Bull run continues for 3rd day; Sensex ends 254 pts up; IT, metal stks jump

Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.8 per cent higher, followed closely by the Nifty IT index (up 1.6 per cent).

4:49 PM

ALERT

Markets shall remain shut tomorrow, March 11, on account of Mahashivratri holiday

4:46 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

Today, the market closed at the level of 15170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend. Technically, the market closed above the level of 15150/51250, which could maintain the market's bullish continuation. We may see at least 15280 or 15350 levels in the near term. However, if the Nifty fails to break the 15280 level, it may send the market to consolidation between 15000 and 15280. If the index goes below 15000/50750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days.

4:38 PM

TECH VIEW :: Sumeet Bagadia, Executive Director, Choice Broking

On the technical chart, the benchmark index has sustained above the prior swing highs with the support of 21 days Simple Moving Averages. In addition, on an hourly chart, it has been trading above its 50 HMA and also showing positive crossover in Stochastic which suggests an upside move for the upcoming days. At present, the Nifty index has an immediate resistance at 15310 levels while downside support comes at 15000 levels.

4:28 PM

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

Markets traded lackluster and ended marginally higher amidst mixed cues. Initially, upbeat global cues triggered a firm start in the benchmark but lack of follow-up buying and profit-taking in the index majors capped the upside. It hovered in a range till the end however movement on the broader front kept the participants busy. Consequently, the Nifty index ended higher by 0.5% at 15,178 levels. On the sector front, IT, Auto and Capital Goods were the top gainers. The broader indices performed in line with the benchmark wherein both Midcap and Smallcap ended higher by 0.8% and 1% respectively.

 

Nifty has been hovering within the 14,900-15,300 zone and a decisive break on either side would trigger the next directional move. Meanwhile, traders have no option but to limit their leveraged positions and maintain a stock-specific trading approach. The upcoming macroeconomic data i.e. IIP and CPI combined with cues from the global markets will dictate the trend ahead.

 

4:19 PM

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

Indian Benchmark equity indices ended higher for the third consecutive session on Mar 10, the weekly derivatives expiry day.  Nifty opened gap-up and made the intra day high in the first 5 minutes of trade. It later remained in the 15123-15218 band through the day. At close, the Nifty was up 76.40 points or 0.51% at 15,174.80.

 

Volumes on the NSE were much below recent averages hinting at limited institutional participation. Among sectors, Metals, IT, Pharma, Auto gained the most while PSU Bank fell marginally.

 

Nifty managed to close in the positive amidst lower volumes on March 10. Advance decline ratio improved. Nifty could now face resistance at 15273, while 15092-15126 band could provide support on Friday.

4:07 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed yet another day of lackluster movement. Nifty 50 Index is still trading below the resistance level of 15250. The expected level should range between 14900 and 15250, and it’s going to crucial for the short-term market scenario to stay above the 14900 levels. While it is subject to further price action evolution, It is suggested prudent to wait for a decisive breakout above 15250 and technical factors to improve before going long in the market. The traders are advised to refrain from building a new buying position until further improvement.

4:00 PM

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

Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation. As per the data published by the Federation of Automobile Dealers Association, the retail sales for February grew 10.59% YoY after reporting a 4.4% decline in January keeping the outlook for the sector intact. However, two-wheeler, three-wheeler and commercial vehicles continued to see sluggish demand. Buying interest was broad-based led by IT, pharma and metal stocks

3:55 PM

SHAKERS AND MOVERS ON D-ST :: S Ranganathan, Head of Research at LKP Securities

With Technology stocks doing well on NASDAQ the day clearly belonged to Midcap IT as the street demonstrated increased appetite today for Technology. Broader markets witnessed good investor interest in Metal stocks. Several Small-Cap names across sectors were sought after as a lower interest rate scenario is seen beneficial to them

3:55 PM

Market stats

3:53 PM

SECTOR WATCH :: Tech stocks breaking away from sideways movement

3:50 PM

STAR PERFORMER :: Metal counters gained traction during fag-end of the session; index ends as top gainer

3:49 PM

Volatility check

>> India VIX index dropped 7.7% today to end at 20.75 levels.

