Share Market LIVE Updates: Sensex rises 150 pts, Nifty tests 17,000; metals, pharma lead sectoral gainers

"Isgec has received a prestigious order for Rs 197.25 crore from Maharashtra State Power Generation Company (MAHAGENCO) for renovation and modernisation of the Electrostatic Precipitators (ESP’s) for their 2x500 MW TPP at Chandrapur Thermal Power Station, Distt. Chandrapur, Maharashtra," the company said in a BSE filing.

Barring Phoenix Mills, all other realty stocks trade with cuts

The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process, according to sources.

Butterfly Gandhimathi Appliances decided to merge with Crompton Greaves Consumer Electricals Ltd. This comes about a year after Crompton moved to pick up a majority stake in the South Indian kitchen appliances manufacturer.

A disappointing down close on Friday has given control back to bears, signalling a 16300/200 move.Towards this end, 16800 appears too close to be of credible support. Meanwhile, the ability to float above 17000 early in the day, could however signal that bulls are regrouping, but we would look for a push beyond 17070 to play recovery moves with more conviction.

- Anand James - Chief Market Strategist at Geojit Financial Services

Silicon Valley Bank sold to First Citizens

"Expect to see further volatility in Nifty range," says Laurence Balanco of CLSA as he shares his thoughts on the market scenario

AMC stocks corrected in the last session by 1-5% after Govt. classified capital gains arising from sale of debt mutual funds as short-term capital gains. Earlier this transaction was taxable as LTCG at 20%, but post this rule a normal tax rate would be applicable. Likely motive behind this move is to reduce arbitrage between fixed deposits and debt MFs. However, stock reaction seems unwarranted as impact on net debt flows and overall earnings may not be significant given debt MFs 1) are open ended providing more flexibility and 2) offer a compounded cash flow advantage. We do not foresee significant shift in corporate debt flows, yet HNI flows may see some impact.

- Gaurav Jani – Research Analyst, Prabhudas Lilladher

Market LIVE Updates | Pharma stocks in pink of health: Check out top 5 gainers

Indian drugmaker Sun Pharmaceutical Industries Ltd would see a revenue drop in a few of its businesses and incur some expenses due to an "IT security incident" that happened earlier this month. The effect of the incident on the drug major's IT systems included a breach of certain file systems and theft of some company and personal data, Sun Pharma said in a filing late on Sunday. A ransomware group has claimed responsibility for the incident, it added.

Commodities Watch | Gold inches lower on steady dollar, with focus on banking risks

Gold prices whipsawed in the previous week, however, ended with marginal gains of more than 0.5%. The yellow metal crossed $2,000 per troy ounce for three out of four trading days, as lingering concerns in the financial sector coupled with prospects of a rate hike pause in the May FOMC meeting aided the non-yielding metal. However, gold prices fell on Friday, as the central bank’s interest rate path remains clouded, after a few Fed officials who spoke on Friday said that inflation remained the top priority and could warrant further policy tightening. Recent rally in prices to record highs have curtailed domestic demand. However, prospects of a Fed pause and weak macroeconomic situation might improve ETF demand and central bank buying. Optimism on further support for banks might weigh down on prices for the day.

- Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities

BofA Securities downgraded M&M to neutral with a target price of Rs 1320. M&M has been the best-performing stock over the last year. The stock will likely go through a period of time correction, BofA said. The global investment sees a lack of meaningful catalysts in the near term that could boost the stock price.

Adani Group, Reliance pull out of race to acquire SKS Power Generation - ET

The element of uncertainty in global markets continues. The sharp cut of 4.6% in the European bank index last Friday, despite the assertion by authorities that the European banking system is resilient, is a reflection of the fear in the market. Actions by US authorities have brought near-term stability in the US banking system; but we don’t know what lies ahead. Investors should remain cautious till stability returns. The changes proposed in the taxation of debt funds will make them less attractive for investments made after 1st April 2023. So, the next few days before April 1st will give opportunities for investors to invest in these funds, including international funds, for the long-term. Interest rates in India are likely to decline towards the end 2023 after, perhaps, one more 25 bp rate hike in the next MPC meet. Declining interest rate scenario is favourable for debt funds.

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

Rupee rises 7 paise to 82.33 against US dollar in early trade.

RattanIndia’s Revolt Motors opens 15 new dealerships across the country.

Top movers in morning trade

Opening Bell: Sensex rises 100 pts, Nifty above 16,950; Phoenix Mills gains 3%, M&M sheds 2%

Pre-open session: Sensex rises 40 points; Nifty above 16,980

Asian shares, US stock futures up on SVB reports

SGX Nifty signals a positive start

Tech View: Nifty charts hint at downside towards 16,800 levels

Tokyo stocks open higher

Wall Street ends volatile week higher as Fed officials ease bank fears

Rupee falls 20 paise to close at 82.40 against US dollar

Oil prices climb in relief rally as banking concerns ease

Sensex, Nifty on Friday

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