Share Market HIGHLIGHTS: Sensex ends 362 pts lower, Nifty sinks below 22,050 amid volatile trade
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex fell on Tuesday, March 26, amid weakness in financial, IT and energy stocks. Catch all the highlights of the March 26 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex fell on Tuesday, March 26, as Dalal Street returned to trade following a long weekend owing to the Holi holiday on Monday, amid selling pressure in financial, IT and energy stocks.
Catch all the highlights of the March 26 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Share Market Today: Sensex ends 362 pts lower at 72,470, Nifty slips to 22,005
Both headline indices finish the ay around half a per cent weaker.
The Sensex sheds 361.6 points to end at 72,470.3 and the Nifty50 settles at 22,004.7, down 92.1 points from its previous close.
Share Market Today LIVE: Exclusive | Sebi may soon reveal plan to end fat finger errors
Market Regulator Sebi and exchanges are working on a mechanism to deal with the fat finger error issue.
Zee Business learned from sources that the issue was discussed recently with the stakeholders.
What is a fat finger error?
It is an input error while placing orders to buy or sell shares.
Under the proposed mechanism, there will be a narrow price range within the broader intraday range of 2-20 per cent applicable on stocks in the cash segment.
This additional price range may be called the volatility control band and will be a certain percentage of the last traded price (LTP), applicable on very small intervals of say every 15 or 30 seconds.
This additional price band, within the very small time interval, may be useful in dealing with issues of fat finger errorr or erroneous single-entity orders.
SpiceJet shares soar as airline signs pact with aircraft financier to settle Rs 755 crore dues
SpiceJet said on Tuesday that it had reached a settlement with Export Development Canada (EDC), Canada's export credit agency, to resolve liabilities worth $90.8 million (Rs 755 crore). The stock of SpiceJet jumped by as much as Rs 3.3, or 5.5 per cent, to Rs 62 apiece on BSE after the news.
The settlement will lead to savings to the tune of $68.3 million (Rs 567 crore) for the airline, SpiceJet said.
DMart operator shares scale new 52-week high after brokerage upgrade
Shares of Avenue Supermarts in Tuesday’s trade (March 26, 2024) have scaled a new 52-week high of Rs 4509.45, gaining nearly 5 per cent. The gains in the stock are spurred after domestic brokerage ICICI Securities upgraded the stock to ‘add’ from the earlier ‘hold’ recommendation with a raised target of Rs 4800, implying a potential upside of nearly 12 per cent. Earlier, the brokerage had set a target of Rs 4100 per share for the retail company.
Wipro GE Healthcare to invest Rs 8,000 crore in 5 years on medical devices manufacturing, local R&D
Wipro GE Healthcare on Tuesday said it will invest over Rs 8,000 crore in India over the next five years to increase local manufacturing and research and development (R&D) initiatives.
The company, a leading global medical technology, pharmaceutical diagnostics, and digital solutions provider, said as a part of the investment, its 'Made in India' PET CT Discovery IQ scanner will be exported to 15 countries.
Bharti Hexacom sets IPO price band at Rs 542-570/share
Bharti Airtel's arm Bharti Hexacom on Tuesday said it has fixed a price band of Rs 542 to Rs 570 per share for its Rs 4,275-crore initial public offering (IPO).
The initial share-sale of the telecom operator's arm will be open for public subscription during April 3-5, and the bidding for anchor investors will open for a day on April 2, the company said in a public notice.
Indus Towers soars to 52-week high after American Towers decides to convert its Vodafone Idea OCDs into equity
Indus Towers hit a 52-week high of Rs 284.40 on BSE on Tuesday (March 26, 2024) after American Towers decided to convert its Vodafone Idea Optionally Convertible Debentures (OCDs) into equity. After American Towers' decision, the possibility of Indus Towers' recovery of dues from Vodafone Idea has gathered strength.
The stock that began its journey at 279.00 in the morning on Tuesday rose to the 52-week high of Rs 284.40, a 5.06 per cent rise from Friday's close of Rs 270.70.
