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Sensex closes 280 pts higher, Nifty at 14,800; banks, financials, realty gain

Stock markets today: Benchmark India equity indices climbed up on Tuesday amid positive cues from Asian peers. (PTI)Premium
Stock markets today: Benchmark India equity indices climbed up on Tuesday amid positive cues from Asian peers. (PTI)

  • Benchmark Indian equity indices closed higher on Tuesday, with the Sensex ending the day at 50,051.44, up 280.15 points, or 0.56%, while the Nifty was at 14,814.75, up 78.35 points, or 0.53%. Banks, financials and realty led gains, while FMCG, metals, oil and gas stocks were top drags.

Asian stock markets closed lower on Tuesday due to a combination of fears over the efficacy of the AstraZeneca vaccine, Western sanctions against China as well as the after effects of the sacking of the Turkish central bank chief.

23 Mar 2021, 03:50:22 PM IST

Market closing

Benchmark Indian equity indices closed higher on Tuesday, with the Sensex ending the day at 50,051.44, up 280.15 points, or 0.56%, while the Nifty was

at 14,814.75, up 78.35 points, or 0.53%. Banks and financials gained after the Supreme Court refused to interfere with the government and the Reserve Bank of India's (RBI) decision on the loan moratorium scheme, declining to extend the six-month moratorium period. Realty also drove gains. Most sectors were in green on the bourses except FMCG, oil and gas, and metals.

The 30 share Sensex saw 18 stocks in green at close. ONGC, Power Grid, ITC, NTPC and 8 other stocks closed in red.

Asian markets were affected by jitters owing to a US health agency's statement that AstraZeneca Plc may have furnished outdated information in its data to show vaccine efficacy.

The benchmark 10-year US Treasury notes last yielded 1.6505%, down from 1.732% late on Friday.

Sensex at close
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Sensex at close
23 Mar 2021, 03:25:34 PM IST

Easy Trip trades lower amid rise in Covid cases

Shares of Easy Trip Planners slumped below their issue price of Rs187 apiece, after the stock slumped over 8% on Tuesday amid concerns over rising covid cases. The stock was trading at 185.00 a piece, down 12.60 points, or 6.38%.

Easy Trip Planners
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Easy Trip Planners
23 Mar 2021, 03:04:03 PM IST

IDBI Bank eyes ₹8,000 cr rupee bond borrowing limit for FY22

The state-owned lender said its board will meet on 26 March to consider a proposal for approval of rupee bond borrowings limit of 8000 crore for FY22.

23 Mar 2021, 02:51:06 PM IST

Irdai extends dispensation for physical signatures in life covers till 30 Sept

Policy buyers can now buy term insurance policies, without leaving the comfort of their home or signing on any paper till 30 September, 2021. The facility was earlier slated to expire this month. (Read more)

23 Mar 2021, 02:36:45 PM IST

NMDC, Nalco, Vedanta in green

Metals bleed
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Metals bleed
23 Mar 2021, 02:29:57 PM IST

Airtel Africa to sell telecom tower cos in Malawi, Madagascar

Bharti Airtel unit Airtel Africa said it has entered into agreements to sell its telecom tower companies in Madagascar and Malawi to Helios

Towers plc. The portfolio in these two markets comprises 1,229 towers.

The transactions are subject to regulatory approvals. The transactions, worth approximately $108 million, are expected to close in or around calendar Q4FY21.

23 Mar 2021, 02:11:13 PM IST

RIL, HDFC Bank, ICICI Bank drive Sensex gains

Index contribution
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Index contribution
23 Mar 2021, 02:11:13 PM IST

Indian fintech has attracted $10 Bn in capital: Credit Suisse

Indian fintechs have attracted close $10 billion in equity capital funding, over the past decade, with digital payments and lending startups being at largest recipients, in this sector, according to a report by global wealth management firm Credit Suisse.

As per the report titled ‘100 Unicorns: India’s changing corporate landscape’, India is home to the third-largest set of unicorns globally, behind the US and China, and commanding a total valuation of $90 billion. FinTechs, including e-commerce, have been leaders in the Indian unicorn landscape, with the sector spawning five unicorns having an aggregate valuation of $22 billion - highest amongst Indian unicorns, the report added.

23 Mar 2021, 01:59:29 PM IST

OTTs expect 20% viewership growth in 2021

Video streaming platforms expect 20% growth in viewership this year, even as covid restrictions ease and people step out to watch films in theatres and seek outdoor entertainment.

The large number of platforms and offerings available across languages and genres has boosted the appetite for content consumption, executives at platforms said, on the back of cheap data packs and smartphone penetration. (Read more)

23 Mar 2021, 01:45:10 PM IST

Nissan to hike vehicle prices from April

Automaker Nissan India on Tuesday said it will increase prices of its entire product range from next month in order to offset the impact of rising input costs.

