Share Market HIGHLIGHTS: Sensex soars 409 pts to end at record 74,086, Nifty leaps to 22,474 as bulls take D-Street to fresh peaks
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex finished a volatile session at record closing highs on Wednesday, March 6, shrugging off mixed signals from global markets. Catch all the highlights of the March 6 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex finished a volatile session at record highs on Wednesday, March 6, boosted by IT and financial stocks, shrugging off mixed global signals.
ALSO READ: Axis Securities pegs December 2024 Nifty target at 23,000 | RBI changes credit card issuance norms
Globally, investors remained on the back foot ahead of the Federal Reserve Chair's congressional testimony and key US job data due this week.
Here are some of the stocks that made headlines:
- Tata Motors demerger: Will it bode well for passenger vehicle and commercial vehicle segments?
- JM Financial hits lower circuit after RBI bans it from financing against shares, debentures
- IIFL Finance hits lower circuit after Jefferies downgrade to 'hold'
- Tata Chemicals buzzed on Street; here's why
Catch all the highlights of the March 6 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Share Market Today: Sensex closes above 74,000 for first time ever as bulls take Dalal Street to fresh peak
Both headline indices rise about half a per cent to scale record closing highs.
The Sensex ends 408.9 points higher at 74,086 and the Nifty settles with a gain of 117.8 points at 22,474.
MARKET AT ALL-TIME HIGH | Nifty scales fresh peak of 22,443.65; Sensex at record 74007.14
Share Market Today LIVE | Samvardhana Motherson trades with over 3% cut: Here’s why
Shares of the auto ancillary firm trade over 3 per cent lower at Rs 121.05 as 30.77 crore shares traded in the early session in multiple blocks in the counter at a price of Rs 122.2 per share, a discount of over 2 per cent from the previous close.
In the deal, promoter Sumitomo Wiring is the likely seller, offloading a nearly 4.5 per cent stake in the company. The promoter offloading stake in the entity will add to the higher free float of the company. So, with a higher free-float, volatility in the stock can be expected to reduce. Read more
Share Market Today LIVE | Sensex bounces back over 550 pts from day's low, Nifty above 22,400 amid volatile trade
Nifty 50
Source: NSESensex
Source: BSE
Share Market Today LIVE: Profit booking can drag Nifty Bank to 47,400 levels, says Swati Hotkar
Swati Hotkar of Nirmal Bang Securities has a cautious stance on the banking space, as she sees the possibility of profit booking in the Nifty Bank from its current levels. However, as long as the banking index holds 47,400, it has the potential to test levels to the tune of 48,800-49,000 on the upside, she adds.
Hotkar suggests investors make stock-specific moves in the space with a strict stop loss.
Share Market Today LIVE | BHEL shares notch fresh 52-week high; here are the possible reasons behind the surge
Shares of the engineering and manufacturing entity, BHEL, notch a fresh 52-week high of Rs 271.2, up 15 per cent over the previous close on BSE.
In a clarification against the news piece that said, "The stock gained after NTPC approved an investment worth Rs 17,195.3 crore for the third phase of the Singrauli Super Thermal Power Project for which BHEL is the only bidder," the company, via an exchange filing, said, "It is informed that our company has not published the referred news article. The company submitted a price bid on December 21, 2023, and is the only bidder for the mentioned NTPC tender, which is an activity in the normal course of business. Submission of a bid does not result in the automatic bagging of an order; therefore, it is not required to be informed under Regulation 30 of the SEBI Listing Regulations, 2015." Read more
Tata Motors Demerger | Will it bode well for passenger vehicle and commercial vehicle segments?
The demerger announcement by automobile company Tata Motors has been on the anvil for a while now. While the spin-off into two independent listed entities—one focused on personal vehicles (EV and JLR) and another on the commercial vehicle segment- is seen to unlock value for shareholders, how will the action impact the two new companies and Tata Motors as a whole, here is a take on it.
What is the demerger news?
Tata Motors, which currently encompasses all the segments, will be spun off into two listed companies. One will include all the commercial vehicle, equipment, vehicle financing,Tata Technologies, and allied investments, and the other company will comprise the company’s passenger vehicle cars, electric vehicles (JLR) and its global Jaguar and Landrover (JLR) business. Read more
IPO Update | JG Chemicals IPO subscribed 4x times so far on Day 2
According to provisional exchange data, JG Chemicals IPO's share sale received bids for 3,47,08,211 shares against 81,68,714 shares on offer, translating into a subscription of 4.25 times on Wednesday, the second day of the bidding process. Read more
Category Subscription (No. of times the equity reserved) Qualified institutional buyers 0.03 Non-institutional investors 5.74 Retail investors 5.96 Overall 4.25 Source: Exchange data Stocks to Buy | BHEL, Vedanta, Coal India, BEL, ONGC among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Vikas Sethi, Rakesh Bansal, Kunal Saraogi, Sumeet Bagadia and Siddharth Sedani share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as Bharat Heavy Electricals Ltd (BHEL), Bharat Dynamics Ltd (BDL), GMR Airports, Coal India, Bharat Electronics Ltd (BEL), Indraprastha Gas Limited (IGL) and Polycab India. Read more
Share Market Today LIVE | Should you buy SBI Life, IGL, MGL, Tata Motors stocks today? Here is what brokerages recommend
Brokerages have a dozen stocks on their radar. Here's what Jefferies, Morgan Stanley, CLSA and HSBC make of stocks such as Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL), Tata Motors and SBI Life:
IIFL Finance share price target
Jefferies has a 'hold' call on the IIFL Finance stock with a target of Rs 435.
