Sensex falls for 5th straight day, ends 344 pts down; Nifty breaks 17,000

CLOSING BELL: The Nifty 50 ended below the 17,000-mark for the first time since October 11, 2022. The NSE benchmark has now shed 630 points in the last five trading sessions.

11:07 AM

BofA gets more than $15 bn in deposits after Silicon Valley Bank collapse

The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail. The money flowing into the second-largest US bank was described by people with direct knowledge of the matter, who asked not to be identified as the information isn’t public. READ MORE

10:55 AM

SoftBank management leadership team visits add weight to India market

A top management leadership team from SoftBank has been coming to India in the last few days to meet the founders of start-ups and other investors, signalling the country’s emergence as a pivotal market for the global investment giant. READ MORE

10:44 AM

Are we heading for another rate hike?

The February inflation saw a dip from the January numbers. But the Indian economy is not out of the woods yet when it comes to inflation. Will the RBI opt for another rate hike? WATCH HERE

10:31 AM

Ukraine war: Is India complying with the Russian crude oil price cap?

Yet the structure of India’s oil trade means that the final price it pays includes shipping, insurance and other costs upon arrival at its ports, without a detailed breakdown. That makes it hard to know how much it’s actually paying Russia, and whether it’s undercutting the goal of limiting Moscow’s revenue from crude sales. READ MORE

10:18 AM

SVB collapse: Start-ups seek govt's help to bring money to India

Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting on Tuesday with the government over the fallout of Silicon Valley Bank’s collapse. READ MORE

10:06 AM

Maruti Suzuki gains 2% after promoter buys additional stake

As per SAST disclosures to stock exchanges, the promoter of MSIL, Suzuki Motor Corporation, has bought 3.45 lakh shares in the company from the open market during March 10-13, 2023. READ MORE

9:56 AM

Comment :: The US bank crisis will be on back burner for now

The US inflation print for February which came at 6% year-on-year is indicative of disinflation but the decline is at a pace much lower than what the Fed would like. So it would be realistic to expect a 25 bp hike in rate in the March 22 Fed meeting. This will restrain equity markets from staging a rally.

The US bank crisis will be on back burner for now since the crisis news was overdone. For FIIs, the current negative sentiments in the market is favourable for sustained selling, which they have been doing for the last four sessions. Since the Indian economy is strong and the banking system is robust, long-term investors can utilise the weakness in the market to accumulate high quality stocks, particularly large-caps. Capital goods is a strong segment.

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

9:46 AM

Adani Group stocks trade mixed; 3 stocks at 5% lower circuits

9:44 AM

GMR Airport Infra rallies 2% as arm raises Rs 840 crore

GMR Hyderabad International Airport, a step-down subsidiary of the company, raised Rs 840 crore via non-convertible debentures.
 

9:42 AM

Texmaco Rail approves ransfer, assignment, restructuring or conveying of EPC biz; stock gains 3%

The board of the company has approved transfer, assignment, restructuring or conveying the whole or substantially the whole of rail EPC business, comprising of Kalindee Rail and Bright Power, by way of slump sale to two separate wholly owned subsidiaries.
 

9:39 AM

Star Health slips in a firm market after company detected unauthorised access to its mobile application

The company detected unauthorised access to its mobile application, and subsequently reported it to the insurance regulator IRDAI and Cyber Police. The Information Security Team of the company along with External Advisors is currently reviewing the matter.
 

9:36 AM

RIL mildly in green after CCI approved CASH & Carry deal

The Competition Commission of India has approved Reliance Retail Ventures’ acquisition of METRO Cash & Carry India for a cash consideration of Rs 2,850 crore.

9:34 AM

PVR plans to add 200 screens per year; stock up 1%

9:33 AM

Balu Forge Industries receives trial order to supply powertrain sub-assemblies

The company received trial order to supply powertrain sub-assemblies to a tractor manufacturer based out of middle east. These components will be used in the production of engines that will power variety of tractors.

9:31 AM

RailTel Corp bags order from C-DAC

The company bagged Rs 287.5 crore work order from Centre for Development of Advanced Computing (C-DAC) for supply, installation, testing, integration, and commissioning of IT infrastructure in green field data centre in New Delhi and Bengaluru.