Homemarket newsstocks news

Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%

This article is more than 3 month old.

Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%

Mini

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 extended gains to a third straight session on Wednesday after a gap-up start tracking strength across global markets. Gains in financial, auto and IT shares pushed the headline indices higher, though losses in metal stocks played spoilsport. Broader markets also strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising nearly one percent each. Globally, investors celebrated signs of progress in negotiations between Russia and Ukraine.

Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Thank you, readers! That's all from CNBCTV18.com's live market coverage on March 30, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

    And on FacebookLinkedInInstagram and Telegram

    Download our mobile app for Android and iOS platforms

    Catch latest from CNBCTV18.com's coverage of Russia-Ukraine war

  • Time to be cautious in market: Dinshaw Irani 

    Dinshaw Irani, CIO of Helios Capital India, believes investors need to be cautious at the current juncture. "You have seen the rural demand wane for a very long time. In fact, that also is not abating. There are been sound bites about even urban side where some consumer durables and non-durables are seeing some downgrading and so on... That is an area of concern. You are going to compare the March quarter to a very heavy March quarter last year, which was just out of a lockdown, and you are seeing a lot of revenge buying and so that comparison will not hold good," he says. 

    "We are probably being cautious with our investors’ money... Next couple of months are going to be fairly trying... We will just look at the market; how they play out and probably then take a call going forward," Irani adds. 

  • Expect gas rates to go up, city gas distributors to suffer: Sudip Bandopadhyay 

    Sudip Bandopadhyay, Group Chairman at Inditrade Capital, expects gas prices to go up, making city gas companies suffer. He is extremely cautious on city gas companies. He is bullish on ONGC and Oil India from a fundamental perspective. He believes that after the Russia-Ukraine war, geopolitical sensitivities will make pretty much all the governments look at generating oil to the extent possible by domestic companies.

    "We have not seen a significant increase in capacity as far as ONGC is concerned for the last five years. It is high time the focus is brought on production increases and other efficiencies as far as ONGC goes. We can look at buying ONGC with a one-year-plus time horizon in mind,” he says. 

  • ITC remains top consumption pick: Nischal Maheshwari 

    Centrum Broking's Nischal Maheshwari has ITC as his top pick in the consumption space. He also likes Dabur, Emami and Britannia. 

    "We have several consumption stocks on our 'buy' radar. But by and large, the issue is inflation. The commodity price increase that you have seen is impacting the consumption companies. Given that demand is not very strong, most of these companies have not been able to pass it on... So in the next 1-2 quarters, there will be margin pressure and that is why you are seeing this correction," he says. 

  • Everything that could have gone wrong for auto stocks has gone wrong: Nirav Sheth
     
    Nirav Sheth, CEO-Institutional Equities at Emkay Global Financial Services, is of the view that the worst is behind for the auto space. "Starting with semiconductor supply shortages, commodities, petrol and diesel rates, cost of ownership(-related) issues are problematic for a six-months outlook... When you start looking at FY24, which is what we start discounting in the second half of FY23, the outlook for consumer discretionary including auto looks extremely good,” he says. 
  • Market At Close | Reliance, HDFC twins, ICICI Bank lift Nifty by more than 100 points

    Here are some highlights: 

    --Metal stocks slip following fall in commodity prices; Nifty Metal down 2 percent

    --Nifty Bank rises 487 points to 36,334; midcap index up 248 points at 29,591

    --ONGC top Nifty loser; OFS floor price at discount to CMP

    --ITC falls for 2nd day, stock down over 2 percent

    --Tata Consumer rises 2 percent after co announces simplification of structure

    --Bajaj twins among top Nifty gainers, up around 3 percent

    --Reliance continues to gain momentum, hits 5-month high

    --L&T Info, Godrej Conssumer, Dalmia Bharat, Ramco Cements top midcap gainers

    --Nalco, JSPL, Vedanta, L&T Finance, Aurobindo Pharma top midcap losers

    --Market breadth favours bulls; advance-decline ratio at 2:1

    Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

  • CNBC-TV18 Newsbreak Confirmed | Axis Bank to acquire Citigroup's India consumer business for $1.6 billion in all-cash deal

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Market At Close | HDFC Life, Bajaj twins, Tata Consumer, Power Grid, Hero MotoCorp top blue-chip gainers

    ONGC, Hindalco, JSW Steel, ITC and Tata Steel the worst hit among the 18 laggards in the Nifty50 pack. 

