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Stock Market Update | Devang Mehta of Centrum Wealth Management on sectors
“We are not big fans of telecom sector, but for example, Reliance now at a 52-week low; probably all the businesses firing on right cylinders be it old economy businesses, the new economy as well as the retail business. Most of these companies, most of these segments are doing very well. My sense is that if market needs leadership, there must be maybe banking stocks or IT stocks or something like Reliance, which are now lagging to take the leadership role once the FII flows resume,” says Devang Mehta, Head-Equity Advisory, Centrum Wealth Management.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Rupee Close | Rupee ends lower at 82.60 vs the dollar
Share Market Update | InCred PMS' Aditya Sood on market sell-off
"Obviously, US banks going down gives you some bit of a jitter, basically. But what we have seen is that the Indian economy is fairly insulated, both from a banking standpoint, and it all depends upon, how quickly the Fed steps up in terms of ring-fencing the banks, which are troubled so, obviously, we are in a phase of heightened volatility. Ideally speaking India has held up well, despite this sell-off or this continuation of the trend of FII selling, I think so, this continues to be a market wherein we have seen very large divergence between the headline indices and the performance of small and mid-cap companies particularly small-cap. I think, this is an excellent environment to just focus on your set of companies and build a portfolio, I think, so, this too shall pass," says Aditya Sood, Portfolio Manager, InCred PMS.
Market at Close | Nifty 50 ends below 17,000, Sensex slides 300 points
Market fails to hold opening gains, closes at day’s low
Financials drag market as Nifty Bank slips 863 points from highs
Sensex closes 344 points lower at 57,556 and Nifty 71 points lower at 16,972
Nifty Bank falls 360 points to 39,052 while Midcap index rises 22 points to 29,971
Reliance falls for fifth straight session, stock at a 52-week low
HDFCs and ICICI Bank along with RIL, Bharti are biggest Nifty drags
Except Kotak Bank, all Nifty Bank constituents close in the red
Adani stocks see a sharp recovery intra-day, 8 of 10 stocks close higher
GMR surges five percent as board meets on March 17 to consider fund raising
Page Ind rises three percent on positive brokerage note, MS has a target of 44,500
Coforge closes off lows as company sees no impact from US bank exposure
Sharp fall in crude helps stocks like Asian Paints and Berger gain
Market breadth remains in favour of declines, adv-decline ratio at 3:4
BSE companies erase market cap of more than Rs 50,000 crore
Credit Suisse's top shareholder rules out more investment in the bank
Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg: “The answer is absolutely not, for many reasons outside the simplest reason which is regulatory and statutory”.
Dow Jones Industrial Average Futures are down 162 points or 0.5 percent.
Nifty 50 Update | Nifty 50 slides below 17,000
Stock Market Update | SMIFS' Sharad Avasthi on ITC
"ITC historically beyond the FMCG part, I think the demerger is the bigger trigger that can happen as and when it happens if it happens, that could be a big trigger for the company. But otherwise, on a status quo if the business is to continue we are expecting a 15-16 percent kind of CAGR over the next two years. So considering 25 to 36 times I think somewhere around Rs 450-460 is the fair value so for that target I think one can continue to hold," says Sharad Avasthi, Head- PCG Research, SMIFS.
Dixon Technologies to receive Rs 150 crore as government clears another tranche of the PLI Scheme
During the Uttar Pradesh Global Investors' Summit 2023 conducted in February, Dixon Technologies chairman Sunil Vachani announced the opening of three more centres of excellence in the state for manufacturing and designing electronic products.
Share Market Update | Top Stocks To Buy/Sell
Dharmesh Shah of ICICI Direct recommends buying Bharat Electronics Ltd (BEL) for a target of Rs 110 with a stop loss at Rs 87.
Nifty 50 Update | HDFC Bank Declines For Fourth Day
- Among top point contributors to the index downside
- Currently trading at Rs 1,553.80, down 0.7 percent
- Has declined for four days in a row
- Shares have declined 4.7 percent this year
- Over the last 12 months, the stock has gained 9 percent
Nifty 50 Updates | Sharp Surge In Adani Group Stocks
- Adani Ports shares trading 3.8 percent higher at Rs 679.20. The stock has recovered 3.5 percent from its lows
- Adani Enterprises trading 6.5 percent higher at Rs 1,851.35 and has recovered 7.2 percent from day's low
- Adani Power is trading 0.4 percent higher after being locked in a 5 percent lower circuit for most of the session
- Adani Transmission has moved into an upper circuit of 5 percent from a lower circuit of 5 percent
RIL Share Price | Shares down for fifth straight session
The shares dropped 1.1 percent to a fresh 52-week low of Rs 2,250. The stock has fallen over 12 percent in 2023.
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Nifty 50 Update | Stocks Dragging The Index Lower
- Reliance Industries contributing 16.5 points to the downside
- HDFC Bank contributing 11.7 points to the downside
- Hindustan Unilever contributing 7.6 points to the downside
- Axis Bank contributing 5.8 points to the downside
- Bharti Airtel contributing 5.1 points to the downside
Share Market News | Dreamfolks in agreement with Visa Worldwide Pte to launch global duty-free services program