at 22,004.70. About 1355 shares advanced, 2447 shares declined, and 122 shares unchanged.

Bajaj Finance, Hindalco Industries, Britannia Industries, Adani Ports and L&T were among the top gainers on the Nifty, while losers were Power Grid Corporation, Eicher Motors, Bharti Airtel, Kotak Mahindra Bank and Wipro.

On the sectoral front, bank and Information Technology index down 0.5 percent each, while capital goods, realty, oil & gas, metal up 0.5-1 percent.

BSE Midcap index rose 0.7 percent and smallcap index ended flat.

Sensex Today | Morgan Stanley View On OMCs

-Integrated margins are tracking above mid-cycle
-View of a consensus upgrade cycle in F25 remains fully intact
-IOC & BPCL are preferred picks

Sensex Today | BSE Realty index up 1 percent led by Phoenix Mills, Prestige Estate, Oberoi Realty

Stock Market LIVE Updates | HSBC View On Autos

-Exports of 2-wheelers remain on a slow lane
-Exports have been weak for both Bajaj & TVS in recent years
-Export recovery to be gradual in 2024 & full benefit likely visible in 2025 & 2026
-Maintain buy On Bajaj Auto, target at Rs 9,400 per share
-Positive stance on Bajaj Hinges on its well-diversified business
-Maintain hold call on TVS Motor, target at Rs 2,300 per share
-TVS has gained share in scooters, exports & likely now in motorcycles too

Sensex Today | Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services

Crude oil prices are trading slightly lower today, amid some profit-booking from recent rally and as we look ahead to weekly oil inventory data later in the day. Also, some caution is seen in the market ahead of the U.S. Fed meeting outcome.

Technically, momentum remains positive with support at 6780/ 6685 and resistance at 7000.

Sensex Today | 1.38 million shares of ZEE Entertainmen traded in a bunch: Bloomberg

The Board of ZEE Entertainment Enterprises (ZEE) has institutionalized a structured Monthly Management Mentorship (3M) Program. The objective of the 3M Program is to guide and enable the management team to achieve key performance metrics, including the targeted 20% EBITDA margin, proposed by the MD & CEO, company said in its press release.

Sensex Today | Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas

Indian Rupee appreciated by 0.4% on Tuesday on decline in US Dollar from higher levels and positive Asian currencies. However, weak domestic markets and surge in crude oil prices capped sharp gains. US Dollar eased on softening US treasury yields and profit booking a higher levels. Disappointing economic data from US also weighed on the greenback. US new home sales declined to 662,000 in in February 2024 versus 664,000 in January 2024.

We expect Rupee to trade with a negative bias on expectations of a recovery in US Dollar and rising crude oil prices. However, positive tone in the Asian currencies may support Rupee at lower levels. Any selling of Dollars by the RBI may also support Rupee. Traders may take cues from durable goods orders and CB consumer confidence data from US. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.75.

Sensex Today | Market at 3 PM

The Sensex was down 363.39 points or 0.50 percent at 72,468.55, and the Nifty was down 82.30 points or 0.37 percent at 22,014.50. About 1332 shares advanced, 2170 shares declined, and 106 shares unchanged.

Stock Market LIVE Updates | CLSA has initiated coverage on Avenue Supermarts with buy

On march 21, 2024 CLSA has initiated coverage on Avenue Supermarts Ltd with a 'buy' rating, citing growth opportunities in untapped markets. The brokerage firm highlighted an addressable market exceeding Rs 50,000 crore, with less than 5 percent organised.

With a target price of Rs 5,107 per share, representing a 26 percent upside, CLSA anticipates that private labels could drive the next phase of share gains.

Stock Market LIVE Updates | CLSA View On Tata Motors

-Maintain outperform, target at Rs 1,133 per share
-JLR retail volumes increased by 10 percent YoY in the first two months of 2024
-JLR posted a 4.5 percent YoY improvement in retail volumes in Feb 2024
-Volume growth muted on 46 percent YoY drop in Chinese volumes on high base
-Jaguar discounts increased whereas landrover saw a decline in February
-Expect JLR’s profitability to remain strong
-Expect company to gain market share in domestic PV segment

Sensex Today | 6.81 million shares of NTPC traded in a bunch: Bloomberg

Stock Market LIVE Updates | 4.95 million shares of Axis Bank traded in a bunch: Bloomberg

Sensex Today | Zee Entertainment has 2.39 mln shares traded in bunch: Bloomberg

Sensex Today | SBI has 5.9 mln shares traded in a bunch: Bloomberg

Sensex Today | M&M has 1.68 mln shares traded in a bunch: Bloomberg

Sensex Today | 1.03 million shares of Bharat Electronics traded in a bunch: Bloomberg

Stock Market LIVE Updates | MRPL appoints Mundkur Shyamprasad Kamath as Chief Executive Officer

Mundkur Shyamprasad Kamath has been appointed as Chief Executive Officer of Mangalore Refinery & Petrochemicals with effect from March 22, 2024. Currently, Mundkur Shyamprasad Kamath is the Managing Director of the company.

