Share Market Highlights: Sensex ends 280 pts higher, Nifty at 14,814; bank, realty stocks lead

 The Indian benchmark indices closed higher on Tuesday on the back of strong gains in bank and realty sectors. The BSE Sensex closed at 50,051, up 280 points or 0.56 per cent and the NSE Nifty ended at 14,814, up 78.35 points or by 0.53 per cent. During the day's trade, the BSE Sensex touched an intraday high of 50,264 and intraday low of 49,,661, while the NSE Nifty touched high and low of 14,878 and 14,707, respectively. Outperforming the benchmark indices, the broader market ended higher. The BSE midcap and smallcap ended higher by 0.95 per cent and 0.75 per cent, respectively. The Market breadth, indicating the overall strength of the market, was strong. Out of 3,511 shares traded on BSE, 1,842 advanced, 1,415 declined and 254 were unchanged. Among the individual stocks, UltraTech Cement, Titan Company, ICICI Bank, IndusInd Bank, Axis Bank were among top gainers, while ONGC, Power Grid Corporation of India, ITC, NTPC, HDFC were among top losers. On the sectoral front, bank, power and realty index were among top gainers, while metal and FMCG space were among top laggards. The BSE bank index rose 1.5 per cent after the Supreme Court pronounced its judgment on the loan moratorium. In a partial relief to banks and financial institutions, the apex court has refrained from a complete waiver of interest.

Also Read: Top 5 gainers today: UltraTech Cement, HDFC Bank, IndusInd, ICICI Bank, Titan rose up to 3%

"Domestic market ended the day on a strong footing supported by a rally in banking stocks amidst weak cues from global markets. Sentiments in the banking stocks were lifted post Supreme Court's order against granting interest waiver and extension of moratorium period. While its decision to not charge compound interest added a minor concern in the banking space. In the global space, European markets pulled back as rising covid infections reflected lockdown worries," says Vinod Nair, Head of Research at Geojit Financial Services.

On the global front, Asian markets ended lower undermining firm cues from Wall Street which closed higher in overnight trade. The China's Shanghai Composite closed 0.93 per cent lower, while the Hang Seng ended down by 1.26 per cent. The Japan's Nikkei 225 closed 0.61 per cent lower.

Also read: Stock in news: Future Retail, Mindtree, Piramal, IndusInd Bank, BPCL, RailTel, ONGC

Check highlights of Sensex and Nifty here:

4:15 pm: Technical View from Rohit Singre, Senior Technical Analyst at LKP Securities

"Index managed to close a day above 14800 zone with gains of half per cent and formed a small bullish candle on the daily chart. The index has formed a broader range of 14500 on the downside and 15300 on the higher side and going forward also we may see prices to trade in the same range, recently prices touched lower band and started moving northwards if current levels are held then we may see next leg of rally towards previous swing highs."

3:45 pm: Market quote from S Ranganathan, Head of Research at LKP Securities

"Bulls have come a long way exactly one year after markets made a low same day last year. Many segments like 2-wheelers etc across sectors have seen stock prices rise manifold in this one year. Tuesday's trade witnessed Cement stocks continue their upward momentum for the second consecutive day after the lower house approved the amendments to the MMDR Act. With the interest waiver case on loan moratorium decided today, investors value picked on PSU banks selectively. In the broader market, Fertiliser stocks  saw demand on receipt of subsidy payments."

3:00 pm: Expert Views on Real Estate Sector

Abhishek Jindal, CEO, OwnersTown says, "The prospects of the Indian real estate market have been improving a lot since the arrival of the Covid-19 vaccines, and off late, the demand for residential real estate has started picking up again. Even though home buyers are showing a bit more a conscious and/or skeptical attitude (as compared to pre-Covid times) when it comes to investing in property, at the same time, they do realize that having one's own house is extremely important in today's era of volatility. Furthermore, in the recent months, the housing loan interest rates offered by a number of Indian banks have been slashed upto the record-lowest levels in over a decade's time; this is acting as one more positive stimulus for boosting demand in our country's real estate segment. For working professionals or the salaried middle-class individual, even a minute reduction of 1% or less in their home-loan interest rates can make a huge difference and positively impact their decision of buying a new home or property. Since the interest rates are mostly even across different cities/states of India and the trend of 'remote work' is set to continue, many people are even choosing to move back -- either temporarily or permanently -- to their tier 2 or tier 3 hometowns and invest in residential property over there (in their native places)."

