Market bounces back: Sensex gains 335 pts; Adani Group, rail shares shine

Market wrap on March 14, 2024: Beaten down BSE PSU and CPSE indices surged up to 3 per cent led by gains in rail stocks; Adani Group shares surged up to 11%

3:51 PM

Tech View :: 'Nifty Bank has formed Doji candle'

The Bank Nifty index witnessed a continued struggle between bulls and bears, resulting in a doji candle formation on the daily chart, indicating market indecisiveness.

Immediate resistance is noted at the 47,500 mark, and a conclusive break above this level on a closing basis would signal a resumption of upward momentum towards all-time highs.

Conversely, the lower end support is situated at the 46,700-46,500 zone, and a break below this level on a closing basis could intensify downward momentum towards the 46,000 mark

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:50 PM

Tech View :: 'Nifty's next resistance seen at 22,200'

The sentiment remains negative as the Index consolidated around the lower half of the previous session's candle on the daily timeframe. Additionally, the index has closed below the 21EMA with a bearish crossover in the RSI.

However, bulls managed to push the Nifty back into the rising channel by the session's end, suggesting a possibility of a bullish trend reversal.

Looking ahead, the Nifty could encounter resistance in the 22,200-22,250 zone. Clearing the resistance at 22,250 might propel it towards 22,500 in the near term. Support levels are situated at 22,050-22,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Comment :: What led to today's bounce back?

The market was able to recover half of last trading day’s sell-off as leverage based square-off neutralised it, while institutional buying sustained the buoyancy.

Domestic economic data wholesale price inflation (WPI) eased to four-month low at 0.2% YoY in February, bringing ease to upcoming CPI trajectory, a relief for future rate cuts. 

The broader market is outperforming the headline indices, taking advantage of Mid and Small cap as a bargaining strategy.

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

3:41 PM

Currency check :: Rupee ends 4 paise stronger

3:40 PM

Buzzing stock :: Gopal Snacks settles 10% lower than issue price on debut day

>> Stock opened at Rs 350 on the BSE

>> Issue price was set at Rs 410

3:39 PM

Broader market check :: SmallCap index surges 3%, MidCap over 2%

3:37 PM

Sectoral trends :: Pvt banks edge lower, all other indices rally

>> IT, Media, Metal indices gain 2% each

>> Auto index up 0.87%

3:35 PM

Sensex Heatmap :: IT, Airtel, L&T shares lend support

3:34 PM

Closing Bell :: Nifty ends near 22,150 on weekly F&O expiry day

3:33 PM

Closing Bell :: Sensex rebounds after Wednesday's selling, ends over 300 pts up

3:23 PM

Rail stocks: IRFC, IRCON, Texmaco Rail rally up to 15% on heavy volumes

Shares of railway related sectors have rallied by up to 15 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes on value buying. READ MORE

3:13 PM

TCS announces deal to 'transform' Danish firm Nuuday's IT infrastructure

Tata Consultancy Services (TCS) will implement a cloud transformation project for Nuuday, a Danish digital connectivity and communications provider, as part of a multi-million-dollar deal, said the Indian information technology (IT) services company on Thursday. READ MORE

3:00 PM

ALERT:: Praveg wins contract from Lakshadweep Tourism dept.; stock soars 8%

Praveg has received work orders, from Department of Tourism, U.T. Administration of Lakshadweep for Development, Operation, Maintenance and Management of 200 tents at Thinnakara Island, UT of Lakshadweep and 150 tents at Bangaram Island, UT of Lakshadweep, the company said in a release to the BSE.

2:42 PM

ALERT:: Goa Carbon receives tax notice of Rs 3 lakh; stock up 3%

Goa Carbon in an exchange filing said the company has received assessment orders and demand notices Goa State Tax Office, under the Goa Cess on Products and Substances Causing Pollution (Green Cess) Act, 2013, amounting to Rs 3.06 lakh.

2:26 PM

Market check:: BSE CPSE index up 2.3% day after 7% crash

2:11 PM

ALERT:: Titan Intech to consider bonus issue on March 27; stock jumps 3%

Titan Intech in an exchange filing said, the company's board is scheduled to meet on March 27 to consider and approve a proposal for Bonus issue of equity shares.

