Share Market Highlights: Sensex nose-dives to end 871 pts down, Nifty closes at 14,549; RIL, bank stocks drag

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Updated: March 24, 2021 4:22:37 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices ended the day deep in red on Wednesday. India VIX surged 8% to end above 22 levels.

Share Market Today, Share Market LiveA delayed re-opening owing to a fresh jump in coronavirus cases across the globe is worrying markets at this juncture. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices closed deep in the negative on Wednesday. S&P BSE Sensex closed 871 points lower at 49,180 while the 50-stock NSE Nifty closed 267 points down at 14,549. Reliance Industries and banking stocks were among the major contributors to today’s fall. Only Asian Paints and Power Grid corporation ended with gains on Sensex. Bank Nifty was down 2.6% on closing, moving below 33,300 levels for the first time since the Union Budget. Among sectoral indices, only Nifty Pharma ended with gains on Wednesday. India VIX, the volatility gauge surged a massive 8% today to end above 22 levels. 

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Highlights

    16:22 (IST)24 Mar 2021
    Sensex, Nifty tank to end deep in red; charts suggest further weakness ahead for Dalal Street

    Domestic equity markets saw the bears assert control on Dalal Street today. S&P BSE Sensex plunged 871 points to end at 49,180 points while the 50-stock NSE Nifty closed at 14,549. Index heavyweight Reliance Industries, along with banking stock were the main contributor to the massive fall registered by the headline indices. Only Asian Paints and Powergrid corporation, of the 30 Sensex constituents closed with gains. Bank Nifty nose-dived 2.6% to end at 33,293. Nifty Pharma was the only sectoral index to close with gains. India VIX leapt 8% to close above 22 levels.

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    15:34 (IST)24 Mar 2021
    Sensex, Nifty end deep in red

    Sensex and Nifty ended deep in the red on Wednesday. Sensex closed 871 points lower while Nifty was at 14,549 at the closing bell. Banking stocks along with Reliance Industries pulled the indices down.

    15:09 (IST)24 Mar 2021
    Sensex down 900 points

    Sensex tanked 900 points with minutes left before the end of today's trade. Sensex was nearing 49,100 while Nifty was nearing 14,500.

    15:08 (IST)24 Mar 2021
    Worst performing bank stocks

    Bank stocks were hit the worst on Wednesday with Bank Nifty tanking over 2%. RBL Bank was down 4.5%, followed by PNB down 4.2%, IDFC First Bank was down 4%. ICICI Bank, Axis Bank, and SBI Bank were all down more than 3% each.

    15:06 (IST)24 Mar 2021
    Bank Nifty nears 33,300

    Bank Nifty was nearing 33,300 levels on Wednesday. This is the lowest for the index since the Union Budget was presented. ICICI Bank, Axis Bank, and SBI were all down more than 3% each. 

    14:59 (IST)24 Mar 2021
    Banks closed for 7 days out of 9 from March 27; check full list of holidays during Mar 27-Apr 4

    All banks in India will remain closed for three days in a row during March 27-29, including the two-day weekend and the Holi festival. Also, bank services will remain suspended on March 31, 2021, on account of the last day of the financial year. And then on 1st, 2nd and 4th April 2021 due to banks’ closing of accounts, Good Friday and Sunday. Hence, people can complete their bank-related work only on two days — March 30 (Tuesday) and April 3 (Saturday). The list of holidays given below has been notified by RBI under the Negotiable Instruments Act.

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    14:54 (IST)24 Mar 2021
    Only 4 Sensex stocks in green

    Only four of the thirty Sensex constituents were trading with gains on Wednesday ahead of the closing bell. Asian Paints was up 1.7%, followed by Powergrid Corporation, Sun Pharma, and Dr Reddy's.

    14:48 (IST)24 Mar 2021
    Nifty Pharma gains

    Nifty Pharma was the only sectoral index on the NSE to be trading with gains on Wednesday. The index was up 1.05%.

