Nifty50 on Tuesday saw strong buying at its support level of 17,000 and ended up forming a bullish candle on the daily chart. Analysts said the index could see resistance at around 17,500. They see immediate support for the index at 17,200.
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Karnataka Bank board approves plan to raise Rs 300 cr via bonds
Private sector lender Karnataka Bank on Tuesday said it will raise up to Rs 300 crore by issuing Basel III compliant bonds on a private placement basis. The board of directors approved the fundraising plan at its meeting held on March 22, 2022, the bank said in a regulatory filing.
Gold gains Rs 26; silver jumps Rs 173
Gold in the national capital on Monday gained marginally by Rs 26 to Rs 51,400 per 10 grams in line with firm international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 51,374 per 10 grams. Silver also gained Rs 173 to Rs 67,956 per kg from Rs 67,783 per kg in the previous trade.
FUND FLOW ACTIVITY TODAY
#MarketsWithETNOW | Check out the #FundFlow activity for March 22! https://t.co/oG0wnnYUNb
— ET NOW (@ETNOWlive) 1647950778000
Tech View: Nifty50 bulls are back, 17,500 level to pose as next resistance
Nifty50 on Tuesday saw strong buying at its support level of 17,000 and ended up forming a bullish candle on the daily chart. Analysts said the index could see resistance at around 17,500. They see immediate support for the index at 17,200. Shrikant Chouhan of Kotak Securities said that the index took the support near the 200-day SMA or 17,000 and reversed quickly. A long bullish candle on the daily chart is broadly positive, he said.
JUST IN: Infosys to acquire digital experience & marketing agency Oddity for €50 million
Market Statistics: Market breadth favours declines
MARKETS TODAY
#MarketsWithETNOW | #Nifty recovers 320 points from the day's low; Nifty and Nifty Bank offset yesterday's loss. Ta… https://t.co/zSKSpTbtUu
— ET NOW (@ETNOWlive) 1647943973000
MARKETS TODAY: OMCs rise on fuel price hike
Price as on 22 Mar, 2022 03:49 PM, Click on company names for their live prices.
Top 5 gainers from banking space
Price as on 22 Mar, 2022 03:45 PM, Click on company names for their live prices.
Sector Watch: IT and Auto up 1% each, Realty index drags
Top Nifty50 performers & laggards
Nifty settles above 17,300
Heatmap: 25 of 30 Sensex stocks end in the green
CLOSING BELL: Sensex rebounds 697 pts; TechM jumps 4%, RIL up 3%
Sundaram Clayton announces interim dividend of Rs 44/share
Price as on 22 Mar, 2022 03:16 PM, Click on company names for their live prices.
ITC crosses 250 mark; up over 2% in trade today. Stock is trading at 5-month high
Price as on 22 Mar, 2022 02:54 PM, Click on company names for their live prices.
Top Nifty gainers & losers
Goldman sees Fed hiking rates by 50 bps at May, June meetings
Goldman Sachs expects the U.S. Federal Reserve to raise interest rates by 50 basis points each at its May and June meetings, following hawkish remarks by the central bank’s chair Jerome Powell. The Fed must move “expeditiously” to raise rates and possibly “more aggressively” to keep an upward price spiral from getting entrenched, Powell said on Monday. “Our best guess is that the shift in wording from ‘steadily’ in January to ‘expeditiously’ today is a signal that a 50bp rate hike is coming,” the analysts wrote in a report published late on Monday.
Europe to open down, FTSE fares better
- European stocks are set to open lower this morning, following signals from Federal Reserve Chair Jerome Powell yesterday that bigger rate hikes might happen sooner than the market currently expects.
- The Eurostoxx 50 and DAX are down about between 0.1%. Supported by rising commodity and oil prices and a cheaper sterling, FTSE futures are faring slightly better, set to open 0.1% up.
- U.S. stock futures S&P 500 e-minis ESc1 are 0.1% lower.
Pharmaceuticals firm Indoco Remedies Ltd on Tuesday said it has received final approval from the US health regulator for its generic Lacosamide tablet indicated for prevention and control of seizures.
Price as on 22 Mar, 2022 02:00 PM, Click on company names for their live prices.
Top losers from the realty pack
Price as on 22 Mar, 2022 01:47 PM, Click on company names for their live prices.
Nikkei extends gains to sixth session as energy, financial stocks rise
- Japan’s Nikkei stock index rose for a sixth straight session on Tuesday, posting its best winning run since September, as stronger oil prices lifted energy shares and financials gained on higher global bond yields.
- The Nikkei closed 1.48% higher at 27,224.11, after touching its highest since Feb. 17. Earlier in the month, it had dipped to a 16-month low of 24,681.74. Oil explorers led the advance with an 8.21% jump, followed by the insurance sector, which climbed 4.74% on gains in U.S. Treasury yields. The banking sector rose 3.33%. Oil and gas company Inpex was the Nikkei’s biggest percentage gainer, soaring 8.63%.