After stressed period of FY14–20 and slower growth post-COVID, this small-cap lender is poised for re-rating
The shareholders of Karnataka Bank, a leading 'A' Class Scheduled Commercial Bank in India, which was incorporated on February 18, 1924, at Mangaluru, Karnataka, have little to complain about as of now as the stock has given over 78 per cent returns in the past one year. In comparison, the benchmark Nifty50 has risen over 29 per cent during the window. The lender, which witnessed a challenging period between FY14–20 before a stable period of FY05–13, is finally seeing green shoots of several steps the new management has taken over in the past two years.
Share Market Today LIVE: Dr Lal PathLabs stock soars; here's the latest trigger
Dr Lal PathLabs (LALPATHLAB) shares are trading within inches of their highest level of the day so far, up by Rs 110.5, or 5.2 per cent, at Rs 2,238.7 apiece on BSE.
Kotak Institutional Equities has upgraded Dr Lal PathLabs to 'add' from 'sell' with a revision in its target for the stock to Rs 2,360 from Rs 1,975.
The brokerage's target implies an upside of 10.9 per cent in Dr Lal shares from their previous close.
Maruti Suzuki slips after company recalls 16,000 Baleno and WagonR units—check out target price
Shares of Maruti Suzuki India, the country’s largest carmaker, took a back seat on Tuesday, March 26, after the automaker recalled 11,851 units of Baleno and 4,190 units of WagonR produced between July 30, 2019, and November 1, 2019, last week.
Reacting to the development, the auto stock traded 1.59 per cent lower in the early morning deals on the NSE to the day's low of Rs 12,141.2. At 9:45 AM, the counter traded 1.25 per cent lower at Rs 12,183.30 on the NSE.
Insurance stocks trade mixed after IRDAI’s final regulations on surrender value; Max Financial gains over 6%
Shares of life insurers in Tuesday’s session (March 26, 2024) traded mixed after the IRDAI’s final regulations concerning surrender value effective April 1, 2024, were deemed favourable for insurance companies.
At around 10:22 am, shares of ICICI Prudential Life were up by over 2 per cent at Rs 593.95, HDFC Life was up by 1 per cent at Rs 630.1, and SBI Life traded with a cut of over 1 per cent at Rs 1485.5.
450% Return in 1 Year: Anil Singhvi bullish on this stock - Check target price | Wealth Creation Pick
The stock market kicked off the trading day on a subdued note, opening in the red amid weak global cues. While the benchmark Sensex was down by 234.50 points to open at 72,597.44, the Nifty slipped 47.95 points to start the session at 22,048.80. Amid this volatility in the market, there's a good opportunity for investors to create wealth in the long run.
Zee Business Managing Editor Anil Singhvi has picked BSE Ltd as today's Wealth Creation Pick. The stock has given multibagger return of around 450 per cent in one year and Singhvi said that the stock has strong fundamentals and has the potential to give strong returns in the long term.
Share Market Today LIVE: Engineers India shares are up 19% in just three days
Engineers India Ltd (ENGINERSIN) shares strengthen by as much as Rs 11.2, or 5.7 per cent, to Rs 207.8 apiece on BSE, taking their overall gains to as much as 19 per cent from Wednesday's closing price.
This small-cap firm's stock jumps 10% in early trade; here is why
Shares of Savita Oil Technologies, an automotive, industrial lubricant, and petroleum speciality oils production company, jumped as much as 9.75 per cent to Rs 452.70 apiece on the BSE in the opening deals on Tuesday, March 26.
The stock drew buying interest as data shows that SBI MF bought 20.73 lakh shares, or 2.9 per cent equity, at Rs 408 apiece.
Share Market Today LIVE: Finolex Cables shares extend gains to third straight day
Finolex Cables shares gain by as much as Rs 51.4, or 5.8 per cent, to Rs 941 apiece on BSE, continuing to rise for the third trading session in a row.
