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Nifty 50 closed at 21,839.10 (21.7, 0.1%), BSE Sensex closed at 72,101.69 (89.6, 0.1%) while the broader Nifty 500 closed at 19,632.05 (21.5, 0.1%). Of the 2,109 stocks traded today, 872 were on the uptick, and 1,206 were down.

Indian indices fell from their day highs and closed flat. The Indian volatility index, Nifty VIX, declined by 4.5% and closed at 13.5 points. Eicher Motors closed in the green after UBS upgraded the stock to 'Buy' from 'Neutral', with an improved target price of Rs 5,000. 

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, taking cues from the benchmark index. Nifty Energy and Nifty Realty closed higher than their Tuesday close. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the top-performing sector of the day, with a rise of 1.4%.

Major Asian indices closed unchanged or higher amid mixed global cues. European indices traded mixed, ahead ahead of the US Federal Reserve’s monetary policy decision, to be announced later today. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded lower after rising for five straight trading sessions.

• Maruti Suzuki India sees a long buildup in its March 28 future series as its open interest rises 11.1% with a put-call ratio of 0.8.

• Housing and Urban Development Corp approves Interim dividend of Rs 1.5 per share for FY24. The board fixes March 29, 2024, as record date.

• The Anup Engineering's board approves a 1:1 bonus equity share issue. The record date will be announced later.

• Indian Renewable Energy Development Agency falls as the National Stock Exchange reportedly removes it from several indices for not meeting SEBI's portfolio concentration norms.

• Umesh Revankar, Executive Vice-Chairman of Shriram Finance, says Q4 won't be as strong YoY due to some demand dip but expects strong collections and asset quality. He projects a 20% increase in FY24 AUM and steady margins at 8.9%. He mentions an upcoming credit rating review in Q1FY25.

  Shriram Finance mgmt told us,
  
  - Some demand tapering , Q4 won't be as strong YoY
  - Collections healthy in Q4, asset quality will be strong
  - FY'24 AUM to grow 20% in FY'24
  - Margins should sustain at 8.9% level
  - Credit rating review due in Q1'25#stockmarkets@ShriramFinancehttps://t.co/ki485R5Dok

  — Prashant Nair (@_prashantnair) March 20, 2024

• Eicher Motors rises sharply as UBS reportedly upgrades the stock to 'Buy' from 'Neutral', with an improved target price of Rs 5,000. This indicates a potential upside of 29.1%. The brokerage expects the launch of the 450cc platform to address competition and growth concerns.

• Jyoti Structures falls as its board approves a Rs 175 crore rights issue, setting the price at Rs 15 per equity share.

• Kotak Mahindra Bank is rising as the Reserve Bank of India (RBI) approves the reappointment of KVS Manian and Shanti Ekambaram as Joint Managing Director and Deputy Managing Director, respectively.

• B Capital, a multinational investment firm backing well-known Indian startups, announces the close of its second Opportunities Fund at $750 million. The firm aims to invest in late-stage businesses in the technology, healthcare, and climate tech sectors, with an emphasis on North America and Asia.

  Global investment firm B Capital, which has backed prominent Indian #startups such as Byju's, Pharmeasy and Meesho, on Tuesday announced the close of its second Opportunities Fund at $750 million.
  
  (@Priyamouli1812 reports) https://t.co/IlsejaveiR

  — Mint (@livemint) March 20, 2024

• Time Technoplast surges as it receives approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture high-pressure type-IV composite hydrogen cylinders.

• Tata Consultancy Services is rising as it launches Pace Port, an innovation hub in London.

• Carysil is rising as its board approves a Rs 150 crore equity share issue through a qualified institutional placement (QIP).

• Rajiv Batra, JP Morgan's Head of Asia-Pacific, states that the Federal Reserve's rate cuts and the nation's strong growth prospects will attract more foreign investment to Indian equities post-general elections. He notes that investors will use corrections to boost holdings, given global funds' light exposure to India's $4.3 trillion stock market.

