On Wednesday's closing session, Nifty ended below the 22k mark for the first time in March as the index ended 338.00 points or (-1.51%) at 21,997.70 level. Meanwhile, Sensex ended 906.07 points or (1.23%) at 72,761.89 level. All sectors ended in red except FMCG which saw a minor gain of 0.05% whereas the metal sector was the worst hit followed by realty, media, oil & gas and PSU Bank. The top 5 winners on the Nifty pack were ITC, ICICIBANK, KOTAKBANK, BAJFINANCE and Cipla whereas the top 5 losers were POWERGRID, COALINDIA, ADANIENT, NTPC and ADANIPORTS. Sensex and Nifty traded on a volatile note with midcap and smallcap dragging the overall market. Nifty Midcap has shed over 1,090 points, while Nifty Smallcap index erased its 15,000 mark. The performance comes after Inflation data eased to 5.02% in February, but was below market expectations.
GIFT Nifty:
With a gain of 25 points, or 0.11 percent, the GIFT Nifty trends suggest a promising start for the larger index in India. The Nifty futures were trading at approximately 22,464 at the time.
Oil Prices
On Wednesday, oil prices increased due to forecasts of robust global demand, which included the United States, the world's largest consumer, and the fact that even relatively sticky U.S. inflation did not dampen expectations that the Fed may begin reducing rates soon.
By 0020 GMT, May delivery Brent futures were up 36 cents, or 0.44%, at $82.28 per barrel. West Texas Intermediate (WTI) oil futures for the United States increased by 38 cents, or 0.49%, to $77.94 in April.
February CPI inflation in India was 5.09%, but core inflation decreased to 3.3%
According to data provided by the Ministry of Statistics and Programme Implementation on March 12, India's headline retail inflation rate remained relatively stable at 5.09 percent in February. In January, the Consumer Price Index (CPI) showed an inflation rate of 5.10 percent. Although CPI inflation has continued to remain within the 2 percent to 6 percent tolerance range set by the Reserve Bank of India (RBI) for a sixth straight month, it has now exceeded the medium-term target of 4 percent for 53 consecutive months.
Market on Tuesday:
On March 12, the Indian benchmark indices concluded with a slight gain. The BSE Sensex increased by 165.32 points, or 0.22 percent, to 73,667.96, while the Nifty gained three points, or 0.01 percent, to 22,335.70, in another turbulent day.
Investors will be watching tonight's release of US inflation data for clues about when the Federal Reserve will start reducing interest rates.
The Stock market Live began the day flat to positively, but as the day went on, it saw profit booking amid selling across all sectors, with the exception of companies in information technology.
LIVE Feed
Mar 13, 2024, 3:23 pm IST
Shriram Properties launches a new residential project with revenue potential of Rs 350 Cr
Leading South Indian residential builder Shriram Properties has announced the opening of "Codename Ultimate," its latest RERA-approved residential project, which is located close to Bengaluru's Electronic City. The project has an approximate aggregate saleable area of 5.0 lakh square feet and is being constructed under the joint development concept. This 400+ unit project with a Balinese motif emphasises open spaces, which make up more than 70% of the total area.
Commenting on the launch, Mr Vivek Venkateswar, Chief Sales & Marketing Officer, Shriram Properties said, “The convergence of employment opportunities, robust connectivity, and the growing need for highquality housing in and around Electronic City has positioned the area as an optimal destination for both homebuyers and investors. Despite the prevailing focus on Electronic City, there's a rising demand for superior residences in adjacent regions. This spurred our decision to prioritize the launch of our project under “Codename Ultimate”, addressing this market gap. We envision this project as the preferred choice for prospective homebuyers aspiring for a world class lifestyle.”
