Sensex Today Live : Dharmesh Kant, the Head of Equity Research at Cholamandalam Securities, suggests that smallcap and microcap stocks are likely to experience further adjustments. He anticipates a challenging period for these companies in the upcoming two quarters. However, he also sees potential value opportunities in the Indian stock market following a 5% to 7% correction in the Nifty 50 from its peak. Amid this correction, he advises investors to keep an eye on sectors such as railway infrastructure, power, select financials, auto ancillary, and others. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had extended their losses after opening in the red on Friday, led by muted sentiment in global markets.

At 1 pm, Sensex was down 486.84 points, or 0.67%, at 72,610.44, and Nifty was down 164.55 points, or 0.74%, at 21,982.10.

Sensex Today Live : When promoters start purchasing shares in their companies, it often suggests that they believe the company is undervalued or that a significant event is on the horizon. It’s a clear sign that the very individuals who established the company are willing to risk their own capital once more. This act is a powerful endorsement!

In India, the law permits promoters to acquire up to 5% of their company’s shares each year via the open market. In 2023, promoters from 100 companies embarked on a massive buying spree, investing an impressive $450 billion.

The most thrilling aspect is this: promoters in at least 20 companies have increased their stake by more than 1%. This substantial increase demonstrates their profound faith in the company’s potential for growth. (Read the full story here.)

Sensex Today Live : Indiabulls Housing Finance today informed the exchnages today that its board has approved the raising of ₹10,000 crores, with the mode of the said fund raising, yet to be decided.

In an exchange filing, the company said that the Board of Directors of the Company at its meeting held today, March 15, has approved raising of funds in one or more tranches aggregating up to ₹10,000 crores.

The board has also authorised the existing Securities Issuance and Investment Committee of the Board to examine and evaluate various options to raise the funds in a manner most beneficial to the company and to implement the fundraise and take decisions on the type of offering including conditions, nature of security, record date, issue size, issue price, timing of the issue, and all other matters related and incidental to the offering, as finalized by the Committee.

Sensex Today Live : Across sectors, only the FMCG index was in the green, up 0.10%, while Oil & Gas and PSU Bank indices were the top losers, down 3.92% and 2.85%, respectively. All other heavyweight indices were also in the red.

Sensex Today Live : The broader market had resumed its downtrend on Friday, after closing higher on Thursday. The BSE MidCap index was down 1.68%, and the BSE SmallCap index was down 1.15%.

Sensex Today Live : Bharti Airtel, UPL, Bajaj Finance, Britannia, and ITC, were the top gainers on the Nifty, while BPCL, Coal India, ONGC, NTPC, and Hero MotoCorp, were the top losers. 

Sensex Today Live : While Bharti Airtel, Bajaj Finance, and ITC, were the only gainers on the Sensex, NTPC, Mahindra & Mahindra, Tata Motors, Power Grid Corp., and SBI, were the top losers. 

Sensex Today Live : Indian benchmark indices had extended their losses after opening in the red on Friday, led by muted sentiment in global markets.

At 12 pm, Sensex was down 547.97 points, or 0.75%, at 72,549.31, and Nifty was down 201.60 points, or 0.91%, at 21,945.05.

Sensex Today Live : While it’s one thing for financial regulators to encourage caution by highlighting signs of over-speculation in any segment of the securities market, it’s entirely different to categorize a group of stocks as inherently risky. A group of stocks encompasses various individual firms, some of which could potentially be the next Infosys, Kotak Mahindra Bank, or ITC. It would be unjust to group these potentially prosperous firms with failures like the forthcoming Satyam Computer or Dewan Housing Finance. It’s essential to differentiate between the feasible and the unfeasible, separating the wheat from the chaff.

As for analysts, what steps could they take to gain a more accurate understanding of a company’s actual financial health, barring the acquisition of clones of Charlie Munger or even Warren Buffet, who are reputedly adept at identifying promising investment opportunities? (Read the full story here.)

