Sensex soars 900 pts, Nifty ends near 17,600; PSBs, Adani Group stks sizzle

CLOSING BELL: The Rs 15,446 cr stake buy by GQG Partners in Adani Group, coupled with positive global cues buoyed sentiment on Friday. Heavyweights RIL, ITC and Airtel also rallied up to 3 per cent.

10:42 AM

Commercial paper rates may rise further as liquidity dries up, say analysts

Earlier this week, state-run financial institution NABARD raised three-month funds at 7.65%, which was over 40 basis points higher than what it paid for a similar paper a month ago. READ

10:30 AM

Alembic Pharma slips 5%; board approves Rs 1,150 cr as impairment charges

This one time impairment impact notwithstanding, we believe this move bodes well for future return ratios and profitability. We expect more impairments in due course, ICICI Securities said in a note. READ

10:19 AM

Two Fed officials warn they may need to lift rates to a higher peak

Waller's speech followed comments by Atlanta Fed President Raphael Bostic, who told reporters that he still favored raising rates by 25 basis points in March but was open to lifting borrowing costs. READ

10:09 AM

MARKET CHECK: Sensex extends gains; rallies over 550 points

10:01 AM

COMMENT: FII selling opportunity for long-term investors to accumulate high quality stocks

The US based investment firm GQG partners investing Rs 15446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress.

This is positive news for Bank Nifty. However, the market will continue to be under pressure from FII selling which yesterday was Rs 2676 crores excluding the GQG bulk buying of Adani stocks.

The US 10-year yield has moved above 4 per cent. FIIs can be expected to sell more since this risk-free return is quite attractive considering the muted expectations from the equity markets in the short-term. FII selling will be an opportunity for long-term investors to accumulate high quality stocks, particularly in banking.

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

9:52 AM

Adani group shares rally up to 10% as GQG Partners buy Rs 15,446 cr stake

Shares of Adani group companies rallied up to 10 per cent on the BSE in Friday’s intra-day trade after the promoters sold shares worth Rs 15,446 crore in four of its listed entities to GQG Partners, a US-based global equity-investment boutique firm. READ

9:43 AM

Angel One gains 3% as client base rises 52% YoY in February

>> Client base up 3.4% MoM & up 52.2% YoY at 13.33 million

 

>>Gross client acquisition up 15% MoM & down 0.4% YoY at 0.45 million

 

>>Average client funding book down 6.8% MoM & down 20.7% YoY at Rs 1,299 crore

9:39 AM

Adani Green up 5%; commences ops at 700 MW wind-solar hybrid plant in Jaisalmer

9:36 AM

Titagarh Wagons rises 1%; co L-1 bidder for Vande Bharat trains with BHEL

The consortium of Titagarh Wagons Limited and Bharat Electricals Limited (TWL-BHEL Consortium) has emerged as the 2nd Lowest Bidder (L2) for “Manufacturing cum Maintenance of Vande Bharat trainsets including up-gradation of the government manufacturing units & trainset depots.

9:33 AM

Natco Pharma up 2%; board to mull share buyback on March 8

9:31 AM

Alembic Pharma slides 1%; co to take impairment charge of Rs 1,150.4 crore on 3 new plants

The company will take an impairment charge of Rs 1,150.43 crore on three manufacturing plants that are under construction in Gujarat. It said the new plants are likely to generate less cash than expected and their profitability is hit by price erosion in the US, high-interest rates and USFDA approval delays. 

9:29 AM

MOIL gains 3%; Feb Manganese Ore sales grew 19 per cent YoY

Production rose 10% YoY to 1.31 lakh tonnes.

9:26 AM

All sectors hold gains; PSB pocket rallies 3.5%

9:24 AM

Gains spread to broader markets but leaner vs benchmarks

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9:23 AM

Dr, Reddy's, Bajaj Finance, Sun Pharma hold tepid losses