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Business News » Stocks

Share Market HIGHLIGHTS: Sensex rebounds 503 pts from day's low, Nifty settles at 17,754; ITC, ICICI Bank lead recovery

Share Market LIVE Today: Sensex and Nifty50 fall after gap-down opening owing to weak global cues

Share Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 recovered intraday losses in the second half of a volatile session on Wednesday, that began with a gap-down start owing to negative global cues, as investors returned to trade after a mid-week holiday for Holi. The Indian stock market tracked weakness across major markets around the globe on Wednesday morning after Fed Chair Jerome Powell said in his testimony to Congress the US central bank will likely need to hike interest rates more than previously expected. However, mild gains in European markets, shrugging off weakness in their major Asian peers, as well as Dow Jones futures aided investor sentiment on Dalal Street.

Buying interest in financial, FMCG and auto shares aided the rebound in India in afternoon daels, though selling pressure in IT stocks limited the upside. 

The India VIX — also known in market parlance as the fear index — finished 1.5 per cent higher ta 12.5, after rising to as high as 12.9 in intraday trade. 

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 rose 0.5 per cent and 0.2 per cent respectively. 

Overall market breadth was skewed in favour of the bulls, with an advance-decline ratio of 6:5 as 1,862 stocks rose and 1,617 fell at the close on BSE. 

Anil Singhvi market view

Zee Business Managing Editor Anil Singhvi believes the short-term bottom remains intact for the Nifty50 at 17,250-17,350 levels. Read more on how Anil Singhvi views the market and what he recommends 

Global market update: European markets began the day in the red, mirroring the trend across much of Asia, with the pan-continent Stoxx 600 index quoting 1.4 per cent lower at the last count. 

Dow Jones, S&P 500 and Nasdaq Composite futures were up 0.1-0.2 per cent, suggesting a mildly positive start ahead on Wall Street.

Data released on Tuedsay following Powell's remarks showed an unexpected rise in inflation in January 2023 and an unusually large jobs gain for the month, fuelling concerns about sharper-for-longer hikes in interest rates. The Fed Chair will again speak on Wednesday. 

Catch minute-by-minute updates on market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas and trade recommendations:  

Latest Updates

Wed, March 8, 2023, 16:56 PM

Share market Update | Sensex ends 503 pts above day's low as ITC, L&T, IndusInd, Reliance aid rebound on Dalal Street; Nifty50 back above 17,750

The Sensex ends 123.6 points or 0.2 per cent higher for the day at 60,348.1, having gyrated in a range of more than 550 points — between 59,844.8 and 60,402.9 — during the session. The Nifty50 settles at 17,754.4, up 43 points or 0.2 per cent from its previous close, after largely moving within the 17,600-17,800 band in intraday trade.  

Here's how the headline indices moved through the day: 

Sensex

Nifty50

Wed, March 8, 2023, 13:58 PM

Share Market Tips LIVE | Buy Oberoi Realty shares, target price Rs 950, says Mehul Kothari  

In conversation with Zee Business Managing Editor Anil Singhvi, Mehul Kothari of Anand Rathi Shares & Stock Brokers suggests buying Oberoi Realty shares for targets of Rs 930 and Rs 950 with a stop loss at Rs 890. 

Wed, March 8, 2023, 13:14 PM

Share Market LIVE Today | Aptus Value Housing, Lodha, Swan Energy, APL Apollo, PB Fintech worst hit among 270 laggards in BSE 500 universe

TCNS Clothing, Privi Speciality Chem and Shree Renuka are the top gainers in the broadest index on the bourse.

Wed, March 8, 2023, 13:02 PM

Stock Market LIVE Today | Most sectors struggle below flatline on NSE; Nifty Oil & Gas bucks the trend aided by gains in ONGC, BPCL, GAIL    

Wed, March 8, 2023, 12:59 PM

Stock Market Tips LIVE | Buy Cummins, REC shares, says Shivangi Sarda

Shivangi Sarda of Motilal Oswal Financial Services shares two stock recommendations with Zee Business viewers:  

  • Buy Cummins shares for a target price of Rs 1,715 with a stop loss at Rs 1,615 
  • Buy REC shares for a target of Rs 129 with a stop loss at Rs 121 
Wed, March 8, 2023, 12:04 PM

Gold Rate LIVE | MCX near-month futures inch lower, slip below Rs 55,000/10 grams mark

MCX gold futures (April 5) trade weaker by Rs 72 or 0.1 per cent at Rs 54,950 per 10 grams, having moved within a Rs 124 range — between Rs 54,887 and Rs 55,011 — earlier in the day. 

At the current level, gold futures have come down 6.6 per cent from a record high of Rs 58,847 touched in January 2023. 

