Nifty 50 closed at 22,493.55 (19.5, 0.1%), BSE Sensex closed at 74,119.39 (33.4, 0.1%) while the broader Nifty 500 closed at 20,434.80 (55.3, 0.3%). Of the 2,067 stocks traded today, 1,242 showed gains, and 795 showed losses.

Indian indices closed flat after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, fell 4.8% and closed at 13.6 points. Tata Motors closed higher after it increased the prices of all its commercial vehicles by 2%, effective April 1. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing flat. Nifty Media and Nifty Metal closed higher than their Wednesday close.  According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the top-performing sector of the day, with a rise of 3.5%.

Major European indices traded mixed, in line with the Asian indices. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures trade in the red after closing 1.1% higher on a volatile day on Wednesday.

• Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Godfrey Phillips India, Tata Chemicals and Tata Motors are in the overbought zone.

• Housing and Urban Development Corp rises sharply as it signs a memorandum of understanding (MoU) with Maharashtra State Electricity Distribution to provide credit up to Rs 5,000 crore. The credit is for a feeder-level solarisation scheme under the PM-KUSUM Scheme.

• Tata Motors is rising as it increases the prices of all its commercial vehicles by 2%, effective April 1. The company says that this hike is to offset the residual impacts of past inflation, and it will be applied across all models and variations.

• Gopal Snacks' Rs 650 lakh IPO gets bids for 1.4X the available 1.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2X the available 59.4 lakh shares on offer.

• J G Chemicals' Rs 251.2 crore IPO gets bids for 27.8X the available 81.7 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 17.4X the available 41.2 lakh shares on offer.

• Ahluwalia Contracts bags three orders worth Rs 339 crore, including a Rs 174 crore contract from CINDA Engineering, a Rs 90 crore project from Bird Hotel Jewar, and a Rs 75 crore order from Ritnand Balved Education Foundation.

• Metal stocks like Tata Steel, JSW Steel, Hindalco Industries and Steel Authority of India (SAIL) are rising in trade. The broader sectoral indices, Nifty Metal and BSE Metal, are also trading in the green.

• The Centre reportedly extends its FAME-II (Faster Adoption and Manufacturing Electric Vehicles) scheme by four months to avoid any disruption in the EV industry, providing relief to electric two- and three-wheeler manufacturers. According to reports, the scheme is now extended until July 31, 2024, from the original end date of March 31.

  ???? To support electric two/three-wheeler makers, the government has apparently prolonged the #FAMEII (Faster Adoption and Manufacturing Electric Vehicles) scheme by four months to prevent any interruption in the #EV sector.https://t.co/3ljODlisUK

  — Business Today (@business_today) March 7, 2024

• Mahindra & Mahindra falls sharply as its promoter, Prudential Management and Services, plans to sell a 0.8% stake (or 93 lakh shares) in the company for Rs 1,832 crore.

• Zydus Lifesciences receives US FDA approval for its Ahmedabad API facility, allowing it to commercially manufacture and supply the API.

• Macrotech Developers hits an all-time high of Rs 1,234 after raising Rs 3,281 crore via a qualified institutional placement. The company approves the allotment of 2.9 crore equity shares to eligible qualified institutional buyers.

• Reserve Bank of India Governor Shaktikanta Das forecasts the Indian economy to grow by nearly 8% in FY24, exceeding the 7.6% growth estimated by the National Statistical Office (NSO). He adds that the gross domestic product (GDP) for the current year will likely approach 8%.

  Indian economy is likely to grow more than the NSO estimate of 7.6% in FY24 and it could be close to 8%, says RBI Governor Shaktikanta Das#RBI #economy #ShaktikantaDas https://t.co/8J0w8q9A4p

  — Business Standard (@bsindia) March 7, 2024

• Larsen & Toubro is rising as its hydrocarbon business bags a Rs 1,000-2,500 crore order from Oil & Natural Gas Corp (ONGC). The order is for the engineering, procurement, construction and commissioning of new process gas compressor (PGC) modules at ONGC's offshore locations.