  Indian equities are poised to lure more foreign inflows after the general elections, JPMorgan says https://t.co/b7oyRamM3d

  — Bloomberg Asia (@BloombergAsia) March 20, 2024

• GPT Healthcare surges as its net profit grows by 37.4% YoY to Rs 11.5 crore in Q3FY24 due to a 31.8% YoY decrease in tax expenses. Its revenue increases by 3.9% YoY to Rs 96.6 crore, helped by a better bed occupancy rate across its hospitals. The company appears in a screener of stocks with improving cash flow from operations over the past two years.

• SKF India's Managing Director Manish Bhatnagar steps down from the position, effective April 1, 2024.

• Aurobindo Pharma receives US FDA approval to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, used in the treatment of seasonal allergic and perennial allergic rhinitis. The product has an estimated market size of $44.5 million in the US annually.

• Shares worth over Rs 55,000 crore were moved via block trades on stock exchanges in March, marking the highest volume of shares moved in a single month. This indicates that India, which previously depended largely on foreign capital to support market prices, is developing its own equity culture.

  Chock-a-Block: Rs 55,000 crore mega stock deals & countinghttps://t.co/xgSGOmmJD3pic.twitter.com/lf9iJ7lK32

  — ETMarkets (@ETMarkets) March 20, 2024

• Private banks like Bandhan Bank, HDFC Bank, ICICI Bank and Axis Bank are falling in trade. All constituents of the broader BSE Private Bank index are also trading in the red.

• Jupiter Wagons' board of directors approves the acquisition of a 94.3% stake in Bonatrans India for Rs 271 crore.

• Deccan Gold Mines surges as its Tanzanian arm discovers gold and lithium reserves in the country. The company's Managing Director says, "The lithium discovery is a significant step towards our strategy to diversify into critical minerals."

• Bharti Hexacom, a telecom company owned 70% by Bharti Airtel, has received SEBI's approval for an initial public offering (IPO) to raise capital. This IPO is entirely an offer for sale (OFS) of up to 10 crore shares by its only public shareholder, Telecommunications Consultants India.

  Airtel arm Bharti Hexacom gets SEBI nod to raise funds via IPO, writes @Reematendulkar & @senmeghna#BhartiAirtel#BhartiHexacom#SEBI
  
  More details inside-https://t.co/BFS8vDwYdO

  — CNBC-TV18 (@CNBCTV18Live) March 20, 2024

• ICICI Prudential Mutual Fund buys a 0.6% stake in Star Health and Allied Insurance for approx Rs 193 crore in a bulk deal on Tuesday.

• Sunil Singhania buys a 1% stake in LT Foods for approx Rs 55 crore in a bulk deal on Tuesday.

• Nomura reportedly upgrades Hindustan Petroleum Corp to 'Buy', with an improved target price of Rs 570. This indicates a potential upside of 26.2%. The brokerage expects favorable demand-supply and global inventory levels to support the refining segment.

• Shakti Pumps' board of directors approves issuing equity shares worth Rs 200 crore via a qualified institutional placement (QIP), setting a floor price of Rs 1272.1 per share.

Riding High:

Largecap and midcap gainers today include Indus Towers Ltd. (250.70, 5.2%), CG Power and Industrial Solutions Ltd. (502.25, 4.9%) and Zomato Ltd. (165.60, 4.8%).

Downers:

Largecap and midcap losers today include Gland Pharma Ltd. (1,705.15, -3.8%), Torrent Power Ltd. (1,220, -3.5%) and Linde India Ltd. (6,474.10, -3.4%).

Volume Shockers

9 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Metro Brands Ltd. (1,175.15, 13.8%), Praj Industries Ltd. (518.10, 9.4%) and CG Power and Industrial Solutions Ltd. (502.25, 4.9%).

Top high volume losers on BSE were Tata Chemicals Ltd. (1,031.30, -8.0%) and Mahindra Lifespace Developers Ltd. (534.55, -0.1%).

Eicher Motors Ltd. (3,873.60, 4.2%) was trading at 5.6 times of weekly average. Sapphire Foods India Ltd. (1,553.25, 2.3%) and Amber Enterprises India Ltd. (3,222.70, 2.2%) were trading with volumes 4.0 and 3.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks took off, crossing 52-week highs, while 14 stocks hit their 52-week lows.

Stocks touching their year highs included - Maruti Suzuki India Ltd. (11,941.15, 3.0%), Sapphire Foods India Ltd. (1,553.25, 2.3%) and CG Power and Industrial Solutions Ltd. (502.25, 4.9%).