Wed, March 8, 2023, 11:05 AM

Share Market Tips LIVE | Astha Jain recommends buying Surya Roshni shares, target Rs 760
 
Astha Jain of Hem Securities has one 'buy' call for Zee Business viewers: Buy Surya Roshni (SURYAROSHNI) shares at Rs 690 for a target price of Rs 760 with a stop loss at Rs 639. 

Wed, March 8, 2023, 11:05 AM

Share Market Tips LIVE | Astha Jain recommends buying Surya Roshni shares, target Rs 760
 
Astha Jain of Hem Securities has one 'buy' call for Zee Business viewers: Buy Surya Roshni (SURYAROSHNI) shares at Rs 690 for a target price of Rs 760 with a stop loss at Rs 639. 

Wed, March 8, 2023, 10:45 AM

Adani Group Shares Today | ADANIENT, ADANIGREEN, ATGL, ADANITRANS removed from Nifty Alpha50 index; changes to come into force on March 31

 

NSE's Nifty Alpha 50 index aims at gauging the performance of securities with a high alpha — or a return in excess of a benchmark index. Securities with the highest alpha get the maximum weightage in the Nifty Apha 50 index. 

Financial services shares have the maximum weight in the alpha index, at 26.8 per cent, followed by capital goods (25 per cent), chemicals (11 per cent, and auto and auto components (10.1 per cent). 

 

Besides, the bourse will remove ACC and Ambuja Cements from the Nifty Low Volatility 50 index. 

 

Here's how Adani group stocks are moving this morning:

Stock Change (%) CMP
NDTV 0.6 232.5
Adani Enterprises (ADANIENT) 1.8 2,018.1
Adani Ports (ADANIPORTS) 1.2 698.6
Adani Power (ADANIPOWER) 5 186.8
Adani Transmission (ADANITRANS) 5 819.9
Adani Green Energy (ADANIGREEN) 5 619.6
Adani Total Gas (ATGL) 5 861.9
Adani Wilmar (AWL) 4.7 460
ACC 0.6 1,876.6
Ambuja (AMBUJACEM) 0.6 387.8
Wed, March 8, 2023, 10:28 AM

Stock Market Tips LIVE | Buy West Coast Paper Mills shares, says Sandeep Jain    

In an interaction with Zee Business Managing Editor Anil Singhvi, Sandeep Jain of TradeSwift recommends buying West Coast Paper shares for a target of Rs 570-590 with a perspective of 9-12 months. The stock has corrected from higher levels around Rs 650 and turned attractive in valuation terms, Jain points out. 

West Coast Paper shares touched a 52-week high of Rs 663.8 apiece in November 2022. 

The entire paper space has staged a good performance on the earnings front, Jain adds.

Wed, March 8, 2023, 10:26 AM

Stock Market Tips LIVE | Buy Linde shares, says Jay Thakkar 

Jay Thakkar of Sharekhan recommends buying Linde India shares for targets of Rs 4,100 and Rs 4,250 with a stop loss at Rs 3,690. 

The stock has staged a smart breakout following significant consolidation, he says. 

Wed, March 8, 2023, 09:45 AM

Stock Market Tips LIVE | Siddharth Sedani shares Coforge, Lemontree, NCC, Syrma SGS as his 'guidance to glory' picks  

In an interaction with Zee Business Managing Editor Anil Singhvi, Siddharth Sedani of Anand Rathi Securities shares four 'buy' calls as part of his "guidance to glory" picks, meaning companies with good guidance that are expected to leap to glory. Sedani has handpicked these stocks for investors basis guidance of growth of at least 20 per cent despite global uncertainties. 

"A strong guidance reflects management confidence," he says. 

  • Buy Coforge shares for a target of Rs 5,000 
  • Buy Lemontree shares for a target of Rs 110
  • Buy NCC for a target of Rs 116
  • Buy Syrma SGS for a target of Rs 364
Wed, March 8, 2023, 09:44 AM

Nifty LIVE | Infosys, Reliance, Kotak Mahindra Bank, Bajaj Finance, Hindalco, HCL Tech pose maximum pressure on headline index

 

Wed, March 8, 2023, 09:36 AM

Sensex LIVE | Infosys, Tech Mahindra, HCL Tech, Titan, Sun Pharma worst hit among 21 laggards in 30-scrip basket

Wed, March 8, 2023, 09:31 AM

Stock Market LIVE Today | Sensex drops 380 pts in early deals, Nifty50 fall only stops at 17,600  

Both headline indices slump as much as 0.6 per cent within the first 15 minutes of trade. The Sensex sheds 379.6 points to 59,844.8 at the weakest level of the day so far, and the Nifty50 slides to as low as 17,602.3, down 109.2 points from its previous close. 

Here's how the intraday charts are building up for both main indices: 

Sensex

Nifty50

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