Sensex snaps 2-day winning run, slips 289pts; Nifty below 17100; banks fall

CLOSING BELL: Selling in heavyweights like SBI (down 2 per cent), HCL Tech, Infosys, Reliance Industries, HDFC Bank, HDFC, and ICICI Bank weighed on the benchmarks

4:13 PM

COMMENT:: 50 bps rate hike by Swiss National Bank dampen mood

"Although the Fed's decision to increase rates by 25 basis points was in line with expectations, concerns were raised by the US Treasury Secretary's statement that blanket insurance for all deposits was not being considered. The domestic market attempted to recoup its initial losses with the help of favourable US futures as the Fed hinted at its plan to pause rate hikes sooner. However, the recovery was short-lived due to a sluggish start in the European market led by a 50 bps hike by the Swiss National Bank."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:13 PM

COMMENT:: Nifty to remain sideways between 16,720 - 17,500

“The Nifty Index will remain in a sideways territory between the levels of 16,720 on the downside and 17,500 on the upside. A decisive candle close beyond these levels is what would decide the next course of direction for the Index. For the coming monthly expiry, the 17,000 PE did not shed any OI today, in spite, of this fall in the Index indicating that expiry traders are not expecting the market to go significantly below the 17,000 level."

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform
 

4:09 PM

Global Surfaces makes stellar debut; soars 22% premium over issue price

It earns 99% of its revenues from overseas markets like US, Canada and the Middle East. Segment wise, engineered quartz make for 83% of its revenue while natural stones make for 17%. READ MORE

4:07 PM

Tega Industries rallies 6.5%, hits 52-week high on strong growth prospects

Last month, National Company Law Tribunal (NCLT) approved Tega's Resolution Plan for the acquisition of McNally Sayaji Engineering through Corporate Insolvency Resolution Process (CIRP). READ MORE

4:04 PM

Hindustan Aeronautics sheds 5% as govt offloads partial stake via OFS

The government will be offloading 3.5 per cent stake in the company through an Offer for Sale at Rs 2,450 per share from March 23 - 24, 2023. READ MORE

4:02 PM

GR Infra jumps over 6% on emerging L-1 bidder for Rs 872 cr project

Shares of GR Infraprojects jumped over 6 per cent in Thursday's trade, after the company emerged as the L-1 bidder for a six-lane project worth Rs 872.17 crore in Maharashtra. READ MORE

4:00 PM

Infosys nears 52-week low; stock slips 12% in one month on growth concerns

Following recent developments around bankruptcy of Silvergate, SVB and Signature Bank in the US and UBS-CS merger will likely lead to further curtailing of discretionary tech spends in the near term. READ MORE

3:58 PM

Nazara Tech jumps over 3% intra-day on buying majority stake in Pro Football Network

Brokerage firm ICICI Securities has a 'Buy' rating on the stock with a target price of Rs 700 per share. READ MORE

3:56 PM

VA Tech Wabag rallies 6.5%, hits 3-month high on strong growth outlook

The company has won a design, build and operate (DBO) order in Bangladesh worth Rs 800 crore, fully funded by World Bank & AIIB. READ MORE

3:54 PM

Star Cement soars 5.7%, nears 52-week high on heavy volumes

The long-term demand prospects remain positive given the government's thrust on the affordable housing and infrastructure segments, ICRA said. READ MORE

3:52 PM

Market Breadth was negative; 192 stocks hit 52-week lows

3:50 PM

BSE Smallcap Heatmap:: SPARC, JK Tyre zoom over 11%; Vakrangee slumps 9%

3:48 PM

BSE Midcap Heatmap:: Gland Pharma, Oil India shine; HAL, Page Industries whine

3:44 PM

Nifty PSU Bank index drops 1.7%; Bank of Baroda, PNB, SBI slide

3:42 PM

Broader indices fall in tandem with benchmark Nifty 50; India VIX dips 2%

3:40 PM

Nifty 50 Losers:: SBI, Bajaj Auto, HCL Tech decline over 1.5%

3:39 PM

Nifty 50 Gainers:: Hindalco, Maruti, Nestle advance over 1%

3:36 PM

Sensex 30 Heatmap:: 13 Gainers v/s 17 Losers

3:34 PM

CLOSING BELL:: NSE Nifty50 declined 75 points to 17,077

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends 289 points lower at 57,925

3:25 PM

ICRA upgrades outlook on infra finance firms to 'positive' from 'stable'

The revised industry outlook reflects expectation that the enhanced performance witnessed in FY23 will continue in FT24. This is in backdrop of improved solvency profile, loan book growth in the near term and better asset quality and earnings profile, said ICRA in a statement. READ MORE

3:14 PM

No rerating yet for diagnostic players despite price hikes as margins fall

After December quarter results, which were a mixed bag, and muted near term outlook of listed diagnostics players, brokerages have cut their estimates for FY24. They expect volumes and realisations to be under pressure given weakness in Covid-adjusted test volumes and higher competitive pressures. READ MORE

3:05 PM

Global Check:: US, UK stock futures head north a day after Fed rate hike

Source: Investing.com

2:56 PM

FM Nirmala Sitharaman likely to meet CEOs of PSU Banks on Saturday

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks on March 25 for performance review in the backdrop of failure of few banks in the US. READ MORE

2:44 PM

Star Cement soars 11%, nears 52-week high on heavy volumes

The long-term demand prospects remain positive given the government's thrust on the affordable housing and infrastructure segments, ICRA said. READ MORE

2:32 PM

BSE 500:: Hindustan Aeronautics, Vedanta, SCI among top losers

Hindustan Aeronautics down 4.9 per cent was the top loser among the BSE 500 stocks. Vedanta, Gujarat Ambuja Exports, Shipping Corporation of India, Saregama India and Page Industries down 3 - 4 per cent each were the other prominent losers so far on Thursday.

2:23 PM

US serves notice to Coinbase for allegedly breaking securities laws

The SEC gave Coinbase a "Wells notice" regarding an undefined portion of its listed digital assets, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation. READ MORE

2:12 PM

NSE, BSE to put Adani Power under short term ASM again starting today

The move also comes close on the heels of the two exchanges moving Adani group stocks -- Adani Green Energy and NDTV -- from the second stage of the long-term ASM framework to Stage I on Monday. READ MORE

2:03 PM

Global Check:: Hang Seng shines, rallies over 2% among Asian peers

Source: Yahoo Finance

1:52 PM

Tega Industries rallies 8%, hits 52-week high on strong growth prospects

Last month, National Company Law Tribunal (NCLT) approved Tega's Resolution Plan for the acquisition of McNally Sayaji Engineering through Corporate Insolvency Resolution Process (CIRP). READ MORE