Sensex gains 350 pts; Hero Moto cracks 7%, Ruchi Soya zooms 16%

CLOSING BELL: Shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses

4:05 PM

EXPERT VIEW :: Hero Moto stock falls 7%; what to expect on Wednesday?

>> The knee jerk reaction shown today in the stock may see some recovery tomorrow provided the management gives a satisfactory clarification to the Street.

>> However, sespite the fall, the stock does not look very attractive to us in the long term mainly due to pressure on its volumes and a tepid outlook given the rise in fuel costs, slow recovery in both urban and rural markets and a 25-30% hike in acquisition costs of the two-wheelers since the pandemic started.

Views by: Ashwin Patil, Senior Research Analyst at LKP Securities

3:59 PM

TECH VIEW :: Nifty facing stiff resistance at 17,330

>> Nifty ended the session just below the resistance of 17,330.

>> The benchmark index witnessed a recovery following a hammer candle on the daily chart.

>> 17,330 may continue to act as the point of polarity.

>> A decisive move beyond 17,330 may induce a strong rally in the market.

>> On the lower end, support is visible at 17,200

Views by: Rupak De, the Senior Technical Analyst at LKP Securities

3:58 PM

EXPERT COMMENT :: What drove the markets today?

Reports of peace talks between Russia and Ukraine along with weakening crude prices helped the global markets to trade firm. Gains in the Asian markets were led by Japanese shares as the Bank of Japan maintained its ultra-loose monetary policy in order to control rising yields. Crude prices are settling following the prospects of a peace talk and in expectation of lower demand from the Chinese market due to increased Covid restrictions.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:56 PM

BSE Statistics :: Despite gains, sellers outnumber buyers on the BSE

3:55 PM

India VIX slumps about 6%

3:54 PM

STOCK UPDATE :: Top volume gainers on the BSE

3:52 PM

STOCK UPDATE :: Ruchi Soya snaps 4-day losing run

>> Ruchi Soya Industries has said that the SMSes pertaining to investments in its follow-on public offering (FPO) have not been issued by the company or its promoters. The company has filed a first information report to investigate the origin of the messages doing the rounds on social media.

3:50 PM

STOCK UPDATE :: Technical breakout lifts Adani Power

>> Stock zooms 41% in 4 days

>> Massive volume support lifting stock

>> Stock breaks above trendline support

3:49 PM

STOCK UPDATE :: IT raid hammers Hero Moto stock

>> The Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI.

 

3:47 PM

Broader market check :: BSE SmallCap index settles at 27,827, up 0.63%

3:45 PM

Broader market check :: BSE MidCap index rises 0.6%

>> Index ends at 23,852.86, up 156.94 points or 0.66%

3:44 PM

HDFC, SBI Life, ICICI Pru lift Nifty Financial index 1% up

3:43 PM

Pharma index :: 15 of the 20 index constituents surge; Ipca Labs, Abbot India shine

3:42 PM

PSU Bank index :: All constituents nosedive; Bank of Maharashtra slides 6.5%

3:40 PM

Index Contributors :: HDFC twins, Airtel, Infy lift Sensex on Tuesday

Chart

3:40 PM

Media Index worst hit today; Sun TV, Saregama buck the trend

3:38 PM

Sectoral trends on NSE :: Media, PSBs dip

3:37 PM

Sensex Heatmap :: Only 11 stocks end in the red; HDFC, Bharti Airtel top gainers

3:33 PM

CLOSING BELL

Voltility gripped the benchmark indices on Tuesday as investors stayed divided between 'buy on dips' and 'sell on rally' strategies. The frontline S&P BSE Sensex gyrated in a narrow range of around 361 points while the Nifty50 travelled within a band of 100 points.

 

By close, the 30-pack index was parked at 57,944, up 350 points or 0.6 per cent, while the broader 50-share index ended at 17,325, up 103 points or 0.6 per cent. 

 

3:26 PM

Hero MotoCorp made over Rs 1k-cr bogus expenses, I-T search reveals: Report

The Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI. READ MORE

3:17 PM

Bitcoin holds ground after touching its highest this year amid Ukraine war

Market players cited emerging signs of a new wave of adoption of crypto by institutional investors and financial firms, whose interest over the past two years has fuelled crypto's journey to mainstream asset from niche technology. READ MORE

3:05 PM

ALERT: Russia says will respond if NATO supplies air defense to Ukraine

3:01 PM

Hero MotoCorp slips 4% as report says IT dept conducted search ops

As per CNBC TV-18, the IT dept raided the company between from 23rd March till 26th March. Dept alleges that the company made bogus expenses of over Rs 1,000 crores. 

 

2:52 PM

US stock futures firmly up ahead of consumer confidence data

source: finance.yahoo.com

2:51 PM

Fertilizer shares in demand, zoom up to 20% amid supply worries

Select stocks have soared more than 50 per cent in the last one month riding the commodity boom. READ MORE

2:41 PM

India's oldest bourse BSE searches for CEO as Ashish Chauhan's term ends

The country's oldest stock exchange BSE has also embarked on a search for a chief executive and managing director as the incumbent Ashish Kumar Chauhan's term has ended. Read more

Photo: Bloomberg

2:33 PM

Commodity Heatmap :: Gold, Silver dip 1%

2:25 PM

European markets higher ahead of Russia-Ukraine talks

source: finance.yahoo.com

2:16 PM

Top index supporters in today's trade

>> The S&P BSE Sensex index is up 177 points at 57,771.

>> HDFC, Airtel are up over 2%

2:08 PM

Cryptoverse: Buoyant bitcoin helps market cruise past $2 trillion

Its comparative steadiness, versus previous performance at least, contrasts with stock markets, traditional currencies and even safe-haven gold, which have been shaken by the Russian invasion of Ukraine as well as the Federal Reserve's tightening. READ MORE