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

11:53 AM

View :: No dearth of liquidity, but RBI sees little demand for govt bonds

A vigilante and a gambler walk into a bond market. No, that’s not the start of a new joke, just the comical look of India’s fixed-income saloon nowadays. There’s no dearth of liquidity, but the bartender — the central bank — is having a tough time getting orders for the good stuff even by cajoling and threatening customers. READ MORE

11:46 AM

Looking back at lockdown: Second Covid-19 wave dims demand recovery hopes

While the lockdown provided a buffer in the initial days of the pandemic, India witnessed the first Covid-19 peak months after easing of restrictions. This easing opened up the economy and all indicators reflect a gradual improvement. One indicator that captures this is aggregate demand.

 

After unlock, demand improved month-on-month till December, when it hit a speed-breaker. Recovery, which was north-bound, has began looking south in the last few months.  READ MORE

11:38 AM

NEWS ALERT :: Best Agrolife says Deepak Bhutani resigns as CFO; stock down 2%

Deepak Bhutani, CFO & KMP of the Company has tendered his resignation on 16th March, 2021 due to personal reasons and he will be relieved from the services of the Company with effect from 23rd March, 2021 at the end of the closure of business hours, the company said in a BSE filing.

11:32 AM

IPO Alert :: Barbeque Nation subscribed 24% till 11:20 AM on Day 1 of the issue

11:23 AM

Cadila Health in focus

>> Cadila Healthcare Limited and its subsidiary Zydus Pharmaceuticals (USA) Inc. today announced that they have reached an agreement with Celgene Corporation, relating to patents for REVLIMID.

>> As part of the settlement, the Parties will file Consent Judgments with the United States District Court for the District of New Jersey that enjoin Zydus Cadila from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement. 
 

 

11:19 AM

Rossari Biotech slips 5% after board approves Rs 300 cr preferential issue

Shares of Rossari Biotech slipped 5 per cent to Rs 1,056.80 on the BSE in intra-day trade on Wednesday on profit booking after the company board gave a go-ahead to issue equity shares aggregating to Rs 300 crore on a preferential basis. The company is a speciality chemicals manufacturer, providing intelligent and sustainable solutions for customers across industries. In the past four trading days, the stock has rallied 14 per cent. READ MORE

11:08 AM

What Rs 1 lakh invested in top stocks exactly a year ago turned into now

The one-year rolling return for benchmark Nifty and Sensex on Tuesday stood at about 90 per cent. India, as well as the global markets, rebounded sharply from Covid-19 lows logged on March 23, 2020.

 

Previously, the benchmark indices had witnessed a higher one-year return only in 2010, when the domestic equities bounced off sharply from the global financial crisis. The market recovery on both occasions – 2009-10 and 2020-21 — had one common factor---pump priming by global central banks, mainly the US Federal Reserve. READ MORE

10:59 AM

BROKERAGE VIEW :: Choice Broking on Loan moratorium case

SC’s court latest ruling that all borrowers will be eligible for waiver on interest on interest is a set back for the govt who earlier decided to keep this benefit to borrowers availing loan up to Rs2 cr with estimated cost of Rs5000-Rs6,000 cr.  With this ruling, estimated cost of benefit is likely to increase substantially however it remains uncertain whether the govt will ask the banks to share the burden. Meanwhile rejection of petitions such as total waiver on interest during moratorium period and extension of morat period are positive developments for banks.

 

Views by: Satish Kumar, research analyst

10:52 AM

MARKET ALERT :: Nifty slips below 14,650

10:40 AM

NEWS ALERT :: Grasim approves raising funds within the borrowing limit of Rs 10,000 crore

10:33 AM

Anupam Rasayan makes weak market debut, lists at 6% discount

Shares of Anupam Rasayan India, on Wednesday, made a weak debut at the bourses, listing at Rs 520 on the National Stock Exchange (NSE), a 6 per cent discount over its issue price of Rs 555 per share. The stock slipped further and hit a low of Rs 502.25 in intra-day trade, post listing.

 

On the BSE, Anupam Rasayan opened at Rs 534.70, down 4 per cent from its issue price. The stock later fell as much as 10 per cent to Rs 501.15 in intra-day trade. It touched a high of Rs 548.95 on the BSE and NSE. READ MORE

10:22 AM

KPIT Technologies surges 12%, hits record high in a weak market

Shares of KPIT Technologies surged 12 per cent to hit a record high of Rs 185 on the BSE in intra-day trade on Wednesday in an otherwise weak market. The stock of the IT consulting and software company surpassed its previous high of Rs 174 touched on March 10, 2021. At 09:49 am, it was trading 11 per cent higher at Rs 183 as compared to a 0.55 per cent decline in the S&P BSE Sensex. A combined around 2.5 million equity shares of the company changed hands on the counter in the first 34 minutes of trade on the NSE and BSE. READ MORE

10:15 AM

Market Check :: Sensex extends slide, down nearly 500 points

10:09 AM

One year of lockdown: Markets take leap of faith, m-cap hits Rs 2-trn mark

Indices hit their lows on March 23, 2020, just a day before the nationwide lockdown was imposed. The benchmark Sensex and Nifty closed at 25,981 and 7,610, respectively, the lowest in four years, after nose-diving 33 per cent in just 13 trading sessions.

 

India’s market capitalisation dropped from Rs 160.6 trillion in mid-January to Rs 102 trillion on March 23. But, aggressive stimulus measures announced by central banks, especially the US Federal Reserve, helped in not just stemming the fall, but led to a dramatic rebound. READ MORE

10:00 AM

NEW LISTING :: Anupam Rasayan lists at Rs 534.7 on the BSE