    14:44 (IST)24 Mar 2021
    India VIX cools off mildly

    After having surged nearly 8% during the day, India VIX was seen to be coming down from its highs as Dalal Street neared the closing bell. The fear gauge had jumped to 22.3 levels but was now down to 21.8.

    14:33 (IST)24 Mar 2021
    Trimming losses

    Sensex and Nifty were seen to be attempting to trim their losses with less than an hour left in the day's trade. Sensex was still over 500 points down while Nifty was nearing 14,650.

    13:47 (IST)24 Mar 2021
    Broader markets remain weak

    Broader markets were mirroring the fall in benchmark indices and were seen tanking deep into the red on Wednesday. Volatility index was up almost 8%.

    13:25 (IST)24 Mar 2021
    Breaking Master/Visa credit card oligopoly, UPI-based mobile vCard finds takers in India [Features Inside]

    Post 8/11 (demonetisation), Fintech revolution in the country gained speed as Digital Payments and Digital Lending were seeing the ideal Goldilock’s conditions of regulatory, consumer and market innovations. However, one industry on the cusp of Lending and Payment – i.e. the Credit Cards – was still languishing with 5% market penetration and no meaningful digital innovations in the past 30 years. The Oligopoly of Master-Visa dictated all banks – big and small – on how they operated credit cards. This market inefficiency was the opportunity for vCard – to break the Master-Visa construct and innovate on the entire Business Model, says Hyderabad-based vCard founder and CEO Vishan Ranjan.

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    12:58 (IST)24 Mar 2021
    Top gainers

    Only 6 stocks were trading with gains on Sensex at this hour. These were led by Power Grid, up 1.6%. Asian Paints, Sun Pharma, Dr Reddy's, Titan, and Hindustan Unilever were the other top gainers.

    12:54 (IST)24 Mar 2021
    Laxmi Organic IPO listing day strategy: Grey market premium falls; wait for dips to buy more or book profit?

    Laxmi Organic Industries shares will make the stock market debut on Thursday, March 25, 2021. Earlier this week, a specialty chemicals manufacturer finalised the basis of share allotment. The Rs 660 crore IPO was subscribed 107 times and was sold in a price band of Rs 129-130 per share. The grey market premium has further fallen to Rs 50-52 on Wednesday, from Rs 65-70 on the previous day. The shares of speciality chemicals manufacturer were trading at Rs 182, up 21 per cent from the IPO price, according to data provided by UnlistedArena.com, which tracks the grey market.

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    12:22 (IST)24 Mar 2021
    Vedanta open offer: Institutional investors may stay away, parent firm debt likely to rise

    Anil Agarwal’s Vedanta Resources has increased the open offer price to raise its stake in Vedanta Ltd by another 17.5%. The open offer price now stands at Rs 235 per share, which is at a premium over the current market price of Rs 223. Earlier in January, Vedanta Resources had offered shareholders Rs 160 per share, looking to buy a 10% stake in the company. However, institutions such as LIC and foreign funds are still likely to steer clear of the offer. Since the beginning of February, Vedanta Ltd’s stock price has soared 39%.

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    11:51 (IST)24 Mar 2021
    Weakness extending in the market

    For Nifty, 14,875 followed 15,000 remain to be the strong hurdles, according to Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking. He added that on the lower side, the way daily chart is shaped up, a sustainable move below yesterday’s low of 14,707 may result in weakness extending in the market.

    11:45 (IST)24 Mar 2021
    Fear gauge increases

    India VIX, the fear gauge of domestic markets was up 7% on Wednesday hinting at heightened volatility. India VIX breached 22 levels today.