Sensex Today Live : Following a rebound on Thursday, the Indian stock market is experiencing a renewed wave of sell-offs in Friday’s trading. The broader market is feeling the strain, with the small-cap index dropping about one percent and the mid-cap index declining over 1.40 percent. Key benchmark indices such as the Nifty 50 and the BSE Sensex are also down, losing 200 points and 500 points respectively. The Bank Nifty index has seen a correction of around 0.75 percent or approximately 350 points during the day’s trading. Market experts attribute this downturn to a variety of factors including broad market selling, weak international indicators, foreign institutional investors selling off, the forthcoming US Federal Reserve meeting, and a surge in crude oil prices. These elements have collectively weighed down the Indian stock market. Why is Indian share market down today? (Read the full story here.)

Sensex Today Live : Kotak Mahindra Bank today informed the exchanges that it has appointed Jaideep Hansraj, currently serving as Managing Director of Kotak Securities Limited, as Group President of One Kotak to enable collaboration and oversight of the subsidiaries of the bank.

The company said in an exchange filing, “We wish to inform you that, as part of the organisational restructuring at the Bank, the Board of Directors have, at their meeting held today, appointed Mr. Jaideep Hansraj, currently Managing Director of Kotak Securities Limited (“KSL”), a wholly-owned subsidiary of the Bank), as Group President – One Kotak of the Bank, for engaging in the collaboration and oversight of subsidiaries of the Bank.”

The bank also said that Shripal Shah, currently serving as the Chief Operating Officer of KSL, “will take over as the Managing Director of KSL, with effect from the latter of (i) April 1, 2024 or (ii) the date after the receipt of statutory/ regulatory approvals as required.”

Following the appointment of Shah taking effect, Hansraj will move to the bank as Group President – One Kotak, the company said.

Sensex Today Live : Ahluwalia Contracts (India), informed the exchanges today that it has received an order from from the Assam government to construct an open stadium at Amingaon Sports Complex, Kamrup, Assam. The project is worth ₹364 crores, the company said in an exchange filing.

Sensex Today Live : Indian benchmark indices had extended their losses after opening in the red on Friday, led by muted sentiment in global markets.

At 11 am, Sensex was down 511.29 points, or 0.70%, at 72,585.99, and Nifty was down 180.15 points, or 0.81%, at 21,966.50.

Sensex Today Live : 3M today informed the exchanges that its offices in Bengaluru were searched by the Enforcement Directorate on March 14.

In an exchange filing, the company said, “The office of the Enforcement Directorate conducted a search under the Foreign Exchange Management Act, 1999 at our offices in Bangalore on March 14, 2024.”

The company said that it has cooperated with the officials during the proceedings and responded to the clarifications and details sought by them.

It added, “We will continue to provide any further clarification /information that may be required. The business operations of the Company continued as usual and were not impacted due to the search.”

Sensex Today Live : TECHNICAL PICK

BUY LARSEN & TOUBRO

CMP ₹3372

TARGET ₹3760 (11.55%)

STOPLOSS ₹3240 (3.90%)

The stock has witnessed a decent correction from the peak made near 3740 zone and currently, after a short consolidation taking support near the important 100 period MA of 3250 level has seen a decent pullback with a positive candle formation on the daily chart to improve the bias. The RSI has also corrected from the overbought zone and is currently well placed to signal a buy with a trend reversal indicated. With the chart technically looking attractive, we suggest to buy the stock for an upside target of 3760 keeping the stop loss of 3240 level.

Sensex Today Live : On Thursday, the Election Commission of India (ECI) disclosed the data on electoral bonds in compliance with the Supreme Court of India’s directive. The State Bank of India (SBI) had submitted the details to the election commission on Tuesday, which were then made public.

The published list reveals that the leading contributors to political parties are prominent corporations such as Grasim Industries, Megha Engineering, and Piramal Enterprises. Other notable donors include Apollo Tyres, Lakshmi Mittal, Edelweiss, PVR, Keventer, Sula Wine, Welspun, and Sun Pharma. Torrent Power, Bharti Airtel, DLF Commercial Developers, and Vedanta Ltd are also among the major contributors to political parties. (Read the full story here.)

