RIL, banks drag Sensex 871 pts lower at 49,180, Nifty below 14,550

Weightage-wise, Reliance Industries, ICICI Bank, HDFC Bank, HDFC, Infosys, Axis Bank, ITC, and SBI were responsible for 600 points cut in the Sensex

3:37 PM

CLOSING BELL

Back home, benchmark indices turned sharply lower in the last hour of trade with the frontline S&P BSE Sensex plunging 931 points to hit a low of 49,120. The downfall was contained at 49,180 level with a cut of 871 points, or 1.74 per cent, by close.

On the NSE, the Nifty50 ended at 14,549 level, down 265 points or 1.79 per cent.

3:25 PM

CG Power hits over 2-year high ahead of board meet for preferential issue

Shares of CG Power and Industrial hit an over two-year high of Rs 67.95, frozen in the 5 per cent upper circuit, band on the BSE on Wednesday ahead of the firm's board meeting to issue equity shares to Standard Chartered Bank (Singapore) on preferential allotment basis. The stock was trading at its highest level since May 2018 and has been locked in the upper circuit for the third straight day. READ MORE

3:16 PM

ALERT :: Escorts to hike prices from April 1, 2021

Escorts Agri Machinery (EAM), division of Escorts Limited, shall be increasing the prices of its tractors effective 1st April 2021.

There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the inflation. The increase in prices would vary across models and variants. 
 

3:08 PM

Sensex Heatmap at this hour

2:57 PM

MARKET CHECK :: Sharp downtick on indices

2:56 PM

DHFL debt resolution to spill over into FY22

The acquisition of Dewan Housing Finance Corporation (DHFL) by Piramal Group is set to spill over to the next financial year with the legal process taking time, say lenders. With this, the lenders, who were expecting to resolve one of India’s biggest default worth Rs 90,000 crore in March quarter, will have to wait longer. READ MORE

2:54 PM

NEWS ALERT :: Euro zone economy back to growth in March as factories roar, shows PMI

>> Euro zone economic activity made a surprise return to growth this month as factories ramped up production to its fastest pace in over 23 years, offsetting a continuing slowdown in the bloc’s dominant services industry, a preliminary survey showed.

>> IHS Markit’s flash composite PMI, seen as a good guide to economic health, bounced above the 50 mark separating growth from contraction to 52.5 in March compared to February’s 48.8, its highest since late 2018. Even the most optimistic respondent in a Reuters poll had said it would rise to 51.0 and the median predicted only a modest increase to 49.1.

>> But with much of Europe suffering a third wave of coronavirus infections and renewed lockdown measures, as well as a slow vaccine rollout in the region, the final reading of the survey and April’s numbers could be more subdued.

(Source: Reuters)

2:44 PM

MARKET UPDATE:: RIL, ICICI Bank, HDFC twins among top Sensex drags

2:28 PM

Stocks that hit 52-week high on BSE today in an otherwise feeble market

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Aarti Industries	1370.40	1399.00	6.49
Adani Enterp.	1046.00	1093.00	-1.15
Adani Green	1292.15	1341.60	-1.53
Adani Power	106.70	106.70	4.97
Adani Total Gas	915.45	970.00	2.06

2:20 PM

NEWS ALERT :: Cadila slashes price of its version of Remdesivir drug

In a significant move, Zydus has made its brand of Remdesivir, Remdac more affordable at Rs. 899 for a 100 mg lyophilized injection. Remdac was launched in August 2020 at Rs. 2800. 

Alert: In June 2020, Zydus entered into a non-exclusive agreement with Gilead Sciences Inc., to manufacture and sell Remdesivir, the investigational drug, which has been issued an Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) to treat patients suffering from severe symptoms of COVID 19. The API for the drug has been developed and manufactured at the group’s API manufacturing facilities in Gujarat. 

2:16 PM

Glenmark gets USFDA nod for generic antipsychotic drug

Drug firm Glenmark Pharmaceuticals on Wednesday said it has received final approval from the US health regulator for its generic phenothiazine antipsychotic Chlorpromazine Hydrochloride tablets. The company has received approval from the United States Food and Drug Administration (USFDA) for Chlorpromazine Hydrochloride tablets USP, in the strengths of 10 mg, 25 mg, 50 mg, 100 mg, and 200 mg, Glenmark said in a regulatory filing.

(Text Source: PTI)

2:07 PM

European markets check

(Source: Reuters)

2:00 PM

Aarti Industries hits all-time high; stock rallies 13% in four days

Shares of Aarti Industries rallied 9 per cent to hit an all-time high of Rs 1,399 in intra-day trade on the BSE on Wednesday in an otherwise weak market amid heavy volumes. The stock of the specialty chemicals company was trading higher for the fourth straight day, gaining 13 per cent during the period. It surpassed its previous high of Rs 1,363.50, recorded on January 5, 2021. READ MORE

 

1:56 PM

Top losers on BSE at this hour

Company	PRICE(rs)	CHG(%)
Rail Vikas	27.70	-8.88
Responsive Ind	158.10	-6.17
Sterling & Wils.	298.65	-5.25
Redington India	149.30	-5.24
NCC	77.00	-4.88

1:46 PM

Sales recovery, expansion in new markets key to Dr Lal Pathlabs' growth

The Dr Lal Pathlabs stock has gained 13 per cent on expectations that de-risking of the revenue profile, lower Covid-related contribution, and volume gains will improve its sales and margins. Sales of the company which had been impacted during the first half of FY21 have started recovering. READ MORE