Banks, IT lift Sensex 355 pts higher, Nifty atop 17,100; auto, pharma dip

CLOSING BELL: IT major TCS ended marginally in red amid high volatility a day after Gopinathan's resignation. In the broader markets, realty stocks also ended with solid gains.

4:12 PM

Comment :: 'Domestic indices took a breather in hopes of relief from the global banking turmoil'

Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps, indicating its preparedness to provide liquidity to banks upon necessity. 

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

3:57 PM

Tech View :: 'Pullback rally has some more steam left'

The Nifty witnessed a volatile day of trade today. It witnessed sharp swings in both directions and ultimately closed in the green for the second consecutive day. On the way up the 40 hour moving average and the hourly upper Bollinger band placed in the range 17,150 – 17,200 acted as a strong resistance and restricted further upside and on the way down the swing low formed at 16,850 shall act as a crucial support from short term perspective. We expect the Nifty to consolidate between these two parameters from the next few trading sessions. we believe that the pullback rally has some more steam left and the nifty is likely to carry on this positive momentum next week as well. 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:55 PM

Currency check :: Rupee closes at 82.55/$ vs Thursday’s close of 82.73/$

3:53 PM

Buzzing stocks :: HDFC Bank, HDFC gain ovr 1% each as reports say NCLT approves merger

3:51 PM

Buzzing stock :: DIPAM says IDBI Bank privatisation 'on track'; stock leaps 5%

3:50 PM

Buzzing stock :: Reliance Infra up 5% after Delhi HC ruled in company's favour

>> DMRC - Delhi Airport Metro Express Private Limited Dispute -  Delhi High Court Directs Centre, Delhi Govt to forthwith attend to DMRC's request for extension of sovereign guarantee/ subordinate debt to enable it make payment of dues to Reliance Infra-owned DAMEPL.

 

3:48 PM

Buzzing stock :: Jubilant Pharmova sprints over 12%, biggest one-day gain in over 2 years

Shares of Jubilant Pharmova Ltd. surged after the company announced that the Canadian government has approved a loan of CAD 23.8 million to part-finance the company’s capacity expansion of its manufacturing facility at Montreal.

3:46 PM

Buzzing stock :: Vedanta gains over 3% as chairman says Co has seen no default on debt

3:44 PM

Buzzing stock :: DLF up about 9% in 2 days as Co sells luxury apartments, worth Rs 8,000 cr, within 3 days

The project’s performance should be seen in the context of pre-sales of Rs 6,600 crore in 9MFY23 and Rs 7,300 crore in FY2022. The strong showing should help allay concerns on the strength of the residential up-cycle in the face of rising interest rates, according to analysts at Kotak Securities.  READ MORE

3:41 PM

Buzzing stock :: TCS sees volatile trade a day after MD resigns, ends in red

Analysts caution against the near-term volatility in the stock price as the development comes amid a challenging macro-environment including fears of a potential recession in the US READ MORE

3:40 PM

Sector check :: Realty index surges 3% as demand seen holding strength despite interest rate hikes

3:38 PM

Sector check :: Metal index rises over 2% as China cuts Reserve Requirement Ratio by 25 bps

3:36 PM

Broader market check :: Mid- SmallCap indices trail benchmarks

3:35 PM

Sectoral trends :: Metal index zooms the most, Bank, IT indices other top gainers

3:34 PM

Sensex Heatmap :: IT, banks lead index recovery; Power, Auto stocks cap gains

3:33 PM

CLOSING BELL :: Nifty holds 17,100

3:32 PM

CLOSING BELL :: Sensex sees a U-shaped session; rises over 300 pts

3:25 PM

HDFC board to consider raising funds by NCDs on Mar 27 worth Rs 57,000 cr

Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. READ MORE

3:23 PM

ALERT :: NCLT approves merger of HDFC and HDFC Bank, say reports

3:13 PM

Global Check:: US stock futures up; UK mixed

Source: Investing.com

3:03 PM

TCS, Infosys have highest exposure to US regional banks: JP Morgan

Top Indian information technology firms Tata Consultancy Services and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil. READ MORE

2:53 PM

BSE 500:: Swan Energy, Jindal Stainless, Mahindra Holiday among top losers

Swan Energy down 8.4 per cent was the top loser among the BSE 500 stocks. Jindal Stainless, Mahindra Holiday, Tube Investments and Patanjali Foods down 4 - 7 per cent each were the other major losers so far on Friday.

2:43 PM

News Alert:: Maruti announces launch of all new Brezza S-CNG

Further strengthening Maruti Suzuki's green mobility vision for India, the company has launched the All New Brezza with S-CNG technology for today’s cool new generation, the company said in a release to the BSE.

 

2:41 PM

ALERT :: China to cut reserve requirement ratio

2:37 PM

67% investors unable to beat benchmark index returns, shows data

More than two-third investors in the stock market are unable to match the returns of benchmark index while 65 per cent of the market participants were unaware of their exact stock market returns, showed a survey done by Nielsen, commissioned by Samco Securities. READ MORE

2:35 PM

ALERT :: Delhi High Court announces verdict in favour of Reliance Infra

>> DMRC - Delhi Airport Metro Express Private Limited Dispute -  Delhi High Court Directs Centre, Delhi Govt to forthwith attend to DMRC's request for extension of sovereign guarantee/ subordinate debt to enable it make payment of dues to Reliance Infra-owned DAMEPL.

2:25 PM

Further paring of stake will remain an overhang for Samvardhana Motherson

Given the Japanese company's remaining stake in SAMIL and 25.34 per cent stake in Motherson Sumi Wiring India, investors will keep an eye on the continued participation of the joint venture partner. READ MORE

2:15 PM

Market Check:: Sensex bounces back, surges 235 points

2:08 PM

NCC rallies 19% thus far in March on Rs 2,374-crore order win in February

Going forward, the management expects the gained momentum in the order inflows to continue with its strong emphasis on affordable housing, Jal Jeevan mission, roads and expressways, metro and railways. READ MORE

1:52 PM

Global Check:: Asian markets log strong gains

Source: Yahoo Finance