Stocks making new 52-week lows included - Atul Ltd. (5,878.50, -0.7%) and Bata India Ltd. (1,372.05, 0.0%).

12 stocks climbed above their 200 day SMA including Metro Brands Ltd. (1,175.15, 13.8%) and Praj Industries Ltd. (518.10, 9.4%). 15 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (3,044.35, -3.2%) and TV18 Broadcast Ltd. (47.65, -3.1%).

Markets closed down today . Dow Jones was trading at 39070 (3.8, 0.0%) , S&P 500 was trading at 5170.89 (0.3, 0.0%) while the broader US Tech Composite was trading at 16146.24 (0.4, 0%)

Riding High:

Largecap and midcap gainers today include Tingo Group Inc (0.69, 2200%), Sizzle Acquisition Corp - Units (1 Ord & 1/2 War) (20.88, 122.1%) and Integrated Rail and Resources Acquisition Corp - Ordinary Shares - Class A (11.15, 121.7%).

Downers:

Largecap and midcap losers today include Gracell Biotechnologies Inc - ADR (0, -100%), Frontier Investment Corp - Ordinary Shares - Class A (0, -100%) and L Catterton Asia Acquisition Corp - Ordinary Shares - Class A (0, -100%).

IXIX-CFD: highs, lows and moving averages

41 stocks outperformed, hitting 52 week highs, Stocks touching their year highs included - Williams Cos Inc (37.65, 1.2%), Progressive Corp. (204.82, -0.8%), NRG Energy Inc. (66.85, 2.9%) and Raymond James Financial, Inc. (122.09, 0.9%).

7 stocks climbed above their 200 day SMA including SLB (54.30, 1.6%) and Mondelez International Inc. - Ordinary Shares - Class A (72.36, 1.5%).

87 stocks are currently overbought in RSI including SLB (54.30, 1.6%), Mondelez International Inc. - Ordinary Shares - Class A (72.36, 1.5%) and PPG Industries, Inc. (141.09, 1.5%).

143 stocks are currently oversold in RSI including .

Nifty 50 closed at 21,817.45 (-238.3, -1.1%), BSE Sensex closed at 72,012.05 (-736.4, -1.0%) while the broader Nifty 500 closed at 19,610.55 (-232.6, -1.2%). Market breadth is overwhelmingly negative. Of the 2,107 stocks traded today, 554 showed gains, and 1,522 showed losses.

Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 1.5% and closed at 14.1 points. Jindal Stainless formed a partnership with JBM Auto to manufacture 500 lightweight stainless steel electric buses.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, taking cues from the benchmark index. Nifty Media and Nifty IT closed sharply lower than their Monday close.  According to Trendlyne’s sector dashboard, Software & Services emerged as the worst-performing sector of the day, with a fall of 2.8%.

Major Asian indices closed in the red, except for Japan’s Nikkei 225 index, which closed higher after the Bank of Japan hiked interest rates for the first time in 17 years. European indices traded flat or higher amid mixed global cues. US index futures traded flat or lower, indicating a cautious start to the trading session. Brent crude oil futures traded lower after rising for four straight trading sessions.

• Money flow index (MFI) indicates that stocks like Colgate-Palmolive (India), Oracle Financial Services Software and Linde India are in the overbought zone.

• Manappuram Finance's board of directors approves fundraising of Rs 6,000 crore in multiple tranches through different instruments.

• Central Bank of India signs an agreement with PPFAS Asset Management to distribute PPFAS AMC's mutual fund products through a do-it-yourself (DIY) model.

• FMCG stocks like Colgate-Palmolive (India), Tata Consumer Products, Britannia Industries and United Breweries are falling in trade. The broader sectoral indices, Nifty FMCG and BSE FMCG, are also trading in the red.

• Vivek Gupta, CEO and Managing Director of United Breweries, reports a positive initial response to their new beer brand, Queenfisher, and plans to launch it nationwide by year-end. He adds that the company is focusing on driving category growth and gaining market share across all categories.

  "Have solid plans of growing premium portfolio," Vivek Gupta, United Breweries says pic.twitter.com/Qe6hJKJVo0

  — ET NOW (@ETNOWlive) March 19, 2024

• Bharat Heavy Electricals reportedly bags an order to set up a 1,600 MW Singrauli Supercritical Thermal Power Plant (STPP) Stage-III from NTPC.

