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.
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.
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.
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.
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.
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%).