Stock Market highlights: Sensex ends 254 pts higher; Bajaj Finance, Sun Pharma, Tech Mahindra top gainers

Sensex and Nifty ended higher today amid positive global cues. While Sensex gained 254 points to 51,279, Nifty rose 76 points to 15,174.  Bajaj Finance, Sun Pharma, Tech Mahindra were the top Sensex gainers rising up to 2.34%. Of 30 Sensex stocks, 23 ended in green.

ONGC, Kotak Bank, ITC and HDFC Bank shares were the top Sensex losers falling up to 2.05%.

Extending previous session's rally, the Indian stock market opened higher on Wednesday, tracking positive cues from global peers and Nifty futures on the Singapore Exchange. AT 10:20 AM, the BSE Sensex was trading 324.41 points or by 0.64 per cent higher at 51,349.89, and the NSE Nifty was at 15,185.5, up by 87.1 points or by 0.58 per cent. Outperforming the benchmark indices, the BSE Midcap and Smallcap indices were up by 0.88 per and 0.79 per cent, respectively. Bajaj Finance, IndusInd Bank, Mahindra & Mahindra, Sun Pharmaceutical Industries, Infosys, State Bank of India were among top gainers. On the sectoral front, all the indices belled the day in positive terrain, led by realty and auto stocks.

On the global front, Asian markets were trading mostly higher, tracking positive closing at Wall Street in overnight trade. US stocks surged on Tuesday as falling US bond yields eased investors concerns about spiking inflation. The S&P 500 gained 54.09 points, or 1.42 per cent, to close at 3,875.44, while Dow Jones Industrial Average jumped 30.3 points, or 0.10 per cent, to 31,832.74. The Nasdaq Composite surged 464.66 points, or 3.69 per cent, to settle at 13,073.83.

Also read: Share Market News: BPCL, Reliance, Future Retail, Indian Bank, HPCL, HUDCO will be in focus

Check live updates of the market action on BSE and NSE today.

3: 35 pm : Bajaj Finance, Sun Pharma, Tech Mahindra were the top Sensex gainers rising up to 2.34%.

3: 30 pm:  Sensex gained 254 points to 51,279 and Nifty ended 76 points higher at 15,174. 

3:20 pm: Expert take

Ashis Biswas, Head of Technical Research at CapitalVia Global Research said, "The market witnessed yet another day of lackluster movement. Nifty 50 Index is still trading below the resistance level of 15,250. The expected level should range between 14,900 and 15,250, and it's going to be crucial for the short-term market scenario to stay above the 14900 levels. While it is subject to further price action evolution, it is suggested to wait for a decisive breakout above 15,250 and technical factors to improve before going long in the market. The traders are advised to refrain from building a new buying position until further improvement."

3: 00 pm: Of 50 Nifty stocks, 32 shares were trading higher and 18 fell in afternoon session.

2: 45 pm: IT and consumer durables stocks led the gains with BSE IT index rising 420 points and BSE consumer durables index gaining 381 points in afternoon session.

2:30 pm: AU Small Finance Bank share rises 3%

The share climbed 3% today after the lender launched its qualified institutional placement (QIP) issue to raise growth capital. The large cap stock has gained after 3 days of consecutive fall. The share touched an intraday high of Rs 1,268, rising 2.98% against previous close of Rs 1,232.55 on BSE.

AU Small Finance Bank share rises 3% after lender launches QIP issue

2: 00 pm: Bank Nifty was trading 60 points higher at 35,925  and BSE bankex climbed 11 points to 40,468.

1: 30 pm : Angel Broking neutral on Craftsman Automation IPO

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"In terms of valuations, the pre-issue P/E works out to 73x FY2020 earnings (at the upper end of the issue price band), which is high considering CAL's historical two year CAGR top-line & bottom-line growth. Further, the company's return ratios are also low compared to its other peers. Thus, we recommend NEUTRAL rating on the issue."

1: 15 pm: Sensex rises 273 points to 51,297 and Nifty gains 75 points to 15,174. 

1: 00 pm: Market breadth was positive with 1,532 stocks rising against 1,297 falling on BSE. 168 stocks were unchanged.

12: 30 pm : IndusInd Bank share rises over 3%

IndusInd Bank share rose over 3% in trade today after brokerage CLSA retained buy call and raised target price on the private sector lender.

The stock has gained 2.51% in the last 2 days. The large cap stock touched an intraday high of Rs 1,060.45, rising 3.57% against previous close of Rs 1,023 on BSE. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock has gained 15.12% in one year and risen 16.57% since the beginning of this year.

IndusInd Bank share rises over 3% after CLSA raises target price

12:00 pm: MTAR Technologies IPO share allotment today

MTAR Technologies initial public offer's ( IPO) allotment status is likely to be finalised on March 10 (today). Investors, who put in bids for the Rs 600-crore IPO held from March 3 to March 5, can check their allotment status on the issue's registrar KFin Technologies Private Limited's website as well as BSE.

