Good afternoon!
Benchmarks Sensex and Nifty resumed their rally on Wednesday after falling in a single session as global markets awaited a widely expected decision from the U.S. Federal Reserve on interest rate policy. Sensex closed at 56,816, up 1,039 points, and Nifty gained 312 points to 16,975.
And after? Here’s a look at the latest market updates today!
3:30 p.m.: Sensex zooms 1,047 points to 57,863 and Nifty closes 311 points higher at 17,287.
3:15 p.m.: JPMorgan cuts Indian stocks to ‘underweight’, cuts MSCI EM index target
JP Morgan downgraded Indian stocks to “underweight” and cut its full-year forecast for the MSCI Emerging Markets Index as geopolitical tensions stoked inflation worries, rattling global financial markets.
The brokerage, which previously had a “neutral” rating on Indian equities, cited a host of factors including a weaker rupee and its impact on growth, a surge in commodity prices such as oil, potential portfolio outflows and the domestic monetary tightening cycle. . READ MORE
15:00: Jet Airways services to resume soon: Jalan-Kalrock Consortium
The Jalan-Kalrock Consortium, new promoters of beleaguered Jet Airways, said on Thursday that the airline’s scheduled services would restart soon. The consortium, in a statement, said “restart activities are progressing well.”
“We are working closely with the Ministry of Civil Aviation, Government of India and the Directorate General of Civil Aviation (DGCA) on the approval process and timelines to prove the flight, after which the certificate of Air Operator (AOC) of Jet Airways will be revalidated with the resumption of scheduled services shortly thereafter,” the Jet team said. READ MORE
2:50 p.m .: IOC gave a nod to invest Rs 7,282 cr in developing the CGD network in 9 areas
On Thursday, Indian Oil Corporation Limited (IOCL) secured an investment approval of Rs 7,282 crore for the development of City Gas (CDG) distribution network in 9 geographies. Approval was granted to the company by the Petroleum and Natural Gas Regulatory Board (PNGRB) in the 11th round of CGD bidding, the oil company said in a regulatory filing. READ MORE
2:12 p.m.: market check
Sensex zooms 1,236 points to 58,053 and Nifty gains 340 points to 17,314
2:07 p.m.: Sensex’s biggest losers in the afternoon session were PowerGrid and NTPC stocks, falling as much as 0.62%.
1:39 p.m.: Moody’s cuts India’s growth estimate for 2022 to 9.1%
Moody’s on Thursday cut India’s growth estimate for the current year to 9.1% from 9.5% earlier, saying the high fuel and fertilizer import bill could limit government investment spending.
In its Global Macroeconomic Outlook 2022-23 (March 2022 Update) titled: Economic growth will suffer as fallout from Russia’s invasion of Ukraine deepens, the rating agency said growth in India is expected to be 5.4% in 2023.
1:00 p.m.: Titan Company stock hits record high
Titan Company’s share rose 5.14% to an all-time high of 2,720 rupees in the afternoon session. The stock had closed at Rs 2586.95 in the previous session.
12:34 p.m.: market check
Sensex climbs 1146 points to 57,962 and Nifty gains 338 points to 17,314 in the afternoon session.
12:32 p.m.: The market capitalization of BSE-listed companies stands at Rs 260.27 lakh crore.
12:27: This Jhunjhunwala stock receives a buy call from Motilal Oswal, a 23% rise expected
Shares of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company rose 3% in early trading today after brokerage firm Motilal Oswal hedged the stock with a call to buy .
The financial services company has set a target price of 750 rupees, which is 23% higher than the current market price of 609 rupees.
Jhunjhunwala and his wife Rekha are the company’s second largest shareholders with an 18.21% stake. Safecrop Investments India LLP is the main shareholder with 47.77% of the capital.
Star Health shares rose 3.83% during the day to 632.4 rupees on BSE. READ MORE
11:45 am: Paytm stock slips 3% after Macquarie cuts target price
Shares of One 97 Communications fell more than 3% today after global brokerage Macquarie cut its price target for the share.
Macquarie has once again lowered its price target for Paytm. From Rs 1,200 in November last year to Rs 700 last month, the target price has been reduced to Rs 450. The foreign brokerage has reduced its price target for the big digital company citing regulatory headwinds , including a decrease in the probability of obtaining a banking license.
