Home Business Sensex gains with 139 points reaches beyond 33K, Nifty close higher

Sensex gains with 139 points reaches beyond 33K, Nifty close higher

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(G.N.S) Dt. 21
Mumbai
Benchmark indices closed higher for the second session on Wednesday as investors await US Federal Reserve’s policy statement due later in the day. BSE Sensex closed higher by 139.42 points, while NSE’s Nifty 50 ended 30.90 points up led by gains in banking stocks. The US Fed is expected to raise interest rates on Wednesday, and thereafter likely to go for two more rate hikes this year. A rate hike by the Fed at its current meeting is more or less a certainty and is already priced in by the markets, Mint reports. Here are the latest updates from the markets:
BSE Sensex closed higher by 139.42 points, or 0.42%, to 33,136.18, while the Nifty 50 rose 30.90 points, or 0.31%, to close at 10,155.25. Fifteen out of 19 sectoral indices on BSE ended higher with telecom gaining the most at 2.36%. BSE MidCap and SmallCap were up 0.22% and 0.31%, respectively. Bharti Airtel, NTPC, L&T and IndusInd Bank were among the top gainers, whereas Tata Steel, Tata Motors, Adani Ports and Hero MotoCorp were major losers.
BSE Sensex traded higher by 111.85 points, or 0.34%, to 33,108.61, while the Nifty 50 rose 11.10 points, or 0.11%, to 10,135.45.
Max Financial Services Ltd said its board of directors authorised the company to borrow an aggregate amount of Rs5,000 crore in one or more tranches. Shares traded 1.04% up at Rs430.45.
The Indian rupee was trading little changed against the US dollar ahead of the US Federal Reserve’s policy statement due later on Wednesday. At 2pm, the home currency was trading at 65.22 a dollar, down 0.03% from its Tuesday’s close of 65.20. The rupee opened at 65.23 a dollar. The 10-year bond yield was at 7.638% compared to its previous close of 7.618%. Bond yields and prices move in opposite directions.
Europe’s main stock markets steadied at the start of trading on Wednesday, with London’s benchmark FTSE 100 index almost flat at 7,061.98 points. In the eurozone, Frankfurt’s DAX 30 index climbed 0.2% to 12,336.76 points and the Paris CAC 40 was virtually unchanged at 5,252.78. (AFP)
BSE Sensex traded higher by 243.62 points, or 0.74%, to 33,240.38, while the Nifty 50 rose 64 points, or 0.63%, to 10,188.35. All the sectoral indices on BSE, except metal, traded higher led by telecom, realty, finance and consumer durables. BSE MidCap and SmallCap were up 0.65% and 0.62%, respectively.
Sandhar Technologies Ltd’s initial public offering (IPO) was subscribed 47% so far on the last day of the share sale on Wednesday. As of 12.15pm, the IPO received bids for 5,129,685 shares against the total issue size of 10,872,661 shares, according to NSE data.
The Rs4,229 crore initial public offering (IPO) of state-owned Hindustan Aeronautics Ltd (HAL) was under-subscribed on Tuesday, the last day of the share sale. The IPO witnessed an overall subscription of 99%. As of 7pm on Tuesday, the portion of shares reserved for institutional investors in the HAL IPO saw a subscription of 1.73 times or 173%, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed to the extent of 38% and 3%, respectively.
Reliance Communications Ltd said that its bondholders approved its asset selling plan. Holders of the company’s $300 million bonds have approved the sale of assets to Reliance Jio Infocomm Ltd, owned by Mukesh Ambani-led Reliance Industries Ltd, and monetisation of other real estate assets, RCom said in a statement. (Reuters)
Ashok Leyland Ltd said that it has won an order worth Rs321 crore for supply of 2,100 buses from the Institute of Road Transport in Tamil Nadu. Shares rose 1.58% to Rs148.15.
Alembic Pharmaceuticals Ltd said that the USFDA has conducted an inspection at Alembic Pharmaceuticals formulation facility located at Panelav, Gujarat, and issues a Form 483 with three observations. Alembic Pharma shares were trading at Rs550, up 3.05%.
TRF Ltd said that the board of directors of TRF Singapore Pte. Ltd and TRF Holdings Pte. Ltd has recommended for the sale/divestment of the entire shareholding in step down subsidiary York Transport Equipment (Asia) Pte Ltd. TRF shares rose 4.65% to Rs208.10.
BSE Sensex traded higher by 327.09 points, or 0.99%, to 33,323.85, while the Nifty 50 rose 93.10 points, or 0.92%, to 10,217.45. All the sectoral indices on BSE traded higher led by realty, which was up 1.84%, telecom 1.82%, finance 1.20% and bankex 1.10%. BSE MidCap and SmallCap gained 1.06% and 1.25%, respectively.
Brokerages were divided about the prospects of the Rs438-crore initial public offer (IPO) of speciality alloy maker Mishra Dhatu Nigam Ltd (Midhani), which launches on Wednesday. While some felt the valuation was expensive, a few were upbeat on the IPO given the strong outlook for the company. Read More
Vedanta Ltd shares gained 1.5% to Rs292. The company said its board will meet on 23 March to consider raising upto Rs 4500 crore via bonds.
Banking stocks gain. IDBI Bank rose 3.1%, Bank of India 3%, Canara Bank 2.4%, Indian Bank 2.2%, Union Bank of India 2.1%, Syndicate Bank 2.1%, Oriental Bank of Commerce 2%, Allahabad Bank 2%, Vijaya Bank 1.8%, Punjab National Bank 1.7%, Andhra Bank 1.6%, Karnataka Bank 1.6%, Dena Bank 1.5%, Yes Bank 1.5%, Central Bank of India 1.5%.
Reliance Industries Ltd shares rose 1% to Rs898.65. The telecom unit of Reliance Industries to consider in its 23 March meeting a plan to raise up to Rs20,000 crore via non-convertible debentures on a private placement basis in tranches, according to a statement on exchanges.
Adani Power Ltd shares rose 1.4% to Rs 26.15 after the company said its arm Adani Power Mundra to consider buy-back of debenture on 23 March.
While it’s true that some of these companies are growing revenue and profit at a faster pace, what shouldn’t be ignored is that some of the risks associated with mid-sized companies haven’t really disappeared. And with valuations having risen so high, risks for investors have just compounded.
The rupee was trading little changed against the US dollar ahead of the US Federal Reserve’s policy statement due later on Wednesday. The rupee opened at 65.23 a dollar. The home currency was trading at 65.20 a dollar, the same level as its Tuesday’s close. The 10-year bond yield was at 7.645% compared to its previous close of 7.618%.
BSE Sensex traded higher by 218.78 points, or 0.66%, to 33,215.54, while the Nifty 50 rose 64.45 points, or 0.64%, to 10,188.80.

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