• GPT Infraprojects rises sharply as its joint venture bags a Rs 135 crore order from the North Central Railways, Uttar Pradesh. The order is for earthwork, construction of bridges and subways, and other related works.

• Suzlon Energy bags an order from Juniper Green Energy to supply 23 wind turbines with a total installed capacity of 72.5 MW.

• Spicejet rises by more than 2% as it resolves a Rs 413 crore dispute with Echelon Ireland Madison One. This settlement will save the airline about Rs 398 crore. As part of the settlement, Spicejet will acquire two airframes, expanding its fleet and operational capacity.

  Rs 398 crore savings! SpiceJet settles third major dispute in 2 weeks - detailshttps://t.co/A6RLwpdX7G

  — ET NOW (@ETNOWlive) March 7, 2024

• JSW Steel's February 2024 consolidated crude steel production rises 4.8% YoY to 21.5 lakh tonnes. Capacity utilisation at its Indian operations stands at 92%.

• Mukka Proteins’ shares debut on the bourses at a 42.9% premium to the issue price of Rs 28. The Rs 224 crore IPO has received bids for 137 times the total shares on offer.

• Bajel Projects' Chief Executive Officer Sanjay Bhagat resigns due to personal commitments. His resignation will take effect from March 31, 2024.

• Bharti Airtel touches a new 52-week high of Rs 1,213.6 as 4.9 crore shares (0.8% equity), amounting to Rs 5,849 crore, reportedly change hands in a block deal. Singapore telecom operator Singtel sells its stake in the company to GQG Partners.

  Bharti Airtel Block Deal: GQG Partners buys 0.8% stake from Singtel@senmeghna @Journoruchithttps://t.co/M03l9wKKto

  — CNBC-TV18 (@CNBCTV18Live) March 7, 2024

• Hindustan Aeronautics is rising as its contract value for supplying light combat aircraft is amended to Rs 5,077.9 crore from the initial Rs 2,700.9 crore.

• NLC India falls as its promoter, the President of India acting through the Government of India, announces an offer for sale of up to a 7% stake in the company.

• Prestige Estates Projects launches its new residential project, Prestige Somerville, in Bangalore. This development includes 306 apartments with a revenue potential of Rs 800 crore.

• Jupiter Wagons rises sharply as it receives an order worth Rs 956.9 crore from the Ministry of Railways to supply 2,237 wagons.

Riding High:

Largecap and midcap gainers today include Tata Power Company Ltd. (425.25, 7.7%), Cholamandalam Investment & Finance Company Ltd. (1,083.25, 6.2%) and Solar Industries India Ltd. (7,595.10, 5.2%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Ltd. (1,897.55, -3.7%), CG Power and Industrial Solutions Ltd. (457.65, -2.6%) and Bharat Petroleum Corporation Ltd. (624.70, -2.1%).

Volume Shockers

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

Top high volume gainers on BSE included Tata Chemicals Ltd. (1,315.25, 11.6%), IIFL Finance Ltd. (420.25, 10.0%) and Tata Teleservices (Maharashtra) Ltd. (89.95, 7.9%).

Top high volume losers on BSE were Mahindra & Mahindra Ltd. (1,897.55, -3.7%) and NLC India Ltd. (218.75, -3.4%).

G R Infraprojects Ltd. (1,253.75, 2.6%) was trading at 127.1 times of weekly average. Tata Power Company Ltd. (425.25, 7.7%) and Chambal Fertilisers & Chemicals Ltd. (372.75, 4.1%) were trading with volumes 7.7 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

29 stocks made 52-week highs, while 3 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (8,879.05, 3.2%), Bank of Baroda (281.75, -0.3%) and Bharat Electronics Ltd. (215.20, 2.3%).

Stocks making new 52-week lows included - KRBL Ltd. (298.30, -0.3%) and TCI Express Ltd. (1,057.85, -0.1%).

11 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (89.95, 7.9%) and Home First Finance Company India Ltd. (866.45, 4.4%). 15 stocks slipped below their 200 SMA including Supreme Industries Ltd. (3,894.45, -1.8%) and Ratnamani Metals & Tubes Ltd. (2,845.20, -1.6%).