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Share Market LIVE: Sensex ends 254 pts higher, Nifty still below 15,200; Bajaj Finance, Sun Pharma top gainers – The Financial Express

Volatility moved lower on Wednesday. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets continued their upward march on Wednesday, following the jump seen on Wall Street. S&P BSE Sensex ended 254 points higher 51,279 points up 0.50%. The 50-stock NSE Nifty index zoomed 76 points to close at 15,174. Bajaj Finance, Sun Pharma, and Tech Mahindra were the top gainers on Sensex. ONGC, Kotak Mahindra Bank, and Maruti Suzuki India were the top drags. Nifty Metal and Nifty Index were the best performers during the day. Volatility slipped below 21 levels. 

Sensex and Nifty closed the day with gains. Sensex ended 254 points higher while Nifty was at 15,174 levels. Volatility dropped 7.7% to sit below 21 levels. Broader markets outperformed.

Nifty has not crossed 15,200 with minutes left in the day’s trade. The 50-stock index needs to breach 15,300 to restart its bull run, according to Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. 

Indian cryptocurrency exchanges are ready to engage with the government, discuss, share inputs around framing regulations, and are even willing to share relevant data around it but there shouldn’t be a complete ban, according to Gaurav Chopra, Vice President, Internet and Mobile Association of India (IAMAI). “There are many things you may lose by banning cryptocurrencies such as talent, economic benefit, taxation benefit, and more. We also want to protect customers from fly-by-night operators if there are any. So, let us bring in a transparent ecosystem that protects stakeholders,” Chopra told Financial Express Online.

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BSE Midcap and Smallcap indices were trading with 0.73% and 0.98% gains while the benchmark Sensex was up 0.50%.

Bank Nifty and Nifty PSU Bank indices were the only two trading with gains on Wednesday just ahead of the closing bell. Nifty Metal, Nifty IT, and Nifty Pharma were up with gains.

“The US dollar is weaker (today) on a combination of lower US yields and more robust equity markets. The saving grace for stocks may have been lower US yields, with 10Y Treasury yields now 8bp lower in the last 48 hours. It is not clear what the catalyst was for the reversal lower in yields, but it has taken the USD lower in sympathy. My guess is with the market looking into their FOMC viewfinder and today’s ten-year auction and CPI print garnering more attention than usual in this extremely yield-sensitive US dollar market, short bonds pared, and along with them, some long dollar profit-taking was the order of the day,” said Stephen Innes, Chief Global Market Strategist at Axi.

Bajaj Finance was the top Sensex gainer on Wednesday, followed by Tech Mahindra, Axis Bank, and Sun Pharma.

Rakesh Jhunjhunwala’s Alchemy Capital has decided against selling its stake in Barbeque Nation through an Offer for Sale (OFS) as the restaurant chain once again plans to go public. In the second addendum, filed by Barbeque Nation with capital markets regulator SEBI earlier this month, the company has trimmed the OFS size and announced that it has undertaken a pre-IPO placement, reducing the number of shares investors can bid through the IPO, when it hits Dalal Street. Barbeque Nation has been attempting to get listed on the bourses since 2017 but its plans have so far not fructified.

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Residential real estate across India continues to see healthy sales at 56 mn sq. ft (-7% yoy) even as launch activity remained weak at 25.6 mn sq. ft (-63% yoy) in Jan 2021. Aggregate of sales from our coverage universe saw 47% yoy increase in 3QFY21, compared to 19% yoy increase in all-India sales, reflecting continued market share gains for the organized players. We remain constructive on real estate stocks and view them as beneficiaries of continued consolidation in the sector.: Kotak Institutional Equities

The volatility index was down 6% on Wednesday sitting near 21 levels. The fear gauge has been slipping for two consecutive days now. Analysts believe India VIX needs to be in the 21-22 range for bulls to sustain.

Maruti Suzuki had launched the Celerio all the way back in 2014 and since then the car that introduced AMT (Automated Manual Transmission) in India (locally-made) remained largely unchanged. That said, it’s been known for some time now that the next-gen Maruti Suzuki Celerio is due to hit the market soon and test mules have been spotted multiple times as well. It was widely believed that the all-new Maruti Celerio launch was scheduled for April but Express Drives has now learnt from its sources that the launch is set to take place around or a little before mid-May, 2021. With the launch timeline now known let us take you through some of the key changes that the all-new 2021 Maruti Suzuki Celerio will sport.

