Stock Market HIGHLIGHTS: Sensex ends 449 pts higher, Nifty reclaims 17,450 as bulls return to D-Street after eight days
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 finished higher on Wednesday, shrugging off weakness across global markets as fears persisted among investors about higher-for-longer benchmark interest rates. Gains across sectors pushed the headline indices higher, with financial, IT, metal and oil & gas shares being the biggest boosts.
Official GDP data released on Tuesday showed India's economic growth slowed to 4.4 per cent in October-December 2022 but stood in tandem with RBI estimates.
A majority of auto shares rose as the likes of Maruti Suzuki, Tata Motors, TVS and Mahindra & Mahindra reported their monthly sales numbers.
Shares in Indian Oil, Bharat Petroleum and Hindustan Petroleum gained after the state-run oil marketing companies raised the prices of domestic and commercial LPG cylinders with effect from March 1. Read more on LPG price hike
Catch 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, financial results, investment ideas and stock picks:
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 finished higher on Wednesday, shrugging off weakness across global markets as fears persisted among investors about higher-for-longer benchmark interest rates. Gains across sectors pushed the headline indices higher, with financial, IT, metal and oil & gas shares being the biggest boosts.
Official GDP data released on Tuesday showed India's economic growth slowed to 4.4 per cent in October-December 2022 but stood in tandem with RBI estimates.
A majority of auto shares rose as the likes of Maruti Suzuki, Tata Motors, TVS and Mahindra & Mahindra reported their monthly sales numbers.
Shares in Indian Oil, Bharat Petroleum and Hindustan Petroleum gained after the state-run oil marketing companies raised the prices of domestic and commercial LPG cylinders with effect from March 1. Read more on LPG price hike
Catch 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, financial results, investment ideas and stock picks:
Latest Updates
Share Market Update | Sensex ends 449 pts higher, Nifty50 at 17,451 as D-Street halts eight-day losing streak
The Sensex finishes the session with a gain of 449 points or 0.8 per cent at 59,411.1, having climbed to as high as 59,475.5 during the session. The Nifty settles at 17,450.9, up 147 points or 0.9 per cent from its previous close.
Here's how the headline indices moved through the day:
Sensex
Nifty50
Maruti Suzuki February 2023 | Company took all possible measures to minimise minor impact of electronic part shortage
Maruti Suzuki's management says:
- Shortage of electronic components had a minor impact on the production of vehicles
- Impact mainly in domestic models
- Company took all possible measures to minimise impact
Maruti Suzuki sales February 2023 | Domestic sales increase 9.6%, exports slump 28%
Maruti Suzuki India — the country's largest carmaker — reports total sales of 1,50,823 passenger and light commercial vehicles in the domestic market in February 2023, up 9.6 per cent compared with the corresponding period a year ago.
The auto giant's sales of passenger vehicles grow 10.1 per cent on a year-on-year basis to 1,47,467 units, according to a company statement.
Its exports, however, fall 28.4 per cent on a year-on-year basis to 17,207 vehicles last month.
Read more on Maruti Suzuki car sales | Auto sales February 2023
Stock Market Tips LIVE | Nirav Chheda recommends buying Coal India, GNFC shares, Nifty50 futures
Nirav Chheda of Nirmal Bang Securities suggest buying Nifty futures for a target of 17,700 with a stop loss at 17,380. He also has two stock picks for Zee Business viewers:
- Buy Coal India for a target of Rs 230 with a stop loss at Rs 210
- Buy GNFC for a target of Rs 57 with a stop loss at Rs 525
Share Market Tips LIVE | Buy MTAR Tech, EKC, says Vaishali Parekh
Vaishali Parekh of Prabhudas Lilladher shares two recommendations with Zee Business viewers:
- Buy MTAR Tech for a target of Rs 1,800 with a stop loss at Rs 1,650
- Buy EKC for a target of Rs 90 with a stop loss at Rs 82
Vodafone Idea News | Telecom operator issues Rs 400-crore OCDs to ATC Telecom Infra
After market hours on Tuesday, Vodafone Idea said it allotted optionally convertible debentures (OCDs) worth Rs 400 crore to ATC Telecom Infrastructure in February, completing the transaction of issuing a total of 16,000 OCDs to the company.
Vodafone Idea shares trade flat at Rs 6.8 apiece on BSE amid choppy trade.
Share Market LIVE Today | Escorts Kubota shares under pressure
Escorts Kubota shares decline as much as 0.9 per cent to Rs 2,050 apiece on BSE after the release of the sales report amid thin trade, having reversed course after rising to as high as Rs 2,092 apiece earlier in the day.
Auto Sales February 2023 | Escorts Kubota domestic tractor sales jump 27%
The company reports sales of 7,245 tractors in the domestic market in February 2023, as against 5,686 in the corresponding month a year ago. Its exports increase 32.2 per cent on a year-on-year basis to 566 units last month, according to a company statement.
Here's what Escorts Kubota says:
- Retail demand across geographies remains strong; expect demand momentum to stay strong
- Overall positive sentiment
- Record rabi sowing, better crop prices, good level of water reservoirs, increased Union Budget allocations to rural and agri sectors
EXCLUSIVE | Bajaj Auto to launch an electric vehicle on Thursday
In an exclusive conversation with Zee Business Managing Editor Anil Singhvi, Bajaj Auto Executive Director Rakesh Sharma says the auto company will launch an EV the next day.
Here are some highlights of what else Bajaj Auto's Rakesh Sharma says:
- Bajaj Auto to present a product every 1-2 months
- Bajaj Auto has fully upgraded its Pulsar brand
- Bajaj Auto's average growth around 10 -12 per cent