Sensex ends 454 pts lower, Nifty holds 22K; Auto, IT, Power shares weigh

Market wrap on March 15, 2024: Mahindra & Mahindra was the major loser among auto stocks, down 5%; Among others shares of oil marketing companies declined up to 6 per cent post fuel price cut.

3:54 PM

Tech View :: 'A decisive close below 21,900 may lead to sharp selling in Nifty'

The Nifty has once again closed below the rising trendline, bringing market sentiment back into a state of weakness. The momentum indicator suggests bearish momentum in the near term. Immediate support is situated at the 50DMA, currently at 21,900, which is expected to provide support for the Nifty.

A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250.

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

3:43 PM

Tech View :: 'Sell-off in Bank Nifty would intensify below this level'

The Bank Nifty index witnessed a volatile trading session, forming a doji candle that signals indecision in the market. Immediate resistance for the BankNifty index lies at 47,000, coinciding with the 20-day moving average (20DMA).

A decisive break above this level could propel the index higher towards the 47,500 mark. On the flip side, the lower end support is positioned at 46,500-46,300, where bulls are currently attempting to defend.

However, a breach below this level may intensify selling pressure in the market.

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

3:42 PM

Comment :: 'Expect rebound in mid, small-caps with strong fundamentals'

Cautiousness towards mid & small caps continued to drag market sentiment, dampening the broader market. However, the moderation in global commodity prices and the upward revision of India's GDP for FY25 are poised to highlight robust domestic demand, potentially supporting a rebound once the broader market attains stability. We anticipate continued bargain opportunities in mid- and small-cap stocks, whose valuations are underpinned by strong fundamentals

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

3:40 PM

Currency check :: Rupee ends 6 paise weaker at 82.88/$

3:39 PM

Buzzing :: OMCs bleed up to 6%, Oil & Gas index slips over 2%

3:38 PM

Broader markets :: SmallCap index scalps gains for 2nd day, MidCap under pressure

3:36 PM

Sectoral trends :: Near broad-based selling sweeps markets

3:35 PM

Sensex Heatmap :: 24 of 30 stocks slide led by M&M, TaMo, NTPC

3:33 PM

Closing Bell :: Nifty ends below 22,050

3:33 PM

Closing Bell :: Sensex resumes sell-off after a day's hiatus, drops 454 pts

3:22 PM

Star India starts arbitration against Zee over cricket broadcasting deal; Zee dips 4%

Star India has sought "specific performance" of the agreement or the payment of damages, Zee said in a statement, without providing details. READ MORE

3:08 PM

India's Feb trade deficit at $18.71 billion, consistent with forecast

In February, services exports were $32.35 billion, while imports were $15.39 billion. In January, services exports were $32.80 billion and imports were $16.05 billion. READ MORE

2:55 PM

L&T Technology Services bags $100 mn deal for Maharashtra cybersecurity

L&T Technology Services (LTTS), the engineering and technology services arm of Larsen & Toubro (L&T), has won a “first-of-its-kind” programme in India worth around $100 million (Rs 800 crore) from the Maharashtra State Cyber Department. Read

2:44 PM

Stock of this industrial explosives firm hits new high, up 136% in 8 months

Shares of Solar Industries India (SIIL) hit an all-time high of Rs 8,686.30, as they rallied 6 per cent on the BSE in Friday's intra-day trade amid heavy volumes in an otherwise weak market.
 

The stock price of this Industrial Explosives maker surpassed its previous high of Rs 8,499 touched on November 20, 2023. In past eight months, it has zoomed 136 per cent from a level of Rs 3,682.85. Read

2:29 PM

Integration challenges, valuations key hurdles for LTI Mindtree investors

The stock of the country’s fourth largest listed IT services company, LTI Mindtree, is down over 17 per cent from the start of January on concerns related to integration challenges, senior management exits and near term demand slowdown. It is the worst performing large cap IT company over the last three months with the underperformance compared to the Nifty IT index at over 20 percentage points. Read

