Extending rally for the third straight session, the Indian benchmark indices ended on strong note on Wednesday, with BSE Sensex surging over 1,100 points and NSE Nifty rising above 300 points. The BSE Sensex closed at 51,444.65, up by 1,147.76 points or by 2.28% and the NSE Nifty settled 329.6 points or 2.21% higher at 15,258. During the day's trade, Sensex and Nifty touched intraday high of 51,539 and 15,265, respectively. The market rally was driven by firm global cues as well as gains in index heavyweights such as Bajaj Finserv, Bajaj Finance, Reliance Industries, ICICI Bank and Axis Bank. All the sectoral indices ended in green, barring auto index, with metal and bankex stock emerging as top gainers, rising 3.23% and 2.75%, respectively. In the broader markets, the BSE MidCap and SmallCap indices ended 1.45% and 1.34% higher, respectively.
According to analysts at Geojit Financial Services, markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth. "The Indian market was on a rising streak echoing the global sentiment. The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks," says Vinod Nair, Head of Research at Geojit Financial Services.
Here's a look at the highlights of the market action on BSE and NSE today.
3:45 PM:Technical View on Market
"One more positive session and index closed a day with supreme gains of more than two per cent at 15240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a fantastic impact so far, going forward 15150 will act as strong support followed by 15100 zone if managed to hold above-said levels we may see current move to extend further towards 15300-15400 zone in near term," says Rohit Singre, Senior Technical Analyst at LKP Securities.
3:30 PM: Sensex ends above 51,000, Nifty gains 300 points
The BSE Sensex ended at 51,444.65, up by 1147.76 points or by 2.28%, and the NSE Nifty closed at 15,245.6, up by 326.5 points or by 2.19%. The top gainers of the BSE Sensex pack were Bajaj Finserv Ltd. (Rs. 10386.85,+5.18%), Reliance Industries Ltd. (Rs. 2201.35,+4.52%), Bajaj Finance Ltd. (Rs. 5544.95,+4.47%), ICICI Bank Ltd. (Rs. 631.85,+3.50%), Housing Development Finance Corporation Ltd. (Rs. 2652.80,+3.43%), among others.
2:30 PM: Bank of Baroda share price rises over 4%
Share of Bank of Baroda rose over 4 per cent in intraday on Wednesday after the public sector lender said that it has successfully closed the qualified institutional placement (QIP) issue to raise up to Rs 4,500 crore. In an exchange filing on Wednesday, Bank of Baroda said its capital raising committee of board of director has approved allotment of 55.07 crore equity shares at the issue price of around Rs 81.70 per share (including a premium of Rs 79.70) against the floor price of Rs 85.98 per share, aggregating to Rs 4,500 crore, pursuant to the Issue. The shares were issued at a discount of 5 per cent (Rs 4.28 per equity share) to the floor price of Rs 85.98 apiece.
1:45 PM: Vedanta share price hits fresh 52-week high
Vedanta shares rose as much as 3 per cent in intraday trade to hit fresh record high of Rs 221.60 on the Bombay Stock Exchange. Vedanta share price has delivered a return of 267 per cent over the last eleven months, from its 52-week low of Rs 60.3 as on March 30, 2020. The stock has risen 27.64 per cent in the last three months and 72.5 per cent over six month period. The market capitalisation of Vedanta stands above Rs 81,000 crore.
1:00 PM: Kalpataru Power share price rises over 2% on bagging new orders
Kalpataru Power shares gained over 2% after the company said it has received new orders of Rs. 1,554 crore.
12: 45 PM: This small cap stock falls over 4% after Rakesh Jhunjhunwala pares stake
Ion Exchange share fell over 4% today after ace investor Rakesh Jhunjhunwala pared his stake in the water and environment management firm. Stock of Ion Exchange touched an intraday low of Rs 1347, falling 4.01% against previous close of Rs 1,403.20 on BSE.
11:30 am: Tata Communications share price hits 52-week high on 'buy' call
Shares of Tata Communications rose over 3 percent to hit fresh 52-week high on March 3 after research firm CLSA retained a buy call on Tata Group stock. The firm has raised the target price to Rs 1,475 from Rs 1,365 per share earlier. Tata Communications shares touched a 52-week high of Rs 1,340.25.
11:15 am: Ircon International share drops 7% on govt's stake sale plan
Ircon International share price plummeted over 7 per cent on Wednesday as the government is going to divest its 10 per cent stake of the company through offer for sale (OFS). The OFS opened for non-retail investors today.
11:00 am: Bank of Baroda share rises 2%
Shares of Bank of Baroda rose around 2 per cent on Wednesday after the state-owned lender said it has closed the qualified institutional placement (QIP) round, which was conducted to raise up to Rs 4,500 crore.
1050 am: Extending previous session rally, the Indian benchmark indices remained bullish on Wednesday, led by gains in metal and realty stocks. At 10:21 am, the BSE Sensex was at 50,688.86, up by 391.97 points or by 0.78% and the NSE Nifty was at 15,048.45 up by 129.35 points or by 0.87 %. SBI, Axis Bank, HDFC, ICICI Bank, Bajaj Finserv were among top gainers, while Bajaj Auto, Maruti Suzuki, NTPC, Mahindra & Mahindra and Power Grid Corporation were among top laggards.
