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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.
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.
08 Mar 2023, 4:56 PM (IST)
Here's how the headline indices moved through the day:
Sensex

Nifty50

08 Mar 2023, 1:58 PM (IST)
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.
08 Mar 2023, 1:14 PM (IST)
TCNS Clothing, Privi Speciality Chem and Shree Renuka are the top gainers in the broadest index on the bourse.

08 Mar 2023, 1:02 PM (IST)

08 Mar 2023, 12:59 PM (IST)
Shivangi Sarda of Motilal Oswal Financial Services shares two stock recommendations with Zee Business viewers:
08 Mar 2023, 12:04 PM (IST)
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.

08 Mar 2023, 11:05 AM (IST)
08 Mar 2023, 11:05 AM (IST)
08 Mar 2023, 10:45 AM (IST)
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.
| 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 |
08 Mar 2023, 10:28 AM (IST)
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.
08 Mar 2023, 10:26 AM (IST)
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.
08 Mar 2023, 9:45 AM (IST)
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.
08 Mar 2023, 9:44 AM (IST)

08 Mar 2023, 9:36 AM (IST)

08 Mar 2023, 9:31 AM (IST)
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

08 Mar 2023, 8:53 AM (IST)
In the pre-opening session, the Sensex finishes down 308.4 points or 0.5 per cent at 59,916.1, and the Nifty50 settles at 17,665.8, down 45.7 points or 0.3 per cent from its previous close.
08 Mar 2023, 8:38 AM (IST)
In this special edition of 'Pick of the Day', top market analysts share their stock recommendations for women on the occasion of International Women's Day. In conversaion with Zee Business Managing Editor Anil Singhvi, Ambareesh Baliga and Sumeet Bagadia share their recommendations:
Independent market analyst Ambareesh Baliga has a 'buy' call on Interglobe Aviation (IndiGo) for a one-year target of Rs 2,380. "Airfares in the domestic market are about 60 per cent higher on domestic routes compared to 2019 levels, and 23 per cent higher on international routes... Airfares are sustaining at higher levels and crude oil rates softening," says Baliga.
He estimates the EPS for the airline for the year ending 2024-25 at Rs 140.
Sumeet Bagadia of Choice Broking suggests buying Colgate-Palmolive shares for targets of Rs 1,600 and Rs 1,650 with a perspective of 6-12 months> He suggests placing a stop loss at Rs 1,430.
The stock has been staging a strong move from lower levels, he says.
08 Mar 2023, 8:14 AM (IST)
The Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Wednesday, March 8 as Dalal Street returns to trade after the Holi holiday.
08 Mar 2023, 8:00 AM (IST)
Both main gauges finished the March 6 day 0.7 per cent stronger as Dalal Street headed into a mid-week holiday on account of Holi. The Sensex ended 415.5 points hgiher at 60,224.5, having jumped as much as 689.5 points during the session, and the Nifty50 settled at 60,498.5, up 117.1 points from its previous close, after touching the 17,800 mark in intraday trade.
Here's how the Sensex and the Nifty50 moved through the day:
Sensex

Nifty50

08 Mar 2023, 7:41 AM (IST)
08 Mar 2023, 7:40 AM (IST)
Follow this space to catch minute-by-minute market action, the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas, stock picks, brokerage calls and much more through the day.
Happy trading, and happy investing!