3:46 PM

Broader marker check :: S&P BSE SmallCap outperforms benchmarks

3:44 PM

Nifty gainers of the day

3:41 PM

Stocks that lifted Sensex today

3:40 PM

Sectoral trends on NSE at Close

3:38 PM

Sensex Heatmap at Close

3:32 PM

CLOSING BELL

Amid a fall in volatility, the benchmark S&P BSE Sensex advanced 254 points, or 0.5 per cent, to end at 51,279 levels. On the NSE, the Nifty50 index ended at 15,175 levels, up 76 points or 0.51 per cent. The Sensex and the Nifty hit their respective intra-day highs of 51,430 and 15,218.

3:28 PM

Stock of this packaging firm has soared 59% in 8 trading sessions of March

Taking note of the heavy volume on the counter, the BSE sought clarification from Jindal Poly Films on March 8 with reference to significant movement in price, "in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded". The reply, however, is awaited. READ MORE

3:21 PM

NEWS ALERT :: Quick Heal Board approves share buyback of 9.85% equity

>> Buyback will be at Rs 245 per share for 63.26 lakh equity shares

>> Total buyback amount is Rs 155 crore

>> Buyback amount is at 34% premium

3:08 PM

MARKET CHECK :: S&P BSE MidCap index outruns benchmarks

2:57 PM

Graphite electrode makers in focus; Graphite India, HEG rally up to 10%

Shares of graphite electrode (GE) manufacturers, Graphite India and HEG, were in focus, surging by up to 10 per cent, on the BSE on Wednesday on expectation of the pick-up in steel production globally is expected to drive demand for GEs.  Shares of Graphite India hit a 52-week high of Rs 517.40, rallying 10 per cent on the BSE in intra-day trade on the back of heavy volumes. HEG's stock soared 9 per cent to Rs 1,635, trading close to its 52-week high of Rs 1,645.80, touched on March 3. READ MORE

2:46 PM

NEWS ALERT :: US FDA completes audit of Dr Reddy's API mfg plant in Middleburg, New York

>> US FDA has issued Form 483 with 3 observations. Co does not have any sales from plant

2:40 PM

India's retail inflation probably rose in February: Reuters poll

India's retail inflation probably rose in February as food and fuel prices went up but remained within the Reserve Bank of India's target range for a third straight month, a Reuters poll predicted. The March 5-9 poll of over 50 economists showed retail inflation climbed to 4.83% in February from January's 4.06%.

 

(Source: Reuters)

2:32 PM

ECONOMIC PULSE | Revenue deficit grant of Rs 6,194 cr released to 14 states: Govt

The union government on Wednesday released the 12th and final monthly instalment of revenue deficit grant of Rs 6,194.09 crore to the states.

 

With the release of this installment, a total amount of Rs 74,340 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year, the ministry of finance said in a statement. READ MORE

2:24 PM

NEWS ALERT :: Lupin launches generic version of Alinia

- Lupin today announced the launch of the authorized generic version of Alinia® (nitazoxanide) Tablets, 500 mg of Romark Laboratories, L.C. 

 

- Nitazoxanide Tablets, 500 mg (Alinia®) had estimated annual sales of $56 million in the U.S. 

 

 

 

2:15 PM

SIAM Feb Data

>> Utility vehicle sales up 45.4% YoY

>> Passenger car sales up 4.4% YoY; total passenger sales up 17.9% YoY

>> 2-W sales up 10.2%; Motocycle sales up 11.5% YoY

2:10 PM

IPO Update :: Easy Trip IPO subscribed 66 times so far; issue closes today

> As of 2.10 pm, the issue had received bids for 99,62,75,760 shares vs 1,50,80,644 shares on sale

(Source: NSE)

2:00 PM

MTNL, HMT hit fresh 52-week highs; zoom up to 78% in two weeks

Shares of two state-owned companies, Mahanagar Telephone Nigam Limited (MTNL) and HMT rallied up to 17 per cent on the BSE in intra-day trade on Wednesday, hitting their respective fresh 52-week highs, amid heavy volumes. In the past two weeks, these stocks have zoomed up to 78 per cent, against less than 1 per cent gain in the S&P BSE Sensex. READ MORE

1:51 PM

BS Opinion :: Shareholders vs stakeholders, once more

Have we been too early in celebrating the end of the profit-maximising corporation and the advent of stakeholder capitalism? Perhaps not.

 

After all, some 50 years have passed since Milton Friedman writing in the New York Times had baldly stated that the social responsibility of business is to maximise profits—a long enough period for any theory to start to fray. READ MORE