2:20 pm: Bank, realty stocks lead rally

Th BSE Realty index was top gainer on sectoral space, up by 1.33 per cent, led by gains in Indiabulls Real Estate, DLF, Godrej Industries, Phoenix Mills, Prestige Estates Projects.

The BSE Bankex index was trading higher by 1.19 per cent. Bandhan Bank, IndusInd Bank, Axis Bank, HDFC Bank, Federal Bank were among top gainer on banking space.

1:45 pm: Glenmark Pharma up 1% on nod for Diltiazem Hydrochloride tablet

Glenmark Pharmaceuticals were trading 1.12 per cent higher at Rs 465.10after the drug maker said it has received final approval by the United States Food & Drug Administration (U.S. FDA) for Diltiazem Hydrochloride Extended?Release Capsules USP, 60 mg, 90 mg, and 120 mg, the generic version of Cardizem1 SR Extended?Release Capsules, 60 mg, 90 mg, and 120 mg, of Biovail Laboratories Inc.  

"Glenmark has been granted a competitive generic therapy (CGT) designation for Diltiazem Hydrochloride Extended?Release Capsules USP, 60 mg, 90 mg, and 120 mg, therefore, with this approval, Glenmark is the first approved applicant for such competitive generic therapy and is eligible for 180 days of CGT exclusivity upon commercial marketing," it said in a filing to BSE.

1:30 pm: M&M shares edge higher after on winning orders from Indian Army

Shares of Mahindra & Mahindra were trading 0.3 per cent higher at Rs 856.15 after Mahindra Defence bagged order to manufacture world class armoured tactical vehicles for Indian Army. "Ministry of Defence, Government of India on 22nd March, 2021 which was disseminated to the Stock Exchanges on 22nd March, 2021, please find enclosed a Press Release issued by Mahindra Defence Systems Limited, a wholly owned subsidiary of the Company on the captioned subject," it said in a regulatory filing.

1:05 pm: Laxmi Organic IPO share allotment to be finalised today

Laxmi Organic IPO share allotment  will be finalised today, March 23, while the listing on domestic bourses is expected on March 25. Investors can check their allotment status on the Link Intime India website as well as BSE.

Also Read: Laxmi Organic IPO share allotment today: Here's how to check status online

12:30 pm: Mid Market: Sensex, Nifty trade flat

The BSE Sensex was at 49788.11, up by 16.82 points or by 0.03 per cent, and the NSE Nifty was at 14,740.25, up by 3.85 points or by 0.03 per cent.

"The market opened on a flatter note and showed some positivity initially but since then the market has been volatile in a trading range between 14700-14850. On the global front, Asian markets were trading mostly in red as concerns persisted about a recent surge in global bond yields and the prospects of a global economic recovery. The Supreme Court has pronounced its judgment on the moratorium and asked the banks to refund all the amount that has been collected in the period regardless of the loan amount. This is a negative news for the banking sector as a lot of collected money needs to be refunded. Adani Ports and Shree Cement are the top gainers on Nifty while Hindalco and ITC are the top losers," says Gaurav Garg, Head of Research at CapitalVia Global Research.

12:00 PM: Sensex, Nifty slip in red

Paring early losses, Indian benchmark indices, Sensex and Nifty, slipped into negative terrain in late deals on Tuesday. The BSE Sensex was trading lower at 49,736.6, down by 34.69 points or by 0.07 per cent, and the NSE Nifty quoting at 14,719.1, down by 17.3 points or by 0.12 per cent. The BSE Midcap and smallcap indices were trading higher by 0.57 per cent and 0.41 per cent, respectively. On the sectoral front, power and capital goods were among top gainers, while metal and teck stocks were among notable losers. Among the individual stocks, shares of IndusInd Bank, Maruti Suzuki India, Axis Bank, UltraTech Cement and HDFC Bank were among top gainers, while Power Grid Corporation of India, Tech Mahindra, NTPC, Kotak Mahindra Bank and Asian Paints were among notable losers.