• Jindal Stainless forms a partnership with JBM Auto to manufacture 500 lightweight stainless steel electric buses. As per the deal, Jindal Stainless will supply JT Tubes, crafted from low-carbon, chromium-manganese austenitic stainless steel, to JBM Auto.

• REC's board approves a third interim dividend of Rs 4.5 per share for FY24, with the record date set for March 28, 2024.

• According to reports, the Income Tax Department has collected outstanding dues of Rs 73,500 crore for the fiscal year 2023-24 up to March. Of this total, corporate tax contributed Rs 56,000 crore, and personal income tax made up Rs 16,500 crore. This marks a notable rise from the previous year's collection of over Rs 52,000 crore.

  I-T dept recovers Rs 73,500 cr in pending dues for #FY24. This recovery marks a substantial increase compared to the previous year's collection of over Rs 52,000 cr.#incometaxhttps://t.co/tCIxH0JXL5

  — Business Standard (@bsindia) March 19, 2024

• Bondada Engineering surges to its 5% upper circuit as it bags an order worth Rs 433.9 crore from Singareni Collieries to set up a 67.5 MW solar power plant.

• KR Choksey keeps its 'Buy' rating on Varun Beverages with a target price of Rs 1,732. This indicates a potential upside of 22.5%. The brokerage forecasts sustained volume growth across the company's segments, driven by room for distribution expansion and focus on incremental growth from smaller categories. It expects the company's revenue to grow at a CAGR of 24.8% over FY23-25.

• Patanjali Foods falls as the Supreme Court reportedly issues a contempt notice related to a case of misleading advertisements.

• Asset managers are adding more cash to their holdings, with equity mutual funds' cash reserves rising for the second consecutive month in February to 4.8% of their total assets under management (AUM) at Rs 1.3 lakh crore, according to AMFI data.

  February month data shows that the total cash pile at equity mutual funds rose for the second consecutive month to 4.82% of total assets under management at Rs 1.33 lakh crore@nikkhillhttps://t.co/NquiYFpWz3

  — ETMarkets (@ETMarkets) March 19, 2024

• IT stocks like L&T Technology Services, Tata Consultancy Services, HCL Technologies and Persistent Systems are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

• Abbott India is falling as Managing Director Vivek V Kamath resigns, effective Monday, to pursue opportunities outside the company.

• JBM Auto rises its arm, JBM Ecolife Mobility, wins a Rs 7,500 crore order to supply 1,390 electric buses and develop allied electric and civil Infrastructure.

• Chetan Ahya, Morgan Stanley's chief Asia economist, believes India is unlikely to achieve China's remarkable economic growth rates. He expects India's GDP to grow steadily at an average of 6.5-7% over the next three decades, not reaching China's average 10% growth following its 1978 economic reforms.

  Morgan Stanley's chief Asia economist said it is "unlikely" that India could match China's impressive economic growth rates, Bloomberg reported.
  
  The investment bank is however optimistic about the country's growth prospects, it added.https://t.co/9zDwY5ti94

  — Mint (@livemint) March 19, 2024

• Paradeep Phosphates falls sharply as it temporarily shuts down its ammonia and urea plants in Goa due to a malfunction in its synthesis gas compressor.

• Popular Vehicles and Services’ shares debut on the bourses at a 2% discount to the issue price of Rs 295. The Rs 601.5 crore IPO has received bids for 1.2 times the total shares on offer.

• Poonawalla Fincorp is rising as it appoints Arvind Kapil, formerly of HDFC Bank, as its new managing director and chief executive officer (CEO).

• According to the Directorate General of Foreign Trade, the Centre has extended urea imports through India Potash, Rashtriya Chemicals & Fertilizers, and National Fertilizers until March 31, 2025. The Department of Fertilizers permits urea imports for agricultural use on government accounts via specified State Trading Enterprises or approved fertilizer marketing entities.

  Centre allows urea imports by state-owned fertiliser companies until March 2025https://t.co/igJ1KHHgVM

  — CNBC-TV18 (@CNBCTV18Live) March 19, 2024

• Indian Railway Catering & Tourism Corp approves acquiring ICT Infrastructure for Rs 187.2 crore to set up a disaster recovery site at Secunderabad. This will include a capex of Rs 92.8 crore.