The BSE MIDCAP was at 20817.38 up by 232.1 points or by 1.13 %, while the BSE SMLCAP was at 21079.82 up by 273.58 points or by 1.31 %.
The Market breadth, indicating the overall strength of the market, was positive. On BSE, 2,747 shares traded, of this 1763 shares advanced, while 842 declined and 142 were unchanged.
10:45 am: Motherson Sumi gains 1% on outlook upgrade
Shares of Motherson Sumi rose 1 per cent after rating agency CRISIL reaffirmed long term credit rating as AA+ and revised outlook to 'Stable' from 'Negative'.
10:10 am: Rupee opens higher
Indian rupee opened higher against US dollar on Wednesday , tracking firm cues from domestic equity market. The domestic currency opened 10 paise higher at 73.26 per dollar against previous close of 73.36
10:00 am: Expert view on Market
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services says, "The stabilisation of US 10-year bond yield at around 1.4% has, for now, removed the fear of massive capital outflows. FIIs are back with buys of Rs 2223 cr yesterday. Short covering and renewed buying in FII's favourite stocks have again brought the bulls back. Markets are likely to be excessively volatile, globally as well as in India. Inflation is likely to rise, bond yields may again rise, though mildly and Fed will continue to be accommodative. Along with this, India Inc will continue to report good numbers while market valuations continue to remain elevated. The perfect setting for choppy markets."
9:30 am: YES Bank shares gain in early trade
Shares of YES Bank rose over 1 per cent in opening deals on Wednesday after the private lender said that its shareholders have approved a proposal for raising capital worth Rs 10,000 crore with the requisite majority. The bank said that as many as 98.78 per cent votes in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities. YES Bank share price opened higher at Rs 16.45 against previous closing price of Rs 16.30 on the BSE. The stock gained as much as 1.53 per cent in opening trade to Rs 16.55 as investors were buoyed by fund raising plan. Meanwhile, the BSE benchmark Sensex was trading at 50595.76, up by 298.87 points or by 0.59 per cent.
Also read: YES Bank shares gain on fund raising plan
9:15 am: Sensex, Nifty open higher
The Indian benchmark indices opened higher on Wednesday, tracking firm cues from Asian market. Sensex opens higher at 50,753.84, up 455.85 points or 0.91 per cent, and NSE Nifty belled 129.35 points or 0.87 per cent higher at 15,048.45. The Market breadth, indicating the overall strength of the market, was strong as 1,426 shares advanced, while 440 shares declined and 68 remained unchanged.
The top gainers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 2606.45,+1.62%), State Bank of India (Rs. 399.95,+1.52%), Bajaj Finance Ltd. (Rs. 5384.95,+1.45%), Axis Bank Ltd. (Rs. 742.00,+1.45%), IndusInd Bank Ltd. (Rs. 1087.85,+1.39%), among others.
On the other hand, Bajaj Auto Ltd. (Rs. 3912.15,-0.93%), Maruti Suzuki India Ltd. (Rs. 7160.00,-0.77%), HCL Technologies Ltd. (Rs. 950.00,-0.39%), Tata Consultancy Services Ltd. (Rs. 3001.25,-0.31%), Mahindra & Mahindra Ltd. (Rs. 965.05,-0.28%), were among top laggards on the BSE.
On the sectoral front, all the indices were trading in green, barring auto sector, with metal and power stocks leading the gain. In BSE, BSE Metal index was at 14447.21 up by 353.72 points or by 2.51%. National Aluminium Company Ltd. (Rs. 63.00,+6.60%), JSW Steel Ltd. (Rs. 427.65,+3.41%), Hindalco Industries Ltd. (Rs. 356.70,+3.32%), Tata Steel Ltd. (Rs. 756.65,+2.92%), Jindal Steel & Power Ltd. (Rs. 347.15,+2.63%).
The BSE Power index was at 2547.66 up by 33.65 points or by 1.34%. Adani Power Ltd. (Rs. 65.15,+6.37%), Tata Power Company Ltd. (Rs. 104.50,+4.08%), Adani Transmission Ltd. (Rs. 805.05,+2.86%), KEC International Ltd. (Rs. 475.00,+2.60%), Torrent Power Ltd. (Rs. 395.00,+1.54%).
The Indian benchmark indices are set to open flat on Wednesday, tracking mixed global cues. The market will see stock-specific action and track global events due to lack of fresh triggers. Among the individual stocks, shares of YES Bank, Reliance, Airtel, Vodafone Idea, Ircon International, Ruchi Soya, Ion Exchange will be in focus in Wednesday's trading session.
On Tuesday, Sensex closed around 450 points higher on the back of strong buying in auto, banking and IT counters amid positive domestic and global cues. While Sensex ended 447 points higher at 50,296, Nifty climbed 157 points to settle at 14,919. M&M, NTPC, Bajaj Auto, Tech Mahindra, TCS and Maruti were the top Sensex gainers rising up to 5%. On the other hand, ONGC, HDFC, Dr Reddy's, PowerGrid and SBI fell up to 3.16% on Sensex.