    11:28 (IST)24 Mar 2021
    Rakesh Jhunjhunwala-backed Nazara Tech IPO: Check share allotment status, grey market premium, listing date

    Rakesh Jhunjhunwala-backed Nazara Technologies IPO, which was subscribed 176 times, will finalise the share allotment on Wednesday, March 24, 2021. The issue was in the range of Rs 1,100-1,101 between March 17 and 19. The mobile gaming leader is popularly known for its games on the World Cricket Championship, Chhota Bheem and Motu Patlu series. In the grey market on Wednesday, Nazara Technologies shares were trading at Rs 1,891 apiece, implying a premium of Rs 790 or 72 per cent over the IPO price. 

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    10:41 (IST)24 Mar 2021
    Sensex, Nifty extend losses

    Sensex, Nifty are deep in the red on Wednesday. SBI, ONGC, and Axis Bank were the top drags on the 30-stock BSE Sensex.

    10:20 (IST)24 Mar 2021
    Gold prices jump on lower US bond yields, still down 20% from record highs; silver crosses Rs 65,000 per kg

    Gold prices were trading higher on Wednesday, tracking the international spot prices as US Treasury yields held close to a one-week low, with bullion shrugging off strength in the dollar on Powell’s reassurance that inflation would not spiral out of control. On MCX, gold April futures were trading Rs 158 or 0.35 per cent up at Rs 44,804 per 10 grams as against the previous close of Rs 44,646. Silver May futures were ruling at Rs 65,225 per kg, up Rs 253 or 0.39 per cent, as compared to a previous close of Rs 64,972 on the Multi Commodity Exchange. 

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    10:18 (IST)24 Mar 2021
    Nifty needs to breach 14,900 to move higher

    "The Nifty is currently in a zone of resistance where a trend is expected to emerge. The zone is between 14750-14900. If we are unable to get past this patch we could turn from here and resume the current downtrend. That could lead us to levels closer to 14400. If the market can sustain above 14900, the index could endeavour a move to 15300," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    09:55 (IST)24 Mar 2021
    Anupam Rasayan shares tumble on listing; open down 3.6% from IPO price

    Anupam Rasayan shares made a faint listing on the stock exchanges today, falling prey to the weakness on Dalal Street. Anupam Rasayan stocks opened at Rs 534.7 per share, down Rs 20 apiece or 3.66% from the IPO price of Rs 555 per share. On listing, Anupam Rasayan had a market capitalization of Rs 5,342 crore. The Rs 760-crore IPO of Anupam Rasayan, a Specialty Chemicals firm, was subscribed 44 times by investors earlier this month. Upon listing Anupam Rasayn became the eleventh stock to debut on the bourses in 2021.

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    09:31 (IST)24 Mar 2021
    Time to wait and watch?

    "The sudden surge in Covid cases, globally, is a cause for concern. Markets had discounted sharp recovery in global GDP growth in 2021. But now, with parts of Germany, France & Italy going through the third wave and regional lockdowns, global GDP growth is likely to be below estimates. The recent crash in crude is a reflection of reduced demand emanating from declining economic activity. In India, the second wave in some prominent cities is adding to the concern. FII & DII buying are down. Investors may wait & watch. Declines may be used to buy quality large-caps in IT, pharma & financials where there is good earnings visibility," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:22 (IST)24 Mar 2021
    Nifty has to cross 15,350 to resume bullish trend; ICICI Bank, Tata Motors among 4 technical stocks to buy

    On Tuesday, Indian equity benchmark index turned volatile after the specific announcement on the Loan Moratorium from the Supreme Court. It has helped the Bank Nifty to recover from the lower levels. The formation of a double bottom at 33350 in the Bank Nifty worked positively. Most stocks are at their large support area. Some stocks have formed a bullish reversal pattern today. 

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    09:18 (IST)24 Mar 2021
    Opening Bell

    Sensex and Nifty began trading in the red on Wednesday morning. Sensex was below 49,800 while Nifty was nearing 14,700 levels. Index heavyweights such as ICICI Bank, Reliance Industries were down in the red.

