Stock Market Live: Sensex jumps over 700 points, Nifty above 14,700; financials, metals rise: NEW IPO Listing…Nazara

Petrol Prices down:  Rupee gains:

Stock Market Live: Indian indices were trading higher on Tuesday boosted by banking, financials, and metal stocks, on the back of a rise in Asian peers. Asian peers were in the green as Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.

The Nifty is currently trading around a resistance patch which is 14,700-14,800. We need to get past these levels on a closing basis so that we can summarize that the short-term downtrend is over for the time being. If we can keep above this level, we could be headed higher to 15,200-15,300. If we collapse from the current levels and break 14,500 on a closing basis, there is every possibility we go down to retest the recent lows.

New Listing | Nazara Technologies makes a strong debut; lists with 80.7% premium at Rs 1,990 per share on NSE

Nazara Technologies made a strong debut on the stock exchanges Tuesday as the shares got listed at Rs 1,990 apiece on the NSE, a premium of 80.74 percent to the issue price of Rs 1,101. On BSE, the shares were listed with a 79.02 percent premium at Rs 1,971.

The initial public offering (IPO) of Nazara Technologies was subscribed 175.5 times during March 17-19. The offer has received bids for 51.25 crore shares against the IPO size of 29.20 lakh equity shares.

“Sharp decline in FII selling coupled with large buying by DIIs can support the market and even take it higher. But there are many concerns like a surge in Covid cases, particularly in economically crucial Maharashtra, appreciation in US 10- year bond yield above 1.7%, and the dollar index moving up to 92.8 levels. DIIs and retail investors are likely to be buyers in banking, IT, cement and metal stocks which look attractive at present levels. Year-end considerations also are likely to lead to further DII buying.”.

Indian indices opened higher on Tuesday boosted by banking, financials and metal stocks, on the back of a rise in Asian peers. Asian peers were in the green as Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector. At 9:18 am, the Sensex was up 434 points at 49,442 while the Nifty rose 139 points to 14,646. Broader markets were also higher with the midcap and smallcap indices up around a percent each. On the Nifty50 index, Tata Steel, JSW Steel, Titan, GAIL, and HUL were the top gainers while M&M and SBI Life were the only losers.

Petrol prices cut by 22 paise per liter, diesel by 23 paise

The oil marketing companies (OMCs) slashed fuel prices on Tuesday. Petrol and diesel prices were decreased by up to 23 paise per liter, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 90.56 per liter and diesel is priced at Rs 80.87. In Mumbai, petrol comes for Rs 96.98 a liter and diesel for Rs 87.96 a liter. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

Seven of the top 10 companies lose over Rs 1 lakh crore in m-cap

Seven of the 10 most valued domestic companies witnessed a combined erosion of Rs 1,07,566.64 crore from their market valuation last week, with Reliance Industries accounting for around half of the losses. Last week, the 30-share BSE benchmark Sensex declined 849.74 points or 1.70 percent. Only Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), and HDFC from the top-10 list saw a rise in their market capitalization. The valuation of index major Reliance Industries Ltd (RIL) tumbled Rs 55,565.21 crore to reach Rs 12,64,243.20 crore. The market capitalization of Bajaj Finance plunged Rs 16,197.55 crore to Rs 3,12,327.04 crore and that of State Bank of India (SBI) went lower by Rs 12,494.45 crore to Rs 3,18,697.88 crore.

Indian rupee logs over 4% gain this fiscal amid headwinds on the economic front

The Indian rupee has logged over 4 percent gain so far this fiscal, as sustained foreign fund inflows and the RBI’s deft policy maneuvering ensured a strong year for the Indian currency despite headwinds on the economic front, according to experts. The local unit is likely to average around 73.50-74 in the financial year 2021-22, as, despite a vaccine, the coronavirus hysteria still persists and may continue to grapple the foreign exchange market, experts said. The financial year 2020-21 has been a roller-coaster ride for the rupee due to COVID-19. The pandemic-induced massive sell-off in the equity market led to the rupee to breach a record low of 76.90. However, the optimism over vaccines, easing of lockdown restrictions, infusion of stimulus by governments and central banks all over the world enthused investors with a general sense of optimism, and the rupee vaulted back to the 72 zones.