Sensex ends 280 pts up; bank stocks gain post SC verdict in moratorium case

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each

4:33 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets continue to trade volatile and ended half a percent higher. After a sluggish opening, the benchmark oscillated in a range initially however the SC judgment on the moratorium case lifted sentiment as the day progressed. Consequently, the Nifty index ended with gains of 0.5% at 14,815 levels. On the sector front, except for metal and oil & gas, all the other sectoral indices ended with gains wherein banking, capital goods and realty were the top gainers. The broader indices too showed decent traction.

 

We feel banking might help the index to inch further higher but negative sentiment due to the rise in the COVID cases and mixed global cues would cap the upside. We reiterate our cautious approach and suggest preferring hedged positions.  

4:20 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices ended higher in another volatile session on March 23 after making an intra day low at 1130 Hrs. At close, the Nifty 50 index ended 0.53% or 78 points higher at 14,815

 

Nifty seems to have halted the upmove seen over last three sessions, though temporarily. After a brief correction, it could resume its gradual grind upwards. 14598-14707 could provide support while 14879-14919 could offer resistance over the next 1-2 sessions.

 

 

4:13 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index managed to close a day above 14800 zone with gains of half per cent and formed a small bullish candle on the daily chart. The index has formed a broader range of 14500 on the downside and 15300 on the higher side and going forward also we may see prices to trade in the same range, recently prices touched lower band and started moving northwards if current levels are held then we may see next leg of rally towards previous swing highs

4:04 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic market ended the day on a strong footing supported by a rally in banking stocks amidst weak cues from global markets. Sentiments in the banking stocks were lifted post Supreme Court’s order against granting interest waiver and extension of moratorium period. While its decision to not charge compound interest added a minor concern in the banking space. In the global space, European markets pulled back as rising covid infections reflected lockdown worries

3:49 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls have come a long way exactly one year after markets made a low same day last year. Many segments like 2-wheelers etc across sectors have seen stock prices rise manifold in this one year. Tuesday's trade witnessed Cement stocks continue their upward momentum for the second consecutive day after the lower house approved the amendments to the MMDR Act. With the interest waiver case on loan moratorium decided today, investors value picked on PSU banks selectively. In the broader market, Fertiliser stocks  saw demand on receipt of subsidy payments

3:48 PM

BSE Snapshot

3:46 PM

Broader market check :: MidCap index outperforms headline indices

3:45 PM

Sectoral trends on the NSE :: PSBs outrun, metals slide

3:42 PM

Sensex Heatmap at Close

3:41 PM

Indices clock choppy trade

3:36 PM

CLOSING BELL

The BSE barometer settled at 50,051 levels, up 280 points or 0.56 per cent. The Nifty, on the other hand, was at 14,815 levels, up 78 points or 0.53 per cent. 

 

3:29 PM

Oil sector PSUs to set up InvITs as part of asset monetisation drive

After power, the country's oil sector PSUs would now float an infrastructure investment trust (InvIT) as part of the asset monetisation exercise announced by the government and mobilise resources for fresh capital investment.

 

As part of the exercise, gas transportation utility Gail India is expected to set up the gust InvIT in the oil sector in the next financial year. The proposed InvIT will house some of the gas pipeline infrastructure created by the company. READ MORE

3:19 PM

NEWS IMPACT :; HG Infra jumps over 10% on winning new order from NHAI

3:12 PM

BREAKING :: Cabinet approves vaccination for people above 45 years from April 1

>> Prakash Javadekar says, Urge all above the age of 45 to register & get themselves vaccinated from April 1

 

>> There are enough vaccines available & there should not be any concern on this

3:04 PM

NEWS ALERT :: IDBI Bank to consider Rupee Bond borrowings limit of Rs 8,000 cr for FY22 on March 26

3:02 PM

MARKET UPDATE:: HDFC Bank, ICICI Bank, RIL among top contributors to Sensex's 400-pts gain today

2:56 PM

Glenmark gets USFDA nod for generic high blood pressure drug

Drug firmGlenmark Pharmaceuticals on Tuesday said it has received approval from the US health regulator for its generic Diltiazem Hydrochloride extended release capsules used for treatment of high blood pressure.

