Sensex sheds 338 pts, Nifty ends near 17,050; IT, Adani Group stocks tumble

CLOSING BELL: The BSE benchmark index ended lower for the fourth straight trading session, and has shed 2,448 points during this period.

10:56 AM

Bias turns positive; Gold may rally towards Rs 58,700, Silver Rs 70,000

The MCX Gold and Silver futures have rallied smartly in the last few trading sessions, and in the process the trend has turned positive as the precious metals conquered some of the near-term hurdles. These are the key levels to be watched-out for going ahead. READ MORE

10:45 AM

Unlocking Rs 100 trillion opportunity: What lies ahead for MF industry

In 2019, the mutual fund (MF) industry, then managing Rs 25 trillion in assets, unveiled its first ever vision document. Drawn up jointly with the Boston Consulting Group, it laid out a strategy to accelerate penetration and ramp up assets under management (AUM) to at least Rs 100 trillion by the end of 2030. READ MORE

10:35 AM

Is it time to shift focus from equities to debt?

Equity markets continue to remain subdued into 2023. US Fed and the RBI remains data dependent in their resolve to tighten the policy rates. Should investors shift their focus from equities to debt? WATCH

10:23 AM

New Listing :: Divgi Torqtransfer slips below issue price of Rs 590

10:20 AM

Silicon Valley Bank conducting business as usual, says new CEO amid crisis

The US Federal Deposit Insurance Corporation has tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets. READ MORE

10:06 AM

Bajaj Finance declines for fifth straight session, sheds 6% in one week

According to analysts at Ambit Capital, Bajaj Finance’s one-year forward valuation implies 25 per cent assets under management (AUM) growth with around 20 per cent RoE over the next decade. Despite superior technology/analytics/ processes/distribution, it’s a tall task. No Indian lender has grown at 20 per cent for 2 decades. READ MORE

9:55 AM

Comment :: 'We are witnessing overreaction on the downside'

Markets have a tendency to overreact- both on the upside and downside. What we are witnessing now is an overreaction on the downside. Concerns of a financial contagion are overdone. A positive fallout of the SVB crisis is that the Fed will go slow on rate hikes. The most likely rate action from March 22 meet is a 25 bp hike or, perhaps, no hike.

An important factor that investors should keep in mind is that the Indian banking system is strong and least vulnerable to a financial crisis even though sentimental impact is possible.

Long-term investors with higher risk appetite can certainly slowly accumulate high quality stocks, particularly in the domestic economy facing segments like banking and capital goods.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

9:44 AM

MARKET CHECK :: Benchmarks volatile in trade, remain in 'sell on rise' mode

>> Nifty off day's high of 17,224

>> Sensex down from a high of 58,490

9:39 AM

Dhanlaxmi Fabrics mulls major revamp of production capacities; stock up 1%

The management has decided to carry out major structural renovation for its 30 year old factory building, technological advancement, and upgradation for its plant and equipments installed and located at its Dombivali unit, including installing BOD, COD online meter.

9:37 AM

Surya Roshni bags Rs 96.3 crore worth of order; stock rises 2%

The company bagged Rs 96.3 crore worth of order for the supply of 3LPE coated steel pipes from HPCL for city gas distribution projects in Rajasthan, Bihar, Jharkhand, and West Bengal.

9:35 AM

Axita Cottons gains over 2% on new contract from Bangladesh

The company secured contract from Taraspinning Mills, Bangladesh and Khadiza Sadek Spinning Mills, Bangladesh for Indian Raw Cotton that aggregates to $2.72 million.

9:31 AM

Lupin gains in trade as US FDA completes inspection at Pune plant without any observations

The US Food and Drug Administration (USFDA) completed an inspection of Lupin's Bioresearch Centre in Pune, India, and closed without any observation. Lupin Bioresearch Centre conducts BA/BE, PK/PD, In-vitro BE and biosimilar studies.

9:29 AM

Shriram Finance slips on profit booking after company lays down growth plan

The company aims to raise up to $2.4 billion to fund its growth in the next financial year starting April. The management said that the company aims to grow its assets under management (AUM) by 15 per cent in fiscal 2024 to around Rs 1.9 trillion-2 trillion.

9:26 AM

PNB Housing Finance up 1% as Sebi okays riaisng of Rs 2,500 crore

The company received Sebi's approval to raise up to Rs 2,500 crore through rights issue of shares. The company intends to utilise the net proceeds from the issue towards augmenting its capital base.

9:23 AM

Broader market check :: MidCaps under pressure, index down 0.3%