MARKET WRAP: Sensex ends 216 pts up, Nifty tops 11,340; HDFC Bank adds 2.6%

All that happened in the markets today

3:54 PM

MARKET COMMENT :: Sahaj Agrawal, Kotak Securities

Nifty has given a strong breakout and is expected remain strong going ahead. Broad based participation is seen which supportive of the positive outlook. Any meaningful correction should  be used an as opportunity to buy/accumulate. We believe 10,780 a strong trend support with targets seen at 11,800/12,500 going ahead. Banking, Industrials and Metal stocks are expected to outperform

3:41 PM

Sectoral gainers and losers on NSE

3:39 PM

Top gainers and losers on S&P BSE Sensex

3:37 PM

MARKET AT CLOSE

The S&P BSE Sensex gained 217 points or 0.58 per cent to settle at 37,752 while NSE's Nifty50 index ended at 11,342, up 40.50 points or 0.36 per cent.

3:25 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
JUST DIAL	603.70	48.20	8.68	666567
CAPLIN POINT LAB	433.00	26.10	6.41	17681
MANPASAND BEVER.	127.20	7.00	5.82	301153
CONTAINER CORPN.	525.10	23.40	4.66	70750
BOMBAY DYEING	135.00	5.60	4.33	1030094

3:16 PM

NEWS ALERT | Tech Mahindra share buyback opens on March 25 and closes on April 5

3:10 PM

NEWS ALERT | Bank of Mahrashtra to issue up to 19 crore new equity shares to employees

3:04 PM

Reliance Communications dips for the sixth day; hits new low of Rs 4.82

Shares of Anil Ambani-owned Reliance Communications (RCom) were trading lower for the sixth straight day, hitting a new low of Rs 4.82, down 6 per cent on the BSE in intra-day trade in otherwise strong market. The fall comes after the lenders claimed to have the first right over income tax (I-T) refunds. In the past six trading days, RCom has dipped 27 per cent from level of Rs 6.64 on the BSE, as compared to 4 per cent rise in the benchmark index, the S&P BSE Sensex. Thus far in the calendar year 2019, it has tanked 67 per cent and plunged 82 per cent from its 52-week high of Rs 26.25 seen on March 22, 2018. READ MORE

2:51 PM

Choice Broking on Telecom industry

We expect positive changes in the industry due to its inclination towards recovery - which can be characterized by the operators focus on returns (viz. increasing ARPU) as well as their plans to pare debt (viz. asset monetization, asset sharing, fund raising, etc.). With these strategies, operators would be in a position to strengthen their countrywide 4G networks along with margins expansion. However, profits are contingent to the operators whose focus is on both ARPU expansion and maintaining the market share. On spectrum liabilities, without government support (i.e. lower spectrum prices and other levies). 

2:36 PM

Blackstone Group's REIT seeks to raise $682 million in India listing

Embassy Office Parks REIT, backed by Blackstone Group, plans to raise about Rs 4,750 crore ($682 million) in India’s first real estate investment trust listing. The REIT, which includes Embassy Group properties, will offer as many as 158.6 million units at Rs 299 to Rs 300 apiece, according to terms for the deal obtained by Bloomberg. It will start taking orders from anchor investors on Friday before moving on to a public offering March 18 through March 20, the terms show. READ MORE

2:26 PM

NEWS ALERT | Indian Oil Corporation's Board to meet on March 19 to consider second interim dividend

2:25 PM

ACC, ITC: 14 stocks that look over-bought as per RSI, Stochastic indicators

After the near 800-point rally in the S&P BSE Sensex over the past two sessions, there are some stocks that appear over-bought on the technical charts as per two broad indicators - the Stochastic and the Relative Strength Index (RSI). Most traders view such stocks for booking profit or a fresh trade. GET THE FULL LIST HERE

2:20 PM

WEB EXCLUSIVE :: How a gritty Indian market has been rallying ahead of Lok Sabha elections

The benchmark Sensex and Nifty indices touched six months’ highs on Monday, with overseas investors pumping in close to $4 billion ahead of the general elections. Market participants whom Business Standard spoke to expect the rally to continue, as political uncertainty fades away with a recent opinion poll suggesting that the NDA government has an upper hand in government formation at the moment READ MORE HERE

2:18 PM

Titan valuations on higher side; investors need to be cautious

The stock of Titan Company hit its all-time high on Tuesday at Rs 1,096 apiece before closing at Rs 1,083; 1.4 per cent higher. While the gains came at a time when the broader indices are on an uptrend, investors are positive on Titan given the healthy earnings visibility. READ MORE

