Ajit Mishra, VP - Research, Religare Broking

Markets traded subdued and ended almost unchanged, in continuation to the prevailing consolidation phase. The benchmark started with an uptick, tracking supportive global cues and inched further higher initially but profit-taking in the index majors trimmed all the gains as the session progressed. The US markets are doing comparatively well despite caution ahead of the Fed meet and rising bond yields. At the same time, our markets are facing pressure and hovering in a range, after the subdued macroeconomic data and rising in the COVID cases. We feel the prevailing consolidation would end soon. Meanwhile, we suggest avoiding directional trades and preferring hedged positions.

Mar 16, 2021 4:18 PM

Here are key stocks that moved the most on March 16

The Sensex ended 31 points lower at 50,363 while the Nifty fell 19 points to settle at 14,910.Get latest Market online at cnbctv18.com

Mar 16, 2021 3:43 PM

Market At Close

- Sensex & Nifty Close Flat Amid Volatility; Banks Underperform

- Nifty Bank Falls Over 1% With Majority Of Its Constituents In The Red

- Stocks Like Dhani, Mphasis, Coforge Help Midcap Index Close Higher

- Nifty Ends 19 Points Lower At 14,910 & Sensex 31 Pts Lower At 50,364

- Midcap Index Rises 96 Pts To 24,048 While Nifty Bank Slips 378 Pts To 34,805

- IT Stocks Amongst Top Nifty Gainers; All Nifty IT Constituents Close Higher

- ICICI, HDFCs, RIL, L&T Drag While Asian Paints, TCS, Infy & HUL Support Nifty

- Tata Comm Slips Despite Non-retail Portion Of OFS Being Fully Subscribed

- Gland Pharma Rises 7% On Co’s Agreement For RDIF’s Sputnik Vaccine

- Market Breadth Neutral With Advance-Decline Ratio At 1:1

Mar 16, 2021 3:39 PM

Closing Bell | Indian equity indices ended Tuesday's volatile session marginally lower dragged by selling in metals, banks and financial stocks. The Sensex ended 31.12 points, or 0.06 percent lower at 50,363.96, while the Nifty fell 19.05 points, or 0.13 percent, to close at 14,910.45. Broader markets outperformed the benchmarks with the smallcap and midcap indices ending higher. Among sectors, Nifty PSU Bank, Nifty Metal, Nifty Pharma and Nifty Financial Services declined, while IT, FMCG and auto indices gained.

On the Nifty50, Cipla, Tata Steel, ICICI Bank, SBI and BPCL led the losses, while Asian Paints, Dr Reddy's Laboratories, Hindustan Unilever, HCL Technologies and ITC were the top gainers.

Mar 16, 2021 3:37 PM

Mar 16, 2021 3:20 PM

HG Infra Engineering | The company has received the purchase order from NTPC for transportation of 26.41 lakh Cu. M. of pond ash from NTPC Ramagundam to NHAI-PIU Mancherial road construction project. The estimated project cost is Rs 122.38 crore and the company's bid price is Rs 94.95 crore. The project to be completed in 15 months, the company said.

Mar 16, 2021 3:16 PM

Gland Pharma | The company has entered into an agreement to supply upto 252 million doses of RDIF’s Sputnik V COVID-19 vaccine. This is the first of multiple partnerships being explored by Gland Pharma to leverage its manufacturing capacity and capabilities to support global supply of COVID-19 vaccine, the company said.

Mar 16, 2021 3:13 PM

Market Watch: Mehraboon J Irani of Gini Gems Consultants

On Tata Communications

This company will do well in terms of business potential. This is a stock that you need to buy. The correction which we are seeing following the government’s offer-for-sale at a price much lower than the market price definitely is a buying opportunity. Possibly two-three years down the line, this could be a stock price we will not be imagining right now.

On IT

I believe there is going to be a reclassification of the valuation that these IT companies should be having. This is a story which everybody likes. The story is superb, intact and on the frontline names, HCL Technologies, Tech Mahindra, Infosys and Tata Consultancy Services (TCS) – take your pick but in the midcap I see more opportunities, Tata Elxsi, Intellect, Happiest Minds and Tata Communications. These are names which I believe over the next three-six quarters, the numbers are going to surprise positively.

Mar 16, 2021 3:06 PM

HDFC Securities on Tata Elxsi | For FY22E, Tata Elxsi (TELX) is set to grow at a 10 pp premium to mid-tier peers both on growth and margin. We initiate coverage on TELX with a Buy and target price of Rs 3,330, based on 36x (base case) at 1.6x the average multiple, supported by top quadrant growth/efficiencies, quality of franchise, industry tailwinds, and favourable risk-reward (upside risk to base case).

Mar 16, 2021 2:55 PM

Changes to perpetual bond valuations may adversely impact banks' capital raising ability, says Sandeep Bagla of Trust Mutual Fund

The changes proposed by the market regulator Securities and Exchange Board of India (SEBI) to Perpetual bond valuations will have no direct impact on equity markets, but may adversely impact the…

Mar 16, 2021 2:43 PM

Oil drops as rising stockpiles compound COVID-19 demand concerns

Oil prices fell for a third straight day on Tuesday as rising stockpiles in the United States added to concerns about risks to demand as countries including Germany and France halt COVID-19 vaccinations.

Mar 16, 2021 2:36 PM

Amarjeet Maurya - AVP - Mid Caps, Angel Broking on Royal Orchid Hotels

Royal Orchid Hotels announced the opening of 8 new properties under the brand Regenta Resort, Regenta Central and Regenta Inn. Hotel locations are Bangalore, Noida, Goa (Panjim), Jaipur, Ajmer, Mashobra and Udaipur. Further, the company has set a target to reach 100 hotels (currently 64 hotels). As per company, in the Q1 and Q2 of FY21-22, we are expecting to add another 7 hotels. We believe this is a positive development for the company which would boost the revenue growth for the company going ahead.

Mar 16, 2021 2:25 PM

Mar 16, 2021 2:15 PM

Craftsman Automation IPO sees tepid bidding; subscribed 92% on day 2 so far

The initial public offering (IPO) of Craftsman Automation has been subscribed 92 percent on the second day of bidding. The offer received bids for around 35.75 lakh shares as against the offer size of 38.69 lakh equity shares. The reserved portion for retail investors was subscribed 1.39 times while that of non-institutional investors was bid 11 percent. Qualified institutional buyers have not started putting in bids for the offer.

Mar 16, 2021 2:06 PM

FIIs add weight in banks, IT, staples; turn underweight in telecommunications

India witnessed the biggest foreign institutional investors (FIIs) inflows in February in the equity at US $3.5 billion. Along with Indonesia, India was the only key emerging market that saw equity inflows from the FIIs in February. FIIs remained overweight in banks but it is still much lower than in the past 12 months. Higher weights in IT, industrials, and staples were funded by a big cut in weight of communication services, according to a report by CLSA.

The overweight of FIIs in banks rose 24 bps MoM to 8.5 ppt, helped by active buying. However, this remains the lowest in many months other than January. After six months of overweight in communication services, FIIs again turned underweight due to an increase in weight of Bharti Airtel in the benchmark at the end-February 2021, CLSA said. Continue reading.

Mar 16, 2021 2:01 PM

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