Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices ended higher in another volatile session on March 23 after making an intraday low. At close, the Nifty 50 index ended 0.53 percent or 78 points higher at 14,815. Nifty seems to have halted the upmove seen over last three sessions, though temporarily. After a brief correction, it could resume its gradual grind upwards. 14,598-14,707 could provide support while 14,879-14,919 could offer resistance over the next 1-2 sessions.

Mar 23, 2021 4:20 PM

Ajit Mishra, VP - Research, Religare Broking

Markets continue to trade volatile and ended half a percent higher. After a sluggish opening, the benchmark oscillated in a range initially however the SC judgment on the moratorium case lifted sentiment as the day progressed. Consequently, the Nifty index ended with gains of 0.5% at 14,815 levels. On the sector front, except for metal and oil & gas, all the other sectoral indices ended with gains wherein banking, capital goods and realty were the top gainers. The broader indices too showed decent traction.

We feel banking might help the index to inch further higher but negative sentiment due to the rise in the COVID cases and mixed global cues would cap the upside. We reiterate our cautious approach and suggest preferring hedged positions.

Mar 23, 2021 4:17 PM

Sugandha Sachdeva, Vice president - Commodity and Currency Research at Religare Broking

The Indian rupee has remained well anchored, having surged to a four-week high amid a renewed influx of foreign capital and the recent downdraft in crude oil prices. The US Fed’s commitment to keep interest rates near zero for a prolonged period, is also supporting an appreciating bias for the domestic currency. However, we reckon that 72.20 mark is still likely to curtail the recent rise in the domestic currency as the surging US bond yields and the growing demand for the greenback as a safe haven currency is likely to cap the rise in the Indian rupee. Besides, the steep rise in Covid-19 cases witnessed during the last week is creating an environment of uncertainty. We envisage the rupee to hover in the band of 72.20-73.10 in the near term.

Mar 23, 2021 4:16 PM

Here are key stocks that moved the most on March 23

The Indian equity indices ended higher on Tuesday led by gains in banks and financial services stocks. The Sensex gained 280.15 points, or 0.56 percent to 50,051.44, while the Nifty ended at…

Mar 23, 2021 4:05 PM

Mar 23, 2021 4:01 PM

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Mar 23, 2021 3:56 PM

Market At Close

- Market Ends At Day’s High After An Uptick In Last Hour

- Sensex & Nifty Back Above 50,000 & 14,800 After 4 Sessions

- Banks Gain After SC’s Judgement In The Moratorium Case; Nifty Bank Reclaims 34,000

- HDFC Bank & ICICI Bank Contribute Most To Nifty’s Gains Today

- Amongst PSBs, Bk Of India Hits Upper Circuit, IDBI Bk, Union Bk Gain 7% & 5% Each

- Sensex Ends At 50,051 After A Gain Of 280 Points; Nifty Up 78 Points To End At 14,814

- Nifty Midcap Index Gains 204 Points To End At 23,808

- Cement Stocks Top Index Gainers Today While PSU Cos Lead Losers

- UltraTech Hits Intraday 52-week High; Shree Cement Ends 5% Higher

- IOC, GAIL, Power Grid & ONGC Top The Nifty Losers Chart

- Adani Ports Ends 2% Higher After Announcing Acquisition Of Gangavaram Port

- Market Breadth In Favour Of Advances With Adv-Dec Ratio At 3:2

Mar 23, 2021 3:40 PM

Closing Bell | The Indian equity indices ended higher on Tuesday led by gains in banks and financial services stocks. The Sensex gained 280.15 points, or 0.56 percent to 50,051.44, while the Nifty ended at 14,814.75, up 78.35 points, or 0.53 percent. Midcap and smallcap indices supported the rally.

Among sectors, Nifty PSU Bank gained the most followed by Nifty Realty, Nifty Auto and Nifty Pharma, while Nifty Metal, Nifty FMCG and Nifty Media closed in the red. On the Nifty50, Shree Cement, UltraTech Cement, Divi's Laboratories, HDFC Bank and IndusInd Bank were the top gainers, while Hindalco Industries, ONGC, PowerGrid Corporation, GAIL India and ITC were the top index losers.

Mar 23, 2021 3:38 PM

US Treasury yields rising 10-15 bps is not unreasonable, says Standard Chartered's Manpreet Gill

The US bond yields went up from 1.3 to 1.73 percent in a matter of three weeks. But now it has receded to 1.67 – 8 basis points (bps) lower from the recent highs. So, is the chaos or the volatility in the bond markets over? And how are financial flows into emerging markets (EMs) shaping up? Manpreet Gill, Head-FICC Investment Strategy of Standard Chartered Private Bank answered these questions.

“We have seen a little bit of pullback and it has been nice. But arguably you could attribute some of that to positioning having become lopsided but there are still some fundamental questions ahead of us on the inflation side,” he said. Gill believes there is no reason for Powell to react to rising bond yields if the economy is doing okay. Read here.

Mar 23, 2021 3:23 PM

Mar 23, 2021 3:16 PM

Samantak Das, Chief Economist and Head of Research & REIS, India, JLL

The Supreme Court’s refusal to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year is on expected lines keeping in mind the fiscal situation of the country. The refusal to not extend the moratorium period is unlikely to considerably impact the developers since not many of them opted for the moratorium in the first place. As far as home buyers are concerned, significantly low-interest rates offered by various banks have already pushed up affordability.

In the last quarter (October to December 2020), we have seen a growth in sales in the residential market at 51% over the previous quarter. We believe that this sector will hold on to the growth trajectory through this year provided that the economic growth is back on track and there is an improvement in the employment scenario.

Mar 23, 2021 3:13 PM

Glenmark gets $40 mn COVID credit line from IFC

International Finance Corporation on Tuesday said Glenmark Pharmaceuticals has become the first domestic drugmaker to get a USD 40-million (about Rs 290 crore) credit-line from its USD 8-billion fast-track COVID-19 facility. The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic.

The World Bank Group lender said the USD 40 million-loan is under its USD 8-billion fast-track COVID-19 facility and will help the Mumbai-based company boost its generic drug production capacity in general and respiratory drugs in particular. IFC’s partnership with Glenmark began way back in 2016, supporting its expansion and growing its research and development capacities.

Mar 23, 2021 3:08 PM

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Mar 23, 2021 3:00 PM

IDBI Bank | The Board of Directors of the bank on March 26 will consider and approve the proposal of Rupee Bond Borrowings limit of Rs 8,000 crore for FY 2021-22.

Mar 23, 2021 2:51 PM

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