11: 25 am: HPCL share rises 5%

HPCL share rose 5% today after the firm said it would set up a compressed biogas (CBG) project at Badaun in Uttar Pradesh. The plant will have the capacity to generate 5,250 tonne of compressed biogas. Praj Industries, the Pune-based process and project engineering company will develop the plant. Share of HPCL touched an intraday high of Rs 249.45, rising 4.92% on BSE.

HPCL share rises 5% as firm to set up compressed biogas project in UP

11:05 am: Magma Fincorp shares hit 5% upper circuit

Shares of Magma Fincorp hit 5 per cent upper circuit at Rs 136.40 on fund raising plan. The shareholders of the company on Tuesday approved plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group.

Also read: Magma Fincorp rises 5% on shareholders' nod to allot shares to Adar Poonawalla-led fir m

10:40 am: Godrej Properties share price rise over 2%

Shares of Godrej Properties were trading 2.36 per cent higher at Rs 1,486.05 after the company launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.

10:20 am: Gold price stays below Rs 45,000 per 10 gm, silver at Rs 65,500/kg

Gold price dropped by Rs 250 to Rs 44,430 per 10 gm on Wednesday, while Silver price continued to hover around Rs 66,500 per kg, as per the Good Returns website.

10:10 am: Crude oil price falls below $68

Oil price slipped to around $68 per barrel on Tuesday as concerns about supply disruption in Saudi Arabia eased. Brent crude ended down 72 cents, or 1.06%, at $67.52 a barrel. It had touched $71.38 on Monday, the highest since January 8, 2020, a day after Yemen's Houthi forces fired drones and missiles at Saudi oil sites.

10:00 am: AU Small Finance Bank share price rises 3% on launch of QIP issue

Shares of AU Small Finance Bank rose 3 per cent to Rs 1,268 in opening trade on the BSE on Wednesday after the private lender launched its qualified institutional placement (QIP) to raise growth capital.

9:45 am: Petrol, diesel price unchanged on Wednesday

Petrol and diesel rates remained unchanged for the eleventh consecutive day across the four metro cities on March 10. The state-run oil marketing companies had last raised the fuel prices on February 27. Petrol and diesel in Delhi remained constant at Rs 91.17 and Rs 81.47 a litre, respectively, while they stayed at Rs 97.57 and Rs 88.60 per litre in Mumbai.

There is speculation that the government may rein in fuel prices, keeping in view elections in four states and one Union Territory. Skyrocketing fuel prices is going to be one of the key agenda in the poll-bound states. Meanwhile, the government has said that it is open to a discussion on bringing petroleum products and LPG under the Goods and Services Tax (GST) system.

9:30 am: FIIs investment trend

The foreign institutional investors (FIIs) continued to remain net seller in both equity and debt on Tuesday. The net investment of equity and debt reported were Rs 1202.22 crore and Rs -1255.96 crore.

9:15 am: Sensex, Nifty open higher

The Indian stock markets opened higher on Wednesday, tracking positive cues from global peers and Nifty futures on the Singapore Exchange. The BSE Sensex opened 363 points or 0.71 per cent higher at 51,388.54 and the NSE Nifty belled 116 points or 0.77 per cent higher at 15,214. Outperforming the benchmark indices, the BSE Midcap and Smallcap indices opened higher by 0.94 per and 0.91 per cent, respectively. IndusInd Bank, Mahindra & Mahindra, Sun Pharmaceutical Industries, Infosys, State Bank of India were among top gainers. On the sectoral front, all the indices belled the day in positive terrain, led by realty and auto stock.

9:00 am: Experts view on market: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"In this see-saw game in the market, bulls & bears are giving up and regaining their dominance in tune with macro trends. A rise in bond yields temporarily strengthen the bears and when yields fall bulls come back strongly. Now it appears that the US 10-year bond yield is likely to consolidate in the 1.5% to 1.6% range for the short-term. FIIs are back to buying mode with the net buy of Rs 2850 cr yesterday. This along with DII buying of around Rs 1200  cr is likely to impart strength to the market. Financials, particularly leading private sector banks and large-cap IT stocks are on a strong wicket. Brent cooling off a bit also is  good macro news," says Dr. V K Vijayakumar.

8:45 am: SGX Nifty indicates positive opening at Dalal Street

The Nifty futures were trading 118 points or 0.78 per cent higher at 15,263.50, on the Singapore Stock Exchange.The BSE Sensex and NSE Nifty are likely to open higher on Wednesday on the back of positive global cues firm trading at Nifty futures on the Singapore Exchange.

8:30 am: Stocks in focus

Shares of BPCL, Reliance, Future Retail, Indian Bank, HPCL, HUDCO, Kotak Mahindra Bank, SBI Cards, Power Finance Corporation and Max Financial Services will be in focus in Wednesday's trading session