11: 45 am: Maruti share rises 2% as firm to raise prices from April

Maruti share rose nearly 2% today after the firm said it would raise prices across its model range from April to offset the impact of high input costs.

The stock rose 1.74% to Rs 7,225 against previous close of Rs 7,101 on BSE.  Over the past year, the cost of the company's vehicles has been impacted adversely due to an increase in various input costs, the auto major said.

11:30 am: Adani Green Energy crosses Rs 2 lakh crore in market cap

Adani Green Energy share hit upper circuit of 5% today. The stock rose Rs 62.60 to Rs 1,314.80 against previous close of Rs 1,252.20 on BSE.

Market cap of the firm climbed to Rs  2.06 lakh crore on BSE.

11:15 am: Sensex, Nifty stay in green

Extending opening gains, the Indian benchmark indices extended rally on Tuesday, tracking firm cues from Asian markets. The BSE Sensex was trading 186 points or 0.38 per cent higher at 49,958, and the NSE Nifty was quoting at 14,796, up 60 points or 0.41 per cent. Outperforming the benchmark indices, the broader markets were in update mood. The BSE Midcap and smallcap indices were trading higher by 0.95 per cent and 0.87 per cent, respectively. On the sectoral front, all the indices were trading in  green, barring technology stocks, while power and capital goods stocks were top gainers, rising over 1 per cent. Among the individual stocks, shares of IndusInd Bank, Maruti Suzuki India, Axis Bank, UltraTech Cement and HDFC Bank were among top gainers, while Power Grid Corporation of India, Tech Mahindra, NTPC, Kotak Mahindra Bank and Asian Paints were among notable losers.

11:05 am: Rising COVID-19 cases spooked market

India reported 40,715 fresh cases and 199 deaths in the last 24 hours, showed the government data this morning. The total coronavirus cases tally rises to 1,16,86,796, while total number of deaths rose to 1,60,166.  Fears of the second wave of the pandemic spooked investors' sentiments.  

10:55 am: Rupee opens lower against US dollar

Snapping previous session gains, the Indian rupee opened 4 paise lower at 72.41 per dollar on Tuesday. It had gained 15 paise to close at 72.37 against the US dollar on March 22.

10:45 am:Edelweiss Financial share jumps 5%

Shares of Edelweiss Financial Services were locked in upper circuit of 5% in early trade after the Edelweiss Group said wealth management firm PAG Group has invested Rs 2,366 crore to acquire controlling stake in Edelweiss Wealth Management.

Also read: Edelweiss Financial share rises 5% as PAG Group invests Rs 2,366 crore in Edelweiss Wealth Management

10:30 am: Future Retail share price drops 2%

Future Retail shares fell 2.02 per cent to hit low of Rs 58.15 on the BSE even after getting interim relief with respect to its 24,713 crore deal with Reliance Retail to sell its assets. The Delhi High Court on Monday stayed a single judge's order restraining Future Retail from going ahead with its deal with Reliance Retail, which was objected to by US-based e-commerce giant Amazon.

Also read: Future Retail shares fall 2% despite Delhi Court relief

10:00 am: Market insight from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Market trend remains uncertain since there are both positive & negative factors impacting stock prices. For now, it appears that the crucial US 10-year bond yield has stabilised. This will remove the fear of large scale bond selling threatening the equity bulls. At the same time, we are witnessing FII selling (Rs 787 crores yesterday )in many bluechip large-caps, impacting sentiments. This has also led to mid-cap outperformance. Fears of the second wave of the pandemic impacting GDP growth in FY 22 also might be leading to selling in the economy- facing stocks like banks. Investors may consider buying into such large-caps on declines. A major macro positive is a sharp rise in tax collections which will put government finances in better shape."

9:45 am: IndusInd Bank share price gains 2% in opening trade

IndusInd Bank shares rose 1.79 per cent to hit high of 986.35 on the BSE in opening trade on Tuesday after global rating agency Moody's upgraded its outlook for the private sector lender from "negative" to "stable", citing its strong capital and core profitability.

