Share Market HIGHLIGHTS: Sensex ends 415 pts higher, Nifty50 reclaims 17,700 led by IT, financial shares; Infosys, TCS among top movers
Share Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight session on Monday tracking positive global cues, as Dalal Street entered a holiday-truncated week with the Holi market holiday the next day. Globally, investors awaited a key testimony by Fed Chairman Jerome Powell and the release of US jobs data this week for more clarity on the future course of interest rates, at a time when the Fed and other major central banks are scrambling to fight red-hot inflation trying not to hurt economic growth.
Gains across most sectors pushed Sensex and Nifty50 higher on March 6, with IT, financial, oil & gas, auto and FMCG shares being the biggest movers. Among heavyweights, Infosys, Reliance, HDFC Bank, HDFC, TCS and ITC were the biggest boosts for the market, whereas Larsen & Toubro, Britannia and Tata Steel posted the maximum pressure.
In an exclusive conversation with Zee Business Managing Editor Anil Singhvi, Vedanta Chairman Anil Agarwal said his company has enough means to meet its debt repayment liabilities. Vedanta has always met its repayment commitments, he said.
Nykaa shares inched lower to end at Rs 149.6 apiece on BSE, after Macquarie initiated coverage on the cosmetics-to-fashion retailer with an 'underperform' rating and a target price that suggested a 23 per cent discount to Friday's closing price.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 mirrored the gains in headline indices, rising around one per cent each for the day. Overall market breadth favoured the bulls, with an advance-decline ratio of 7:5 as 2,099 stocks rose and 1,470 fell at the close on BSE.
Editor's Take | What Anil Singhvi makes of the market
Zee Business Managing Editor Anil Singhvi believes the Nifty50 has confirmed a short-term bottom at 17,250-17,350 levels, and the Nifty Bank in the 39,600-39,900 band. "A slide below these levels will need something really bad... Until then, one should take a 'buy on declines' approach in the market," Singhvi said.
The Indian financial market will remain shut on March 7 for the Holi holiday. | What Dow Jones futures suggest on US market today
Catch minute-by-minute highlights of all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas and trade recommendations:
Share Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight session on Monday tracking positive global cues, as Dalal Street entered a holiday-truncated week with the Holi market holiday the next day. Globally, investors awaited a key testimony by Fed Chairman Jerome Powell and the release of US jobs data this week for more clarity on the future course of interest rates, at a time when the Fed and other major central banks are scrambling to fight red-hot inflation trying not to hurt economic growth.
Gains across most sectors pushed Sensex and Nifty50 higher on March 6, with IT, financial, oil & gas, auto and FMCG shares being the biggest movers. Among heavyweights, Infosys, Reliance, HDFC Bank, HDFC, TCS and ITC were the biggest boosts for the market, whereas Larsen & Toubro, Britannia and Tata Steel posted the maximum pressure.
In an exclusive conversation with Zee Business Managing Editor Anil Singhvi, Vedanta Chairman Anil Agarwal said his company has enough means to meet its debt repayment liabilities. Vedanta has always met its repayment commitments, he said.
Nykaa shares inched lower to end at Rs 149.6 apiece on BSE, after Macquarie initiated coverage on the cosmetics-to-fashion retailer with an 'underperform' rating and a target price that suggested a 23 per cent discount to Friday's closing price.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 mirrored the gains in headline indices, rising around one per cent each for the day. Overall market breadth favoured the bulls, with an advance-decline ratio of 7:5 as 2,099 stocks rose and 1,470 fell at the close on BSE.
Editor's Take | What Anil Singhvi makes of the market
Zee Business Managing Editor Anil Singhvi believes the Nifty50 has confirmed a short-term bottom at 17,250-17,350 levels, and the Nifty Bank in the 39,600-39,900 band. "A slide below these levels will need something really bad... Until then, one should take a 'buy on declines' approach in the market," Singhvi said.
The Indian financial market will remain shut on March 7 for the Holi holiday. | What Dow Jones futures suggest on US market today
Catch minute-by-minute highlights of all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas and trade recommendations:
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Dow Jones futures flat, indicate muted start ahead in US stock market today
The futures contracts of the three main Wall Street indices — the Dow Jones, the S&P 500 and the tech stocks-heavy Nasdaq Composite — fail to make it to the green, though having recovered much of their losses for the day ahead of the opening bell in the US share market.
- Dow Jones futures: down 13 pts at 33,401, having declined as much as 60 pts to 33,354 earlier in the day
- S&P 500 futures: down 1.3 pt at 4,048.5
- Nasdaq Composite: down one pt at 12,310.3
Global Market LIVE | European markets begin the day in the green; all eyes on monthly euro zone retail sales data due today
European markets log mild gains in early hours, with the continent-wide Stoxx 600 index quoting 0.2 per cent higher at this hour.