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Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Limited (KIAL), today announced that it has acquired Prius Commercial Projects Private Limited under the IBC for Rs 450 crore. In an all-cash deal, KSSF led consortium emerged as the successful resolution applicant, with the NCLT, duly approving its resolution plan. Following the acquisition of Prius, KSSF has now closed its first investment under the IBC platform.

Prius is engaged in leasing out commercial space and predominantly owns the building named ‘Prius Platinum’ at a premium location in Saket, Delhi, with a leasable area of 2,59,000 sq. ft.

We are positive on MTAR as we expect double-digit growth in clean energy and defence segments, expecting a earnings of 25-30%. Easytrip is valued at 49 times fy21 earnings which seems to be aggressively priced. Online travel is fragmented with low entry barriers and prone to higher competition which may impact margins going forward.: Vikas Jain, Senior Research Analyst at Reliance Securities

Embassy Office Parks REIT has received approval from the NCLT for a scheme of arrangement that will help the trust simplify the ownership of key portfolio assets. This, according to ICICI Securities analysts, could result in the overall share of tax-free dividends plus SPV debt amortisation to rise from 62% in the nine months of the current fiscal year to 70-75% from next fiscal year onwards.

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Broader markets were outperforming benchmark indices on Wednesday. BSE Midcap index was up 0.48% while the Smallcap index gained 0.62%. On NSE, the Midcap 100 was up 0.55% while Smallcap 100 jumped 0.71%.

“The weekly expiry has preponed a bit due to ‘Mahashivratri’ holiday on Thursday. For the coming session (Wednesday), we will closely watch the levels of 15,150 – 15,200 and any sustained trade above it can trigger a fresh leg of up-move. However, a failure to do the same can drag the Nifty back to the lower range of 14900 that has acted as a support for the last two days and should be taken as a sacrosanct point,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

The shares of ongoing and upcoming IPOs were commanding a strong grey market premium this week, despite Indian share market volatility. Shares of Easy Trip Planners, Laxmi Organic Industries and Anupam Rasayan, in the grey market on Wednesday, surged up to 211 per cent over the IPO price. Meanwhile, shares of MTAR Technologies were seen quoting a grey market premium of over 85 per cent over the issue price of Rs 490 apiece ahead of listing, according to data provided by, a firm that deals in pre-IPO & unlisted stocks.

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Easy Trip Planners IPO was subscribed 9.64 times so far on the last day of bidding, with the retail category subscribing their reserved portion nearly 42 times. QIBs subscribed their portion 28 per cent while non-institutional investors 7 times.

Sensex and Nifty were seen trimming their opening gains at 10:45 AM. Sensex was up 150 points while Nifty 50 was just below 15,150 mark.

Elon Musk seems to be catching up to Amazon Boss Jeff Bezos on the Billionaire’s index, after having given up the top spot earlier last month. Tesla chief’s wealth soared $25.1 billion yesterday as share price of the Electronic Vehicle manufacturer zoomed 20% on Tuesday as investors turned their focus back on stock while yields seemed to be relaxing. Elon Musk was the richest person in the world according to the Bloomberg Billionaires Index, for six weeks before Jeff Bezos reclaimed the position while Tesla’s stock price plummeted.

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“We are close to the upper end of the Nifty range. It is imperative for the markets to cross the level of 15300 as that would reinstate the continuation of the existing upward trend. Until then we will experience range-bound movements and choppy intraday sessions. Strong support for the Nifty lies at 14800,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Among the stocks trading with losses on Sensex on Wednesday morning were ONGC, Kotak Mahindra Bank, ITC, Bharti Airtel, and Nestle India.