The company would hike prices across all available models for Nissan and Datsun, effective from April 1, 2021, the company said in a statement.

"There has been continuous escalation in auto component prices, and we have tried to absorb this escalation over the last few months.

“We are now constrained to increase our prices across all Nissan and Datsun models, the increase varies from variant to variant, while still offering the best value proposition to its discerning Indian customers," Nissan Motor India Managing Director Rakesh Srivastava said.

The company did not share model-wise price increase details. (PTI)

23 Mar 2021, 01:33:31 PM IST

Tata Motors gains as JLR drives in all electric SUV I-PACE

Tata Motors was trading at 309.40 a piece, up 6.35 points or 2.10%. Jaguar Land Rover India on Tuesday launched its fully electric SUV Jaguar I-PACE in India, with a price starting at 1.05 crore (ex-showroom).

Jaguar I-PACE is powered by a 90 kWh battery that delivers 294 kW power and 696 Nm torque, allowing it to accelerate from 0-100 km/h in just 4.8 seconds.

"Jaguar I-PACE is the first all-electric SUV that we have launched in India and it marks the beginning of our electrification journey. With our electrified products, we look forward to playing a significant role in the country's electrification drive into the future," Jaguar Land Rover India president and managing director Rohit Suri said during the virtual launch event. (PTI)

23 Mar 2021, 01:14:33 PM IST

No compound, penal interest be charged from borrowers during loan moratorium period: SC

The Supreme Court Tuesday directed that no compound or penal interest shall be charged from borrowers for the six-month loan moratorium period, which was announced last year amid the covid-19 pandemic, and the amount already charged shall be refunded, credited or adjusted.

The apex court refused to interfere with the Centre's and Reserve Bank of India (RBI’s) decision to not extend the loan moratorium beyond August 31 last year, saying it is a policy decision.

A bench headed by Justice Ashok Bhushan said the top court cannot do judicial review of the Centre’s financial policy decision unless it is malafide and arbitrary.

The apex court said it cannot interfere with the government’s decision to fix priorities for relief during the pandemic which has affected all across the country. (PTI)

23 Mar 2021, 01:05:30 PM IST

SC stays proceedings pending in HCs on pleas to regulate OTT platforms

The Supreme Court Tuesday stayed proceedings pending before several high courts across the country on pleas related to regulation of over-the-top (OTT) platforms.

A bench headed by Justice D Y Chandrachud was told by Solicitor General Tushar Mehta that despite the apex court’s earlier order issuing notice on the transfer plea filed by the Centre to club all such petitions filed in various high courts, the Punjab and Haryana High Court is proceeding in the matter pending there.

The bench observed that notice on transfer petition means that proceedings going on have to stay. (PTI)

23 Mar 2021, 12:54:52 PM IST

Tata Consulting JV lowest bidder for Mumbai-Ahmedabad HSR project at ₹1,111 cr

Joint Venture of Tata Consulting Engineers Limited, Consulting Engineers Group Ltd., Aarvee Associates Architects Engineers and Consultants Private Limited, PADECO Co. Ltd. has quoted the lowest bid for an amount of 1,111 crores for the work 'Project Management Consultancy Services' for the construction of civil works packages for Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project. (Read more)

23 Mar 2021, 12:32:18 PM IST

BDL pays ₹92 crore interim dividend to Centre

Bharat Dynamics Ltd (BDL), a Hyderabad based Defence Public Sector Undertaking on Monday had paid an interim dividend of 92.008 crore to the government of India. According to the official release, BDL declared payment of interim dividend for the financial year 2020-21 at 6.70 a share of the face value of 10 each. The interim dividend declared by the firm works out to 67% of the paid up share capital of 183.28 crore. (ANI)

23 Mar 2021, 12:16:52 PM IST

Sensex heatmap

Sensex at noon
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Sensex at noon
23 Mar 2021, 12:10:33 PM IST

Adani Ports shares climb nearly 5 pc

Shares of Adani Ports and Special Economic Zone on Tuesday gained nearly 5 per cent after the company said it will acquire controlling interest in Gangavaram Port Ltd from DVS Raju and family for 3,604 crore.

The stock jumped 4.67% to 755.35 on BSE.

On NSE, it rose by 4.58% to 755. (PTI)

23 Mar 2021, 12:00:32 PM IST

Broader indices outperform

Broader indices at 12
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Broader indices at 12
23 Mar 2021, 11:51:05 AM IST

Sebi eases valuation norms for perpetual bonds on FinMin push

Capital market regulator Sebi has eased valuation rule pertaining to perpetual bonds.

The move comes after the finance ministry asked Securities and Exchange Board of India (Sebi) to withdraw its directive to mutual fund houses to treat additional tier-I (AT-1) bonds as having maturity of 100 years as it could disrupt the market and impact capital-raising by banks.