- UK's FTSE: flat
- France's CAC: up 0.5 per cent
- Germany's DAX: up 0.3 per cent
Sovereign Gold Bond Scheme 2023 | Subscription window to remain open till Friday, issue price at Rs 5,611/gram
The gold bond scheme, which opened for subscription on Monday, will remain open for three more days this week till Friday. The current tranche is available at Rs 5,611 per gram.
Those applying online will get a special rate of Rs 5,561 per gram — a discount of Rs 50 per gram to the issue price.
The fourth tranch of the SGB for the year ending March 2023 will be settled on March 14.
Share Market Update | Sensex ends 415 pts higher, Nifty50 reclaims 17,700 as IT, financial shares help headline indices extend gains to second straight day
Both main gauges finish the day 0.7 per cent stronger. The Sensex ends 415.5 points hgiher at 60,224.5, having jumped as much as 689.5 points during the session. The Nifty50 settles at 60,498.5, up 117.1 points from its previous close, after touching the 17,800 mark in intraday trade.
Here's how the Sensex and the Nifty50 moved through the day:
Sensex
Nifty50
Sensex LIVE | Tata Motors, PowerGrid, NTPC, Bajaj Finserv, Infosys rise most among 24 gainers in 30-scrip basket
Share Market Tips LIVE | Arpit Beriwal suggests buying NTPC, Cummins shares
Motilal Oswal Financial Services's Arpit Beriwal shares two trade recommendations:
- Buy NTPC for a target of Rs 185 with a stop loss at Rs 171
- Buy Cummins for a target of Rs 1,700 with a stop loss at Rs 1,580
Share Market Tips LIVE | Arpit Beriwal recommends buying Nifty futures, target 17,950
Arpit Beriwal of Motilal Oswal Financial Services suggests buying Nifty50 futures at 17,800 for a target of 17,950 with a stop loss at 17,700.
Share market Tips LIVE | Buy ONGC, Coal India, says Nirav Chheda
Nirmal Bang Securities' Nirav Chheda also shares two trade recommendations with Zee Business viewers:
- Buy ONGC for a target of Rs 170 with a stop loss at Rs 152
- Buy Coal India for a target of Rs 240 with a stop loss at Rs 219
Nifty Bank Tips LIVE | Nirav Chheda recommends selling Bank Nifty futures, target 40,800
Nirav Chheda of Nirmal Bang Securities suggests going short on the banking index futures for a target of 40,800 with a stop loss at 41,800.
Sensex LIVE Today | Infosys, Reliance, HDFC twins top boosts for Sensex
The four stocks — Infosys, Reliance, HDFC Bank and HDFC — account for almost 350 points in the rise in the 30-scrip index.
Share Market LIVE Today | MGL shares touch 52-week high
Mahanagar Gas Ltd (MGL) shares are trading within Rs 22 of a 52-week high touched in intraday trade. The stock is up by Rs 54.9 or 6.1 per cent at 961.5 apiece on BSE, trading with huge volumes. As many as 1.5 lakh MGL shares have changed hands on the bourse so far today, as against a daily average of 11,000 in the past two weeks, according to provisional exchange data.
MGL shares rose by Rs 77 or 8.5 per cent to touch Rs 983.6 at the strongest level of the day.
Stock Market Tips LIVE | SBI, Nykaa, HDFC Bank, Canara Bank, other stocks analysts recommend for up to 46% returns
Stocks to buy this Holi | Asian Paints, Whirlpool, Tata Chemicals, LTTS on analysts' 'buy' list for you
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Himanshu Gupta, Sumeet Bagadia and Sandeep Jain share their top recommendations to mark the occasion of Holi 2023.
Rakesh Bansal suggests buying HDFC Bank and Whirlpool shares. He has a target price of Rs 1,656 for HDFC Bank and Rs 1,365-1,380 for Whirlpool.
Sumeet Bagadia recommends going long on Asian Paints shares for targets of Rs 2,900 and Rs 2,950.
Check out the complete list of their recommendations along with target price and stop loss
Share Market LIVE | Britannia shares fall 3% after CLSA downgrade to 'sell', target price cut
Britannia shares drop by as much as Rs 124.4 or 2.8 per cent to Rs 4,290 apiece on BSE. CLSA has downgraded Britannia to 'sell' from 'underperform' and reduced its target price to Rs 4,060 from Rs 4,525 citing margin pressure owing to high inflation in wheat and milk.
Wheat and milk are among the key raw materials Britannia uses to manufacture its products.
CLSA reduced its earnings estimates for Britannia for 2023, 2024 and 2025 by 1-11 per cent. Although CLSA is positive on Britannia's long-term outlook, it highlighted that its stock has run up more than 30 per cent in the past one year.
The rating action on the Bengaluru-based FMCG company — whose popular brands include Tiger, Milk Bikis, Good Day, Crackers, NutriChoice and Marie Gold — comes at a time when major central banks are struggling to curb red-hot inflation without hurting economic growth.