Share Market Today LIVE: RVNL share jump after PSU signs Rs 229-crore deal with AAI
Rail Vikas Nigam Ltd (RVNL) Shares are holding on to much of their intraday gains, up 5.8 per cent at Rs 264.2 apiece on BSE after rising as much as 7.2 per cent to Rs 267.8 apiece earlier in the day.
On Friday, the company said it had signed a memorandum of understanding (MoU) with the Airports Authority of India (AAI) for the "construction of subway/underpass to connect operational area to the Airport Authority of India residential colony in Kolkata".
The estimated cost of the project is Rs 229.4 crore (including GST), according to RVNL.
HAL rises after receiving order from Guyana Defence Force; HG Infra jumps after its consortium gets Rs 534 crore order
Hindustan Aeronautics Limited (HAL) and HG Infra Engineering Limited were trading in positive territories after the former got an order from Guyana Defence Force and the latter's consortium won an order worth Rs 534 crore.
While HAL won an order worth Rs 194 crore from Guyana Defense Force, HG Infra received a Rs 534 crore order from Jodhpur Vidyut Vitran Nigam Limited for setting up solar business.
Share Market Today LIVE: Apar Industries stock scales all-time high
Apar Industries shares are up seven per cent for the day at Rs 6,790.6 apiece on BSE, having scaled a record high of Rs 6,798 apiece moments ago.
The stock trades with high volumes, with 21,000 shares having changed hands in intraday trade so far as against a daily average of 4,117 shares in the past two weeks, according to provisional BSE data.
It has grown more than 11 per cent over five back-to-back trading sessions.
Image: BSEIndia.com
Gold prices pared early gains on Tuesday, due to slight recovery in dollar index
Investor focus turns to US inflation data due later this week, which could shed more light on the timing of the Federal Reserve's first interest rate cut this year.
Gold prices hit a record high last week after Fed policymakers indicated they still expected to reduce interest by75 bps by 2024 end despite recent high inflation readings.
Share Market Today LIVE: Sundaram-Clayton declares RS 5.15/share dividend
Sundaram-Clayton (SUNCLAY) has declared an interim dividend of Rs 5.15 per equity share of the face value of Rs 5 apiece for the current financial year, amounting to Rs 10.4 crore, according to a regulatory filing.
The company's board has fixed April 4 as the record date for the dividend.
The stock is off its intraday low after the announcement, trading 0.3 per cent lower for the day at Rs 1,354 apiece on BSE after dipping to as low as Rs 1,345.7 during the session so far.
Share Market Today LIVE | Nifty Bank off day's high, down nearly 200 pts lower
Source: NSE
Share Market Today LIVE: Market wizard Anil Singhvi has BSE Ltd as his wealth creation pick, sets target at Rs 3,500
Zee Business Managing Editor Anil Singhvi suggests buying BSE Ltd shares for targets of Rs 2,900 and Rs 3,500 from a perspective of 1-3 years.
Describing BSE as the best proxy play for the domestic capital market, the market guru highlights the following:
- Diversified revenue model
- Steady growth in option premium turnover market share
- Company's share increased to 15 per cent March from 4 per cent in October
- 35 per cent option premium turnover estimated to increase to Rs 270 lakh crore by FY26
- Revenue expected to increase 2.5 times during FY24-26 period
Share Market Today LIVE: S&P ups India growth forecast to 6.8% for FY25
S&P Global Ratings has raised its growth forecast for the Indian economy for the next financial year to 6.8 per cent, but flagged restrictive interest rates as a dampener for economic growth.
Share Market Today LIVE: Brokerages see over 25% upside in IndiGo (InterGlobe Aviation)
Following a conference call conducted by IndiGo on March 22, various global brokerages have revised their target prices for the InterGlobe Aviation, the parent company of the airline.
Morgan Stanley has maintained an 'overweight' rating on IndiGo with a target price of Rs 4,145, and has Jefferies upgraded the stock to 'hold' from 'underperform' and raised its target by Rs 935 to Rs 3,435 per share.