“In this see-saw game in the market, bulls & bears are giving up and regaining their dominance in tune with macro trends. A rise in bond yields temporarily strengthen the bears and when yields fall bulls come back strongly. Now it appears that the US 10-year bond yield is likely to consolidate in the 1.5% to 1.6% range for the short-term. FIIs are back to buying mode with the net buy of Rs 2,850 cr yesterday. This along with DII buying of around Rs 1,200  cr is likely to impart strength to the market. Financials, particularly leading private sector banks and large-cap IT stocks are on a strong wicket. Brent cooling off a bit also is good macro news,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex opened above 51,400 while Nifty breached 15,200 levels on Wednesday morning. IndusInd Bank and M&M were the top index gainers during the initial minutes of trade. 

COMEX gold trades 0.4% lower near $1710/oz after a 2.3% gain yesterday. Gold rallied sharply yesterday on correction in US bond yields and US dollar. Gold however eased today as US dollar recouped some losses. While gold sways along with the US dollar, support from US stimulus and Chinese equity market sell-off is countered by weaker investor interest. Gold may continue to sway along with US dollar however a sharp rise is unlikely unless bond yields correct sharply: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Sensex was still above the 51,300 mark while Nifty refused to give up 15,200 levels.

On the day of the weekly expiration of Index options, we could see a bullish continuation if these indices manage to hold above 15150/51200 levels. Above, 15150/51200 the market would face the biggest hurdle at 15270/51750. If the index falls below the level of 15000/50750, the bullish pattern would fail.

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Sensex and Nifty were moving higher during the pre-open session on Wednesday. Nifty was above 15,200 while Sensex moved above 51,300.

India VIX or the volatility gauge slipped 8% on Tuesday. A VIX below 21-20 zones is required for bullish momentum to sustain, according to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Nifty futures were suggesting a positive opening for BSE Sensex and Nifty 50 on Wednesday. The market will continue to witness volatility on the weekly expiry day on March 10, one day before the normal expiry day, as domestic equity markets will remain shut on Thursday for Mahashivratri. In the previous session, both the equity benchmarks ended over one per cent higher in the last hour of trade led by financials. 

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Chief economic adviser (CEA) Krishnamurthy V Subramanian on Tuesday called on financial institutions to shun “crony-lending” and focus on the quality of advances to help create large-scale infrastructure assets and satiate the appetite of a fast-reflating economy.

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SGX Nifty was now trading 80 points higher. Global cues hint at a positive start for domestic equity markets on Wedensday.

“Technically, while the Nifty is still stuck within the 14862-15111 range, the way in which the markets moved up in the last one hour of trade (on Tuesday) suggests that there could be a breakout on the upside,” said Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC securities. “The Nifty is in consolidation mode. Further directional cues are likely to emerge on a move beyond the 14862-15111 range. A breakout is likely to lead to the Nifty testing the 15273 levels. Downside support to watch for resumption of weakness is the recent low of 14862,” he added.

BSE Sensex and Nifty 50 were likely to open in the positive territory on the weekly expiry day on Wednesday. The market will remain shut on Thursday, March 11, 2021, on account of Mahashivratri. 

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BSE Sensex and Nifty 50 were likely to open in the positive territory on the weekly expiry day on Wednesday. The market will remain shut on Thursday, March 11, 2021, on account of Mahashivratri. 

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After topping the $58,000 level last month and cratering to the $43,500 mark on February 28, bitcoin on Tuesday significantly recouped losses with a two-week high rally. The price was hovering near $54,800 on Tuesday evening, according to the data from CoinDesk, surpassing the peak price of $54,615 on February 23 on the back of investors’ interest and the stimulus package from the US government. “The recent bitcoin rally above $54,000 is because of the $1.9 trillion stimulus package announced by the US Senate. The stimulus package is expected to drive economic recovery across sectors in the US as it provides direct benefit transfer to individual US citizens, unemployment benefits, and support to state governments,” Shivam Thakral, CEO BuyUcoin told Financial Express Online.

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In the month of February, outflows from equity mutual funds were recorded at 4,534 crore, according to AMFI data. Flexi Cap funds saw the most outflows. 

Wholesale sugar prices remained subdued despite rising international prices due to oversupply in the domestic market. Traders have adopted a cautious approach, thanks to a rise in Covid cases in parts of the country and lockdowns in some states. Even as demand is yet to kick in for the summer season, consumers are playing safe and institutional sales too have been tepid.

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