• Tata Steel is rising, even as its subsidiary, Tata Steel UK, halts the operation of coke ovens at its Port Talbot plant in Wales due to a decline in operational stability. The company plans to increase coke imports to offset the closures.

• HG Infra Engineering bags four orders worth Rs 1,026 crore from Jodhpur Vidyut Vitran Nigam to set up transmission infrastructure at its solar power projects.

• Tata Consultancy Services is falling amid reports that its promoter, Tata Sons, plans to sell 2.3 crore shares (a 0.6% stake) at a floor price of Rs 4,001 per share, totalling to Rs 9,362 crore.

• Nifty 50 was trading at 21,961.20 (-94.5, -0.4%), BSE Sensex was trading at 72,431.24 (-317.2, -0.4%) while the broader Nifty 500 was trading at 19,785.20 (-57.9, -0.3%).

• Market breadth is in the green. Of the 1,805 stocks traded today, 945 were in the positive territory and 788 were negative.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (407, 4.6%), Torrent Power Ltd. (1,239.50, 4.1%) and CG Power and Industrial Solutions Ltd. (479.75, 2%).

Downers:

Largecap and midcap losers today include Gujarat Gas Ltd. (517, -4.7%), Colgate-Palmolive (India) Ltd. (2,606, -4.7%) and Tata Consultancy Services Ltd. (3,971, -4.4%).

Movers and Shakers

10 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Triveni Turbine Ltd. (486.90, 5.5%), Radico Khaitan Ltd. (1,625.10, 3.2%) and Piramal Pharma Ltd. (120.20, 2.9%).

Top high volume losers on BSE were eClerx Services Ltd. (2,338.90, -5.0%), Tata Consultancy Services Ltd. (3,971, -4.4%) and Aditya Birla Sun Life AMC Ltd. (461.95, -2.7%).

Star Health and Allied Insurance Company Ltd. (545.05, -1.4%) was trading at 27.1 times of weekly average. Blue Dart Express Ltd. (5,494, -1.7%) and Procter & Gamble Health Ltd. (4880, -0.4%) were trading with volumes 10.2 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks took off, crossing 52 week highs, while 8 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,225.40, 0.0%), Crisil Ltd. (4,981.95, -4.6%) and InterGlobe Aviation Ltd. (3,233.10, -0.5%).

Stocks making new 52 weeks lows included - Atul Ltd. (5,910, -1.7%) and Bata India Ltd. (1,375.15, -0.2%).

11 stocks climbed above their 200 day SMA including FSN E-Commerce Ventures Ltd. (153.85, 1.0%) and Shoppers Stop Ltd. (775, 0.9%). 12 stocks slipped below their 200 SMA including SIS Ltd. (430, -5.4%) and Patanjali Foods Ltd. (1,355.25, -4.2%).

Nifty 50 closed at 22,055.70 (32.4, 0.2%), BSE Sensex closed at 72,748.42 (105.0, 0.1%) while the broader Nifty 500 closed at 19,843.10 (17.9, 0.1%). Market breadth is holding steady. Of the 2,130 stocks traded today, 1,083 showed gains, and 1,009 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 1.5% and closed at 13.9 points. The Indian government has approved an electric vehicle policy, with tax incentives for firms committing to invest a minimum of $500 million and setting up manufacturing facilities within three years. 

Nifty Smallcap 100 and Nifty Midcap 100 closed lower with the benchmark index closing higher. Nifty Auto and Nifty Metal closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, healthcare, equipment & supplies emerged as the top-performing sector of the day, with a rise of over 2.7%. 

Most European indices trade higher, except for Switzerland’s SMI index trading lower. US indices futures trade flat, indicating a cautious start. Google’s parent firm Alphabet Inc. shares surged 3.2% pre-market, as it started a discussion with Apple to incorporate AI features into its flagship iPhones.

• Zydus Lifesciences sees a long buildup in its March 28 future series as its open interest rises 6.9% with a put-call ratio of 0.6.

• Shriram Properties rises as it sells 70% of its project inventory in the newly launched Codename Ultimate, located near Electronic City, Bengaluru.

