sensex today live: Stock Market Today LIVE Updates: Sensex jumps over 250 pts, Nifty above 17,000; RIL, L&T gain 1% each

Sensex Today Live: Indian shares opened higher on Tuesday, tracking a rebound in global equities on temporary relief from the rescue of financial heavyweight Credit Suisse, although contagion fears in banking cast a shadow.

Ten of the 13 major sectoral indexes advanced with high-weightage financials rising 0.5%. Thirty-seven of the Nifty 50 constituents logged gains. The rise in domestic equities follows an uptick in global markets as concerns over the global banking crisis eased temporarily after the rescue of Credit Suisse.

The MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.46%. The quick execution of Credit Suisse’s takeover is a temporary relief but worries of contagion in global banking remain, analysts said. Reliance Industries, the largest stock in Nifty 50 in terms of market capitalization and weightage, advanced more than 1.5% after global brokerage firm CLSA termed it a “bargain buy” at the current valuations.

The stock had hit fresh 52-week lows over the last few sessions. Shares of Bajaj Finance climbed 2%, while those of industrial conglomerate Larsen & Toubro added 1%. Information technology (IT) stocks fell after brokerages cautioned that the banking woes in developed markets will likely lead to curbs on discretionary tech spending in the near term.

All 10 constituents of the IT index logged losses.

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Larsen & Toubro got multiple orders valued between Rs 5000-7000 crore

Price as on 21 Mar, 2023 09:57 AM, Click on company names for their live prices.

Market LIVE Updates | Blue Star forays into the Railway Electrification space, wins four orders worth Rs 575 crores from prestigious customers namely West Central Railway; CORE; and Metro Railway, Kolkata

Price as on 21 Mar, 2023 09:48 AM, Click on company names for their live prices.

Though bearish bias dominated yesterday for most part, and against our initial expectations, we were also clear on not going for an outright downside view until 16800also gave away. This patience was rewarded plenty by close, as a pull back unfolded putting the trend back into the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. But, as maintained yesterday, we would wait for a clear break of 17224 to be more confident.

Alternatively, inability to float above17010 will render the trend sideways for the day, and the same tendencies may be expected on entry into the 17100-185 band as well.

– Anand James – Chief Market Strategist at Geojit Financial Services

BofA downgrades Tech Mahindra to underperform

Brokerage Radar | BofA on Tech Mahindra: Downgrade to Underperform from Buy; Expecting margin expansion to be slow… https://t.co/1UN880Zq8M

— ET NOW (@ETNOWlive) 1679369451000

Market LIVE Updates: The Board of Directors of Dwarikesh Sugar Industries Limited has announced an interim dividend of Rs.

2 per share (200% on a face value of Rs 1 per share) for the financial year 2022-23, in its meeting held on 20th March, 2023. The interim dividend outgo will be Rs.

37.66 crores. The Record Date for reckoning the shareholders who shall be entitled to receive the said dividend shall be Friday, March 31, 2023.

Price as on 21 Mar, 2023 09:32 AM, Click on company names for their live prices.

Stock In Focus | Uno Minda

Stocks In News | Joint venture between Uno Minda and Kosei Group terminated The two companies could enter a techn… https://t.co/601zNob7te

— ET NOW (@ETNOWlive) 1679370760000

Top movers in morning trade

Price as on 21 Mar, 2023 09:21 AM, Click on company names for their live prices.

Two data points indicate the current market mood.

The stock price of the US bank First Republic crashed by 40% yesterday and gold zoomed by 2% . Fears of contagion in the global banking system is causing the nervous selling in vulnerable banking stocks and strength in gold is indicative of the flight to safety. Fears of banking contagion hitting equity markets have aggravated FII selling, which has reached a cumulative Rs 11757 crores in the last 11 days.

FII’s net short position is at record highs indicating negative expectations. Even though the current texture of the market is sell on rallies, the huge short position may trigger a short-squeeze if the Fed decides to pause in the meeting tomorrow. Tomorrow’s Fed decision and commentary will be crucial.

– Dr.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Opening Bell: Sensex jumps over 250 pts, Nifty above 17,000; RIL, L&T gain 1% each

Forex Watch | Rupee opens 2 paise higher

Rupee rises 2 paise to 82.54 against US dollar in early trade

— Press Trust of India (@PTI_News) 1679370184000

Pre-open session: Sensex rises 400 points, Nifty above 17,050

A sharp rebound in the overnight US markets could buoy local market sentiment in early trades Tuesday in the backdrop of the US banking concerns, which are seen subsiding. The takeover of Credit Suisse by its rival UBS is also seen as a positive development and, most importantly, soothing investor concerns over the health of the global banking sector. Now with Credit Suisse buyout behind it, markets’ focus would be on Wednesday’s FOMC decision where a 25 basis points hike is quite likely.

However, the biggest headwind for our stock markets is the relentless selling by the FII camp, which sold Rs 2,546 crore on Monday. Technically, the biggest support for the day for Nifty is seen at 16827, while confirmation of strength can be seen above the 200-DMA at 17455 mark, with immediate hurdles at 17221 mark.

– Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 52.50 points or 0.31% higher at 17,076, signalling a positive start for Dalal Street.

Asian equities advance

Asian stocks climbed Tuesday following gains on Wall Street as immediate concerns over the strength of the global financial system dissipated.

• South Korea’s Kospi index rose 0.5%
• Australia’s S&P/ASX 200 Index rose 1.2%
• Hong Kong’s Hang Seng futures rose 1.3%

Wall St ends higher

US stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week.

• Dow Jones Industrial Average rose 1.2%
• S&P 500 gained 0.89%
• Nasdaq Composite added 0.39%

Dollar languishes as bank crisis fears ebb

The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. The dollar slipped 0.12% to 131.15 against the Japanese yen , while the U.S. dollar index, which measures the greenback against a basket of currencies, fell 0.04% to 103.30.

Oil prices stabilize

Oil prices stabilised on Tuesday after falling early in the previous session on investor worries that recent banking-sector problems would weigh on the global economy and limit demand for crude.

Brent crude futures for May settlement gained 5 cents and traded at £73.84 per barrel by 0049 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to £67.73 a barrel. In the previous session, both Brent and WTI fell about £3 a barrel before settling higher.

The April WTI contract expires on Tuesday; May is the most active contract for WTI.

Stocks in F&O ban today

1) Indiabulls Housing Finance
2) Biocon

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action

Foreign portfolio investors (FPIs) have net sold shares worth Rs 2,545 crore on Monday.

DIIs, on the other hand, bought shares worth Rs 2,876 crore.

Rupee Watch

The rupee fell by 4 paise to 82.63 against the US dollar on Monday, tracking negative sentiments in the domestic as well as global equity markets.

Sensex, Nifty close lower on Monday

The NSE Nifty fell 111.65 points or 0.65% to close at 16,988.40.

The BSE Sensex declined 360.95 points or 0.62% to end at 57,628.95.

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