Stock Market LIVE Updates | Crompton Greaves Consumer Electricals gets patent for A MULTISTAGE CENTRIFUGAL PUMP WITH HYBRID DIFFUSION TECHNOLOGY

Crompton Greaves Consumer Electricals has granted patent for an invention - A MULTISTAGE CENTRIFUGAL PUMP WITH HYBRID DIFFUSION TECHNOLOGY, for 20 years with effective from October 10, 2014.

Stock Market LIVE Updates | The Insurance Regulatory and Development Authority of India (IRDAI) left surrender values for non-linked and linked policies unchanged.

Stock Market LIVE Updates | Solara Active Pharma Sciences to sell 100% shareholding in subsidiary Sequent Penems

Solara Active Pharma Sciences has received approval from the board for sale of 100% shareholding in the wholly owned subsidiary Sequent Penems.

Sensex Today | Market at 2 PM

The Sensex was down 238.94 points or 0.33 percent at 72,593.00, and the Nifty was down 46.90 points or 0.21 percent at 22,049.90. About 1378 shares advanced, 2089 shares declined, and 106 shares unchanged.

Stock Market LIVE Updates | Fire boke out near Whirlpool of India warehouse at Delhi

Whirlpool of India has informed that on 25th March 2024, a fire broke out in the Alipur area of Delhi that also spread to a warehouse in the said area where company’s products were stored. There are no human injuries or casualties and as per preliminary assessment, this unfortunate incident is not expected to have any material bearing on the operations.

Stock Market LIVE Updates | Promoter to sell 0.06% stake in Zydus Lifesciences

Zydus Family Trust, the member of promoter and promoter group of Zydus Lifesciences, intends to sell 0.06% stake (6.23 lakh shares) in the company via open market transactions, to comply with the minimum public shareholding norms.

Stock Market LIVE Updates | Hindustan Unilever complete acquisition of 22.33% stake of Transition Sustainable Energy Services One

Hindustan Unilever has completed the acquisition of 22.33% shareholding of Transition Sustainable Energy Services One (SPV) for Rs 2,23,300 for the first tranche.

Stock Market LIVE Updates | Ceinsys Tech receives work order from Industries Department Maharashtra

Ceinsys Tech has received work order worth Rs 6.4 crore from Industries Department Maharashtra (MIDC) for supply and implementation of AutoCAD Upgrade & New Multi-user License QTY 100. Meanwhile, Rahul Joharapurkar has resigned from the post of the Director and Joint Managing Director of the company with effect from March 30, 2024.

Stock Market LIVE Updates | DBS Bank picks 5.26% stake in Asian Hotels (North)

Shreya Agarwal with Suresh Kumar Agarwala and Kanta Agarwala, the public shareholders, picked 18.9% stake in Asian Hotels (North) via open market transactions on March 20.

Promoter Yans Enterprises (HK) sold 20.97% shares in the company to Shreya Agarwal and Manohar Tikamdas Ruprell on March 20, and further 6.46% stake to Narendrakumar Rameshchandra Raval on March 21.

Another promoter Fineline Holdings sold 5.26% stake in the company to DBS Bank, Singapore, and further 17.84% shares to Narendrakumar Rameshchandra Raval on March 21.

With this, Fineline Holdings and Yans Enterprises (HK) exited the company by selling personal shareholding, while as of December 2023, Shreya Agarwal held 2.98% stake in the company.

Stock Market LIVE Updates | Central Pollution control Board issues closure of operation notice to Paradeep Phosphates' plant in Odisha

The Central Pollution control Board has issued the closure of operation notice to Paradeep Phosphates' plant in Odisha due to non-compliance of certain conditions. The plant is already shutdown for annual maintenance activities. Hence, there is no major financial impact.

Stock Market LIVE Updates | KP Energy commissions 16.8MW ISTS connected wind power project at Sidhpur site in Devbhoomi Dwarka

KP Energy has commissioned 16.8MW (Phase-VIII) ISTS connected wind power project at the Sidhpur site in Devbhoomi Dwarka. This Phase-VIII commissioning is a part of the 250.8MW ISTS connected Wind Power Project capacity awarded to Apraava Energy by Solar Energy Corporation of India under Tranche-VIII bidding. KP Energy is developing the project for Apraava Energy as a contractor under the Land and Balance of Plant Contract.

