Nifty opens above 17000, Sensex gains 170 pts on Tue, Mar 28; PNC Infratech shares surge 6%, AB Capital falls

Domestic indices opened in green on Tuesday amid positive global cues. The NSE Nifty 50 rose 42.70 pts or 0.25% to 17,028.40 and BSE Sensex 174.7 pts or 0.30% to 57,828.56. Bank Nifty advanced 65.05 pts to 39,496.35. The top gainers on Nifty 50 were Hindalco, HCL Tech, HDFC Life, UPL and Coal India while the top losers were BPCL, Adani Ports, ONGC, Adani Enterprises and Apollo Hospital.

PNC Infratech shares, Aditya Birla Capital stocks in focus today

PNC Infratech shares surged 6.41% to Rs 282.40 after the firm was declared the lowest bidder for the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur lchauli of NH-73IA. The project is undertaken in a hybrid annuity mode and the bid cost is Rs 819 crore.

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Aditya Birla Capital falls 1% to Rs 144.30 after the company’s board of directors approved the sale of its entire stake in Aditya Birla Insurance Brokers. The other shareholder, Infocyber, will also divest its shares. Aditya Birla Capital will sell 25.6 lakh equity shares, representing 50.002%, while Infocyber will sell the remaining stake to the purchaser, Edme Services, for an enterprise value of Rs 455 crore.

Sectoral Indices

The sectoral indices were trading mixed. Bank Nifty rose 0.16%, Nifty Financial Services climbed 0.32%, Nifty Metal was up 0.38%, Nifty IT was up 0.19% and Nifty Pharma fell 0.45%.

Asian and US stock markets

Asian markets were trading in green with  China’s Shanghai Composite index rising 0.1%, Hong Kong’s Hang Seng climbing 0.31%, South Korea’s KOSPI advancing 0.47% and Japan’s Nikkei 225 increasing 0.04%.

The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.60%, S&P 500 climbing 0.16% and the tech-heavy Nasdaq falling 0.47%.

FII and DII data

Foreign institutional investors (FII) sold shares worth a net Rs 890.64 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 1,808.9 crore on 27 March, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has no securities on its F&O ban list for 28 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.