Active Stocks
Mon Apr 15 2024 15:59:36
  1. Tata Steel share price
  2. 160.90 -1.59%
  1. ITC share price
  2. 425.90 -0.98%
  1. State Bank Of India share price
  2. 757.75 -1.17%
  1. ICICI Bank share price
  2. 1,078.80 -2.30%
  1. NTPC share price
  2. 361.35 -0.08%
Business News/ Markets / Live Blog/  Sensex ends near 58K, Nifty at 17100; IT stocks, banks, financials shine
BackBack

Sensex ends near 58K, Nifty at 17100; IT stocks, banks, financials shine

Market closing: Indian shares closed higher for the second straight day, tracking global peers. US, European equity stocks advanced with Asian shares after a rescue package for First Republic Bank soothed concerns over financial stability

Stock market today: Equities were higher on Friday after rescue packages for banks eased concerns about a crisis in financial sector. (File Photo: AFP)Premium
Stock market today: Equities were higher on Friday after rescue packages for banks eased concerns about a crisis in financial sector. (File Photo: AFP)

Focus now shifts to the U.S. Federal Reserve's two-day meeting next week against the backdrop of the global banking turmoil, with traders expecting an 83% likelihood of a smaller 25 bps hike in the world's largest economy.

17 Mar 2023, 03:50:34 PM IST

Sensex ends near 58K, Nifty at 17100; IT stocks, banks, financials shine

Indian equities closed higher for the second straight day on Friday, largely led by gains in IT stocks, financials and metal shares. 

Globally, too, equities rose on improved investor sentiment. European stock indexes rose in early trading on Friday, extending a recovery from the previous day as fears about a banking crisis eased slightly after top U.S. authorities and banks took action to rescue First Republic Bank.

Back home, the benchmark Sensex climbed 355.06 points to close the session at 57,989.90, while the Nifty rose 114.40 points to 17,100. 

On the Nifty, HCL Technologies, Hindalco Industries, UPL, UltraTech Cement and Nestle India rose the most, while Eicher Motors, NTPC, Maruti Suzuki, ITC and Asian Paints were worst hit.

All sectoral indices ended higher, barring auto, pharma and FMCG.

Mid-caps rose 0.3% while small-caps index increased 0.7%.

Sensex stocks at close on 17 March.
View Full Image
Sensex stocks at close on 17 March.
17 Mar 2023, 03:27:37 PM IST

HDFC twins, private banks, IT stocks drive gains on Sensex 

Sensex stocks.
View Full Image
Sensex stocks.
17 Mar 2023, 03:21:35 PM IST

European shares rise as banking turmoil eases; set to end volatile week lower

European shares extended a rebound on Friday as supportive measures in the United States and Europe calmed fears about a looming global banking crisis, but the index was set to post a second straight weekly drop.

The pan-European STOXX 600 rose 0.7%, lifted by a sharp recovery in oil and gas stocks.

Banks gained 1.1% following a $30 billion lifeline by large U.S. banks for embattled lender First Republic Bank .

The rescue package came less than a day after battered Swiss bank Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.

17 Mar 2023, 03:05:52 PM IST

Govt plans to shut down 2 plants of Hindustan Insecticides: PTI

17 Mar 2023, 02:51:12 PM IST

China cuts banks' reserve requirement ratio: Reuters 

China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year to release liquidity and support the economy.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points (bps), effective 27 March.

That follows a 25-bp reduction for all banks in December.

17 Mar 2023, 02:40:56 PM IST

Larsen & Toubro likely to raise up to 20 bln rupees via 5-year bonds in March: Reuters 

17 Mar 2023, 02:05:00 PM IST

India's TCS, Infosys have highest exposure to U.S. regional banks, says J.P.Morgan: Reuters 

Top Indian information technology firms Tata Consultancy Services and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday.

Regional banks in the US account for 2-3% of their revenue, J.P. Morgan said in a note, adding that the exposure to the recently collapsed Silicon Valley Bank could be 10-20 basis points for TCS, Infosys and smaller rival LTIMindtree, with the Tata group company in the lead.

All three companies might need to set aside provisions in the fourth quarter due to their exposure to SVB, as per the J.P. Morgan note. (Read here)

17 Mar 2023, 01:49:41 PM IST

Gold poised for best week since mid-Nov on banking crisis: Reuters 

Gold advanced on Friday, buoyed by a weaker dollar, and was poised for its biggest weekly gain since mid-November as a global banking crisis sent investors flocking to the safe-haven metal.

Spot gold was up 0.7% at $1,931.90 per ounce. Bullion has risen about 3.4% this week, heading for a third consecutive weekly gain.