In a late evening circular on Monday, Sebi said the deemed residual maturity of Basel III AT-1 bonds will be 10 years until 31 March, 2022, and would be increased to 20 and 30 years over the subsequent six-month period. (PTI)

23 Mar 2021, 11:33:48 AM IST

Banks, auto lead

Nifty sectoral indices
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Nifty sectoral indices
23 Mar 2021, 11:16:16 AM IST

Asian stocks fall as US dollar, treasuries climb

Asian stocks fell Tuesday as Treasuries and the dollar edged higher, with traders monitoring setbacks in the recovery from the pandemic and braced for U.S. auctions that will test demand for bonds.

Equity indexes slipped into the red across the region, with China’s CSI 300 nearing its year-to-date low. (Bloomberg)

23 Mar 2021, 11:04:02 AM IST

JioMart inches closer to market leader BigBasket's user base

Reliance Industries' e-commerce venture JioMart has inched closer to market leader BigBasket's monthly and daily active user base, according to a BofA Global Research report. (Read more)

23 Mar 2021, 10:48:10 AM IST

India’s carbon neutral aim hinges on top emitters using hydrogen

India’s steel mills, the second-largest producers globally, expect hydrogen-based production to be key to cutting pollution as the nation comes under pressure to zero out greenhouse gas emissions.

As the world’s third-biggest emitter, India is expected to boost its commitment to slow global warming ahead of climate talks in Scotland this year. Officials close to Prime Minister Narendra Modi are working with senior bureaucrats and foreign advisers to consider ways to meet the 2050 deadline, according to people familiar with the matter. (Bloomberg)

23 Mar 2021, 10:35:13 AM IST

M&M secures ₹1,056 cr MoD contract for armoured vehicles

Mahindra Defence Systems Ltd has received a 1,056 crore contract from the ministry of defence for the manufacturing of armoured tactical vehicles (LSV) for the Indian Army for their recce and weapon carrier requirements.

23 Mar 2021, 10:21:34 AM IST

Rupee rises 3 paise to 72.34 against US dollar in early trade

23 Mar 2021, 10:19:51 AM IST

Aditya Kondawar, COO , JST Investments on Barbeque Nation IPO

"Barbeque Nation (BBQ) has grown from a single restaurant in 2008 to 147 restaurants as of 31 December, 2020. The kind of format that they operate in (barbeque) is also quite different. But, we see BBQ has been continuously raising capital one after the other and that tells us that they need to keep raising cash, investing/burning it to stay relevant, and clock growth.

The restaurant business is very tough as preferences change rapidly and a new player can very well hyper-scale. (Look at cloud kitchens + Rebel foods who opened 1,000 restaurants in 24 months). The moat is not there for the restaurant business.

The company is loss-making for all the periods that they have reported their numbers for along with high debt. The company also allotted shares to Jubilant two months back at 252 and is bringing the IPO now at 500. The company justified this by saying they raised capital for survival and hence price was lower which is not really confidence inspiring.

The second wave of covid-19 concerns, local lockdowns, and more restrictions coupled with the cut-throat competition of the restaurant business make us wary of this IPO. We have an ‘Avoid’ rating on this IPO."

23 Mar 2021, 10:07:53 AM IST

Glenmark receives USFDA nod for a competitive generic therapy drug

Glenmark Pharmaceuticals Ltd said it has received final approval from the US Food & Drug Administration for Diltiazem Hydrochloride extended‐release capsules, the generic version of Cardizem®1 SR extended‐release capsules of Biovail Laboratories Inc.

23 Mar 2021, 09:53:50 AM IST

Adani Green Energy hit ₹2 tn in market cap

Adani Green Energy Ltd on Monday hit 2 trillion market capitalisation after its shares hit a record high with soaring nearly 870% in last one year. The stock is now the most valued in Adani Group.

At 9.17 am, the Adani group firm saw its market capitalisation at 2 trillion mcap. Its shares trading at an all-time high of 1,313.60, up 5% from previous close, showed data from BSE. Interestingly, the stock has no coverage from any analyst. (Read more)

23 Mar 2021, 09:43:36 AM IST

Bank, auto lead

Nifty sectoral indices
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Nifty sectoral indices
23 Mar 2021, 09:33:33 AM IST

Market opening

Benchmark Indian equity indices opened at 49,876.21, up 104.92 points or 0.21%, while the Nifty opened at 14,768.55, up 32.15 points, or 0.22%. All sectoral indices opened in green with banks and power leading gains. On the 30-share Sensex, IndusInd Bank, ICICI Bank, M&M, Bharti Airtel and 22 other stocks opened in green.