    09:14 (IST)24 Mar 2021
    Petrol and diesel price today 24 March 2021: Fuel prices slip first time in 3 weeks, rates highest in Mumbai

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel fell for the first time in three weeks on March 24. The price of petrol and diesel fell across major cities after having remained the same for three consecutive weeks. Nation Capital Delhi was quoting a petrol price of Rs 90.99 per litre while Diesel in the city was priced at Rs 81.30 per litre, down 18 paise and 17 paise, respectfully. Fuel prices were highest in Mumbai a Rs 97.40 per litre for Petrol.  Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    09:06 (IST)24 Mar 2021
    Sensex, Nifty fall further

    Sensex gave up 50,000 while Nifty was below 14,800 in the pre-open session. Asian markets were down in the red. 

    09:02 (IST)24 Mar 2021
    Sensex, Nifty slip

    Nifty gave up 14,800 levels during the pre-open session while Sensex was still holding above 50,000 mark. 

    08:57 (IST)24 Mar 2021
    SGX Nifty down nearly 100 points; five things to know before market opens on Wednesday

    Headline indices BSE Sensex and Nifty 50 were eyeing a negative opening on Wednesday, as suggested by trends on SGX Nifty. Markets may remain volatile ahead of F&O expiry scheduled on Thursday. Besides, weak global cues, rising COVID-19 cases, on-going vaccination drive, stock-specific development, crude oil prices, rupee may set the market direction today. 

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    08:20 (IST)24 Mar 2021
    Nifty needs to hold above 14,850-14,900 range

    "The short term trend of Nifty remains positive, but market's inability to sustain above the hurdle of 14850 could be cause of concern. A sustainable move above 14850-14900 levels could pull Nifty towards the next hurdle of 15050 levels in the near term. Any failure could open weakness from the highs. Immediate support is placed at 14700," said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

    08:08 (IST)24 Mar 2021
    Stocks in focus: Anupam Rasayan, RIL, Bharti Airtel, IDBI Bank, Rail Vikas Nigam, Hero MotoCorp, ONGC

    Domestic equity market benchmarks BSE Sensex and Nifty 50 were looking to open in the negative territory on Wednesday, after ending over half a per cent higher in the previous session. The market may remain volatile in the near term given weak global cues, high bond yields, rising commodity prices and risk of increase in inflation. Moreover, the second wave of COVID-19 continues to worry the market and it may continue with its roller-coaster ride.

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    08:04 (IST)24 Mar 2021
    SGX Nifty slips further

    SGX Nifty was down 60 points on Wednesday morning. Asian stock markets were weak owing to the fall recorded by Wall Street.

    08:00 (IST)24 Mar 2021
    Barbeque Nation IPO is Domino’s gain: Jubilant FoodWorks doubles its money in just two months

    Barbeque Nation’s much-awaited IPO could help its rival Domino’s parent firm Jubilant FoodWorks double its money in nearly two months time. Jubilant FoodWorks, the owner of Domino’s Pizza in India, had invested Rs 92 crore in Barbeque Nation, picking up shares for Rs 252 apiece in January this year. Now, with the IPO price band fixed at Rs 498-500 apiece, Jubilant’s investment could multiply. Barbeque Nation’s Rs 453-crore public issue opens for subscription tomorrow.

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    07:59 (IST)24 Mar 2021
    Anupam Rasayan IPO listing day strategy: Grey market premium falls; hold or book profits on debut day?

    Anupam Rasayan India shares will list on stock exchanges on Wednesday, March 24, 2021. The Rs 760-crore IPO was subscribed 44 times. The issue was sold in the price band of Rs Rs 553-555 per share. In the grey market on Tuesday, Anupam Rasayan India shares were trading at Rs 625, implying a grey market premium of 12.6 per cent, over the issue price. Amid share market volatility, the grey market premium in Anupam Rasayan has fallen to Rs 70 from Rs 100, last week. Upon successful listing on Dalal Street, Anupam Rasayan will join its peers such as Navin Fluorine International Ltd, PI IndustriesSRF Ltd and Astec Lifesciences Ltd.

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