Share Market update: Sensex zooms 1,039 points, Nifty ends above 16,950; banking shares top gainers

Good afternoon!

The Indian market snapped five sessions of gaining streak on Tuesday amid losses in its global peers. Sensex closed 709 points lower at 55,776 and Nifty lost 208 points to 16,663. 

What's next? Here's a look at the latest updates of the market today!

3:36 pm: Sensex zooms 1039 points to 56,816 and Nifty ends 312 points higher at 16,975

2:41 pm: Expert quote

Likhita Chepa, Senior Research Analyst, Capitalvia Global Research said, "On the strength of bullish signs from other Asian markets, firm activity continued across the Dalal Street in the late morning session, with both the Sensex and the Nifty sustaining their gains. The Indian economy is well positioned to handle any incoming external shock in terms of capital outflow triggered by an unpredictable geopolitical climate, according to the Finance Ministry's Monthly Economic Review report, but inflation remains a concern. Asian markets were trading higher as global markets rallied today."

 2:26 pm: Zomato shares hit all-time low! Is there more pain ahead?

Shares of food aggregator Zomato slipped 1.4 per cent to hit an all-time low of Rs 75.55 on BSE. The stock has been falling for the last four trading sessions. Currently, the stock is down over 55 per cent below its all-time high. It touched an all-time high of Rs 169.10 on November 16, 2021. Zomato on Tuesday said that its board of directors has approved grant of loan of up to $150 million to Grofers India Private Limited (GIPL) in one or more tranches. READ MORE

1:46 pm: Market pares gains

 Sensex rises 792 points to 56,569 and Nifty gains 241 points to 16,902.

1:20 pm: Jet fuel prices hiked

Jet fuel prices on Wednesday were hiked by over 18 per cent - the steepest ever increase - to all-time high levels after international oil prices surged to a multi-year high.

The increase - sixth straight this year - led to prices soaring past the Rs 1-lakh-per-kilolitre mark for the first time ever.

Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by 17,135.63 per kl, or 18.3 per cent, to Rs 110,666.29 per kl in the national capital, according to a price notification by state-owned fuel retailers.

Jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.

12: 50 pm: Sensex rises 910 points to 56,687 and Nifty rises 257 pts to 16920.

12:34 pm: Titan share approaches lifetime high

Shares of Titan Company rose 1.45% today to Rs 2,593 in afternoon session. The stock approached all time high of Rs 2687.30 hit on January 7, 2022.

12:19 pm: Market check

Sensex rises 860 points in afternoon session and Nifty gains 254 points to 16,917.

11:40 am: Tata Motors stock climbs 3% on Rs 15K cr investment plan in EV segment

Shares of Tata Motors gained over 3%  today after a company official said it plans to invest Rs 15,000 crore in the EV segment for the next five years. The large-cap stock opened with a gain of 3.11% at Rs 426.50 on BSE. 

Tata Motors shares touched an intraday high of Rs 428.5, rising 3.59% against the previous close of Rs 413.65 on BSE. 

The share has lost 12.46% since the beginning of this year and has risen 32.06% in a year.
 

11:20 am: Wockhardt shares jump 3% as NIH to support trial of company's antibiotic

Shares of Wockhardt jumped over 3 per cent to hit an intraday high of Rs 298 on BSE after the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), United States of America (USA) said that it will support a Phase 1 clinical trial of Wockhardt’s novel once-a-day, multidrug-resistant (MDR) Gram-negative targeted antibiotic WCK 6777. 

The stock opened a tad higher at Rs 291.50 against the previous close of Rs 288.80. With the market capitalisation of more than Rs 4,200 crore, the shares stand lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
 

10:40 am: Future Enterprises Ltd in focus

Future Enterprises Ltd. (FEL), part of the beleaguered Future Group, has defaulted on the payment of interest due on non-convertible debentures (NCDs). The payment was due on March 14, 2022. The interest payable stood at Rs. 9.91 crore for a period of 367 days (From March 12, 2021, to March 13, 2022).

The company is unable to service its obligations in respect of the interest on NCDs due on March 14, 2021, Future Enterprises said in a regulatory filing late on Tuesday.

The gross principal amount on which the default has occurred is Rs 104 crore.
 