Mar 13, 2024, 2:46 pm IST
SJVN Secures 500 MW Solar Project From GUVNL
Gujarat Urja Vikas Nigam Limited (GUVNL) has sent a Letter of Intent (LOI) for a 500 MW Solar Project in GUVNL Phase - XXI to SJVN Green Energy Limited (SGEL), the renewable arm of SJVN. The power purchase agreement will be signed with GUVNL following GERC's tariff acceptance. The project will be completed within 18 months of the PPA's signing date, or by November 2025. It is anticipated that the project will produce 1271.07 million units in the first year following commissioning, with a projected cumulative energy output of around 29245.40 million units during a 25-year period. The project's commissioning is anticipated to result in a reduction of 1433025 tonnes of carbon emissions, which will support the GoI's goal of reducing carbon emissions. The company is moving quickly towards achieving its shared vision, which calls for 25,000 MW by 2030 and 50,000 MW by 2040.
Smt. Geeta Kapur apprised that SJVN Green Energy Limited, has earlier bagged the 500 MW (100 MW + 400 MW Green Shoe) Project through tariff based competitive bidding at a tariff of INR 2.54 /Unit on Build Own and Operate (BOO) basis on e-RA was conducted on 25.01.2024 by GUVNL.
Smt. Geeta Kapur further stated that the tentative cost of construction and development of this project is INR 2700 Cr. The Project is to be developed at GIPCL Solar Park at Khavda. The Greenshoe option is a method in which the implementing agencies offer additional capacity to the successful bidder at same terms and conditions under RfS.
Mar 13, 2024, 2:16 pm IST
Rail Vikas Nigam Shares In Focus
The company has received an order worth Rs 106.37 Cr from M. P. Paschim Kshetra Vidyut Vitran Company Ltd. for “Supply, Installation, Testing and Commissioning of New 11 KV line for Bifurcation & Interconnection, Additional 11 KV Bay at 33 / 11 KV Sub-station, Augmentation of conductor of 33 KV & 11 KV Lines, Additional Distribution Transformer Substations with associate New 11 KV Lines, LT Line on AB cable, Conversion of bare LT line with AB Cable, Augmentation of LT AB Cable, Cover conductor for 11 KV Line Crossing Agriculture & Non Agriculture Feeder, 11 kv and 33 kv Bus Bar rennovation other associated work and Supporting works such as DPs, TPs, Crossing etc. in Jhabua O&M Division (LOT-12) under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme,” as per a stock exchange filing dated 13.03.2024.
Mar 13, 2024, 1:46 pm IST
Muthoot Capital Sees Nearly 6% Surge On Partnership With Greaves Finance
On Wednesday, March 13, shares of Muthoot Capital Services Ltd experienced an almost 6% increase after the company revealed its collaboration with Greaves Finance to extend electric two-wheeler financing services throughout India.
Mar 13, 2024, 1:44 pm IST
RVNL Secures Rs 106 Crore Order In Madhya Pradesh
Rail Vikas Nigam Limited (RVNL) has been awarded the Letter of Award (LoA) by MP Paschim Kshetra Vidyut Vitran Company Ltd. The contract encompasses the "Supply, Installation, Testing, and Commissioning of a New 11 KV line for Bifurcation & Interconnection, Additional 11 KV Bay at 33 / 11 KV Sub-station, Augmentation of conductor of 33 KV & 11 KV Lines, Additional Distribution Transformer Substations with associated New 11 KV Lines, LT Line on AB cable, Conversion of bare LT line with AB Cable, Augmentation of LT AB Cable, Cover conductor for 11 KV Line Crossing Agriculture & Non-Agriculture Feeder, 11 kv and 33 kv Bus Bar renovation, and other associated work, along with Supporting works such as DPs, TPs, Crossing, etc. This project is part of the Revamped Reforms-based and Results-linked, Distribution Sector Scheme and is designated for the Jhabua O&M Division (LOT-12)."
Mar 13, 2024, 12:17 pm IST
Larsen & Toubro (L&T) announced on Wednesday, March 13, that its buildings and factories division has secured a noteworthy construction order from the All-India Institute of Medical Sciences (AIIMS) Madurai in Tamil Nadu. This significant project falls under the Ministry of Health and Family Welfare's PMSSY division.