Stock Market LIVE Updates | Edelweiss India Special Situations Fund II, EC Special Situations Fund, EISAF II Onshore Fund sell over Rs 60 crore worth shares of Ind-Swift Labs

Wilson Holdings bought 49.45 lakh equity shares in Ind-Swift Labs at an average price of Rs 100.25 per share via open market transactions. However, Edelweiss India Special Situations Fund II, EC Special Situations Fund and EISAF II Onshore Fund sold 60 lakh shares in the company, valuing at little more than Rs 60 crore.

Stock Market LIVE Updates | Nomura On Crompton Greaves Consumer Electrical

-Maintain neutral call, target at Rs 320 per share
-Company continues to focus on attaining long-term double-digit growth
-Growth will be driven by a focus on premiumisation across all segments
-Company believes, business can double in five years
-Company expects most channel restructuring for butterfly to complete by Q1FY25
-Premiumise, invest & drive long-term growth a step in the right direction
-Investment in multiple initiatives may keep margins lower than in the past of 13-14 percent
-Execution remains the key monitorable for butterfly
-We expect a revenue CAGR of 11 percent over FY24-26
-Factor in EBITDA margin improving from 10 percent in FY24 to 11.7 percent in FY26

Stock Market LIVE Updates | Wonderla Holidays gets board approval for setting up adventure park as expansion of Bangalore resort

Wonderla Holidays has received in principle approval from the board for exploring the possibility of setting up an adventure park as expansion of Bangalore resort. It will evaluate the financial viability of adventure park.

Stock Market LIVE Updates | Indoco Remedies subsidiary commences commercial production of pharmaceutical intermediates

Warren Remedies, a wholly owned subsidiary of Indoco Remedies, has commenced its commercial production from its greenfield manufacturing facility at Aurangabad, Maharashtra to manufacture pharmaceutical intermediates and active pharmaceutical ingredients (APIs).

Sensex Today | Nifty Bank index down 0.3 percent dragged by HDFC Bank, ICICi Bank, SBI

Stock Market LIVE Updates | L&T to consider fund raising proposal on March 26

L&T has informed that, due to unavoidable reasons, the board would be considering the fund raising proposal in the meeting scheduled on March 26, 2024 only and the meeting scheduled on March 27, 2024 stands cancelled.

Sensex Today | 1.07 million shares of Max Healthcare traded in a bunch: Bloomberg

Sensex Today | Oil trades little changed as markets weigh Russian supply woes against weaker dollar

Oil was little changed on Tuesday, after rising in the previous session, as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks, though a slightly weaker U.S. dollar offered some support.

Brent crude futures for May slipped 6 cents to $86.69 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 4 cents to $81.91 a barrel at 0701 GMT.

Stock Market LIVE Updates | SpiceJet reaches settlement to resolve USD 90.8 million liabilities

SpiceJet and Export Development Canada (EDC) have signed a settlement agreement, the terms of which will allow the airline to clear major liabilities, leading to a comprehensive revitalization of its balance sheet. This settlement marks the biggest breakthrough in SpiceJet’s financial restructuring efforts to date.

Stock Market LIVE Updates | Dredging Corporation of India appoints Durgesh Kumar Dubey as Managing Director and CEO

Dredging Corporation of India's board of directors has given approval for appointment of Durgesh Kumar Dubey as Managing Director and CEO (additional charge), Additional Director of the company. The board also extended the directorship of S Divakar, the present MD & CEO of the company, for one month till April 29, 2024. Post joining of Durgesh Kumar Dubey, S Divakar will cease to be the MD & CEO of the company.

Stock Market LIVE Updates | Praveen Sharma resigns as SVP - Business of One 97 Communications

Praveen Sharma has resigned as SVP - Business of One 97 Communications to pursue other opportunities. He will be relieved from the services of the company with effect from March 31, 2024.

Stock Market LIVE Updates | SecMark Consultancy has entered into Software Purchase Agreement for purchase of software applications including intellectual property rights along with all right, title and interest therein with Comtek Software Systems LLP.

Stock Market LIVE Updates | Schaeffler India re-appoints Harsha Kadam as MD & CEO for three years

Schaeffler India's board of directors has given its approval for re-appointment of Harsha Kadam, as the Managing Director and CEO of the company for three years with effect from October 1, 2024. The re-appointment of Harsha Kadam as MD and CEO is subject to approval of the shareholders.

Stock Market LIVE Updates | Eicher Motors incorporates wholly owned subsidiary

Eicher Motors has incorporated a wholly-owned subsidiary - Royal Enfield Europe B V in Netherlands, to increase the non-motorcycle supply chain in Europe.

Sensex Today | India VIX up 4 percent:

Stock Market LIVE Updates | Maruti Suzuki recalls 11,851 units of Baleno and 4,190 units of WagonR

Maruti Suzuki India has recalled 11,851 units of Baleno and 4,190 units of WagonR manufactured between July 30, 2019 and November 1, 20l9. There is a possible defect in a part of fuel pump motor, which in a rare case may lead to engine stalling or engine starting issue. Meanwhile, Maruti invested Rs 1.99 crore in Amlgo Labs, a technology-led startup, for over 6.44% shareholding.

