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Stock market highlights on March 11, 2024: Sensex, Nifty end with sharp losses; BSE smallcap index, SBI sink 2 per cent each

stock brokers, BSE, NSE, Sensex, Nifty

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	<strong>Stock market highlights on March 11, 2024:&nbsp;</strong>Equity benchmark indices started the week on a dismal note, ending Monday&#39;s session with sharp losses ahead of key CPI inflation data both in India and the US on Tuesday. The BSE Sensex plunged 617 points to end at 73,503. The Nifty50 shed 161 points to close at 22,333.<br />
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	Most largecaps closed in red with Tata Steel, Power Grid, SBI, HUL, Tata Consumer, Bajaj Auto, IndusInd Bank, Tata Motors and NTPC leading the decline with 1-3 per cent losses.<br />
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		The fall was aggravated after the Supreme Court dismissed <strong>SBI</strong>&#39;s plea, directing it to fetch details of electoral bonds by Tuesday, March 12. The stock lost nearly 2 per cent. <em><a href="https://www.business-standard.com/markets/news/sbi-shares-falls-over-1-after-sc-s-verdict-on-electoral-bonds-details-124031100272_1.html" target="_blank"><strong>Read here</strong></a></em></div>
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	The sentiment was soured in the broader markets as well after reports said that Sebi may revise rules for mutual funds investing in small-cap stocks amid concerns of overheating in this segment.&nbsp;<em><strong><a href="https://www.business-standard.com/markets/news/sebi-may-review-rule-for-mutual-funds-targeting-overheated-small-caps-124031100416_1.html" target="_blank">Read</a></strong></em><br />
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	As a result, the Smallcap index on BSE nosedived 2 per cent.&nbsp;The BSE MidCap index ended 0.24 per cent lower.&nbsp;</div>
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	Among sectors, Nifty Healthcare was the only gainer, which closed 0.45 per cent. Nifty Media lost 3 per cent. Nifty Bank, PSB, Metal, Realty and Oil & Gas pockets ended over 1 per cent lower.&nbsp;</div>

Sensex sinks 617 pts, Nifty ends at 22,333; BSE SmallCap, SBI tank 2% each

Business Standard

Sensex sinks 617 pts, Nifty ends at 22,333; BSE SmallCap, SBI tank 2% each | News on Markets - Business Standard

Fund Flow :: DIIs buy equities worth Rs 2,601.81 crore on Thursday

Fund Flow :: FIIs/FPis buy funds worth Rs 7,304.11 crore on Thursday

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Asian markets weak :: Profit booking spreads to Asia, Nikkei leads

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Wall Street Overnight :: S&P500, Nasdaq dip after hitting record highs

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BSE SmallCap Heatmap :: Index slides 2%; Sigachi, Tata Chem among top losers

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BSE MidCap Heatmap :: Index ends 0.24% lower

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Sectoral trends :: Markets witness broad-based selling; Pharma index ekes out tepid gains

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Sensex Heatmap :: Power, financial stocks weigh on frontline indices

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Closing Bell :: Sensex drops over 600 pts in fag-end

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Market Check :: Sensex slides 600 pts in fag-end

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IndiGo soars 8% from day's low on Rakesh Gangwal's likely large block deal

Shares of InterGlobe Aviation- the parent firm of IndiGo &ndash; jumped 5 per cent on BSE to an intra-day high of Rs 3,262 in Monday&rsquo;s trade after over 20 million shares of the airline changed hands via a block deal. With this, the stock bounced back 8 per cent from its intra-day low of Rs 3,015.10. <a href="https://www.business-standard.com/markets/news/indigo-rebounds-8-from-intraday-low-after-huge-block-deal-124031100427_1.html?1710148515" target="_blank"><strong>Read</strong><br />
<img alt="Photo: Bloomberg" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-04/04/full/1649036942-3563.jpg?im=FeatureCrop,size=(826,465)" style="height: 338px; width: 600px;" /></a>

Popular Vehicles and Services IPO: Date, price band, GMP, financials & more

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	The Rs 602-crore initial public offer (IPO) of Popular Vehicles and Services will hit the market on Tuesday, March 12. The issue, whose anchor booked opened today, will close on Thursday, March 14.&nbsp;&nbsp;<br />
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	Popular Vehicles &amp; Services is a Kuttukaran Group company, operating multi-brand automobile dealerships in Kerala, Tamil Nadu, and Karnataka. According to its website, it was among the top six dealerships in India, in terms of sales by volume, as of March 31, 2023, with respect to passenger and commercial vehicles dealerships. <a href="https://www.business-standard.com/markets/news/popular-vehicles-and-services-ipo-ipo-date-price-band-gmp-and-more-124031100401_1.html?1710146464" target="_blank"><strong>Read</strong><br />
	<img alt="ipo market listing share market" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-11/30/full/1701342098-3794.jpg?im=FeatureCrop,size=(826,465)" style="height: 338px; width: 600px;" /></a></div>

Laggards of 2023 scripting a rebound in 2024; Will the trend continue?