Sensex Today Live : As 2016 was drawing to a close, the momentum to launch the operations of Paytm Payments Bank was building. A governing board had been established, and on November 4, 2016, just four days prior to demonetization, a meeting of the directors took place. On the same day, an extraordinary general meeting was convened at the bank’s headquarters in Sector 5, Noida.

Such meetings are typically called to discuss and vote on pressing company matters. During this meeting, the board endorsed and sanctioned a contract with One97 Communications Ltd, the parent company of the bank. From this point forward, One97 would supply the bank with a range of services necessary for its operations, including support for know your customer (KYC) requirements, customer acquisition, technological assistance, and data analytics services. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had extended their losses after opening in the red on Friday, led by muted sentiment flowing from global markets.

At 10 am, Sensex was down 471.57 points, or 0.65%, at 72,625.71, and Nifty was down 156.95 points, or 0.71%, at 21,989.70.

Sensex Today Live : EaseMyTrip.com today announced an exclusive offer for its corporate clients. The company will provide a 20-day credit period to all listed companies to complete payments for their travel bookings.

This strategic move will facilitate seamless payments and streamline the transactional process for the involved parties.

The company, in an exchange filing, said, “With a 20-day window, the extended credit period will enable listed companies to manage their cash flows better while accessing EaseMyTrip’s wide array of travel and related services. To avail this offer, the companies will have to provide EaseMyTrip with a future-dated cheque”.

Sensex Today Live : Derivatives: Index View Point: BanknNifty 21 Mar weekly cmp 46789

Trading set up

FII net buy 43 crs. Total OI addition of 1.3% noted at 206 bps hints at short build up. OI PCR 0.82 is call heavy. Total OI is heavy at 47k strike in calls which suggestive of strong resistance build up. 45,500 is the put writing support base.

Daily view: Negative till prices stay below 47k Resistance 47,100/47,500 Supports 46,200/46,000

Sensex Today Live : Long : Short Ratio is at 39% : 61%

VIX at 13.62

FIIs outlook is sideways for indices & positive for FnO stocks

NF witnessed long build up to the tune of 6% + its PCR_OI is at 0.95 indicating a positive trend

The new weekly expiry shows the highest OI concentrated at 23,000 CE (0.94 L contracts) & 22,000 PE (0.74 L contracts)

Immediate fight around 22,200 for bears and bulls. Crucial level to watch for today

View: Today’s weekly closing is going to be important. If it closes above 22,200, then a far better chance of Nifty testing new highs again. If closing comes around 22,050, then a few days of consolidation/sideways trend before deciding on further trend. In any case, below 21,900/850, Nifty can test 21,500/400.

Actionable (Positional): Protective Put Strategy for Risk Takers Only: Buy Nifty March Futures on declines around 22,100 & Buy 22,100 PE of 28th March Expiry in range of 140/160. BEP 22260, TGT 22500 & SL 21800 (spot)

Sensex Today Live : Most heavyweight indices, like Bank, Auto, Financial Services, FMCG, IT, Pharma, and Healthcare, were in the red. 

Sensex Today Live : The broader market was showing signs of strength, with the BSE MidCap up 0.28%, and the BSE SmallCap up 0.76%.

Sensex Today Live : Power Grid Corp., NTPC, UPL, ONGC, and Tata Motors, were the top gainers on the Nifty, while BPCL, Infosys, Mahindra & Mahindra, and LTI Mindtree, were the top losers. 

Sensex Today Live : Power Grid Corp., SBI, NTPC, Tata Motors, and Nestle India, were the top gainers on the Sensex, while Infosys, Axis Bank, Mahindra & Mahindra, HCL Tech, and ICICI Bank, were the top drags. 

Sensex Today Live : Indian benchmark indices opened in the red on Friday, led by muted sentiment flowing from global markets.

At opening bell, Sensex was down 253.53 points, or 0.35%, at 72,843.75 and Nifty was down 82.45 points, or 0.37%, at 22,064.20.