2:14 PM

Domestic air traffic rises 4.8% to 12.64 mn in Feb, 155K faced delays

Domestic air traffic rose 4.8 per cent on an annual basis to 12.64 million in February, while more than 155,000 passengers were affected by flight delays during the same period, according to official data released on Friday. Read

2:00 PM

PF: Think beyond 80C: Last-minute tax-saving hacks for you

With March 31st looming large, are you feeling a little stressed about maximizing your tax savings? But fret no more, because Business Standard has some last-minute tax-saving tips before the clock strikes twelve (tax-time, that is). Read

1:49 PM

This recently listed stock hit record high today; stock zooms 24% in 2 days

Shares of recently listed R K Swamy sprinted 15.4 per cent to Rs 286.95 apiece, also its fresh record high, on the BSE in Friday's intraday trade amid heavy volume. At 12:55 PM, the shares were quoting 10 per cent higher at Rs 274 per share as against 0.7 per cent (508 points) decline in the benchmark S&P BSE Sensex. Read

1:30 PM

Bharti Airtel hits all-time high in weak market; zooms 63% thus far in FY24

Shares of Bharti Airtel hit a record high of Rs 1,218.65, up 2 per cent on the BSE in Friday's intra-day trade in an otherwise weak market on expectations of strong operational performance. The stock of telecom services provider surpassed its previous high of Rs 1,218.20 touched on March 11. Meanwhile, the S&P BSE Sensex was down 0.75 per cent at 72,547 at 12:35 pm. Read

1:16 PM

What is Sebi stress test and why Quant MF will take 22 days for 50% small-cap liquidation

Imagine you invest in a piggy bank called "Small Cap Fund", which holds a bunch of coins(representing small companies). Now, market regulator Sebi wants to ensure this piggy bank is healthy. So, they conducted a stress test. Imagine shaking the piggy bank hard to see if any coins (investments) fall out easily. Read

1:03 PM

SC orders SBI to disclose electoral bond numbers to Election Commission

The Supreme Court (SC) on Friday ordered the State Bank of India (SBI) to disclose crucial data related to political donations to the Election Commission of India (ECI) by 5 PM on Saturday, March 16. Read

12:49 PM

Paytm gets 5 handles to continue UPI transactions, existing one to continue

Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website.
 

The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end. Read

12:37 PM

L&T Technology Services bags $100 mn deal for Maharashtra cybersecurity

L&T Technology Services (LTTS), the engineering and technology services arm of Larsen & Toubro (L&T), has won a “first-of-its-kind” programme in India worth around $100 million (Rs 800 crore) from the Maharashtra State Cyber Department.

“This initiative extends LTTS’ commitment to developing secure, digitally interconnected smart and safe cities through premier cyber security and digital forensic solutions consolidated under one umbrella,” said the company in a statement. Read more

12:30 PM

IIFL Finance hits lowest level since Oct' 22; stock tanks 42% in 2 weeks

Shares of IIFL Finance hit a 17-month low of Rs 360 as they slipped 3 per cent on the BSE in Friday's intraday trade after Fitch Ratings Singapore Pte Ltd (Fitch). and Brickwork Ratings India Private Limited (Brickwork) revised their ratings for the company.

On Tuesday, March 13, rating agencies CRISIL Ratings, Care Ratings, and Icra revised their ratings on IIFL Finance and IIFL Home Finance. Read more

IIFL Finance | Photo: Facebook

12:30 PM

ALERT :: ECI to announce Lok Sabha poll dates on Saturday, March 16

12:13 PM

Analysts favour defensive bets as hedge against equity market downturn

The recent market downturn led by broader indices is making analysts favour defensive sectors on bets that the current volatility will continue in the near term.

Defensive stocks are those that tend to hold up better than the overall market during periods of volatility or economic weakness. Read more

ILLUSTRATION: AJAY MOHANTY

12:07 PM

Nifty50's top gainers and losers

11:49 AM

BPCL, HPCL, IOC shed up to 8% on petrol, diesel price cut, margin worries

Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near-term. 

 

On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes, it said, will be effective Friday onwards. Read more

Photo: Bloomberg

 

11:43 AM

Top losers on BSE

11:36 AM

BSE indices in red