10:30 am: Macrotech Developers shares gain 4% after Mauritius arm prepays $170 mn debt 

Shares of realty firm Macrotech Developers gained over 4% today after the firm said its arm Lodha Developers International Ltd, Mauritius has prepaid $170 million (approx. Rs 1,298 crore) of debt after recording better sales performances in its two projects in London. 

Macrotech Developers stock has gained after two days of fall.  The large cap stock touched an intraday high of Rs 1080 , rising 4.24% against the previous close of Rs 1036.05 on BSE. 

10:00 am: Zomato in focus

Food aggregator Zomato on Tuesday said that its board of directors has approved grant of loan up to $150 million to Grofers India Private Limited (GIPL) in one or more tranches.
 
In an exchange filing, Zomato said its board has delegated the authority to the senior management of the company to decide the key terms of the loan and execute the definitive documents at a future date.

Zomato also said that it would acquire a 16.66 per cent stake in Mukunda Foods Private Ltd, a food robotics company, for a cash consideration of $5 million.

SoftBank-backed quick commerce start-up Blinkit, earlier known as Grofers, has also signed a merger deal with food delivery unicorn Zomato, sources privy to the development told Business Today. 

The deal will value Blinkit between $700-800 million, stripping down the unicorn valuation that the online grocery delivery firm gained last year when it raised capital from Zomato. It will be an all-stock deal where Blinkit's investors will gain proportionate shares in Zomato. The deal is likely to be completed in 60 days time.

9:16 am: Market opening

Equity benchmark Sensex opened over 770 points higher at 56,550.44 and Nifty also jumped over points to 16,876.65 amid positive global cues.

Maruti Suzuki was the top gainer followed by Axis Bank, IndusInd Bank, HDFC and Asian Paints.

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark indices is expected to make a gap-up opening as suggested by early trends on SGX nifty. Asian markets are trading with handsome gains. US markets also closed in green with significant gains. 

On Tuesday, the benchmark indices broke their winning streak and closed in negative terrain amid negative global cues. The increasing cases of covid in China and Europe affected investor sentiments which resulted in heavy selling in Banking and finance, FMCG, metals and technology stocks. We believe yesterday’s fall is just a short-term correction as Nifty gained more than 6% in the preceding five sessions. 

On the Technical front, the key resistance level for Nifty50 is 16,850 followed by 17,100 and on the downside 16,500 and 16,350 will act as strong support. The key resistance level for bank nifty is 35,500 followed by 36,000 and on the downside 34,600 and 34,100 will act as strong support.

8:40 am: Global updates

The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the US Federal Reserve, while oil prices dropped 7% on hopes of an end to the conflict in Ukraine.

Investors are expecting the US central bank to raise interest rates for the first time in three years by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program.

The Dow Jones Industrial Average rose 1.82% to 33,544.34, the S&P 500 gained 2.14% to 4,262.45 and the Nasdaq Composite added 2.92% to 12,948.62.

Shares in Asia-Pacific rose in Wednesday trade, as investors watch for developments around the Covid situation in China as well as the upcoming rate decision by the US Federal Reserve.

In Japan, the Nikkei 225 climbed 1.36% while the Topix index gained 1.4%. South Korea’s Kospi advanced 0.68%.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,249.74 crore on March 15, and domestic institutional investors (DIIs) bought shares worth Rs 98.25 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open higher today as SGX Nifty was trading 246 points higher at 16,894.80.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

The Indian market snapped five sessions of gaining streak on Tuesday amid losses in its global peers. Sensex closed 709 points lower at 55,776 and Nifty lost 208 points to 16,663. M&M, Maruti , Nestle India, and Asian Paints were the top Sensex gainers, rising up to 2.23 per cent.

Tata Steel, Kotak Bank, Tech Mahindra , Infosys and Reliance were the top Sensex losers, falling up to 4.89%. Of 30 Sensex stocks, 20 ended in the red.

BSE mid-cap and small-cap indices fell 159 points and 238 points, respectively.

Market breadth was negative with 1,342 shares ending higher against 2,045 stocks falling into red. 101 shares were unchanged.

Market cap of BSE-listed firms fell to Rs 251.65 lakh crore. Metal and IT shares were the top sectoral losers, with BSE metal falling 913 points and BSE IT index slipping 830 points.