 

The company has received final approval from the United States Food & Drug Administration (USFDA) for Diltiazem Hydrochloride extended-release capsules USP, in the strengths of 60 mg, 90 mg, and 120 mg, Glenmark said in a statement. READ MORE

2:46 PM

Is IPO euphoria fading? GMPs of recent issues slide ahead of listing

A correction in the secondary market along with a disappointing performance by the recently listed initial public issues (IPOs) has dented the grey market premiums for the shares of companies that are up for listing over the next few days. In the past few weeks, the benchmark indices have corrected somewhat amid concerns over rising Covid cases and a spike in bond yields which has dampened the risk appetite for investors, according to analysts. READ MORE

2:34 PM

Sebi appoints forensic auditor to vet financial statements of Suzlon Energy

Suzlon Energy on Tuesday said market regulator Sebi has appointed forensic auditor to carry out forensic audit of its financial statements. "The company is in receipt of a letter from the Securities and Exchange Board of India (Sebi) dated March 22, 2021, informing the company that it (Sebi) has appointed the forensic auditor to carry out forensic audit with respect to the financial statements of the company," it said in a regulatory filing. 

 

(Source: PTI)

2:28 PM

MARKET UPDATE:: Sensex near day's high

2:26 PM

Tale of two countries: India's Covid-19 trajectory is similar to the US'

India on Monday saw another massive surge in daily coronavirus infections, with nearly 50,000 cases being reported in a day. While about two-thirds of these infections were from Maharashtra alone, cases in other states also saw an increase.

 

This late surge came days after India’s coronavirus situation appeared to be thawing: Just 20 days earlier, the country’s daily cases had been in the ballpark of 12,000. India has differed from the US, the country most affected by the pandemic, in its approach to handling the virus — the burden of cases in proportion to population is much lower in India. But it seems to be following the same trajectory as the US in so far as the second wave of Covid-19 infections is concerned. READ MORE

2:17 PM

Alkyl Amines surges 12%, hits fresh high ahead of stock split

Shares of Alkyl Amines Chemicals rallied 12 per cent to Rs 5,990, also its new high on the BSE in intra-day trade on Tuesday ahead of the sub division of face value of equity shares from Rs 5 to Rs 2. On Friday (March 19), the specialty chemicals maker announced that it has got the shareholders' approval for the stock split. READ MORE

2:07 PM

Phillips Carbon in focus

>> Icra Rating upgrades long-term credit rating from 'AA-' to 'AA'

>> Outlook upgraded to 'stable'

2:06 PM

European markets check

(Source: Reuters)

2:00 PM

After govt's intervention, Sebi eases valuation norms for AT-1 bonds

In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022, and would be increased to 20 and 30 years over the subsequent six-month period. And from April 2023 onwards, the residual maturity of AT1 bonds will become 100 years from the date of issuance of the bond. READ MORE

1:50 PM

SBI, HDFC Bank: How to trade banking stks post SC's loan moratorium verdict

BANKNIFTY: The index has broken below its 50-day moving average (DMA), currently placed at 34,390 levels. Until the index conquers this resistance, the upside bias may remain muddled. The next resistance comes at Rs 34,900 levels. Nevertheless, until the index holds above 33,000 levels, the upside breakout above the 50-DMA may see an added interest of market participants, as per the daily chart. READ MORE

1:36 PM

AstraZeneca may have used outdated info in coronavirus vaccine trial: US

Results from a US trial of AstraZeneca's COVID-19 vaccine may have used "outdated information," US federal health officials said in a statement early Tuesday.

 

Late Monday, the Data and Safety Monitoring Board said in a statement that it was concerned that AstraZeneca may have provided an incomplete view of the efficacy data. READ MORE
 

1:24 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

1:13 PM

Loan moratorium case: SC verdict may hit banks in short-term, say analysts

The Supreme Court (SC) pronouced verdict on loan moratorium case on Tuesday and declined to extend the six months loan moratorium, observing further that the waiver of complete interest is not possible. The apex court said that the waiver of complete interest is not possible as it affects depositors. However, it said that any amount collected as compound interest shall be adjusted to the next installment payable instead of refunding it to the borrower irrespective of the loan amount. READ MORE

1:01 PM

Moratorium verdict: Prepare for shock when a more realistic picture emerges

The coronavirus (Covid-19) pandemic led to many financial relief measures, which complicates the assessment of banking performance. The Reserve Bank of India (RBI) offered a moratorium on bank loans for the period April-August 2020. In September, the Supreme Court (SC) issued a stay order on a proposal to extend the moratorium. It also directed banks to not tag any bad loans as “NPAs” (Non-performing assets) until and unless the loan was already declared an NPA by August 31. READ MORE