Stock Market Highlights: Sensex ends 487 pts lower at 50,792, Nifty down 143 pts; Bajaj Auto, RIL top losers

The Indian benchmark indices closed lower on Friday, paring early gains, amid surge in selling in last hours of day's trade. The BSE Sensex fell 487 points, or by 0.95 per cent, to close below 51k levels at 50,792. The NSE Nifty dropped 143.85 points or 0.95 per cent to end at 15,030.95. In the highly volatile session, the Sensex plummeted 1,283 points from day's high of 51,821.84 to low of 50,538.43. Most of the sectoral indices ended lower, while auto and bankex index were among top losers. The auto index dropped 374 points or 1.57 per cent and bankex index fell 548 points or 1.35 per cent. The Market breadth, indicating the overall strength of the market, was weak. Out of 3,475 shares traded on Sensex, 1,465 advanced, 1,791 declined and 219 were unchanged. Among the individual stocks, Bajaj Auto, Maruti Suzuki, Sun Pharmaceutical Industries, Reliance Industries, UltraTech Cement were among top losers, while Power Grid Corporation, Titan, ONGC and Infosys were among notable gainers.

Also read: Top losers today: 5 shares fall up to 3.5%; Reliance, Sun Pharma, ICICI Bank, Maruti, Bajaj Auto

Check highlights of the market action on BSE and NSE today.

Also read: Share Market News: Reliance, Infosys, HPCL, IDBI Bank, AstraZeneca, NMDC, V Mart will be in focus

Quick Heal share hit 52-week high

2:25 pm: Ramco Cements share price down 1%

Shares of Ramco Cements were down 0.79 per cent at Rs 1010.35 after the company said its board has declared an interim dividend of Rs 3 per equity share for the current fiscal year. "The board of directors at their meeting... have declared an interim dividend of Rs 3 per equity share of Rs 1 each for 2020-2021," The Ramco Cements said in a regulatory filing.

2:00 pm: BPCL share price jumps 4%

Shares of BPCL soared over 4 per cent in intraday trade to Rs 464 on Friday ahead of its board meeting on March 16. The board of directors of the company will consider proposal for declaration of second interim dividend for the financial year 2020-21 and record date.

1:00 pm: Nazara Technologies to open IPO on March 17

Ace investor Rakesh Jhunjhunwala-backed Nazara Technologies to launch three-day initial public offering (IPO) on March 17. The online gaming company has fixed the issue price at Rs 1,100-1,101 apiece. At the upper end of price band, the issue will fetch nearly Rs 583 crore to the company. The offer will close on March 19.

Also read: Rakesh Jhunjhunwala-backed Nazara Technologies to launch IPO on March 17

12: 15 pm: Quick Heal Technologies share hit 52-week high in early trade today after board of the company approved buyback of its shares.

Share of Quick Heal Technologies rose up to 4.5% to Rs 213.85 against previous close of Rs 204.10 on BSE. The stock opened 2.08% higher at Rs 210 level.

11:50 am: Indian Energy Exchange shares surge 13% to hits fresh 52-week high

Shares of IEX (Indian Energy Exchange) rallied 13.12 per cent to hit a new high of Rs 349 on the BSE after the company entered into strategic partnership with the National Stock Exchange (NSE) of India and Oil and Natural Gas Corporation (ONGC) to build gas markets.

11:30 am: Dixon Tech share hits fresh high ahead of stock split

Shares of Dixon Technologies surged 3.5 per cent to hit a record high of Rs 20,794.70. The company has fixed March 19, 2021 as the record date for 1:5 stock split i.e. from Rs 10 to Rs 2.

11:05 am: Sensex, Nifty hold early gains

Holding early gains, the Indian benchmark indices continued to trade higher on Friday, tracking positive cues from global peers. The BSE Sensex was trading 380.19 points or 0.74 per cent higher at 51,659.7, and the NSE Nifty was at 15,283.6 up by 108.8 points or by 0.72 per cent. Outperforming the benchmark indices, the BSE Midcap and Smallcap indices were up by 0.75 per and 1 per cent, respectively. Larsen & Toubro, Bajaj Finance, ONGC, Power Grid, HDFC Bank were among top gainers on BSE, while Bajaj Auto, Maruti Suzuki India, Dr. Reddy's Laboratories, Sun Pharmaceutical Industries and Hindustan Unilever were among top laggards. On the sectoral front, oil&gas and capital goods stocks were leading the gain, while FMCG and auto index were among top losers.

10:55 am: Prestige Estates share jumps 4%

Shares of Prestige Estates rallied 4 per cent and hit a high of Rs 302.50 on the BSE after the company said it has completed phase I of its Rs 9,160-crore deal with Blackstone Group at Rs 7,467 crore.