• Jindal Drilling & Industries rises sharply as its board of directors approves the acquisition of a jack-up rig from Discovery Drilling Pte, Singapore, for $75 million (approx. Rs 621.7 crore).

• Rail Vikas Nigam rises as it bags an order worth Rs 339.2 crore from Maharashtra Metro Rail Corp to design and construct a 4.5 km elevated viaduct for the Pune Metro Rail project.

• British American Tobacco initiates a $2 billion buyback program after selling a portion of its stake in ITC. The company says it will purchase Rs 739.4 crore worth of its shares in 2024 and an additional Rs 950.7 crore by the end of 2025.

  British American Tobacco starts a $2 billion buyback program after selling part of its stake in India’s ITC https://t.co/zLfkigbhy1

  — Bloomberg Asia (@BloombergAsia) March 18, 2024

• Metal stocks like Tata Steel, Jindal Steel & Power, Steel Authority of India (SAIL) and JSW Steel surge more than 2% in trade. The broader BSE Metal index is also trading more than 2% higher.

• Krystal Integrated Services' Rs 300 crore IPO gets bids for 6X the available 30 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 1.9X the available 15.1 lakh shares on offer.

• Procter & Gamble Hygiene & Healthcare appoints Kumar Venkatasubramanian as Managing Director of the company for a period of five years, effective May 1, 2024.

• The SEBI deadline for PSU banks to meet the 25% minimum public shareholding (MPS) in August could impact the Rs 6.76 lakh crore rally in their stocks, which saw seven multibaggers last year. Punjab National Bank, one of the seven, meets the 25% requirement, while Union Bank of India became compliant last month after a Rs 3,000 crore QIP.

  The Rs 6.76 lakh crore blockbuster rally in PSU bank stocks, which gave 7 multibaggers in last one year, is now staring at a turning point as the Sebi deadline to meet 25% minimum public shareholding rule ends this August.@nikkhillhttps://t.co/t1r3YLY3SRpic.twitter.com/uiCtk6YF5S

  — ETMarkets (@ETMarkets) March 18, 2024

• Adani Grop stocks like Adani Enterprises, Adani Ports & SEZ, Adani Total Gas and Adani Energy Solutions are falling in trade as US prosecutors expand their probe into bribery allegations.

• J Kumar Infraprojects is rising as it bags a Rs 334.3 crore order from NBCC to develop the Hari Nagar Depot of Delhi Transport Corp.

• Transindia Real Estate is rising as its board of directors appoints Ram Walase as its Chief Executive Officer (CEO) with immediate effect.

• Amit Bakshi, Chairman and Managing Director of Eris Lifesciences, expects the company's debt to decrease by Rs 500 crore by the end of 2024. Its current total debt is around Rs 3,000 crore. He expects margins to stay within 34-37% over the next five years. He adds that the injectables segment will be huge for the company in the coming 3-5 years.

  #OnCNBCTV18 | #Debt will come down by Rs 500 cr by end of this calendar year. Looking at #margin of 34-37% in next five years, says Amit Bakshi of Eris Life pic.twitter.com/0YWtvlSTO5

  — CNBC-TV18 (@CNBCTV18Live) March 18, 2024

• SJVN is rising as its subsidiary, SJVN Green Energy, receives a letter of intent (LoI) from Gujarat Urja Vikas Nigam to set up a 200 MW solar project. The company bagged this order at a tariff of Rs 2.7 per unit on a build, own and operate (BOO) basis. It estimates the project cost at Rs 1,100 crore.

• Coforge is falling after its announcement to raise Rs 3,200 crore by issuing equity shares through a qualified institutional placement.

• Geojit BNP Paribas upgrades Finolex Cables to 'Buy' with a target price of Rs 1,019. This indicates a potential upside of 19.2%. The brokerage expects the company's strong construction activities to drive wires and cable volumes, while higher government capex will boost power cable demand. It expects the company's revenue to grow at a CAGR of 12.8% over FY23-26.

• Reports indicate that the Centre has directed Public-Sector Banks (PSBs) to submit their business plans until 2026-2027 (FY27) by March end. Government-nominated bank directors will assess these plans on a quarterly basis, focusing on initiatives like low-cost deposits, capital raising, bad loan resolution, cybersecurity improvement, and financial outreach.

