Sensex spurts 1000 pts; Nifty re-claims 17,300 level

The benchmark indices further extended gains in afternoon trade, supported by banks stocks. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 1,090.75 points or 1.92% at 57,907.40. The Nifty 50 index gained 325.45 points or 1.92% at 17,300.80.

Housing Development Finance Corporation (HDFC) (up 5.14%), HDFC Bank (up 2.58%) and Reliance Industries (RIL) (up 1.46%) boosted the indices.

Broader market lagged the benchmarks. The S&P BSE Mid-Cap index added 1.27%. The S&P BSE Small-Cap index rose 1.28%.

Buyers outnumbered sellers. On the BSE, 2,220 shares rose and 1,080 shares fell. A total of 135 shares were unchanged.

Economy:

A foreign brokerage has downgraded India to 'underweight' from 'neutral', saying GDP growth may disappoint, adding to the downside risks to EPS estimates. High inflation is hurting both households and businesses, the brokerage said as it noted that the MSCI India is trading at a 98% premium to the broader emerging market index. The brokerage said it retains its positive view on India's defensive pocket as a shelter for volatile times. Domestic monetary tightening cycle is key to watch, it said.

Gainers & Losers:

JSW Steel (up 5.55%), Titan Company (up 4.80%), Eicher Motors (up 4.09%) and Tata Steel (up 3.65%) were the major gainer in Nifty 50 index.

Indian Oil Corporation (IOCL) (down 1.31%), Oil & Natural Gas Corporation (ONGC) (down 1.20%), NTPC (down 0.30%), HCL Technologies (down 0.28%) and Cipla (down 0.10%) were major losers in Nifty 50 index.

Stocks in Spotlight:

BEML rose 1.51%. The company on Wednesday announced that a meeting of the board of directors will be held on Tuesday, 22 March to consider the recommendation of an interim dividend for the financial year 2021-22. The board has fixed Thursday, 30 March 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend.

Coastal Corporation jumped 5.63%. The company said its board will consider right issue of equity shares on 29 March 2022. The company in an exchange filing said that the board of the company will meet on Tuesday, 29 March 2022 to consider a proposal to issue equity shares to the existing shareholders on right basis, subject to such regulatory/statutory approvals.

Happiest Minds Technologies gained 0.96%. The company announced a strategic partnership with OutSystems, a major player in the low-code application development market. Happiest Minds and OutSystems plans to transform how enterprise software is delivered to customers. This partnership will add low-code platform to Happiest Minds' portfolio, enabling companies to develop, deploy, and manage omnichannel enterprise applications that run in the cloud, on-premise, or hybrid environments.

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