Share Market News Today | Sensex, Nifty, Share Prices Highlights: After fluctuating between gains and losses, benchmark indices ended marginally lower in the volatile session. While BSE Sensex closed 89.14 points or 0.15% lower at 57,595.68, NSE Nifty settled 22.90 points or 0.13% down at 17,222.80. Sectorally, IT, oil & gas, metal and pharma indices rose 1 per cent each, while bank index was down 1 per cent. Bank Nifty ended 620 points or 1.72% lower at 35,527.10. In broader markets, BSE midcap and smallcap indices ended marginally higher. Dr Reddy’s Laboratories, Coal India, Hindalco Industries, UltraTech Cement and Tech Mahindra were among the top Nifty gainers, while losers were Kotak Mahindra Bank, Titan Company, HDFC Bank, ICICI Bank and HDFC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
"Indian markets opened mixed following mixed Asian market cues as investors took note of easing COVID measures which could help in economic recovery and also eye today's NATO summit focused on Ukraine. During the afternoon session markets traded in red terrain as concerns about rising inflation and slower economic growth weighed traders’ mood. The mood of the markets turned soured as concerns over the country’s bilateral trade emerging due to the ongoing Russia-Ukraine war which could lead to some kind of disruption in trade.”
~Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
After fluctuating between gains and losses, benchmark indices ended marginally lower in the volatile session. While BSE Sensex closed 89.14 points or 0.15% lower at 57,595.68, NSE Nifty settled 22.90 points or 0.13% down at 17,222.80.
Nifty Pharma gains over 1%. Dr Reddy's, Aurobindo Pharma lead index.
The follow-on public offer of Patanjali-backed Ruchi Soya Industries was subscribed 6 per cent, with investors putting in bids for 32.81 lakh equity shares against an offer size of 4.89 crore equity shares by noon on March 24, the first day of bidding. The price band for the offer has been fixed at Rs 615-650 a share. The portion set aside for retail investors was subscribed 13 percent. Qualified institutional buyers and non-institutional investors were yet to subscribe to the offer.
The Board of Directors of the IIFL Finance approved the appointment of Nirmal Jain as Managing Director of the company w.e.f. April 1, 2022 for a period of 5 years and approved change in designation of R. Venkataraman to Joint Managing Director upto the remaining tenure i.e. April 22, 2025. IIFL Finance was trading at Rs 283.00, down Rs 3.50, or 1.22 per cent.
Lupin gained 3% after the company got US FDA nod for its abbreviated new drug application for Sildenafil, a generic equivalent of Revatio.
Benchmark indices were lower amid volatility with buying seen in the metal and pharma, while banks are witnessing selling pressure. The Sensex was down 133 points at 57551.42, and the Nifty was down 35.15 points at 17210.50.
The Board of Maruti Suzuki approved the appointment of Kenichi Ayukawa as a whole-time director designated as executive vice-chairman for a period of six months with effect from April 1, 2022 till September 30, 2022 and appointment and re-designation Hisashi Takeuchi as managing director and chief executive officer for a period of three years. Maruti Suzuki stock was trading at Rs 7,587.50, down Rs 56.30, or 0.74 percent. It touched an intraday high of Rs 7,651.55 and an intraday low of Rs 7,529.15.
After having plunged to a fresh 52-week low, Paytm share price soared more than 10% to hit an intra-day high of Rs 592 per share. On the same day, Dolat Capital has given a 'Buy' call on the stock estimating a near 200% upside potential. The brokerage firm said that at current EV of sub-$4Bn, Paytm is trading at a modest 3.6x on FY23E Revenues. "We firmly believe that Paytm will emerge as the best internet play in Indian market given its wide variety utilities that service both ‘Needs and Wants’ of consumers and maintain our Buy rating on the stock with DCF based TP of Rs 1,620 implying 9x/7x on its EV/Rev in FY24/FY25E," they added.
Private banks like Kotak Bank, HDFC Bank and ICICI Bank were the major losers in trade so far
The follow-on public offer of Patanjali-backed Ruchi Soya Industries was subscribed 6 per cent, with investors putting in bids for 32.81 lakh equity shares against an offer size of 4.89 crore equity shares by noon on March 24, the first day of bidding. The price band for the offer has been fixed at Rs 615-650 a share. The portion set aside for retail investors was subscribed 13 per cent.
GR Infraprojects stock price has had a stellar run on the stock exchanges since its listing last year. The construction and engineering firm has rallied 72% from the upper end of the IPO price band so far and is expected to rally more. Initiating the coverage of GR Infraprojects, domestic brokerage and research firm Axis Securities has pinned a target price of Rs 1,775 per share, implying a 23% up-move from today’s opening price of Rs 1,440 per share. The brokerage firm said that GR Infraprojects is well-placed to capitalise on the opportunities emerging in the construction space.
Paytm share price surged 12% on heavy volume. Around 12.84 million shares have changed hands on the counter on the NSE and BSE so far.