Even as the Nifty 500 index had ended the calendar year 2023 with a substantial gain of 20.6 per cent, as many as 172 index constituents underperformed the underlying index, with 66 finishing the year on a negative note. A total of 15 stocks ended with losses in the range of 20 -73 per cent. <a href="https://www.business-standard.com/markets/news/laggards-of-2023-scripting-a-rebound-in-2024-will-the-trend-continue-124031100377_1.html?1710145047" target="_blank"><strong>Read</strong><br />
<img alt="Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis" src="https://bsmedia.business-standard.com/_media/bs/img/misc/2021-05/20/full/markets-bulls-bears-stocks-trading-technicals-market-technical-technical-analysis-1621493660-65622620.jpg?im=FeatureCrop,size=(826,465)" style="height: 338px; width: 600px;" /></a>

Zydus Life hits new peak; m-cap hits Rs 1 trn as stock up 60% in 3 months

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	Shares of Zydus Lifesciences hit a new high of Rs 1,015.70, surging nearly 4 per cent on the BSE in Monday&#39;s intraday trade, in an otherwise weak market, after the company said it has received the Establishment Inspection Report (EIR) report from the US drug regulator for its Ahmedabad facility. <a href="https://www.business-standard.com/markets/news/zydus-life-hits-new-peak-m-cap-hits-rs-1-trn-as-stock-up-60-in-3-months-124031100358_1.html?1710144055" target="_blank"><strong>Read</strong><br />
	<img alt="Cadila Healthcare changes name to Zydus Lifesciences Limited" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-02/24/full/1645698520-5301.jpg?im=FeatureCrop,size=(826,465)" style="height: 338px; width: 600px;" /></a></div>

Sebi's T+0 trade settlement to begin optionally by March 28: Report

SEBI&#39;s T+0 settlement plan will start on an optional basis by March 28, as per Chairperson Madhabi Puri Buch, reported CNBC-TV18.&nbsp;

Report: JSW Group & MG Motor India to close their JV deal on March 20

The two will unveil their India roadmap for manufacturing and sale. Total investment in MG Motor India would be around Rs 5,000 crore, reported CNBC-TV18.&nbsp;

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IndiGo co-founder Gangwal raises $820 mn in largest block sale since 2019

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	A co-founder of India&rsquo;s biggest airline IndiGo raised about $820 million from selling part of his holding, in the largest block equity sale in the country since 2019. Rakesh Gangwal sold 22.5 million shares of InterGlobe Aviation Ltd., the owner of Indigo, at Rs 3,015.10 per share, according to the terms of the deal seen by Bloomberg News. <a href="https://www.business-standard.com/companies/news/indigo-co-founder-gangwal-raises-820-mn-in-largest-block-sale-since-2019-124031100286_1.html?1710141516" target="_blank"><strong>Read</strong><br />
	<img alt="Rakesh Gangwal" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-10/13/full/1697219895-468.jpg?im=FitAndFill=(826,465)" style="height: 338px; width: 600px;" /></a></div>

SBI shares fall nearly 2% after SC's verdict on electoral bonds details

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	Shares of State Bank of India were in the red after the Supreme Court dismissed the lender&#39;s extension plea on electoral bonds details. SBI share price, which began the day at Rs 791, fell by nearly 2 per cent intraday following the SC&#39;s verdict. <a href="https://www.business-standard.com/markets/news/sbi-shares-falls-over-1-after-sc-s-verdict-on-electoral-bonds-details-124031100272_1.html?1710140516" target="_blank"><strong>Read</strong><br />
	<img alt="SBI, state bank of India" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-02/02/full/1675329282-6264.jpg?im=FeatureCrop,size=(826,465)" style="height: 338px; width: 600px;" /></a></div>

ALERT :: SC directs SBI to disclose electoral bond details by tom; share dips by 1%

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Smallcaps slide on fears of tighter Sebi norms; BCL, Sigachi sink up to 17%

Shares of smallcap companies were under pressure and declined up to 17 per cent on the BSE in Monday&#39;s intra-day trade amid heavy volumes on concerns of further follow-up actions from the market regulator to prevent a bubble formation in the broader market and its inevitable burst.
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Torrent Power surges 13% on winning 306 MW solar power project

Shares of Torrent Power hit a new high of Rs 1,288.45, rallying nearly 13 per cent on the BSE in Monday&rsquo;s intraday trade, after the company was awarded a 306 MW solar project in Maharashtra. <a href="https://www.business-standard.com/markets/news/torrent-power-surges-13-on-winning-306-mw-solar-power-project-124031100194_1.html" target="_blank"><em><strong>Read more</strong></em></a><br />
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	<img align="" alt="Torrent Power" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-03/04/full/1614858690-2169.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Torrent Power" width="622" />
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		Torrent Power</div>
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Tata Group shares slip by 12% amid talks of Tata Sons trying to avoid IPO

