Stock Market Live Updates: Sensex jumps 300 points, Nifty above 17,000; realty, IT indices lead sectoral performers; VIX eases 6% – The Economic Times
The rise in domestic equities follows a sharp rebound in the U.S. and European markets on Thursday on news that a large group of banks was infusing cash into U.S. lender First Republic Bank alongside a lifeline from Swiss National Bank to Credit Suisse.
The developments eased concerns of a crisis in the global banking system.
Eleven of the 13 major sectoral indexes advanced with high weightage financials rising 0.8%. Information technology stocks rose over 1% and nine of its 10 constituents logged gains.
India’s largest IT services provider TCS was the exception, losing 0.2% after the resignation of its CEO Rajesh Gopinathan barely a year into his second five-year term. He will be succeeded by TCS veteran K Krithivasan.
Among individual stocks, defence firms like Hindustan Aeronautics, Bharat Forge, Bharat Dynamics gained after the Indian government approved the purchase of equipment worth $8.5 billion from domestic companies.
Glenmark Life jumped over 4% after declaring an interim dividend of 21 rupees per share for fiscal 2023.
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FMCG stocks trade lower; Future Consumer tanks 8%
Price as on 17 Mar, 2023 11:01 AM, Click on company names for their live prices.
TOP READ | Vijay Kedia’s funda to deal with confused Nifty
“Prudent investors must think about what will happen next year and not this year. Spend time in the market, don’t be too adventurous. Just wait for the bottom. Remember that inactivity is also an activity in the market,” says Kedia when asked about investing strategy in the current market situation.
Shares of real estate developer DLF rallied over 9% to Rs 377.5 in 2 days after the realty major announced that it has sold 1,137 luxury apartments, priced Rs 7 crore and above, for over Rs 8,000 crore within 3 days, in its housing project in Gurugram. In a regulatory filing, DLF informed that it has “witnessed record-breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour”. The project is located at Golf Course Extension Road, Sector-63 Gurugram.
Price as on 17 Mar, 2023 10:36 AM, Click on company names for their live prices.
The National Stock Exchange (NSE) and the BSE has announced that three Adani group companies — Adani Enterprises, Adani Power and Adani Wilmar — will move out of the short-term additional surveillance measure (ASM).
Price as on 17 Mar, 2023 10:16 AM, Click on company names for their live prices.
Rail Vikas Nigam Limited emerged as the lowest bidder for the 11 KV line project worth Rs 111.85 crore.
Price as on 17 Mar, 2023 10:14 AM, Click on company names for their live prices.
Steel pipes manufacturer Hi-Tech Pipes on Friday split its shares in the ratio of 10:10 to increase liquidity of the stock in the market and boost public participation in shareholding. Earlier, the company through postal ballot had approved sub-division of its shares from 1 equity share of face value of Rs 10 each to 10 shares of face value of Re 1 each, it said.
Price as on 17 Mar, 2023 10:09 AM, Click on company names for their live prices.
Va Tech Wabag forays into Bangladesh with a World Bank & AIIB funded DBO order worth about Rs 800 crore.
Price as on 17 Mar, 2023 09:55 AM, Click on company names for their live prices.
Nifty outlook by Anand James – Chief Market Strategist at Geojit Financial Services.
That the bearish onslaught failed to push beyond 16800 encourages us to keep the upside trajectory inplay. We had pencilled in 17470 as the measured objective for the recovery push. The first challenge would obviously be from the recent reaction peak of 17224, which had held supreme on multiple days, but we do not expect much drama this time. However, if exhaustion sets in on approach to 17320, be advised on the importance of 17000 as a downside reversal level from here on.
Glenmark Life jumps over 4% after declaring an interim dividend of 21 rupees per share for fiscal 2023.
Price as on 17 Mar, 2023 09:44 AM, Click on company names for their live prices.
There are indications of the storm in the global banking sector blowing over. The authorities including the US treasury, the Fed, the Federal deposit insurance corporation and the Swiss central bank have acted timely and decisively to contain the crisis and calm the markets. This should infuse confidence in investors. Meanwhile, the sharp correction in crude and the declining trade deficit have improved India’s macros significantly. Declining fiscal and current account deficits along with a healthy banking system and deleverage corporate sector can deliver good growth and corporate earnings in FY24. The recent market correction has also made valuations reasonable. This is positive news from the market perspective.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
PSU bank stocks see demand, jump up to 3%
Price as on 17 Mar, 2023 09:30 AM, Click on company names for their live prices.
Rupee rises 22 paise to 82.54 against US dollar in early trade.
Take a look at how top IT stocks are doing!
Price as on 17 Mar, 2023 09:20 AM, Click on company names for their live prices.
Top movers in morning trade
Price as on 17 Mar, 2023 09:19 AM, Click on company names for their live prices.
Opening Bell: Sensex surges nearly 500 points, Nifty above 17,100; HAL jumps 4%, HCL Tech 2%
Pre-open session: Sensex rises over 300 points; Nifty above 17,115
Asian markets take breather from banking turmoil
Asian markets extended a risk rally on Wall Street on Friday to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 122.5 points, or 0.72 per cent, higher at 17,145, signaling that Dalal Street was headed for positive start on Friday.
Tech View: Nifty forms Doji candle on weekly expiry day.
Amid expiry day volatility, headline index Nifty on Thursday formed a long-legged Doji-type candle on the daily charts. Chart readers say such a pattern after reasonable weakness could be considered a reversal pattern on the upside after confirmation.
Tokyo stocks open higher extending US rallies
Tokyo stocks opened higher on Friday, supported by US rallies on eased concern over bank failures and jumps in stocks after the European Central Bank lifted rates.The benchmark Nikkei 225 index was up 0.69 percent, or 186.12 points, to 27,196.73 in early trade, while the broader Topix index added 0.68 percent, or 13.11 points, to 1,950.21.
Wall Street closes higher as First Republic helps lift banks
A strong rebound by financials helped Wall Street’s main indexes close firmly positive on Thursday, after some of the country’s largest lenders came to the rescue of embattled First Republic Bank.
Rupee falls 11 paise to 82.76 against US dollar
The rupee fell for the fourth day in a row on Thursday and depreciated by 11 paise to 82.76 against the US dollar amid mixed global equity market cues and foreign fund outflows.
Oil steadies as investors take stock of banking crisis
Oil prices were little changed on Friday after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week.
Sensex, Nifty on Thursday
The 30-share BSE benchmark Sensex rose 79 points or 0.14% to settle at 57,635. The broader NSE Nifty surged 13 points or 0.08% to end at 16,985.
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