Share Market Today LIVE: HDFC Bank, Reliance, Infosys, ICICI Bank, Bharti Airtel weigh on Nifty50; L&T, Bajaj Finance, Tata Motors lend support
Here's a look at the top movers in the 50-scrip pack (by weight):
Images: NSEIndia.com
Share Market Today LIVE | What brokerages make of Pidilite Industries, Tata Steel, IndiGo, Eicher Motors, other stocks today
As Dalal Street has entered the March 26 session, brokerages have several stocks on their radar. Here's what Jefferies, Macquarie, Goldman Sachs, JPMorgan, Citi and Morgan Stanley make of stocks such as Pidilite Industries, Eicher Motors, Bata India, Tata Steel and Interglobe Aviation (IndiGo):
Pidilite share price target
Jefferies has maintained a 'hold' call on the Pidilite Industries stock with a target of Rs 2,930.
Eicher Motors share price target
Macquarie has maintained a 'neutral' rating on the Eicher Motors stock with a target of Rs 3,987.
Bata share price target
Goldman Sachs has maintained a 'neutral' rating on the Bata India stock with a target of Rs 1,470.
Tata Steel share price
Macquarie has maintained an 'outperform' rating on the Tata Steel stock with a target of Rs 162. Read more
Share Market Today LIVE | Mankind Pharma shares decline over 3% after 1.19 crore shares change hands in block deals
Shares of Mankind Pharma trade with a cut of over 3 per cent at the day's low after 2.97 per cent equity or 1.19 crore shares in the company changed hands via multiple block deals in the pre-opening session.
Beige Limited, a private equity firm ChrysCapital affiliate, is the likely seller. The size of the deal, as per Zee Business Research, was Rs 2,450 crore. The base price for the deal was estimated to be Rs 2,103 apiece. Read more
Currency Update | Rupee rises 29 paise to 83.61 against US dollar in early trade
Share Market Today LIVE | Mankind Pharma, Indus Towers, Tech Mahindra, Maruti Suzuki and insurance stocks among stocks to watch today
Here are the stocks that will be in focus today:
Tech Mahindra: The company will be merging its wholly-owned step-down subsidiary Born Group with its parent company Tech Mahindra (America) Inc., which is a wholly-owned material subsidiary of the company.
Bharti Airtel: The company's subsidiary- Bharti Hexacom will launch its IPO. The company's IPO will run between April 3- April 5, 2024.
Solara Active Pharma Sciences: The board has approved the sale of a 100 per cent shareholding in SeQuent Penems.
Insurance stocks: The IRDAI has come up with the final regulations concerning surrender value as of April 1, 2024. The surrender value is expected to remain the same, or even lower if policies are surrendered for up to three years. Hence, insurance stocks will be in focus today.
Ambuja Cements: The company pared a 2 per cent stake in Sanghi Industries to meet the minimum public shareholding norm. Read more
Share Market Today LIVE | Nifty below 22,050, Sensex down over 150 pts
Nifty 50
Source: NSESensex
Source: BSE
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support emerging at 21,925-22,025 levels and a strong buy zone at 21,800-21,900 levels for the headline Nifty50 index on Tuesday, March 26, as Dalal Street returns from a long weekend owing to the Holi holiday. For the Nifty Bank, he expects support to come in at 46,575-46,725 levels and a stronger support zone at 46,250-46,425 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Market Outlook | Markets could open flat to mildly lower, in line with mixed Asian markets, says Deepak Jasani
Deepak Jasani, Head of Retail Research, HDFC Securities says," Indian markets could open flat to mildly lower, in line with mixed Asian markets today and despite negative US markets on March 25."
"On weekly charts, Nifty formed a high-wave candle. Whether the current upward momentum continues after the long weekend will be interesting to track. The Nifty could rise towards 22297 and later 22527 over the coming few sessions while the 21860-21875 band could offer support," he adds.
Share Market Today LIVE | GIFT Nifty futures indicate a lower start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 46.45 points or 0.21 per cent at 22,119 ahead of the opening bell on Dalal Street.
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