2:07 PM

NEWS ALERT | Asian Granito India to raise Rs 90 crore through preferential warrants issue

2:06 PM

Expansion, several new launches to drive growth for Tata Chemicals

Though the Tata Chemicals stock has corrected by a fourth since September last year and 10 per cent after a disappointing Q3, analysts see some respite from here on. The stock had gained almost three times in five years till September 2018, and the corrections are a good opportunity to take an exposure to the stock, say analysts. READ MORE

2:01 PM

Heatmap: S&P BSE Sensex

1:56 PM

NEWS ALERT | Nifty Bank hits 28,900

1:50 PM

Overall market valuation is in a comfortable zone: Rajeev Thakkar of PPFAS

Consumption-sector is very robust in terms of underlying growth and attractiveness of the business. However, its valuations have gone haywire. If prices become stagnant or even fall and earnings catch up, that would make the sector attractive, said Rajeev Thakkar, Chief Investment officer (CIO) at PPFAS Mutual Fund, in an exclusive interaction with Puneet Wadhwa and Swati Verma.  READ MORE

1:40 PM

VST Tillers hits 3-year low; tanks 48% thus far in FY19

Shares of VST Tillers Tractors continue to be under pressure, hitting three-year low of Rs 1,357, down 3.5 per cent, on the BSE in intra-day trade in an otherwise firm market, amid a fall in sales volumes. The stock was quoting at its lowest level since March 1, 2016 on the BSE. READ MORE

1:35 PM

Nifty broader indices

1:33 PM

NEWS ALERT | Rahul Bajaj resigns as Bajaj FinServ chairman, will be replaced by Nanoo Pamnani

1:30 PM

Just In | Jubilant FoodWorks has launched its own brand ‘Hong’s Kitchen’ with first restaurant in Gurugram

1:19 PM

Stocks that hit 52-week high on BSE500

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ASTRAL POLY	1239.35	1291.20	-1.90	-0.15
AXIS BANK	739.90	750.90	-2.35	-0.32
GUJ FLUOROCHEM	1058.00	1063.75	3.70	0.35
HDFC BANK	2226.40	2227.40	55.80	2.57
INDIAN HOTELS	154.25	156.45	3.30	2.19

1:06 PM

HDFC Bank hits all-time high of Rs 2,223 on back of heavy volumes

Shares of HDFC Bank hit an all-time high of Rs 2,223, up 2.4 per cent, to surpass its previous high of Rs 2,220 recorded on July 18, 2018 on the National Stock Exchange (NSE) in intra-day trade, on back of heavy volumes. READ MORE

12:59 PM

Nifty Metal Index is trading more than 2% lower

12:50 PM

Sectoral trends on NSE

12:41 PM

Bajaj Consumer hits 52-week low after promoter stake sale

Shares of Bajaj Consumer Care (formerly Bajaj Corp) hit a 52-week low of Rs 308, down 3 per cent on the BSE in intra-day trade on Wednesday, after the promoter Bajaj Resources sold nearly 7 per cent of its holding via open market on Tuesday. The stock had tanked 9 per cent to Rs 317 yesterday. READ MORE

12:31 PM

Most active stocks by volume (BSE500)

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
SUZLON ENERGY	6.98	-0.19	-2.65	3889029
SOUTH IND.BANK	15.14	-0.16	-1.05	3241590
REL. COMM.	4.90	-0.22	-4.30	2995667
SPICEJET	76.50	-2.30	-2.92	2630252
RELIANCE POWER	11.73	-0.19	-1.59	2280592

12:19 PM

NEWS ALERT | SpiceJet issues statment on Boeing 737 MAX

Consequent to the regulatory directive on the Boeing 737 Max, SpiceJet has already initiated grounding of its Max fleet. In order to cause least inconvenience to its passengers and also bring these aircraft to its maintenance base we expect to complete this exercise on or before 4 pm today. SpiceJet has presently announced cancellation of 14 flights for today and will be operating additional flights from tomorrow. Of the 76 planes in our fleet, 64 aircraft are in operations and we are confident of minimizing the inconvenience to our passengers and attain normalcy in our operations.

 

While a majority of passengers affected as a result of these cancellations have been accommodated by SpiceJet on alternate flights, rest have been offered a full-refund.

 

Safety and security of our passengers, crew and operations are of utmost importance to us and we are closely working with the regulator and manufacturer to resolve the matter.

 

--- Tushar Srivastava, Head of Communications, SpiceJet via Twitter