Larsen & Toubro (L&T) announced on Wednesday, March 13, that its buildings and factories division has secured a noteworthy construction order from the All-India Institute of Medical Sciences (AIIMS) Madurai in Tamil Nadu. This significant project falls under the Ministry of Health and Family Welfare's PMSSY division.
Mar 13, 2024, 12:06 pm IST
Gold Prices
22-carat gold prices in India are down by Rs 39 to Rs 3,900. While 24-carat is down by Rs 42 to Rs 4,200. The pristine metals in India retreated after an inflation print that sparked momentum in the greenback. Also, profit-booking was seen after gold and silver prices touched an all-time high last week.
Mar 13, 2024, 11:34 am IST
Adani Group stocks fall
Adani Group stocks fell by as much as 8% amid bearish market. Stocks like Adani Enterprises, Adani Green, Adani Power, and NDTV took massive hit, falling by 5% to 8.21%.
Mar 13, 2024, 11:18 am IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Mar 13, 2024, 10:59 am IST
Nifty Midcap, Smallcap Drag
Nifty Midcap has shed over 1,090 points, while Nifty Smallcap index erased its 15,000 mark.
Stocks like Sona BLW, Data Patterns, Adani Power, IRFC, RVNL, Cochin Shipyards, Mazagon Docks, SVJN, and others witnessed sharp selling.
Mar 13, 2024, 10:18 am IST
Rupee declines by 0.58 paise against US Dollar
Rupee witnessed decline of 0.58 paise against US Dollar in morning trade on Wednesday.
Mar 13, 2024, 9:55 am IST
Shalby will pay Rs 104 crore to purchase a 100% share in Healers Hospital.
For Rs 104 crore, Shalby will purchase all of the current stockholders' shares in Healers Hospital (HHPL). Within the next thirty days, the aforementioned acquisition—which is a component of ambitions for business expansion—will be finalised. Following the acquisition, the business will acquire full ownership of HHPL.
Mar 13, 2024, 9:43 am IST
IIFL Finance Shares Increase 3% Before Board Meeting Regarding Plans for Fundraising
In the early trading session on Wednesday, IIFL Finance's shares increased by almost 3% in anticipation of the company's board of directors meeting on March 13 to discuss possible capital raising. Days after the Reserve Bank of India (RBI) prohibited it from providing gold loans, the non-banking financial company tries to raise money.
Mar 13, 2024, 9:00 am IST
Dollar
On Wednesday, the value of the US dollar remained stable relative to a few other currencies as traders assessed the potential impact of higher-than-expected inflation figures on the likelihood of an interest rate reduction at the Federal Reserve's June meeting.
The dollar index, which compares the value of the US dollar to a group of other currencies, barely moved, closing at 102.91.
Mar 13, 2024, 8:30 am IST
SEBI will alleviate FPIs during its meeting on March 15: ET
Foreign portfolio investors (FPIs) with concentrated holdings in Indian companies without a promoter group are anticipated to receive relief from the Securities and Exchange Board of India (Sebi) in the form of exemption from stricter disclosure requirements in cases where there is no risk of violating public holding norms, according to ET.
At its meeting on March 15, the Sebi board is expected to accept a proposal to shorten the timeframes by which FPIs must disclose major changes.
In an effort to enable these investment vehicles to use leverage, the board may also consider a different proposal that would let alternative investment funds (AIFs) to pledge their shares in infrastructure sector investee businesses.
Mar 13, 2024, 8:18 am IST
Shalby Is In Focus
On Tuesday, the multispecialty hospital chain announced that it would pay Rs104 crore to buy a 100% share in Healers Hospital Private Ltd (HHPL). Purchases from HHPL's current shareholders will be made as part of a secondary purchase process. Within 30 days of approval, the transaction is anticipated to be finalised.
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