Nifty jumps above 17100, Sensex surges 300 pts in early trade on Wed, Mar 15; Cipla, PNC Infra shares gain

Domestic indices turned green on Wednesday cheering lower US CPI and India’s WPI inflation figures. The NSE Nifty 50 rose 93.10 pts or 0.55% to 17,136.40, BSE Sensex climbed 332.42 pts or 0.57% to 58,232.61 and Bank Nifty surged 307.05 pts or 0.78% to 39,718.45. The top gainers on Nifty 50 were Larsen & Toubro (up 2.40%), Asian Paint (up 2.40%), UPL (up 2.20%), Titan (up 2.02%) and Hindalco (up 1.99%) while Bharti Airtel (down 1.20%), SBI Life (down 0.84%), Hindustan Unilever (down 0.78%), Nestle India (down 0.31%) and ONGC (down 0.26%).

Cipla, PNC Infratech shares in focus today

Cipla shares rose over 1% to Rs 881.40 after the company informed stocks exchanges that a 51.18% stake in Cipla Quality Chemical Industries, a subsidiary of Cipla, will be sold to the UK and Meditab Holdings. Following the sale, the firm will cease to be a subsidiary of Cipla.

Also Read

Indian companies with highest FII holdings as of FY23: Paytm, HDFC, Delhivery, Zomato, more

10 transformations of last decade put India’s economy on a rocket; target $8 trillion economy: Morgan Stanley

Chris Wood adds AU Small Finance Bank to Jefferies’ India portfolio, removes CAMS

Share market holidays June 2023: NSE Nifty 50, BSE Sensex to remain closed for nine days this month

PNC Infratech shares rose 2.30% to Rs 291.30 after the company emerged as the lowest bidder for the construction of a 6-lane Greenfield Varanasi-Ranchi-Kolkata highway in Bihar with a length of 35.2 km for a cost of Rs 1260 crore.

Sectoral Indices

All the sectoral indices were trading in green. Bank Nifty rose 0.73%, PSU Bank jumped 0.51%, Nifty IT was up 0.33%, Nifty Pharma was up 0.59%, Nifty FMCG was up 0.16% and Nifty Auto rose 0.49%.

Asian and US stock markets

Asian markets were trading in green with China’s Shanghai Composite index rising 0.62%, Hong Kong’s Hang Seng jumping 2.49%, Japan’s Nikkei 225 surging 0.25% and South Korea’s KOSPI soaring 1.82%.

The US market ended the overnight session in the green territory with Dow Jones Industrial Average rising 1.06%, S&P 500 surging 1.65% and the tech-heavy Nasdaq soaring 2.14%.

FII and DII data

Foreign institutional investors (FII) sold shares worth a net Rs 3086.96 crore, while domestic institutional investors (DII) bought equities worth a net Rs 2121.94 crore on 14 March, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has put GNFC and Indiabulls Housing Finance on its F&O ban list for 15 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.