Indices end choppy day in the red; Sensex dips 31 pts; banks, metals bleed

Broader markets, meanwhile, remained better placed. The S&P BSE MidCap and SmallCap indices each ended around 0.4 per cent higher

10:47 AM

IT shares in demand; Infosys, LTTS, Sonata Software hit record highs

At 10:04 am, the S&P BSE IT index, the top gainer among sectoral indices, was up 1.5 per cent, as compared to 0.35 per cent rise in the S&P BSE Sensex. The IT index hit an intra-day high of 26,784 points, and is 1 per cent away from its record high of Rs 27,074 on January 14, 2021. Thus far in the month of March, the BSE IT index has rallied 10 per cent, against 3 per cent gain in the Sensex. READ MORE

10:33 AM

Mutual funds continue to trim positions in heavyweights in February

Positive flows were seen in NTPC (Rs 700 crore), IndusInd Bank (Rs 700 crore) and L&T (Rs 650 crore). Most large MFs remained underweight on banking and overweight on capital goods. Mid-cap additions included SAIL (Rs 540 crore), IRCTC (Rs 430 crore) and Jindal Steel (Rs 290 crore), while major reductions included Dixon Tech (Rs 440 crore), Max Fin (Rs 400 crore) and PI Industries (Rs 390 crore). READ MORE

 

 

10:24 AM

Kalyan Jewellers IPO: A good long-term bet, say analysts

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers India (KJIL) opens today (March 16) with a price band of Rs 86-87 per share. The IPO comprises of issuance of fresh equity up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore. One of India’s largest jewellery retailers, Kalyan’s key businesses include design, manufacture, and sale of a variety of gold, studded and other jewellery products for various occasions, including weddings and daily wear. READ MORE

10:16 AM

Bond Market Alert

10-year benchmark yield opens at 6.22% vs 6.20% previous close

10:13 AM

SECTOR WATCH :: Nifty IT index hits 7-week high

10:03 AM

Aarti Drugs gains 6% as board to consider buyback on March 19

“A meeting of the board of directors of the company is scheduled to be held on Friday, March 19, 2021, to consider inter alia, proposal of buyback of the fully paid-up equity shares of the Company including matters related/incidental thereto,” Aarti Drug said in an exchange filing.

 

The buyback is a corporate action in which a company buys back its shares from the existing shareholders usually at a price higher than the market price. When it buys back, the number of shares outstanding in the market reduces. READ MORE

9:54 AM

Royal Orchid & Regenta Hotels launches 8 new properties

The brand announced the opening of 8 new properties under the brand Regenta Resort, Regenta Central and Regenta Inn; Three business hotels were opened in business districts in cities like Bangalore and Noida. Three business/Leisure hotels were opened in Goa (Panjim), Jaipur and Ajmer. Two leisure properties were launched as well, one in Mashobra and the other in Udaipur.

9:49 AM

SECTOR WATCH:: Nifty Metal index falls over 1%

9:44 AM

Most active stocks by volume

Company	PRICE(rs)	CHG(%)
Vodafone Idea	10.47	3.97
B H E L	55.90	1.18
Trident	15.67	1.95
Punjab Natl.Bank	41.15	0.86
Tata Power Co.	111.25	-0.27

9:37 AM

MARKET INSIGHT :: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

We are now in a highly volatile phase where the market swings on a daily basis, responding to major triggers. The major trigger now is the US bond yield which has the potential to move huge money. Rising bond yield triggers selling in equity markets and when yields cool down buying resumes. Bear hammering and short covering are making markets excessively volatile. Consecutive 2 days of institutional selling - by both FIIs & DIIs- weakened the Indian market. But this is not a directional trend. Post the FOMC Meet & a possible affirmation of the dovish stance by the Fed, the market may resume its upward move. Presently top quality financials present a buying opportunity

9:30 AM

PVR slips 2% as Maharashtra puts capacity restrictions in place

9:28 AM

Sintex Industries advances 5%

>> The National Company Law Appellate Tribunal (NCLAT), on Monday, directed the Ahmedabad bench of NCLT to decide within a week whether to admit or reject an insolvency plea filed against Sintex Industries by Punjab National Bank.

9:26 AM

GAIL India holds gains

>> The government is not considering any proposal to bifurcate state-owned gas utility GAIL (India), and the company is focused on building pipelines to connect gas sources to consumers to accelerate gas usage, Oil Minister Dharmendra Pradhan said.

9:25 AM

AU Small Finance Bank rises nearly 2% in early deals

>> The lender has raised Rs 625.50 crore through sale of shares to institutional investors.

9:24 AM

Tata Communications slumps over 6% as govt opens OFS

>> Offer for sale (OFS) to divest government’s shareholding in Tata Communications will open Tuesday for institutional investors. The government will sell its 10 per cent stake held in erstwhile VSNL, with an option to sell an additional 6.12 per cent stake. The floor price has been set at Rs 1,161, a 9.8 per cent discount to Monday's closing price.