Also Read: IndusInd Bank share rises 2% on rating upgrade

9:35 am: Power and Capital Goods stocks rise 1%

The BSE Power index was at 2,573.79, up by 28.21 points or by 1.11%. Adani Green Energy Ltd. (Rs. 1313.60,+5.00%), Adani Power Ltd. (Rs. 101.65,+4.96%), KEC International Ltd. (Rs. 468.75,+4.80%), ABB India Ltd. (Rs. 1404.30,+1.12%), Tata Power Company Ltd. (Rs. 105.70,+0.91%) were among leading gainers on power space.

The BSE CGS index was at 21342.95 up by 199.4 points or by 0.94%, led by gains in Adani Green Energy Ltd. (Rs. 1313.60,+5.00%), Carborundum Universal Ltd. (Rs. 478.00,+1.96%), Grindwell Norton Ltd. (Rs. 898.00,+1.18%), ABB India Ltd. (Rs. 1404.30,+1.12%), V-Guard Industries Ltd. (Rs. 236.10,+1.03%), among others.

9:23 am: Top gainers and losers on BSE Sensex

IndusInd Bank Ltd. (Rs. 979.50, 1.19%), Mahindra & Mahindra Ltd. (Rs. 863.10, 1.11%), HCL Technologies Ltd. (Rs. 988.30, 1.09%), Maruti Suzuki India Ltd. (Rs. 7168.30, 0.92%), State Bank of India (Rs. 369.50, 0.67%), were among top gainer on BSE Sensex pack.

Power Grid Corporation of India Ltd. (Rs. 220.35,-1.43%), Nestle India Ltd. (Rs. 16498.90,-0.57%), Housing Development Finance Corporation Ltd. (Rs. 2520.05,-0.57%), NTPC Ltd. (Rs. 109.50,-0.45%), Dr. Reddy's Laboratories Ltd. (Rs. 4345.35,-0.20%), were among top losers.

9:15 am: Sensex, Nifty open higher

Indian stock markets, Sensex and Nifty, opened higher on Tuesday, tracking firm cues from Asian markets and positive trading at Singapore Nifty futures. The BSE Sensex opened 73 points or 0.15 per cent higher at 49,844, and the NSE Nifty belled 32.15 points or 0.22per cent higher at 14,768. Among the individual stocks, shares of Future Retail, Mindtree, Piramal Enterprises, IndusInd Bank, Tata Communications, BPCL, Edelweiss, KNR Constructions, RailTel Corporation and ONGC will be in focus in Tuesday's trading session. On the sectoral front, shares of banking stocks will be eyed as the Supreme Court of India will pronounce the verdict on pleas that seek relief on loan moratorium.

9:am: Gold loses shine as equities, dollar gain

Gold prices fell on Tuesday amid gains in equities and dollar. Spot gold dropped 0.3 per cent to $1,733.69 per ounce, while the US Gold Futures were down 0.1 per cent to $1,736.20 per ounce, reported Reuters.

8:45 am: SGX Nifty indicates higher opening for Sensex, Nifty

Indian benchmark indices are expected to open higher on Tuesday, tracking firm cues from Asian markets and positive trading at Singapore Nifty futures. At 8:45 AM, the Nifty futures were trading 42.25 points or 0.29 per cent higher at 14,798.20 on the Singapore Stock Exchange.

8:30 am: Asian markets trade higher

Asian markets were trading mostly higher, tracking positive cues from the US stocks which closed higher in overnight trade. The China's Shanghai Composite was up 1.14 per cent, while the Hang Seng was trading 0.27 per cent lower. The Japan's Nikkei 225 was down 2.07 per cent.

8:25 am: US stocks ended higher on Monday

Wall Street ended higher on Monday on the back of gains in technology stocks. The Nasdaq Composite surged 1.2 per cent, while the S&P 500 rose 0.7 per cent. The Dow Jones Industrial Average gained 0.3 per cent to close at 3,2731.20.

8:20 am: Stock in news: Future Retail, Mindtree, Piramal, IndusInd Bank, BPCL, RailTel, ONGC

Shares of Future Retail, Mindtree, Piramal Enterprises, IndusInd Bank, Tata Communications, BPCL, Edelweiss, KNR Constructions, RailTel Corporation and ONGC will be in focus in Tuesday's trading session.

8:15 am: FII investment trends

The foreign institutional investors (FIIs) continued to remain net buyer in equity and net seller in debt market on Monday. The net investment of equity and debt reported were Rs 606.22 crore and Rs -310.46 crore.