MGL share price target
Citi has a 'sell' call on the Mahanagar Gas Ltd (MGL) stock with a target of Rs 1,405.
IGL share price target
Citi has maintained a 'buy' call on the Indraprastha Gas Ltd (IGL) with a target of Rs 510.
Tata Motors share price target
CLSA has maintained an 'outperform' rating on the Tata Motors stock with a target of Rs 1,133.
Grasim share price target
Morgan Stanley has maintained an 'overweight' rating on the Grasim Industries stock with a target of Rs 2,610. Read more
Share Market Today LIVE | Nifty slides below 22,250, Sensex nearly 300 pts led by IT, oil & gas stocks
Share Market Today LIVE | Suzlon Energy, Inox Wind locked in lower circuits for 3rd day in succession; what's keeping investors worried?
The fall of Suzlon Energy and Inox Wind shares continues as both of them hit lower circuits on BSE for the third day in succession. Suzlon Energy hit a lower of circuit of five per cent to slip to Rs 38.70. Inox Wind also hit a lower of circuit of five per cent to go down to Rs 498.8.
The falling spree continues after reports that the Ministry of New and Renewable Energy (MNRE) was looking to bring back "reverse auctions" for auctioning wind power capacity to energy companies. Read more
Share Market Today LIVE | IIFL Finance hits 20% lower circuit; Jefferies downgrades the stock to hold
IIFL Finance shares nosedive 20 per cent to hit a 52-week low of Rs 382.80 on D-Street after Jefferies double downgraded the NBFC stock to hold from buy after the Reserve Bank of India (RBI) barred the company from sanctioning or disbursing gold loans or assigning, securitising, or selling any of its gold loans earlier this week.
Shares of IIFL Finance are locked in a 20 per cent lower circuit. The NBFC stock trade with heavy sell-off volumes as about 3.25 lakh shares changed hands in intraday trade so far, sharply lower than a daily average of 0.24 recorded in the past two weeks, according to provisional exchange data. The company’s market capitalisation stands at Rs 14,603.17 crore, according to BSE.
IIFL Finance share price target: What does Jefferies say?
Jefferies has double-downgraded IIFL Finance to hold from buy. The global brokerage has reduced the target price on the NBFC stock by Rs 330 to Rs 435 from Rs 765 earlier. The revised target translates to 13.6 per cent downside potential from current levels.
According to Jefferies, the RBI's restriction will dent the company's earnings due to the rapid unwinding of its profitable gold loan book. Read more
Traders' Diary | Buy, sell or hold strategy on Bharti Airtel, Zomato, Infosys, Bajaj Finance, Havells over a dozen other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Wednesday, March 6, 2024. Check out the complete list of stocks on analysts Kushal Gupta and Varun Dubey's radar.
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
- Buy Bank of Maharashtra (BOM) shares in the cash segment for a target price of Rs 66 with a stop loss at Rs 62
- Buy ICICI Prudential futures for a target of Rs 570 with a stop loss at Rs 547
- Buy the Rs 1,600 call option of Infosys at Rs 45 for a target of Rs 70 with a stop loss at Rs 30
- Technical pick: Sell Bajaj Finance futures for a target price of Rs 6,180 with a stop loss at Rs 6,420
- Fundamental pick: Buy Manappuram Finance shares for a target of Rs 194 with a stop loss at Rs 184
- Investment idea: Buy ICICI Bank shares for a one-year target of Rs 1,300. Read more
Share Market Today LIVE | NTPC hit all-time high, BHEL at 52-week high after PSUs sign Rs 9500 crore order
NTPC stock hits an all-time high while BHEL races to a 52-week high on BSE after the latter got an order from the former for setting up a thermal power station in Sonebhadra District, Uttar Pradesh.
NTPC share price
National Thermal Power Corporation hit an all-time high of Rs 360.35 on BSE.