11:24 am: Expert quote
Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance, on the rise in the US Federal Reserve
“The Fed has embarked on a rate-hike cycle and guided aggressive normalization, as it sees it as the ultimate tool to normalize high inflation. The aggressive rate-hike outlook came in response to the US witnessing runaway inflation exacerbated by rising commodity prices driven by geopolitical tensions and supply disruptions and posed with downside risks to global growth.
However, with the Fed hinting that the economy is on solid footing and growth is strong, we believe the rate hike cycle will be much better managed this time around. From the perspective of Indian markets, while the impending Fed rate hike has already led to strong selling by FIIs in recent months, the strong support from DIIs has largely mitigated the impact of the sell-off. FIIs. We believe markets will take this rate hike cycle in stride as the outlook remains strong despite inflationary headwinds and navigates from unknown to known territory.”
11:10 a.m.: Market breadth is positive with 2280 shares up versus 872 down on BSE.
10:54 a.m.: MARKET UPDATE
Sensex zooms 1000 points to 57,814 and Nifty gains 283 points to 17,257.
10:23 am: Indiabulls Housing Finance stock rises 9%
Shares of Indiabulls Housing Finance rose more than 9% today after the company announced on March 22 that its board would consider raising funds through bonds, in one or more tranches, on a private placement basis. READ MORE
9:36 a.m.: Expert quote
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The Fed’s rate hike of 25 basis points was in line with market expectations. The Fed’s projections of six more hikes this year are hawkish and therefore the smart rally in the markets with the S&P 500 and Nasdaq posting increases of 2.24% and 3.17% respectively was a bit unexpected.
The explanation is that the market was oversold and the resulting short cover pushed the indices higher. The market gained confidence from Fed Chief Powell’s statement that “the US economy is very strong and well positioned to handle tighter monetary policy.”
Short hedging in India, too, will lift the markets today. REITs are going long after a long stretch and weakness in Crude will support the market. There is upside potential in financials, particularly in high-quality private banks where REITs have been strong sellers.”
9:20 a.m. Top winners
All Sensex shares are trading in the green. HDFC, Axis Bank, Bajaj Finance, Kotak Bank, Asian Paints, Kotak Bank, HDFC Bank and IndusInd Bank are top Sensex gainers in early trade, rising 3.14%
9:15 a.m.: Opening of the green market
Sensex opens 850 points higher at 57,667 and Nifty rises 226 points to 17,202.
8:40 am: global updates
The Dow Jones Industrial Average rose 518.76 points, or 1.55%, to 34,063.1, the S&P 500 gained 95.41 points, or 2.24%, to 4,357.86 and the Nasdaq Composite added 487.93 points, or 3.77%, to 13,436.55.
Sensex rises 1,000 pts, Nifty ends above 16,950; UltraTech, Axis Bank, top HDFC winners
8:37 p.m.: EXPERT CITATION
Prashanth Tapse, Vice President (Research) of Mehta Equities, said: “Nifty is poised to start the day on solid footing as global equity markets posted solid gains on a triple boost, as the slightly hawkish stance of the US Fed, the ceasefire between Ukraine and Russia. transaction reports, and China hinting at an economic stimulus. Nifty options data for the March series suggests that the benchmark is likely to be in a trading range of the 16000-18000 area. The maximum call OI is at 18000 followed by a strike price of 17000. So the 17000 mark will be the crucial resistance area for Nifty.”
8:35 am: Action FII and DII
Foreign institutional investors (FII) bought shares worth Rs 312 crore on March 16, and domestic institutional investors (DII) bought shares worth Rs 772.55 crore, according to the provisional data available on NSE.
8:30 am: SGX Nifty
The Indian stock market is expected to open in the green today as SGX Nifty traded 259 points higher at 16,894.80.
The Singapore Stock Exchange is considered the first index of the opening of the Indian market.
8:15 a.m.: Market on Wednesday
Benchmarks Sensex and Nifty resumed their rally on Wednesday after falling in a single session as global markets awaited a widely expected decision from the U.S. Federal Reserve on interest rate policy. Sensex closed at 56,816, up 1,039 points, and Nifty gained 312 points to 16,975.
Prior to the previous session, the Indian stock market rallied for five consecutive sessions. UltraTech Cement, Axis Bank, IndusInd Bank and HDFC were among Sensex’s top gainers, rising 4.69%.
The BSE mid cap and small cap indices gained 417 points and 395 points respectively.
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