    Here's how the 30-scrip basket looks like: 

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Closing Bell | Sensex up 740 pts, Nifty 2 pts shy of 17,500

    The Sensex finishes the day up 740.3 points or 1.3 percent at 58,684 and the Nifty50 at 17,472.3, up 147 points or 0.9 percent from its previous close. (Read more on the closing bell)

  • Hero MotoCorp refutes report of false expense claims; calls it speculative

    Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative.

  • BSE IT index up 1% supported by Vakrangee, Nucleus Software Exports, Subex

  • Govt to announce revised natural gas price for next 6 mths, tomorrow

    Reliance set to get a record price of $10/mmBtu for the KG Gas while ONGC may fetch more than double the rate for its Mumbai High & other fields.

  • Financial, auto, IT stocks help Nifty50 test 17,000: Key factors impacting market now

    Indian equity benchmarks extended gains to a third straight day on Wednesday, led by financial, auto and IT shares even as metal shares played spoilsport. Globally, optimism on progress in negotiations between Russia and Ukraine boosted sentiment. The 30-scrip Sensex index jumped as much as 721.4 points or 1.2 percent to 58,665 and the broader Nifty50 benchmark rose to as high as 17,513.9, up 188.6 points or 1.1 percent from its previous close.

  • Cabinet approves amendment in Mega Power Policy 2009 for provisional mega power projects

    Cabinet approves amendment in Mega Power Policy 2009 for provisional mega power projects. Extension to enable developers to competitively bid for future PPAs and get tax exemptions. Increased liquidity to ensure the revival of various stressed power assets.

  • ITC surges 17% in March, most among peers 

    Shares of ITC Ltd surged nearly 17 percent in March, the most in sixteen months, even as its peers dropped on fears of margin pressure due to rising input costs. The stock has been an underperformer for the past few years due to stagnant financials, ESG concerns and exposure to COVID. Peers such as Godrej Consumer lost 8 percent in March, Nestle India dropped 3 percent, Hindustan Unilever declined 8 percent, Dabur India 7.6 percent while Marico fell 5.4 percent.

  • Hariom Pipe Industries IPO Day 1: 50% issue subscribed, retail portion booked 1.5 times

    Hariom Pipe Industries Limited’s initial public offering (IPO) made its market debut on Wednesday and more than half of its issue was subscribed within three hours on the first day of bidding itself. Potential investors can bid for the IPO until April 5.

    By 2 pm, the issue received bids of 44.72 lakh shares against 85 lakh shares offered. Retail investors booked 1.5 times the portion reserved for them. Non-institutional investors subscribed to more than 25,000 of the 29.75 lakh shares reserved for them. QIBs were yet to start bidding.

  • S&P revises Bajaj Finance outlook to 'positive', affirms rating: Bloomberg 

    Bajaj Finance shares rise as much as 3.3 percent to Rs 7,271.

    Bajaj Finserv gains to as high as Rs 17,246.8, up 4.5 percent from its previous close. 

  • Banking sector has high visibility on earnings: Nirav Sheth

    Nirav Sheth of Emkay Global tells CNBC-TV18 that the banking sector has a high visibility on earnings. He is seeing 20% earnings growth in FY23 and 15 percent in FY24. 

    Sheth expects commodities to continue to perform well going forward. 

  • ONGC OFS | Non-retail portion fully subscribed

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Buy L&t Tech Services, Ramco Cement: Prakash Gaba

    Here are two stock recommendations from Prakash Gaba of prakashgaba.com:

    --Buy L&T Technology Services for a target of Rs 5,100 with a stop loss at Rs 5,000 

    --Buy Ramco Cements for a target of Rs 780 with a stop loss at Rs 760 

  • Nifty Auto up 1.3%; Maruti Suzuki up 2.2%, Tata Motors 1.3%

    Here's how other auto stocks look like at this hour: 