  Centre directs Public-Sector Banks to submit their business plans till 2026-2027 by the end of March#PublicSectorBank#Banking#IndianBankinghttps://t.co/Y1nWTJ3ZEY

  — Business Standard (@bsindia) March 18, 2024

• Lupin is falling as the US FDA concludes inspection at its Aurangabad manufacturing facility with one observation.

• Anup Engineering is surging as it acquires a 100% stake in Mabel Engineering for Rs 33 crore to expand its product portfolio and capacity. The company's board of directors will meet on Wednesday to discuss issuing of bonus shares.

• IRCON International is rising as it wins a Rs 630.7 crore order from National Highways & Infrastructure Development Corp (NHIDCL) to construct a 2.5 km twin tube unidirectional tunnel at Aizwal Bypass in Mizoram. The project is expected to be completed in the next 36 months.

• Gujarat Gas is seeking expression of interest from ceramic customers in Morbi and Surendranagar for the purchase of natural gas as part of its plans to add 40% volume to its industrial segment and draw in new customers. In Q3FY24, the industrial segment's piped natural gas made up 60.4% of the company's total gas volumes.

  #GujaratGas aims to attract more customers in Morbi, Surendranagar and in the process add another 3 million metric standard cubic meter of natural gas per day to existing volumes.
  
  Read more ??https://t.co/dgCqolSCXc

  — NDTV Profit (@NDTVProfitIndia) March 18, 2024

• RailTel Corp of India rises as it wins a Rs 352 crore order from the Municipal Corporation of Greater Mumbai for developing HMIS for Brihanmumbai Municipal Corporation's health department. It also gets a Rs 130.6 crore order from the State Project Director, Bihar.

• KPI Green Energy hits its upper circuit following an order win from Maharashtra State Power Generation for the development of a 100-megawatt alternating current solar power project.

• Hindustan Aeronautics is rising after securing a Rs 2,890 crore order from the Indian Navy for the mid-life upgrade (MLU) of 25 Dornier aircraft and additional equipment. The project will be completed in the next 6.5 years.

• Punjab National Bank's board approves issuing equity shares worth Rs 7,500 crore in multiple tranches during FY25 via qualified institutional placements (QIPs) or follow-on public offers (FPOs).

• Nifty 50 was trading at 22,002.80 (-20.6, -0.1%), BSE Sensex was trading at 72,587.30 (-56.1, -0.1%) while the broader Nifty 500 was trading at 19,821.35 (-3.9, 0.0%).

• Market breadth is highly positive. Of the 1,873 stocks traded today, 1,246 were gainers and 550 were losers.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,081.35, 7.7%), Tata Steel Ltd. (149.70, 5.7%) and Jindal Steel & Power Ltd. (808, 5.2%).

Downers:

Largecap and midcap losers today include Coforge Ltd. (5,697.15, -6.9%), Adani Total Gas Ltd. (947.25, -4.2%) and Relaxo Footwears Ltd. (854.75, -3.7%).

Volume Shockers

7 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Zensar Technologies Ltd. (583.55, 5.3%), Procter & Gamble Hygiene & Healthcare Ltd. (16,470, 4.5%) and DCM Shriram Ltd. (895, 3.1%).

Top high volume losers on BSE were Coforge Ltd. (5,697.15, -6.9%), Tata Investment Corporation Ltd. (7,172.25, -5%) and Carborundum Universal Ltd. (1,089.90, -0.6%).

HLE Glascoat Ltd. (442.45, 0.7%) was trading at 16.0 times of weekly average.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 5 stocks hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,225.30, 0.4%), Crisil Ltd. (5,223.55, 5.0%) and Linde India Ltd. (6,778.20, 5.2%).

Stocks making new 52 weeks lows included - Blue Dart Express Ltd. (5,590, -1.9%) and La Opala RG Ltd. (301.75, -3.2%).

12 stocks climbed above their 200 day SMA including Shoppers Stop Ltd. (767.75, 6.0%) and APL Apollo Tubes Ltd. (1,547.35, 4.9%). 9 stocks slipped below their 200 SMA including Century Plyboards (India) Ltd. (647, -3.0%) and Krishna Institute of Medical Sciences Ltd. (1,977, -1.7%).