1:53 PM

ALERT:: Synergy Green board okays rights issue of up to Rs 49 cr; stock soars 9%

Synergy Green Industries board today approved issue of equity shares on a right basis up to Rs 49 crore.

1:36 PM

NTPC crosses 400 bn units power generation mark in FY24, eyes green energy

State-owned NTPC on Thursday said its electricity generation has crossed 400 billion units (BU) this fiscal year. READ MORE

1:20 PM

'Investors should take 3-5 year view when investing in small, midcaps'

Markets are evenly poised, anticipated rate cuts can provide positive impetus to the market going forward, believes Suresh Soni, CEO of Baroda BNP Paribas Mutual Fund. READ INTERVIEW

1:03 PM

SMS Pharma soars 16% on positive biz outlook; zooms 60% so far in 2024

The stock is now seen trading close to its 52-week and all-time high registered in March 2024 and August 2021, respectively. READ MORE

12:45 PM

Wholesale inflation eases to 0.2% in Feb, food inflation rises marginally

The wholesale price index (WPI)-based inflation eased in January to 0.2 per cent from 0.27 per cent in the preceding month. READ MORE

12:29 PM

Indian Hume Pipe surges 18% on winning work order worth Rs 228 crore

The company in association with AMR India and Shoda Constructions has secured a Rs 1,138 crore work roder related to water supply projects & sewerage projects under AMRUT 2.0 by Government of Telangana. READ MORE

12:16 PM

ALERT :: February WPI comes at 0.2% vs 0.27% MoM

12:04 PM

Market Check :: Sensex zooms 500 pts on Fitch upgrade, RBI rate cut hope

>> Fitch raises FY25 GDP growth estimate

>> Expects RBI to cut rates by 50 bps

12:00 PM

SpiceJet soars 8% on securing 10 aircraft ahead of summer schedule

SpiceJet has been, recently, settling claims with aircraft lessors. Last week, it announced the successful resolution of a $49.8 million (Rs 413 crore) dispute with Echelon Ireland Madison One Ltd, resulting in savings of $48 million (Rs 398 crore) and the acquisition of two airframes.  READ MORE

11:49 AM

ALERT :: Antony Waste arm secures order worth Rs 77 crore

>> One of the company's material subsidiary, Antony Lara Enviro Solutions Private Limited, has been awarded contract of Processing of Legacy Waste through Bio-remediation / Bio-mining and Re-development of existing Sanitary Landfill Cells at CIDCO's MSW facility at Village Chal near Taloja, MIDC by CIDCO.

>> Check details here

11:33 AM

ALERT :: Fitch raises India FY25 GDP forecast To 7% from 6.5% earlier

>> Prospects for EMs, except China, have brightened, especially India

>> FY24 GDP growth seen at 7.8%

11:25 AM

SJVN zooms 8% on signing solar power project worth Rs 2,700 crore

The solar project is set to be commissioned in a period of 18 months or by November 2025. This is expected to generate 1,271.07 million units in the first year after commissioning and the projected cumulative energy generation over a period of 25 years would be about 29,245.40 million units. READ MORE

11:12 AM

ALERT :: Ashoka Buildcon enters into SPA with GVR Infra Projects, GVR Ashoka Chennai ORR

>> Ashoka Buildcon Limited has entered into a share purchase agreement with GVR Infra Projects Limited and GVR Ashoka Chennai ORR Limited for the acquisition of 94.5 million equity shares held by GIPL in CORR, constituting 50% of the share capital of CORR, for a consideration of Rs.185 crore.

>> Post-acquisition of 50% equity shares held by GIPL, CORR would become wholly-owned subsidiary of the company with effect from the date of acquisition
.

10:57 AM

ALERT :: SpiceJet finalises lease agreement for 10 aircraft

>> SpiceJet has finalised lease agreements for 10 aircraft as part of its efforts to augment capacity in preparation for the upcoming summer schedule.

>> SpiceJet has received three airframes as part of recent settlement agreements, further strengthening its fleet capabilities.

>> These settlements with key aircraft lessors have also resulted in savings of Rs 685 crore for the airline.