Sensex, Nifty end flat post range-bound day; Smallcaps shine; banks weigh

Stock market highlights on March 7, 2024: Among top large-cap gainers, Tata Steel, JSW Steel, Bajaj Finserv, Tata Motors, Bajaj Finance, ITC, Asian Paints, Neslte India, and TCS gained over 1%

4:06 PM

COMMENT:: Markets cheer faster-than-expected economic growth

"Equity benchmark indices edged higher after hitting a record high amid a firm trend in the US market and FII inflows. Moreover, faster than expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks. Meanwhile, global indices exhibited mixed sentiments, driven by the Fed’s signals of hope for a potential rate cut this year. Further clarity on the labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:04 PM

VIEW:: Nifty remains in buy on dips mode; may target 22,700 on the upside

"The Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:03 PM

VIEW:: Bank Nifty to turn bullish on close above 48,200

"Today, Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200. A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:01 PM

Market breadth was positive; 285 stocks hit upper limit, 314 lower on BSE

3:59 PM

BSE Smallcap Heatmap:: Rallis, Tata Chem zoom over 11%; IIFL Finance gains 10%

3:55 PM

BSE Midcap Heatmap:: Solar Inds, Zee jump 4%; Rajesh Exports slips over 3%

3:48 PM

Broader Market Check:: SmallCap index bounces back; VIX dips 5%

3:41 PM

Nifty50 Top 5 Movers & Shakers:: Tata Consumer, Tata Steel shine; M&M dips 4%

3:38 PM

Sensex 30 Heatmap:: 20 Gainers v/s 10 Losers

3:36 PM

CLOSING BELL:: NSE Nifty50 settles 20 pts higher at 22,494

3:35 PM

CLOSING BELL:: S&P BSE Sensex ends marginally up by 33 pts at 74,119

3:22 PM

ALERT:: US, UK stock futures marginally in red

Source: Investing.com

3:12 PM

ALERT:: Dredging Corporation inks MoU with BEML; stock hits 5% upper limit

As per a release issued by Dredging Corporation of India, the compnay & BEML haved signed MOU for Indigenous Design, Development & Manufacturing of spares for Dredgers & Joint Development of manufacturing of Dredgers. 

 

The purpose of this MOU for both the organizations is to recognise indigenisation as one of the strategic tools to achieve cost benefits and also complement their strengths to build a mutually beneficial strong technical base. Dredging would prefer to procure a substantial part of hydraulic aggregates, casting & fabrication items for their dredgers, enabling improved availability of dredgers, attain cost effectiveness and improve competitiveness in the Indian and global market.

2:59 PM

This defense stock has zoomed 144% so far in FY24, 77% post stock split

Shares of Hindustan Aeronautics (HAL) hit a new high of Rs 3,334.45, gaining 3 per cent on the BSE in Thursday's intraday trade. READ MORE

2:46 PM

What to do, what to avoid in your first equity mutual fund investment

Market investors can reduce their risk by building a diverse portfolio. READ MORE

2:35 PM

HCLTech ties up with ServiceNow for Gen-AI solutions; stock trades marginally down

HCLTech will offer consulting, design, implementation, and managed services through ServiceNow's entire suite of products, HCLtech said in a statement. READ MORE

2:22 PM

Gold and Silver can rally up to 10% on MCX, show charts

The MCX Gold futures have gained 4 per cent and Silver 6.5 per cent so far in March on hopes of interest rate cuts in the US. Chart suggests that positive bias shall prevail in the near-term. READ MORE

2:07 PM

India's surprise GDP driven by more than just one-off factors, says CEA

The surprise 8.4% surge in gross domestic product was largely due to base effects related to subsidies, which boosted the net indirect tax category, CEA V Anantha Nageswaran said. READ MORE

 

1:59 PM

China's exports, imports beat estimates, trade surplus of over $125 bn

China's exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. READ MORE

1:47 PM

IIFL, Manappuram, L&T Finance: These NBFCs can fall another 22%; here's why

Among the frontline NBFCs, Bajaj Finance looks interestingly poised, with the stock attempting to form a bottom following a 17 per cent decline since mid January, suggests technical chart. READ MORE

1:32 PM

SpiceJet resolves Rs 413 cr dispute with Echelon Ireland Madison One; stock up 4%

Cash-strapped SpiceJet has resolved its third settlement in 2 weeks with Echelon Ireland Madison One, after Cross Ocean Partners and Celestial Aviation. READ MORE

1:18 PM

Asian Market Update:: Nikkei, Hang Seng slips over 1% in mixed trade

Source: Yahoo Finance

1:06 PM

Tata Group shares rally; Tata Chem, Rallis, TTML, Tata Tech surge up to 15%

Among the Group stocks, Tata Chemicals, Tata Consumer Products, Tata Investment Corporation and Tata Steel hit their respective record highs in intra-day trade. READ MORE

12:44 PM

SingTel sells 0.8% stake in Bharti Airtel for $711 mn to GQG Partners

Singapore Telecommunications on Thursday said it has sold a 0.8% stake in India's Bharti Airtel for $950 million (nearly $711 million) to U.S. investment firm GQG Partners. The deal marks the latest effort by Southeast Asia's largest telcom operator to recycle capital, bringing the total to S$8 billion since its strategic reset in 2021. Read

12:30 PM

PSUs would likely outperform in the next 12 months: Manish Sonthalia

The small-cap universe has been in a profit booking mode over the past few sessions, with the BSE SmallCap index falling nearly 3 per cent in a week. Yet, MANISH SONTHALIA, chief investment officer at Emkay Investment Managers said in an emailed interview with Nikita Vashisht that India is likely to get Global Emerging Market (GEM) and India-dedicated flows as it is a favored investment destination globally. Read

12:18 PM

Bajaj Auto hits new high; rallies 12% in one week after robust Feb sales

Shares of Bajaj Auto rallied 3 per cent on BSE to hit a new high of Rs 8,860 in Thursday’s intra-day range-bound trade. In the past one week, the stock has surged 12 per cent after reporting a healthy 24 per cent growth in February overall sales at 346,662 units compared to 280,226 units in the year-ago period. The sharp run-up in the stock price has led to the company crossing Rs 2.5 trillion in market cap for the first time today. Read

12:10 PM

Strength in SBI stock going ahead will depend on earnings growth: Analysts

Going ahead, analysts believe the stock will remain on a gradual uptrend, catching up with the rally in other PSU stocks that have surged up to 125 per cent over the past six months. Within these, public sector banks have soared up to 115 per cent during the period. READ MORE

12:00 PM

Spectrum auction to be a muted affair as telcos already hold key bands

While Department of Telecommunications Secretary Neeraj Mittal made presentations on India’s tech and telecom achievements, including the 5G coverage, he also spoke to the media about a less glamourous subject: Spectrum, which is radio frequencies allocated to mobile phone service providers and other sectors for communication over the airwaves. The Tamil Nadu-cadre officer of the Indian Administrative Service reportedly said telecom companies were not likely to be big spenders during the upcoming spectrum auction expected in two to three months. READ MORE

11:47 AM

8 NBFCs to raise $2 bn through ECB after positive outlook for Indian firms

A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates. READ MORE

11:32 AM

Bond scion Aditi Mittal taps India mkt boom to transform her family firm

With JPMorgan Chase & Co. set to add India to its global bond indexes from June, the previously insular debt market is facing global attention. Opening up the nation’s debt market is expected to draw billions of dollars in foreign investment, with the move coinciding with recent regulatory changes that have mandated the market’s shift to electronic platforms from traditional telephone-based systems. READ MORE