Sensex Heatmap: Top gainers & losers as index surges 400 points
CCI gives provisional nod to Burmans acquiring Eveready (Source: Informist)
Price as on 22 Mar, 2022 01:01 PM, Click on company names for their live prices.
SHARP REBOUND!
Sensex wipes off losses to trade over 150 points higher
Top 5 gainers from tourism & hospitality space
Price as on 22 Mar, 2022 12:59 PM, Click on company names for their live prices.
BUZZING: Paytm hits new low; m-cap tests Rs 35,000 crore
Trading in Sintex Industries shares suspended
Thus, no trades happened on Tuesday. On Monday, however, 9.1 lakh shares exchanged hands on BSE and over 59 lakh shares changed hands on NSE. The stock had closed 5 per cent lower at Rs 7.82.
“Sintex Industries vide its announcement dated March 20, 2022, informed the Exchange regarding approval of the resolution plan by the Committee of Creditors’ members… which proposes that existing share capital of the Company shall be reduced to zero and the Company will be delisted from the stock exchanges,” said BSE in a notice.
Tata Motors to increase prices of its commercial vehicles from 1st April 2022 by 2-2.5%; The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles, the company said.
Price as on 22 Mar, 2022 12:20 PM, Click on company names for their live prices.
YES Bank in talks with Brookfield, BlackRock to sell 5-10% stake via QIP: Report
- Private sector lender YES Bank has held discussions with Brookfield and BlackRock for raising capital against 5-10 per cent equity stake via qualified institutional placement (QIP), sources told ET NOW.
- The bank is also in touch with multiple private equity players for raising Rs 10,000 crore, the report said noting that due diligence by investors was yet to be completed.
- Among other potential investors, YES Bank has also held discussions with Carlyle and Advent.
STOCK IMPACT: Zee falls as HC Bombay allows NCLT to hear Invesco plea
Price as on 22 Mar, 2022 12:04 PM, Click on company names for their live prices.
STOCK IN FOCUS: ZEE ENT
Zee Ent vs Invesco | Bombay #HighCourt sets aside single judge’s order granting injunction to #ZeeEntertainment… https://t.co/vzs6RC8iBg
— ET NOW (@ETNOWlive) 1647929165000
Gainers from the power sector
Price as on 22 Mar, 2022 11:43 AM, Click on company names for their live prices.
JUST IN
#Maharashtra | Raids underway at several locations of Hiranandani Groups in Mumbai and other cities: Income Tax Dep… https://t.co/FlcAwxizrx
— ET NOW (@ETNOWlive) 1647928073000
CRYPTO UPDATE
- BITCOIN UP ABOUT 5% TO 3-WEEK HIGH OF $43,337
- ETHER HITS 1-MONTH HIGH OF $3,052
Same story, new packaging?
If new age fintech businesses are finally going to earn revenues from the same traditional financial services domai… https://t.co/lShsybb0KP
— Radhika Gupta (@iRadhikaGupta) 1647874539000
Fitch slashes FY23 India growth forecast to 8.5% on high energy prices
- Rating agency Fitch on Tuesday slashed India’s growth forecast for the next fiscal to 8.5 per cent from 10.3 per cent, citing sharply high energy prices on account of the Russia-Ukraine war.
- With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year, the agency said. It has revised upwards the GDP growth forecast for the current fiscal by 0.6 percentage points to 8.7 per cent.
- “However, we have lowered our growth forecast for FY 2022-2023 to 8.5 per cent (-1.8 pp) on sharply higher energy prices,” Fitch said while revising up its inflation forecasts.
We had gone in yesterday, expecting weakness to extend till17160 or16960. Having paused yesterday within this region, a bounce back is favoured early today. However, yesterday’s bearish engulfing pattern curbs the prospects of such upmoves gaining strength beyond today. Towards this end, favoured view expects 17200-290 region to see distribution, setting up stage for yet another plunge. Meanwhile, 16960 is not a target as such, as much 17160 was yesterday, but is capable of attracting prices to its vicinity once more. Alternatively, a close above 17200 today, could signal that bearish fears have been tamed, but visibility past 17500 is limited, for now.
– Anand James – Chief Market Strategist at Geojit Financial Services
BUZZING: Shankara Building stock set to snap 9-day winning spree
Stocks under F&O ban
Price as on 22 Mar, 2022 10:35 AM, Click on company names for their live prices.
Multiple headwinds likely to weigh on consumer stocks
Jefferies has cut earnings estimates of consumer companies by 1-10% as a possible delay in recovery of gross margins, weakness in volume growth and margin compression are likely…
Read More: STOCK MARKET HIGHLIGHTS: Nifty50 bulls are back, 17,500 level to pose as next resistance