Sensex gains 350 pts; Hero Moto cracks 7%, Ruchi Soya zooms 16%

CLOSING BELL: Shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses

Image SI Reporter New Delhi
Market LIVE: Sensex up 300 pts, Nifty above 17,300; Pharma, Realty rally

CLOSING BELL

Voltility gripped the benchmark indices on Tuesday as investors stayed divided between 'buy on dips' and 'sell on rally' strategies. The frontline S&P BSE Sensex gyrated in a narrow range of around 361 points while the Nifty50 travelled within a band of 100 points.

By close, the 30-pack index was parked at 57,944, up 350 points or 0.6 per cent, while the broader 50-share index ended at 17,325, up 103 points or 0.6 per cent. 

Adani Ports, Eicher Motors, Divis Labs, Bharti Airtel, JSW Steel, HDFC, SBI Life, Ultratech Cement, Cipla, and Shree Cement were the top gainers in the large-cap space, up between 2 per cent and 4.6 per cent.

On the downside, Hero MotoCorp, ONGC, Coal India, Indian Oil Corporation, PowerGrid, ITC, and Maruti Suzuki dropped the most, falling between 1 per cent and 6.6 per cent.

Individually, shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi. READ MORE

The broader BSE MidCap and SmallCap indices, too, rose in-tandem with their large-cap peers, advancing 0.6 per each.

Adani Power was the biggest MidCap winner as the shares closed over 14 per cent higher. In 6 days, the stock of the Adani Group company has jumped nearly 441 per cent as against a half a per cent rise in the Sensex index during the period. READ MORE

Ruchi Soya was another top gainer, settling 16 per cent up, after the company clarified that the SMSes pertaining to investments in its follow-on public offering (FPO) have not been issued by the company or its promoters. READ MORE

On the contrary, JSW Energy, Emami, IDBI Capital, Future Consumer, and Future Supply Chain Solutions were the worst hit. 

Sectorally, the Nifty Media index dipped over 1 per cent, followed by the Nifty PSU Bank index, down 0.7 per cent. The Nifty Pharma index added 1.5 per cent, and the Nifty Financial Services gained 1 per cent.

Global markets
European stocks advanced on Tuesday ahead of another round of Ukraine-Russia talks. The pan-European Stoxx 600 climbed 1.2 per cent by mid-morning, with autos jumping 3 per cent to lead gains as all sectors and major bourses traded in positive territory.

On Wall Street, the S&P500 and Dow Jones Futures were up 0.3 per cent each, and Nasdaq Composite Futures climbed 0.5 per cent.

Meanwhile, Japan's Nikkei and Hong Kong's Hang Seng advanced 1 per cent each, South Korea's Kospi 0.4 per cent, and Australia's ASX200 0.7 per cent. China's CSI300, on the flipside, dipped 0.35 per cent.

4:05 PM

EXPERT VIEW :: Hero Moto stock falls 7%; what to expect on Wednesday?

>> The knee jerk reaction shown today in the stock may see some recovery tomorrow provided the management gives a satisfactory clarification to the Street.

>> However, sespite the fall, the stock does not look very attractive to us in the long term mainly due to pressure on its volumes and a tepid outlook given the rise in fuel costs, slow recovery in both urban and rural markets and a 25-30% hike in acquisition costs of the two-wheelers since the pandemic started.

Views by: Ashwin Patil, Senior Research Analyst at LKP Securities
3:59 PM

TECH VIEW :: Nifty facing stiff resistance at 17,330

>> Nifty ended the session just below the resistance of 17,330.

>> The benchmark index witnessed a recovery following a hammer candle on the daily chart.

>> 17,330 may continue to act as the point of polarity.

>> A decisive move beyond 17,330 may induce a strong rally in the market.

>> On the lower end, support is visible at 17,200

Views by: Rupak De, the Senior Technical Analyst at LKP Securities
3:58 PM

EXPERT COMMENT :: What drove the markets today?

Reports of peace talks between Russia and Ukraine along with weakening crude prices helped the global markets to trade firm. Gains in the Asian markets were led by Japanese shares as the Bank of Japan maintained its ultra-loose monetary policy in order to control rising yields. Crude prices are settling following the prospects of a peace talk and in expectation of lower demand from the Chinese market due to increased Covid restrictions.

Views by: Vinod Nair, Head of Research at Geojit Financial Services
3:56 PM

BSE Statistics :: Despite gains, sellers outnumber buyers on the BSE

3:55 PM

India VIX slumps about 6%

3:54 PM

STOCK UPDATE :: Top volume gainers on the BSE

3:52 PM

STOCK UPDATE :: Ruchi Soya snaps 4-day losing run

>> Ruchi Soya Industries has said that the SMSes pertaining to investments in its follow-on public offering (FPO) have not been issued by the company or its promoters. The company has filed a first information report to investigate the origin of the messages doing the rounds on social media.

3:50 PM

STOCK UPDATE :: Technical breakout lifts Adani Power

>> Stock zooms 41% in 4 days

>> Massive volume support lifting stock

>> Stock breaks above trendline support

3:49 PM

STOCK UPDATE :: IT raid hammers Hero Moto stock

>> The Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI.
 
3:47 PM

Broader market check :: BSE SmallCap index settles at 27,827, up 0.63%

3:45 PM

Broader market check :: BSE MidCap index rises 0.6%

>> Index ends at 23,852.86, up 156.94 points or 0.66%

3:44 PM

HDFC, SBI Life, ICICI Pru lift Nifty Financial index 1% up

3:43 PM

Pharma index :: 15 of the 20 index constituents surge; Ipca Labs, Abbot India shine

3:42 PM

PSU Bank index :: All constituents nosedive; Bank of Maharashtra slides 6.5%

3:40 PM

Index Contributors :: HDFC twins, Airtel, Infy lift Sensex on Tuesday

Chart
Chart

3:40 PM

Media Index worst hit today; Sun TV, Saregama buck the trend

3:38 PM

Sectoral trends on NSE :: Media, PSBs dip

3:37 PM

Sensex Heatmap :: Only 11 stocks end in the red; HDFC, Bharti Airtel top gainers

3:33 PM

CLOSING BELL

Voltility gripped the benchmark indices on Tuesday as investors stayed divided between 'buy on dips' and 'sell on rally' strategies. The frontline S&P BSE Sensex gyrated in a narrow range of around 361 points while the Nifty50 travelled within a band of 100 points.
 
By close, the 30-pack index was parked at 57,944, up 350 points or 0.6 per cent, while the broader 50-share index ended at 17,325, up 103 points or 0.6 per cent. 
 
3:26 PM

Hero MotoCorp made over Rs 1k-cr bogus expenses, I-T search reveals: Report

The Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI. READ MORE

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First Published: Mar 29 2022 | 8:15 AM IST

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