Share Market HIGHLIGHTS: Nifty 50 sinks below 16,950, Sensex ends down 398 pts as financial stocks weigh on market
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex finished a volatile session lower on Friday, extending losses to a second straight day. Among heavyweights, Reliance, Larsen & Toubro (LT), Bajaj Finance (BAJFINANCE), Bajaj Finserv (BAJFINSV) and ICICI Bank (ICICI Bank) put maximum pressure on both Sensex and Nifty 50.
The Indian share market took negative cues from its Asian and European peers following a volatile session in the US, where Treasury Secretary Janet Yellen vowed to take steps to keep deposits safe. Her remarks came a day after Fed Chair Jerome Powell promised safety of the banking system as he announced a hike in the key US interest rates.
Nervousness persisted among investors globally owing to wild swings in banking shares over the past few weeks thanks to the sudden collapse of Silicon Valley Bank (SVB) and the takeover of the troubled Credit Suisse by UBS.
Back home, confusion on amendments to the Finance Bill 2023 to show a hike in the securities transaction tax applicable to derivative contracts confused investors.
Catch highlights of all the action in the Indian share market on March 24, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex finished a volatile session lower on Friday, extending losses to a second straight day. Among heavyweights, Reliance, Larsen & Toubro (LT), Bajaj Finance (BAJFINANCE), Bajaj Finserv (BAJFINSV) and ICICI Bank (ICICI Bank) put maximum pressure on both Sensex and Nifty 50.
The Indian share market took negative cues from its Asian and European peers following a volatile session in the US, where Treasury Secretary Janet Yellen vowed to take steps to keep deposits safe. Her remarks came a day after Fed Chair Jerome Powell promised safety of the banking system as he announced a hike in the key US interest rates.
Nervousness persisted among investors globally owing to wild swings in banking shares over the past few weeks thanks to the sudden collapse of Silicon Valley Bank (SVB) and the takeover of the troubled Credit Suisse by UBS.
Back home, confusion on amendments to the Finance Bill 2023 to show a hike in the securities transaction tax applicable to derivative contracts confused investors.
Catch highlights of all the action in the Indian share market on March 24, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Share Market Update | Nifty gives up psychologically-important 17,000 level to only stop at 16,945; Sensex loses 687.5 pts in two days
The Nifty finishes the volatile day with a loss of 131.9 points or 0.8 per cent at 16,945.1, having broadly moved within a band of 16,900-17,100 during the session.
The Sensex ends at 57,527.1, down 398.2 points or 0.7 per cent for the day, after gyrating in a range of more than 600 points — between 57,423 and 58,066.4 — during the session.
Here's how both the main indices moved through the day:
Nifty 50
Sensex
Share Market Today LIVE | RVNL board approves Re 1.77 dividend (17.7%)
RVNL declares a dividend of Re 1.77 per equity share of face value of Rs 10 with a record date of April 6. The company says the dividend will be paid on or before April 22.
Global Market LIVE | Dow Jones, S&P 500, Nasdaq Composite futures down around half a per cent, indicate a weak start ahead in US stock market today
Here's where the futures contracts of the three main Wall Street indices — the Dow Jones Industrial Average, the S&P 500 and the megacap tech stocks-heavy Nasdaq Composite — stand at this hour:
- Dow Jones: down 183 points — or 0.6 per cent — at 32,136
- S&P 500: down 18.8 points — or 0.5 per cent — at 3,959.3
- Nasdaq Composite: down 41 points — or 0.3 per cent — at 12,813
BREAKING | 5 TOP EXECUTIVES OF NYKAA QUIT
Nykaa shares recover much of the day's losses after falling as much as 2.5 per cent to Rs 134.7 apiece on the bourse after the news. The stock is down 0.2 per cent at Rs 137.8 apiece.
Image: BSE
Global Market LIVE | European share markets begin day in the red; UBS tanks over 6%
European markets suffer losses in the first few minutes of trade, amid heavy selling in banking shares, with the pan-continental Stoxx 600 index trading 1.2 per cent lower at this hour. Banking shares are under pressure once again after a tumultuous week that saw investors concerned that the worst of the sector's problems since the 2008 financial crisis are not yet contained.