Sensex Today Live : Indian benchmark indices fell at pre-open on Friday, dragged down by souring mood in global markets.

Sensex was down 210.51 points, or 0.29%, at 72,886.77, and Nifty was down 81.80 points, or 0.37%, at 22,064.85 during pre-open.

Sensex Today Live : LTTS to establish AI, ML-driven Cybersecurity & Digital Threat Analytics Centre for Maharashtra Cyber, enhancing citizen cyber safety and awareness

L&T Technology Services announced today that it has won a first-of-its-kind program in India worth around $100 million (INR 800 Crore) from Maharashtra State Cyber Department, under the Government of Maharashtra.

In this pioneering initiative by the Government of Maharashtra, LTTS, in consortium with M/s KPMG Assurance and Consulting Services LLP as forensics partner, will provide advanced Cyber Security Solutions for the State enhancing public safety against cyber threats.

Sensex Today Live : The Indian stock market indices are predicted to start lower on Friday, influenced by weak global market indicators. The trends on Gift Nifty also suggest a gap-down opening for the Indian benchmark index. The Gift Nifty was trading around the 22,152 level, showing a discount of over 100 points from the Nifty futures’ previous closing.

On Thursday, the domestic benchmark equity indices made a significant recovery from lower levels and ended with substantial gains after experiencing a massive sell-off in the prior session. The Nifty 50 formed a reasonably positive candle on the daily chart, in addition to the long bear candle of the previous session, indicating a potential pullback rally in the market.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, “Nifty is anticipated to encounter a strong obstacle at the mid and upper parts of Wednesday’s long bear candle around the 22,175 and 22,450 levels respectively. The positive chart pattern of higher tops and bottoms remains intact, as Nifty has managed to create a new higher swing low of 21,905 levels so far on Wednesday.” (Read the full story here.)

Sensex Today Live : The domestic equity indices, Sensex and Nifty, are projected to commence lower on Friday due to the observed weakness in global markets.

Asian markets experienced a downturn, and the US stock market concluded lower overnight. This was triggered by US producer prices surpassing estimates, indicating that the US Federal Reserve might decrease the frequency of rate cuts this year.

On Thursday, the Indian stock market indices saw a sharp rebound, ending higher due to purchases in metals and energy stocks, with mid and smallcap indices outperforming the frontliners.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, stated, “We anticipate the broader market volatility to persist in the near term. Hence, retail investors should view this correction as an opportunity to accumulate quality names in 3-4 tranches. We recommend a higher allocation towards largecaps as their valuations are comfortable along with steady growth prospects.” (Read the full story here.)

Sensex Today Live : With sentiment souring globally, the Indian markets were also headed for a tepid start on Friday. This was borne out by the Gift Nifty futures that was trading nearly identical to Thursday’s Nifty 50 close of 22,146.65.

At 8:10 am, Gift Nifty was trading at 22,148.28, only 2 points ahead of Nifty 50’s Thursday close.

Asian stocks slumped on Friday, tracking tech-led declines on Wall Street overnight after hotter-than-forecast U.S. inflation knocked back bets for how soon and often the Federal Reserve will cut interest rates.

Crude oil slipped back after its overnight surge above $85 for the first time since November, and remained on track for a rally of nearly 4% this week.

Bitcoin edged back toward the all-time high reached on Thursday.

U.S. stock futures pointed marginally lower following a 0.29% decline in the S&P 500 on Thursday. However, the impact of a big sell off in chip-sector shares reverberated in Asian markets, weighing on stock indexes around the region.

Hong Kong’s Hang Seng slid more than 1%, as did South Korea’s Kospi.

Mainland Chinese blue chips, however, were little changed, despite the central bank’s decision to forgo any easing in keeping the medium-term lending facility rate unchanged on Friday.

Japan’s Nikkei eased 0.3%.

In cryptocurrencies, bitcoin added 1.4% to $71,650, climbing back toward the record high of $73,192.79 from the previous session.

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel. U.S. West Texas Intermediate (WTI) crude for April fell 32 cents, or 0.4%, to $80.94.