BHEL Share Price
Bharat Heavy Electricals Limited rises to a 52-week high of Rs 271.90 on BSE. Read more
IPO Update | Gopal Snacks IPO subscribed 10% so far on Day 1
Gopal Snacks, a Rajkot-based manufacturer of ethnic savouries, launched an initial public offer (IPO) on Wednesday, March 6. The IPO of the snacks maker, which produces a wide range of products including 'gathiya', will be available for subscription from 10 am to 5 pm for three trading days, till March 11. The Gopal Namkeen IPO comprises an offer for sale (OFS) of 1.62 crore shares, worth an estimated Rs 650 crore, by promoters and existing shareholders.
Gopal Snacks subscription status
According to provisional exchange data, Gopal Snacks IPO's share sale has received bids for 11,43,559 shares against 1,19,79,993 shares on offer, translating into a subscription of 10 per cent on Wednesday, the first day of the bidding process. Read more
Category Subscription (No. of times the equity reserved) Qualified institutional buyers Nil Non-institutional investors 0.05 Retail investors 0.17 Overall 0.1 Source: Exchange data Share Market Today LIVE | JM Financial nosedives nearly 20% after RBI bans it from financing against shares and debentures
JM Financial shares trade 16.10 per cent lower at Rs 80.15 on BSE after the Reserve Bank of India banned the financial services company from giving loans against shares and debentures.
What is the RBI's ban on JM Financial?
On Tuesday, the Reserve Bank banned JM Financial from providing any form of financing against shares and debentures, including the sanction and disbursal of loans against an initial public offering, with immediate effect. Read more
Zomato Block Deal | 2.1% equity changes hands, stock slips over 2%; Antfin Singapore likely seller
Shares of Zomato slips over 2.5 per cent in to trade at Rs 161.25 on NSE after 2.1 per cent equity shares changed hands via a block deal. As per Zee Business research, Antfin Singapore may have offloaded stakes in the food delivery company. Read more
Share Market Today LIVE | Multibagger Havells forays into kitchen appliances segment; stock gains 2%
Havells shares gain after the company announced a foray into the kitchen appliance segment after market hours the day before. At the day's high, the stock climbs 2 per cent to Rs 1571.7 on BSE. Importantly, last week climbed its all-time high level of Rs 1591.35 on March 2, 2024.
“It is hereby informed that the company, viz., Havells India Limited, is planning to expand its existing product portfolio with the introduction of kitchen appliances such as cooktops, hobs, chimneys, and other built-in appliances, into it. The new venture is expected to bring benefits of synergies of business with its existing range of small domestic appliances,” said the company’s filing with the exchanges. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 22,200-22,275 levels and a strong buy zone at 22,025-22,125 levels on Wednesday, March 6. For the Nifty Bank, he expects support to come in at 47,200-47,325 levels and a stronger support zone at 46,900-47,050 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Nifty above 22,300, Sensex drops nearly 200 pts
Nifty 50
Source: NSESensex
Source: BSE
Currency Update | Rupee turns flat at 82.90 against US dollar in early trade
Morning Outlook | Nifty, Sensex likely to open flat, says Deepak Jasani
"Indian markets could open flat, in line with mixed Asian markets today and despite negative US markets on March 5," says Deepak Jasani, Head of Retail Research, HDFC Securities.
"In the previous session, Nifty formed a high wave type candle and closed just under its opening levels. Markets have gone sideways amidst lower volumes. It could now stay in the 22,229-22,463 band in the near term," he adds.
Stocks to Watch | Wipro, NHPC, CG Power, other stocks in focus on Wednesday
Here are some stocks that will be in focus on Wednesday, March 6:
Wipro: General Motors and Wipro have partnered up to develop a B2B sales platform for buying and selling automotive software.
NHPC: Prime Minister Narendra Modi laid the foundation stone of the 1,200 MW Jalaun Ultra Renewable Energy Power Park located in Orai and Madhogarh Tehsil of District Jalaun, Uttar Pradesh, through virtual mode on March 4, 2024.
The solar park will be developed by Bundelkhand Saur Urja, a subsidiary company of NHPC, with an investment of Rs 796.96 crore, subject to investment approval.
Signature Global (India): To comply with the requirement of a minimum paid-up capital of Rs 35 crore, Signature Global Business Park, a wholly-owned subsidiary, has approved the investment of Rs 29,90,00,000.
SBPPL has received an LOI from the Directorate of Town & Country Planning (DTCP), Haryana, for setting up a project over an area of 128.69 acres, and as stipulated by one of the conditions by DTCP, the company has to ensure to have a minimum paid-up capital of Rs 35 crore.
CG Power & Industrial Solutions: The company received a demand order from the Income Tax Department for the assessment year 2022-23, amounting to Rs 1,88,78,91,580. Read more
Share Market Today LIVE | GIFT Nifty futures indicate start in red ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 17.25 points or 0.08 per cent at 22,416 ahead of the opening bell on Dalal Street.
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