Sensex at open
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Sensex at open
23 Mar 2021, 09:09:47 AM IST

Market pre-opening

The Sensex was at 49,873.45, up 102.16 points, 0.21% at pre-opening, while the Nifty was at 14,736.40, down 7.60 points or 0.05%. Earlier, the SGX Nifty indicated a positive start for Indian markets, buoyed by positive cues from Asian peers.

23 Mar 2021, 09:01:55 AM IST

Adani Ports signs agreement to acquire 58.1% stake in Gangavaram Port

Adani Ports and Special Economic Zone Ltd said it has signed agreement with DVS Raju & Family to acquire 58.1% stake of Gangavaram Port Ltd (GPL) for a consideration of 3,604 crore. The transaction is expected to be competed in six months, Adani Ports said in a regulatory filing.

23 Mar 2021, 08:43:49 AM IST

Cipla US unit enters strategic partnership with SIGA Tech for antibacterial drugs

The company said that Cipla Therapeutics a unit of Cipla USA, Inc. has entere dinto a partnership with SIGA Technologies, Inc., a commercial-stage pharmaceutical company to deliver sustained innovation and access to novel antibacterial drugs, particularly against biothreats.

23 Mar 2021, 08:35:24 AM IST

India's envoy urges corporate sector to help realise full potential of India-US relationship

India's top diplomat in the United States urged the corporate sector to help realise the full potential of the India-US relationship that, he said, has witnessed the strength of bipartisan support under the Biden administration.

India's Ambassador to the US Taranjit Singh Sandhu said this will create value for companies and jobs for people.

"If there is one message that I have for all of you today that is please help us realise the full potential of this relationship," Sandhu said in his address at the annual full board of directors meeting of the US-India Strategic and Partnership Forum (USISPF) on Monday. (PTI)

23 Mar 2021, 08:18:25 AM IST

Market outlook

Indian markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 49,771.29, down 86.95 points or 0.17%. The Nifty closed at 14,736.40 down 7.60 points. Asian stocks edged higher tracking Wall Street gains on Tuesday as bond yields pulled back, easing concerns about inflation although investors are keeping a close eye on rising covid-19 cases in Europe.(Read more)

23 Mar 2021, 08:09:45 AM IST

Pimco rules out future Adani Ports investment in Oz coal project

Pacific Investment Management Co., which is seeking to decarbonize its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia, according to a person familiar. (Read more)

23 Mar 2021, 07:57:38 AM IST

Oil edges lower

Oil prices fell 1% on Tuesday on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.

U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 01:49 GMT. The April contract expired on Monday at $61.55, up 13 cents from Friday, after plunging more than 6% last week.

Brent crude futures for May dropped by 68 cents, or 1.1% to $63.94, erasing a 9 cent gain in the previous session.

23 Mar 2021, 07:49:22 AM IST

Gold prices fall

Gold prices fell on Tuesday, dragged down by gains in equity markets and the dollar, although concerns around fresh coronavirus cases across Europe limited losses. Spot gold fell 0.3% to $1,733.69 per ounce by 01:19 GMT. US gold futures were down 0.1% to $1,736.20 per ounce.

23 Mar 2021, 07:37:09 AM IST

Asian markets open lower

Asian stocks followed U.S. peers higher as bond yields maintained Monday’s decline ahead of a series of closely watched Treasury auctions.

Opening gains for equity indexes in Japan and Australia buoyed the MSCI Asia Pacific gauge. U.S. futures were steady after rallying technology shares drove the Nasdaq 100 up 1.7%, and the S&P 500 Index also gained. Small-cap shares underperformed.

The 10-year U.S. Treasury yield eased from its highest in about 14 months, stirring hopes of improved demand in the lead-up to a heavy round of sales.

The SGX Nifty was at 14,870.00, down 30.75 points, or 0.21%.

S&P 500 futures rose 0.1% as of 9:30 a.m. in Tokyo. The index rose 0.7% Monday.

Nasdaq 100 futures were steady after a 1.7% gain Monday.

Japan’s Topix Index rose 0.4%.

Australia’s S&P/ASX 200 Index climbed 0.3%.

South Korea’s Kospi was up 0.2%.

The yield on 10-year Treasuries fell about one basis point to 1.68%.

23 Mar 2021, 07:36:15 AM IST

Wall Street gains as tech stock rebound

Wall Street rallied on Monday as technology stocks rebounded from a recent selloff sparked by surging bond yields and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.

The Dow Jones Industrial Average closed up 103.23 points, or 0.32%, at 32,731.2. The S&P 500 gained 27.49 points, or 0.70%, to 3,940.59 and the Nasdaq Composite added 162.31 points, or 1.23%, to 13,377.54.

The S&P 500 posted 12 new 52-week highs and no new lows; the Nasdaq Composite recorded 99 new highs and 30 new lows.

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