U.S. gold futures rose 0.7% to $1,936.10.

17 Mar 2023, 01:39:47 PM IST

GAIL signs pact with Shell to explore ethane sourcing

Gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain.

GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants.

In a statement, GAIL said it has signed a memorandum of understanding with Shell Energy India to "explore opportunities for infrastructure development for ethane sourcing."

17 Mar 2023, 01:33:25 PM IST

French drugmaker Sanofi to cut insulin prices: Bloomberg 

Sanofi will cut the US list price of two of its insulins, making it the third major producer of the diabetes medicine to recently slash prices.

French pharmaceutical maker Sanofi will reduce the US list price of Lantus, its most-prescribed insulin, by 78%, according to a statement Thursday. The company will also reduce the list price of Apidra by 70%.

17 Mar 2023, 01:27:17 PM IST

Nifty FMCG in the red led by fall in HUL, ITC

Nifty FMCG
View Full Image
Nifty FMCG
17 Mar 2023, 01:18:17 PM IST

HDFC to mull on 27 Mar fundraise by issuance of NCDs of up to ₹570 bn on a private placement basis

17 Mar 2023, 12:49:29 PM IST

Indian economy likely to grow 6% in FY24: Crisil

India’s gross domestic product (GDP) growth is likely to touch 6% in fiscal 2024, compared with 7% estimated by the National Statistical Organisation (NSO) for fiscal 2023, rating agency Crisil said on Thursday.

It expects the economy to average a growth rate of 6.8% over the next five fiscals. Crisil added that corporate revenue will likely record in double-digit rise again next fiscal.

“A complex interplay of geopolitical events, stubbornly high inflation -- and sharp rate hikes to counter that -- have turned the global environment gloomier," the rating agency said.

17 Mar 2023, 12:37:58 PM IST

IT, metal, realty gain; PSU Bank index under pressure 

Nifty sectoral indices
View Full Image
Nifty sectoral indices
17 Mar 2023, 12:09:57 PM IST

Lemon Tree Hotels signs new 60-key property in Rajasthan

Lemon Tree Hotels Limited has signed its latest hotel, a 60-key hotel in Rajasthan in Sri Ganganagar. The property is expected to be operational by July 2026 and will be managed by its subsidiary, Carnation Hotels Private Limited.

The company currently operates about 8,400 rooms in 87 hotels in about 50 locations. It is targeting 12,000 rooms in 130 hotels in 84 destinations. It has seven brands including Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox by Lemon Tree Hotels, among others. The company also expanded internationally in Dubai in 2019 and in Bhutan in February 2020.

17 Mar 2023, 11:51:38 AM IST

Info Edge may take a while to see traction as hiring slowdown in tech continues

Shares of Info Edge (India) Ltd have not recovered from the sharp 9% drop seen on 13 February following the company's December quarter (Q3FY23) results. Recall that an unexpected impairment charge on its investment in 4B Network Pvt. Ltd had hurt investor sentiments as it raised concerns about Info Edge’s new and existing investments.

Moreover, the outlook in its largest segment, recruitment, is not very encouraging. This vertical includes Info Edge’s flagship platform, Naukri. The company was hosted at Nomura’s virtual India Corporate Day where the former said that hiring slowdown in tech related sectors, which started in the September quarter, continued. Note that the information technology (IT) sector forms a significant portion of the recruitment revenue.

17 Mar 2023, 11:44:29 AM IST

NBFC Ecofy partners Mahindra Solarize to offer collateral-free solar rooftop loans

Ecofy, an NBFC backed by Eversource Capital that provides green finance for climate-positive segments, announces its partnership with Mahindra Solarize, a provider of technologically superior and creative solutions in the renewable energy sector. This collaboration for rooftop solar financing and installation in the retail segment will give Ecofy access to over 50 dealers in the states of Maharashtra, Madhya Pradesh, Gujarat and Rajasthan, expanding its potential customer base by more than 5000 customers.

-Aims to install 500 solar rooftops with a credit line of 50 crore

-Loan EMI’s lesser than average electricity bill

-Customers will be eligible for green credits

17 Mar 2023, 11:27:36 AM IST

Tier-1 IT firms witness slew of top exits

In an unexpected move, Rajesh Gopinathan, managing director and chief executive officer at Tata Consultancy Services Ltd (TCS) has stepped down from his position. K Krithivasan, the global head - BFSI, has been appointed as TCS's CEO designate. In reaction, the TCS stock was trading flat on Friday, down 0.5%

Earlier this month, close competitor Infosys Ltd also saw Mohit Joshi's exit who has been appointed as CEO designate at another large-cap Tech Mahindra Ltd. Note that this is the second biggest exit at Infosys following the resignation of Ravi Kumar in October. Kumar is the CEO at Cognizant. (Read here)