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		Tata Chemicals, Tata Investment Corporation, Tata Consumer Products and Tata Power Company are down between 3 per cent and 12 per cent. Indian Hotels Company, Tata Teleservices (Maharashtra) (TTML), Tata Communications, Tata Motors and Tata Steel are down in the range of 1 per cent to 2 per cent. In comparison, the S&amp;P BSE Sensex was down 0.02 per cent at 74,105 on Monday&#39;s intraday deals. <a href="https://www.business-standard.com/markets/news/tata-group-shares-slip-by-12-amid-talks-of-tata-sons-trying-to-avoid-ipo-124031100154_1.html" target="_blank"><em><strong>Read more</strong></em></a><br />
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		<img align="" alt="Tata Group" class="imgCont" src="https://bsmedia.business-standard.com/_media/bs/img/article/2020-12/08/full/1607428513-0428.jpg" style="border: 1px solid rgb(221, 221, 221); margin-right: 10px; padding: 1px; float: left; z-index: 0; width: 600px; height: 449px;" title="Tata Group" /></div>
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Kirloskar Brothers soars nearly 9% to Rs 1186

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Bank, auto, financials in red while FMCG & pharma gain

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Heatmap: IT stocks and financials up in early trade

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Opening bell: Sensex gives up early gains, down 50 points at 74,050

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Rupee appreciates 8 paise to open at 82.71/$ on Monday

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Stocks to watch: Torrent Power, Vedanta, InterGlobe Aviation, Coal India

Equity benchmark indices Sensex and Nifty are expected to start on a tepid note ahead of weak global cues. At 8 a.m. the Gift Nifty futures hinted at a 50-point gap down on the Nifty, on quoting around 22,405-odd levels. <a href="https://www.business-standard.com/markets/news/stocks-to-watch-march-11-torrent-power-vedanta-interglobe-aviation-coal-india-124031100090_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Will Tata Group shares halt their one-way rally? Check details here

Tata Group shares may witness profit booking on Monday, March 11, amid reports that the company is looking at ways to avoid going public next year. <a href="https://www.business-standard.com/markets/news/stocks-to-watch-march-11-tata-group-tata-sons-ipo-rbi-nbfc-listing-124031000726_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Tata Sons set to earn record dividend worth nearly Rs 33,350 cr in FY23" class="imgCont" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-05/16/full/1684259369-7863.jpg" style="border: 1px solid rgb(221, 221, 221); margin-right: 10px; padding: 1px; float: left; z-index: 0; width: 600px; height: 450px;" title="Tata Sons" /></div>
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JM Financial shares eye another round of panic selling; here's why

Sebi has barred JM Financial from accepting new mandates to act as a lead manager for the public issue of debt securities. <a href="https://www.business-standard.com/markets/news/stocks-to-watch-march-11-stock-market-jm-financial-sebi-debt-manager-124031000689_1.html?1710126139" target="_blank"><strong>READ MORE</strong></a><br />
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What could weigh on InterGlobe Aviation shares today? All you need to know

Rakesh Gangwal could sell a 3.3-per cent stake (130 million shares) in IndiGo to raise around $450 million. <a href="https://www.business-standard.com/markets/news/stocks-to-watch-march-11-indigo-interglobe-rakesh-gangwal-block-deal-124031100003_1.html?1710126139" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Indigo" class="imgCont" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-11/03/full/1699034056-9081.jpg" style="border: 1px solid rgb(221, 221, 221); margin-right: 10px; padding: 1px; float: left; z-index: 0; width: 600px; height: 384px;" title="Indigo" /></div>
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Nifty 50 index needs to breakout from this trading band for a directional move

According to Ravi Nathani, an independent technical analyst, the Nifty 50 index is seen range-bound between 22,400 - 22,580. <a href="https://www.business-standard.com/markets/news/nifty-needs-to-breakout-from-this-trading-band-for-a-directional-move-124031100087_1.html?1710126139" target="_blank"><strong>READ MORE</strong></a><br />
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Sensex sinks 617 pts, Nifty ends at 22,333; BSE SmallCap, SBI tank 2% each

Stock market highlights on March 11, 2024: Sensex, Nifty end with sharp losses; BSE smallcap index, SBI sink 2 per cent each

Fund Flow :: DIIs buy equities worth Rs 2,601.81 crore on Thursday

Fund Flow :: FIIs/FPis buy funds worth Rs 7,304.11 crore on Thursday

ALERT :: Gift Nifty holds above 22,600

Asian markets weak :: Profit booking spreads to Asia, Nikkei leads

Wall Street Overnight :: S&P500, Nasdaq dip after hitting record highs

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