Stock Market LIVE Updates | Uno Minda enters into technical license agreement with Starcharge Energy Pte

Uno Minda has entered into technical license agreement with Starcharge Energy Pte Ltd to manufacture and sale of electric vehicle supply equipments in India. The electric vehicle supply equipments comprises of wall-mounted AC chargers designed for convenient home charging. With this partnership, Uno Minda further builds up on its EV-specific product portfolio for the passenger car market.

R K Swamy Q3 Earnings: Net profit up 16.7% at Rs 5.6 crore versus Rs 4.8 crore and revenue down 5.3% at Rs 72 crore versus Rs 76 crore, YoY.

Stock Market LIVE Updates | UltraTech Cement commissions 1 MTPA brownfield cement capacity at Roorkee, Uttarakhand

UltraTech Cement has commissioned 1 mtpa (million tonnes per annum) of brownfield cement capacity at Roorkee, Uttarakhand. With this, the capacity of said unit has been increased to 2.1 mtpa and total grey cement manufacturing capacity in India to 138.39 mtpa.

Stock Market LIVE Updates | Shipping Corporation of India transfers all its 16 non-core assets at Kolkata to Shipping Corporation of India Land & Assets

Shipping Corporation of India has transferred all its 16 non-core assets at Kolkata to Shipping Corporation of India Land & Assets. Shipping Corporation of India Land & Assets listed on the bourses with effect from March 19, 2024.

Stock Market LIVE Updates | GAIL to commission its first green hydrogen project in April, sources say

State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said.

The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added.

Stock Market LIVE Updates | Exide Industries invests Rs 110 crore in Chloride Metals via subscription of equity shares on rights basis

Exide Industries has invested Rs 110 crore subsidiary Chloride Metals through subscription of equity shares, on rights basis. There is no change in the shareholding percentage of the company in Chloride Metals post investment. Meanwhile, Chloride Metals has received an income tax assessment order for assessment year 2022-2023 which has resulted in a tax demand of Rs 133.03 crore.

Stock Market LIVE Updates | Shares of IIFL Finance and JM Financial were trading lower after the Reserve Bank of India announced that it will conduct a special audit of both these companies, reported CNBC.

Stock Market LIVE Updates | Sundaram Finance to consider fund raising via debt on March 29: Bloomberg

Stock Market LIVE Updates | Green Portfolio buys 1.22% stake in Sejal Glass

Investor Green Portfolio bought 1,23,699 equity shares (equivalent to 1.22% of paid up equity) in Sejal Glass at an average price of Rs 330.4 per share, while Chandrakant Vallabhji Gogri, the part of promoter group, offloaded 1,51,931 shares (1.5% stake) at an average price of Rs 330.55 per share.

Stock Market LIVE Updates | Promoter Subir Malhotra sells 3.29% stake in Capacite Infraprojects

Promoter Subir Malhotra sold 25.25 lakh equity shares in Capacite Infraprojects (equivalent to 3.29% of paid up equity) via open market transactions. Investor Paragon Partners Growth Fund sold 7.5 lakh shares in the company at an average price of Rs 275 per share.

However, Valiant Mauritius Partners Offshore and Valiant Mauritius Partners bought 37,69,108 equity shares (equivalent to 4.91% of paid up equity) at an average price of Rs 274.92 per share, valuing at Rs 103.62 crore.

Stock Market LIVE Updates | Morgan Stanley View On Insurance

-Final surrender value norms seem manageable on initial read
-Final norms are largely unchanged versus existing norms
-Initial discussions w.r.t surrender value suggest low risk to VNB margin
-Expect HDFC Life to perform better in the near term

Stock Market LIVE Updates | Ujjivan Small Finance Bank ties-up with Veefin Solutions

Ujjivan Small Finance Bank enters into a strategic partnership with Veefin Solutions, a leading Supply Chain Finance (SCF) solutions provider, to offer robust supply chain finance offerings, to meet the working capital needs for MSMEs.

Sensex Today | Interglobe Aviation shares at record high

Stock Market LIVE Updates | Arindom Rao has been appointed as the Chief Financial Officer of Bengal Tea by the Board of Directors at their board meeting held today.

Stock Market LIVE Updates | Fortis Healthcare subsidiary receives income tax demand notice of Rs 89.53 crore

Fortis Hospitals, a material subsidiary of Fortis Healthcare, has received an income tax assessment order for Assessment Year 2022-23. The Income Tax Department raised a demand of Rs 89.53 crore. The company is evaluating the said order and will take appropriate actions in due course.