    Stock Change (%)
    HEROMOTOCO 2.8
    BOSCHLTD 2.2
    M&M 2.1
    TIINDIA 1.5
    TVSMOTOR 1.4
    ASHOKLEY 1.1
    EXIDEIND 0.9
    MRF 0.4
    AMARAJABAT 0.1
    BALKRISIND 0.1
    BHARATFORG 0.1
    BAJAJ-AUTO -0.1
    EICHERMOT -1.2
  • Buy Maruti Suzuki, Greaves Cotton: Kush Bohra 

    Kush Bohra of kushbohra.com shares two trading calls: 

    --Buy Greaves Cotton for a target of Rs 210 with a stop loss at Rs 190 

    --Buy Maruti Suzuki for a target of Rs 7,700 with a stop loss at Rs 7,520 

  • CNBC-TV18 Exclusive | Sources say Citibank may announce sale of India consumer business today

    Axis Bank is likely to acquire Citi's India consumer business, sources tell CNBC-TV18. 

    CNBC-TV18 was the first to report that Axis Bank was the frontrunner for the deal. 

    Citi declines to comment on the report and a response was awaited from Axis Bank.

    Axis Bank shares up 2.3 percent at Rs 754.7.

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Dilip Buildcon emerges lowest bidder for Rs 1,589-crore project 

    Dilip Buildcon declared the lowest bidder for a new hybrid annuity mode (HAM) project to develop a six-lane access controlled highway on the Maradgi S Andola-Baswantpur section of National Highway 150C under the Bharatmala scheme, according to a regulatory filing. 

    The stock rises as much as 4.5 percent to Rs 252.

  • IPO Corner | Uma Exports IPO subscribed over 5 times so far on final day

    Here's how investors are responding to other IPOs:

    IPO Subscription
    Total QIB NII Retail
    Veranda Learning Solutions 93% 5% 96% 5.4x
    Uma Exports 5.4x 102% 1.2x 7.4x
    Hariom Pipe Industries 39% 0 0 1.1x
  • Sun Pharma to introduce depressive disorder treatment drug in India; shares off day's low

    Sun Pharmaceutical Industries shares down 0.8 percent at Rs 912, having fallen as much as 1.2 percent earlier in the day. 

    Sun Pharma will introduce Vortioxetine in India under an exclusive patent license from Lundbeck. The drug is used in the treatment of major depressive disorder in adults.

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
  • Buy Tata Consumer, Tinplate: Ashish Kyal

    Ashish Kyal of Waves Strategy shares two trading calls: 

    --Buy Tata Consumer Products for a target of Rs 830 with a stop loss at Rs 747 

    --Buy Tinplate for a target of Rs 437 with a stop loss at Rs 394 

  • ONGC shares fall as crude oil off recent highs

    ONGC shares fall as much as 4.8 percent to Rs 162.9 in morning deals amid easing crude oil prices, with Brent hitting a two-week low. Higher oil prices benefit ONGC. 

    Morgan Stanley retains an 'overweight' call on the stock with a target price of Rs 263. The brokerage sees earnings upside in ONGC on the back of gas price hikes and tight supplies in the oil & gas market. 

    Meanwhile, the government is selling up to 1.5 percent in the state-owned company through an offer for sale (OFS), a move that is expected to fetch the exchequer Rs 3,000 crore. (Read more on ONGC shares)

  • Gold rises as dollar, yields fall amid progress in Russia-Ukraine talks

    Gold prices rise as the US dollar and Treasury yields fall. However, signs of progress in Russia-Ukraine peace talks dented the yellow metal's appeal as a safe haven, keeping the upside in check. 

    --Spot gold: up 0.3 percent at $1,924/ounce

    --US gold futures: up 0.5 percent at $1,927.7 (Read more on gold rates)

    Catch latest from CNBCTV18.com's coverage of Russia-Ukraine war

    Stock Market Highlights: Nifty 2 pts shy of 17,500 led by financial, auto, IT shares; ONGC drops 5%
Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 extended gains to a third straight session on Wednesday after a gap-up start tracking strength across global markets. Gains in financial, auto and IT shares pushed the headline indices higher, though losses in metal stocks played spoilsport. Broader markets also strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising nearly one percent each. Globally, investors celebrated signs of progress in negotiations between Russia and Ukraine.

Market Movers

Currency

CompanyPriceChng%Chng