17 Mar 2023, 11:18:30 AM IST

Comments by Dhruva Advisors on crypto taxation:

“Transactions in VDA (virtual digital asset) have been on the government’s radar for a while. This has led to income from transfer of VDA being subjected to a high income-tax rate of 30% and introduction of a 1% withholding tax on the transaction. Although the government has imposed tax on VDA, there are no specific regulations framed to recognize the overall legality of transactions in VDA. Therefore, widening the ambit of reporting entities in respect of VDA transactions would only enable the government to gather more information relating to such activities. By adding increased reporting requirements, the government is also keeping close watch over the amounts received by NPOs. The government is clearly tightening the noose around activities surrounding proceeds of crime and given the wide scope of scheduled offenses which could trigger an investigation by the ED, one must ensure that all compliances/ reporting is done on a timely basis providing all prescribed information"

17 Mar 2023, 10:59:39 AM IST

Glenmark Pharma shares rise

Glenmark Pharmaceuticals's subsidiary has received acceptance from the US health regulator to proceed with a phase 1/2, first-in-human trial for its investigational new drug aimed for treatment of patients with advanced cancers.

17 Mar 2023, 10:41:08 AM IST

‘$200 mn from SVB moved to GIFT City’

About $200 million of the $1 billion funds held by Indian startups in Silicon Valley Bank (SVB) were transferred to GIFT City, a global financial centre located in Gujarat, after the US lender collapsed, Rajeev Chandrasekhar, minister of state for electronics and information technology, said in an interview.

The minister said that the crisis triggered by the bank’s collapse is now a more manageable short-term liquidity issue instead of an existential solvency crisis faced by startups with money stuck in the bank. (Full Story)

17 Mar 2023, 10:32:57 AM IST

PhonePe raises $200 mln from parent Walmart 

Indian digital payments firm PhonePe said on Friday it has raised $200 million in additional funding from Walmart Inc, its parent company, at a pre-money valuation of $12 billion.

This new funding comes as a part of PhonePe’s ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised $650 million from several global investors. The company expects further investments, which will be announced in due course.

PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. 

17 Mar 2023, 10:14:39 AM IST

Rupee rises 25 paise to 82.51 against US dollar in early trade: PTI

The rupee reversed its four-day losing streak and rose 25 paise to 82.51 against the US dollar in early trade on Friday amid positive trends in the domestic as well as global equity markets.

On Thursday, the rupee settled at 82.76 against the US dollar, falling for the fourth day in a row.

17 Mar 2023, 09:59:37 AM IST

Stocks in focus: Reliance Securities 

Voltas (CMP 881)

Considering the decent earnings growth, higher volume and improved business visibility over the medium-term, we have our BUY rating on the stock, with a Target Price of Rs1,015.

Intraday Picks

BHARTIARTL (PREVIOUS CLOSE: RS746) SELL

For today’s trade, short position can be initiated in the range of Rs757-760 for the target of Rs736 with a strict stop loss of Rs772.

BRITANNIA (PREVIOUS CLOSE: 4,311) BUY

For today’s trade, long position can be initiated in the range of Rs4,280-4,255 for the target of Rs4,260 with a strict stop loss of Rs4,229.

M&M (PREVIOUS CLOSE: 1,167) BUY

For today’s trade, long position can be initiated in the range of Rs1,166-1,160 for the target of Rs1,189 with a strict stop loss of Rs1,14

17 Mar 2023, 09:48:35 AM IST

HAL shares soar on order worth ₹32000 cr

On Thursday, Union defence minister Rajnath Singh, in the meeting of the defence acquisition council, approved proposals to procure 70,000 crore worth of different weapon systems for the Indian defence forces.

The deal includes purchase of 60 UH Marine choppers from Hindustan Aeronautics (HAL), worth 32,000 crore.

17 Mar 2023, 09:35:07 AM IST

TCS shares in red after news of leadership change 

Tata Consultancy Services named K. Krithivasan as chief executive after Rajesh Gopinathan unexpectedly resigned.

17 Mar 2023, 09:23:25 AM IST

Nifty scales 17100 in opening deals 

Nifty check
View Full Image
Nifty check
17 Mar 2023, 09:22:22 AM IST

Sensex tests 58000 at open 

Sensex rises 400 pts at open
View Full Image
Sensex rises 400 pts at open
17 Mar 2023, 09:05:34 AM IST

Sensex rises over 300 points in pre-open 

Sensex in pre-open
View Full Image
Sensex in pre-open
17 Mar 2023, 09:03:48 AM IST

Nifty above 17000 in pre-open tracking global peers 

Nifty check
View Full Image
Nifty check
17 Mar 2023, 08:56:05 AM IST

Nifty technical view: Stoxbox

On Thursday, the Sensex closed up 78 points at 57,634, and the Nifty closed up 13 points at 16,985.