Veranda Learning Solutions’ Rs 200-crore IPO is scheduled to open for subscription on 29 March and close on 31 March 2022. The company has fixed a price band at Rs 130-137 per share. Before filing the red herring prospectus, Veranda Learning raised Rs 40 crore by issuing 30.8 lakh equity through a private placement to the public category. The book running lead manager to the offer is Systematix Corporate Services, and the registrar to the issue is KFin Technologies.
Shares of Suven Pharmaceuticals hit a record high of Rs 617 on rallying 5 per cent on the BSE in Thursday’s intra-day trade. In comparison, the S&P BSE Sensex was down 0.13 per cent at 57,608 points. The shares of the company have surged 18 per cent in the last three days on expectations of strong earnings.
"USD-INR pair has risen as oil rises due to disruption in pipeline. RBI may be present at higher levels protecting the upside but unless oil comes down it looks difficult for rupee to appreciate. Heavy fighting continues as no compromise is reached between Russia and Ukraine. US President Biden in Europe may aggravate the situation more. Exporters are likely to continue selling while importers need to wait for any cash buying also."
~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Both benchmark indices were trading flat in a highly volatile session. Sensex was up 11 points at 57696, and the Nifty was up 6.40 points at 17252. India VIX, the volatility gauge, was down 1.15% at 24.46.
"Stock like Adani Port have shown resilience in the current sell-off and largely remained in a range. In the current leg of consolidation, marginal pick-up in delivery volumes were seen. The stock OI remains at elevated levels but last week it managed to close marginally above its highest Call base, which is a positive sign. On the back of short covering, we feel the stock should head towards Rs 800 levels."
~ICICI Direct
Russia will restart trading in some local equities, ending the nation’s record long shutdown that was meant to shield domestic investors from the impact of tough sanctions over its invasion of Ukraine. The Moscow Exchange will resume trading in 33 Russian equities, including some of the biggest companies such as Gazprom PJSC and Sberbank PJSC, on March 24 between 9:50 a.m. and 2 p.m. local time, the Bank of Russia said in a statement.
Indian rupee opened marginally lower at 76.35 per dollar against Wednesday's close of 76.30. "We expect that the breaking of 76.70 levels in the USDINR pair will take it to its recent high near 77 before moving towards 77.50-78.00 levels in the medium term," said Amit Pabari, MD, CR Forex Advisors.
Rakesh Jhunjhunwala-owned Tata Motors' share price has fallen 13% so far this year with the most recent fall coming as foreign investors book profits. Analysts at ICICI Direct believe that after the recent correction, auto sector stocks may now witness renewed momentum amid a sustained broader market recovery where Tata Motors is set to benefit. Analysing the derivative data for Tata Motors, ICICI Direct said there has been fresh long accumulation at lower levels in the stock. The brokerage firm has a target of Rs 515 per share, translating to around 20% upside from today’s opening at Rs 430 apiece.
Indraprastha Gas Ltd (IGL) has hiked the price of domestic piped natural gas in Delhi by Re 1 per standard cubic metre (SCM) to Rs 36.61 per unit. In Noida, Greater Noida, and Ghaziabad domestic PNG will now cost Rs 35.86 per SCM. In Gurugram, it will be Rs 34.42 per SCM, as per the new rates. IGL shares were trading at Rs 376, up 0.84% on BSE.
Patanjali-backed Ruchi Soya Industries has raised Rs 1,290 crore from anchor investors ahead of its further public offering (FPO), which opens for public subscription today, 24 March 2022. The FPO consists of fresh issuance of equity shares for an amount aggregating to Rs 4,300 crore. The firm has allocated 1.98 crore equity shares at the upper price band at Rs 650 per equity share to anchor investors such as Societe Generale, BNP Paribas, The Sultanate of Oman – Ministry of Defence Pension Fund, among others.
Zee Entertainment surged around 20 per cent after its largest shareholder Invesco said it will not pursue an EGM to add six independent directors to Zee’s Board as it backed the merger between the company and Sony Pictures.
Kotak Bank was the top loser on bourses, down over 3 per cent. Canada Pension Plan Investment Board (CPPIB) plans to offload up to 2.02 per cent stake in the private lender. In a large trade, around 4.36 crore shares (2.3% equity) of Kotak Mahindra Bank worth Rs 7,431 crore change the hands.
In broader markets, BSE MidCap and SmallCap indices were also in the negative territory, down up to 0.19 per cent.
Among sectors, Nifty Bank, Financials and Auto indices suffered sharp losses, trading around 1 per cent lower. On the other hand, Metal, and Energy pack were the top outperformers.
ZEE share price hit 10% upper circuit on Thursday morning to trade at Rs 281.65 per share. The stock rallied after, Invesco -- a shareholder of the company, withdrew its request for EGM. Invesco had earlier asked for the ouster of Punit Goenka.
ONGC, Coal India, Hindalco Industries, JSW Steel and Tata Steel were among major gainers on the Nifty, while losers were Kotak Mahindra Bank, ICICI Bank, Hero MotoCorp, Bajaj Finance and Asian Paints.
Indian markets opened on a negative note tracking weak global cues. While BSE Sensex was down 399.34 points or 0.69% at 57285.48, MSE Nifty 50 was down 117.00 points or 0.68% at 17128.70. Bank Nifty declined 1.53% or 552 points to 35,595.