UBS Group shares are down 6.4 per cent at this hour, part of the STXE 600 Banks index. The index of top European lenders is down 2.2 per cent.
Here's where some of the key indices of the region look like:
| Index | Current level | Change (points) | Change (%) |
| UK's FTSE 100 | 7,390.61 | -109 | -1.5 |
| France's CAC | 7,034.99 | -104.3 | -1.5 |
| Germany's DAX | 14,984.26 | -226.1 | -1.5 |
Share Market Tips LIVE | Buy HDFC Bank shares for 1-3 years, says Anil Singhvi
Zee Business Managing Editor Anil Singhvi has lined up targets of Rs 1,850, Rs 2,200 and Rs 2,500 apiece for HDFC Bank shares with a perspective of 1-3 years.
His highest target implies an upside potential of about 60 per cent in the stock of the biggest bank in the country by market value.
Check out the full list of Anil Singhvi's long-term top wealth creation picks
EDITOR'S TAKE | Anil Singhvi says Such STT changes on Budget day would have caused havoc in market
Reacting to the STT news, Zee Business Managing Editor Anil Singhvi says such an announcement on the day of presentation of the Union Budget in Parliament would have created havoc in the market.
"From that perspective, in a way, the market today is taking the STT news quite calmly," he says.
One can expect clarity on the matter from the finance ministry soon, he adds.
Finance Bill 2023 passed | Amendments to hike securities transaction tax on F&O contracts by up to 25%
Securities transaction tax or STT is a tax levied on transactions in different segments of the Indian stock market.
Here are some highlights, as per certain amendments to the Finance Bill 2023:
- STT on options contracts raised to 0.021 per cent from 0.017 per cent earlier
- STT on futures contracts increased to 0.0125 per cent from 0.01 per cent
- Hike to take effect from April 1
Share Market Today LIVE | Emami board clears plan to buy back stock via open market route
Emami shares weaken by as much as Rs 5.1 or 1.4 per cent to Rs 359.2 apiece on BSE, after the FMCG company's board gives nod to a stock buyback plan through the open market route.
The buyback is at a price of Rs 450 per share.
Image: BSE
Share Market Today LIVE | Emami board clears plan to buy back stock via open market route
Emami shares weaken by as much as Rs 5.1 or 1.4 per cent to Rs 359.2 apiece on BSE, after the FMCG company's board gives nod to a stock buyback plan through the open market route.
The buyback is at a price of Rs 450 per share.
Image: BSE
Stock Market Today LIVE | Campus Activewear shares remain deep in the red after TPG exits company in big block deal
Campus Activewear shares tumble by Rs 31.6 or 8.6 per cent to hit Rs 337.5 apiece on BSE at the weakest level of the day, after private equity firm TPG sells its entire 7 .62 per cent stake in the sports and athleisure footwear company in a large block deal.
Here are two important things to know:
- Total size of the deal at Rs Rs 800 crore
- Stake sold at Rs 345 per share, 6.5 per cent discount to previous close
At this hour, the stock is down 7.2 per cent at Rs 342.5 apiece on the bourse. As many as 16.4 lakh Campus shares have changed hands so far today, as against a daily average of 34,000 over the past two weeks, according to provisional exchange data.
Catch the full list of stocks in focus today
Share Market Today LIVE | SAIL down 3% as stock trades ex-dividend
Steel Authority of India Ltd (SAIL) shares are trading ex-dividend, down by Rs 2.7 or 3.1 per cent at Rs 83.1 apiece on BSE at this hour, having fallen as much as 3.6 per cent earlier in the day.
Image: BSE
Nifty LIVE | Infosys, TCS help headline index hold 17,050 as RIL, Bajaj Finance weigh on market
Here's a look at the heatmap in the 50-scrip universe by weight:
Share Market Today LIVE | RVNL shares hold on to green as board meets to consider dividend
Rail Vikas Nigam Ltd (RVNL) shares rise by as much as Re 1.5 or 2.4 per cent to Rs 66.2 apiece on BSE. The company has also won a road project in Gujarat as part of its joint venture with Rachana, RVNL JV.
Read more on RVNL shares | Anil Singhvi shares his top wealth creation picks, expects two of them to double!