10:30 am: Astrazeneca Pharma share price rises 2%

Shares of Astrazeneca Pharma gained nearly 2 per cent in opening deals on Bombay Stock Exchange on Friday after the drug maker received import and market permission from the Drugs Controller General of India for osimertinib tablets (Tagrisso) used in treatment of non-small cell lung cancer. Meanwhile, the BSE benchmark Sensex was trading 349 points or 0.68 per cent higher at 51,628.

Also read: Astrazeneca Pharma share rises 2% on DCGI nod for cancer drug

10:15 am: Reliance Industries up nearly 1%

Shares of Reliance Industries opened 0.78 per cent higher at Rs 2,199 on the Bombay Stock Exchange. IndoSpace, a real estate player, has acquired 55 acres at Farukhnagar in Haryana, is a joint venture with Model Economic Township Limited (METL), a 100 per cent subsidiary of Reliance Industries Limited. This proposed development will meet the rising demand in Delhi-NCR for Grade A warehousing space from 3PL, FMCG, and e-commerce sectors, the company said.

9:55 am: Infosys shares gain over 1%

Shares of Infosys rose 1.09 per cent to Rs 1,383 in opening trade on BSE after the company announced extension of strategic collaboration with Newmont Corporation to standardise and digitise delivery models across mine sites.

9:50 am: IDBI Bank shares jump over 13%

Shares of IDBI Bank rallied over 13 per cent in opening deal to Rs 43.40 on the BSE after RBI removed the bank from the Prompt Corrective Action framework, subject to certain conditions and continuous monitoring.

Also read: Why IDBI Bank share price surged 17% in opening trade

9:45 am: SBI Life share price falls over 2%

Shares of SBI Life Insurance Company were down 2.34 per cent at Rs 918.05 on the BSE amid report that BNP Paribas is looking to sell 3.5 crore shares of the company through an accelerated placement. Shares are being offered at a price ranging between Rs 870 - Rs 917 per share, representing a discount of 2.5-7.5 per cent to Wednesday's closing price, according to terms of the deal obtained by Bloomberg News.

9:35 am:Nifty Outlook by Geojit Financial Services

"Though we had opened the week on a tentative note, we were clear not to entertain the possibilities of a crash. On Tuesday, we had a much better clarity on the direction, and brought 15900 in our radar. By Wednesday we were clear of a new peak soon, but were watchful of a few episodes of confidence crises once near/inside the 15250-431 region, which is where we are likely to be in, today. A breakout beyond this congestion region of 15250-431 is to be expected, but it is uncertain how far the bulls would be keen to chase on a Friday. Towards this end, we would go in with a limited upside objective of 15550 today, a very conservative one for a new-peak-move, and would be watchful of loss in momentum."

9:25 am:  Expert view on market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The 'risk on' in global equity markets got another push with the passage of the US $1.9 trillion fiscal stimulus. Nifty is again likely to reach record highs since SGX Nifty is indicating 15400 levels. IT has been leading this leg of the rally. Now financials may catch up. Buy on dips' has been a successful strategy so far. Now, since markets have run too much, at around 15400 Nifty, it is better to take a pause rather than buy. Partial profit booking also may be considered. The market has high resilience and the momentum is favourable but valuations and risks are high."

9:15 am:  Sensex, Nifty open higher

The Indian stock markets opened higher on Frday, tracking positive cues from global peers and Nifty futures on the Singapore Exchange. The BSE Sensex opened 492 points or 0.96 per cent higher at 51,772.46 and the NSE Nifty belled 146 points or 0.96 per cent higher at 15321. In line with the benchmark indices, the BSE Midcap and Smallcap indices also opened higher by 0.6 per and 0.78 per cent, respectively. Axis Bank, HDFC Bank, ONGC, IndusInd Bank and Titan Company were among top gainers on BSE. On the sectoral front, all the indices belled the day in positive terrain, led by metal and oil&gas stocks over 1 per cent each.

9:00 am: Global markets

Asian markets were trading higher on Friday following overnight gains seen in US markets which surged to record highs on strong gains in tech stocks. In the overnight trade, US markets closed higher with Dow and S&P500 setting record highs after US President signed into law the Covid relief package.

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

At 8:55 am, the Nifty futures were trading 191 points or 1.26 per cent higher at 15,394.20, on the Singapore Stock Exchange, indicating a positive start at Dalal Street. The Indian stock markets are set to open higher on Friday, tracking positive cues from global peers and Nifty futures on the Singapore Exchange. 

8:30 am: Stocks in focus

Shares of Reliance, Infosys, HPCL, IDBI Bank AstraZeneca, NMDC, V Mart, Happiest Minds Technologies   will be in focus in Friday's trading session.