In the morning trade of Thursday, after a flat opening, the Nifty traded below 16,900 & after making a day high of 16,995.40, the Nifty bounced back near 16,855. Which was a day low of 3rd Oct 2022 at 16,855 & lower daily trend line yesterday. 

Intraday traders can look for long opportunities only above the resistance level of 17,130 if it sustains for 15 minutes. Traders can look for fresh shorts only if nifty breaks the 16,800 level & remains below for 15 min to ensure short.

Short Term Trend: Uptrend

17 Mar 2023, 08:52:08 AM IST

Telcos demand jail for illegal booster sellers

Telecom operators have asked the government to make illegal sale of signal boosters and repeaters on e-commerce platforms a cognizable offence with jail term and fine to check their unregulated use.

At a recent meeting with telecom department officials, executives of telcos raised their concerns in this respect. Boosters or repeaters that are allowed to be put up solely by telcos for improving signals in poor connectivity zones in urban areas, are available for sale in the grey market and through some e-commerce platforms, said industry executives. (Read here)

17 Mar 2023, 08:32:08 AM IST

Bitcoin close to highest level since June in broad crypto rally: Bloomberg

The crypto market pushed higher as efforts to shore up the banking sector and bets that the US may start cutting interest-rates later this year bolstered investor sentiment.

Bitcoin, the largest token, rose as much as 4.9% and was trading at about $25,950 as of 10:25 a.m. in Singapore on Friday. Second-ranked Ether added more than 3%, while smaller tokens like Solana and Polkadot also jumped.

Bitcoin has climbed about 57% so far this year and is in touching distance of the highest level since June 2022. But the token remains a long way off its record of $69,000 from November 2021.

17 Mar 2023, 08:20:18 AM IST

Gopinathan signs out of TCS, Krithi to take over

Tata Consultancy Services named K. Krithivasan as chief executive after Rajesh Gopinathan unexpectedly resigned.

The decision surprised senior leaders of India’s largest software services company and is being referred to as an uncharacteristic move by former employees.

On Thursday, TCS told the exchanges that Gopinathan had resigned. The move will be effective 15 September, making Gopinathan’s six-year tenure the shortest in the company’s history. (Read here)

17 Mar 2023, 07:56:52 AM IST

Oil steadies as investors take stock of banking crisis

Oil prices were little changed on Friday after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week.

Brent crude futures edged up 2 cents to $74.72 a barrel, having snapped three days of losses to settle 1.4% higher on Thursday.

U.S. West Texas Intermediate crude was at $68.33 a barrel, down 2 cents after closing 1.1% higher in the previous session.

17 Mar 2023, 07:44:34 AM IST

Stocks to Watch

Shares of TCS, NTPC, IDBI Bank, Adani Enterprises, ZEE Entertainment, among others, will be in focus today.

17 Mar 2023, 07:22:13 AM IST

SGX Nifty gains 100 points in early deals 

Nifty futures on Singapore Exchange rose 102 points to 17,125 in early deals, indicating a higher start for Indian indices on Friday.

Indian equities snapped a five-day losing streak on Thursday, with Sensex up 78.94 points at 57,634.84, and Nifty climbing 13.40 points to end the day at 16,985.6. 

17 Mar 2023, 06:59:44 AM IST

Asia stocks rise on bank rescue plan

Asian equities advanced Friday after a rescue package for First Republic Bank fueled a rebound in US shares. A lifeline from the Swiss National Bank to Credit Suisse also eased fears of a global banking crisis.

Bond yields in the region moved higher as investors continue to weigh chances of further interest rate hikes.

Stocks rose in Japan, South Korea and Australia, while stock a futures for benchmark for Hong Kong gained more than 1%. Contracts for the S&P 500 and the Nasdaq 100 little changed.

The S&P 500 notched its largest one-day advance since January on Thursday after the biggest US lenders agreed to contribute $30 billion in deposits to First Republic, easing speculation that the bank could be the next to fail after two high-profile demises touched off the crisis last week.

Overnight, Wall Street stocks finished solidly higher after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.

The European Central Bank stuck to a planned interest rate increase Thursday as it remained laser-focused on battling sky-high inflation despite market turmoil over fears of a widening banking crisis.

The central bank's half percentage point increase was its sixth in a row and it said there was "more ground to cover", although it signalled a potentially dovish turn, dropping language about the need to raise rates "significantly" going forward.

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App