Stock market LIVE: China stocks underperform in positive Asia trade

Stock market live updates on March 20: The BSE Sensex was down 100 points to 71,908, and the NSE Nifty50 lost 45 points to reach above 21,771 levels

Stock market, Indian market

Photo: Bloomberg

Stock market live on March 20: Equity benchmark indices were trading flat on Wednesday tracking upbeat momentum in global markets ahead of the ongoing two day US Fed’s monetary policy meet.

The BSE Sensex was down 100 points to 71,908, and the NSE Nifty50 lost 45 points to reach above 21,771 levels.

Shares of Nifty Auto were up 1.07 per cent in early trade, while Nifty Realty and Nifty PSUs gained 0.94 and 0.83 per cent respectively.

Individual stocks such as Maruti, Powergrid NestleIndia, IndusInd Bank and Bajaj finance were trading in green on the Sensex. On the flip side, Tata Chemicals and Torrent Power were among the top losers on BSE.

The broader markets opened in green. The BSE MidCap and SmallCap indices were up by 0.30 and 0.17 per cent respectively.

10:31 AM

Q&A | Our small, midcap portfolios haven’t participated in the rally: Marcellus

Markets have seen a volatile few weeks as investors dumped mid-and small-cap stocks amid concerns raised by regulators. PRAMOD GUBBI, co-founder, Marcellus Investment Managers tells Business Standard in an interview that given the macroeconomic strengths, the market is pricing in a reasonable earnings growth and hence justifying current valuations. READ

10:17 AM

Eicher Motors rallies 6% after UBS upgrades stock to ‘Buy’, sees 35% upside

Shares of Eicher Motors sprinted 5.9 per cent to Rs 3,938.6 per share on the BSE in Wednesday’s intraday trade after global brokerage UBS upgrade the stock to ‘Buy’ from ‘Neutral’.

In a March 20 note, the brokerage also raised its target price on the stock to Rs 5,000 from Rs 4,300 — a 34.5 per cent upside from the stock’s last close of Rs 3,718. Read

10:06 AM

VIEW: Wait for clarity to emerge on the US Fed outcome

The resilience of the mother market US, supported by the surprisingly robust economy, is the foundation of the ongoing global market.

The end of the decades-long deflation in Japan and the Nikkei index posting record highs also has been a supporting factor.

In the near-term a change in the global market construct will happen if the Fed sends a hawkish message stronger than market expectations.

This cannot be ruled out since the declining trend in US inflation has been arrested in the last two months and the Fed is always known to respond to incoming data and evolving outlook.

The spike in the dollar index and the US bond yields reflect this concern. Investors may wait for clarity to emerge on the Fed response tomorrow. Large caps like RIL, Bharti, Tata Motors, M&M and Sun Pharma appears strong even in an indecisive market.

Views by V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:53 AM

Venky’s gains 3% on starting operations at Kesurdi unit

The company has started commercial production at Kesurdi unit to manufacture veterinary medicines powders (600 tonnes/annum) and veterinary medicines liquids (300 kilolitres / annum) to cater to growing demand from poultry industry.

9:50 AM

GPT Healthcare jumps 6% on reporting 37% growth in Q3 PAT

Q3 revenue of the company rose 4.2 per cent YoY to Rs 96.6 crore. Net profit grew 37 per cent to Rs 11.5 crore.

9:49 AM

Aurobindo Pharma gains on getting US FDA nod for allergy nasal spray

It has received US FDA approval for Mometasone Furoate Monohydrate Nasal Spray, used to prevent and treat seasonal and year-round allergy symptoms such as stuffy/runny nose, itching, and sneezing, in the strength of 50 mcg per spray.

9:45 AM

Voda Idea dips 1% as ATC Telecom asks to convert debentures into equity

ATC Telecom has asked Vodafone to convert the former’s optionally convertible debentures worth Rs 1,440 crore into equity shares of the telecom company.

9:43 AM

Paytm up for 5th straight day; soars 21% in this period

9:32 AM

Eicher Motor jumps over 5% as UBS upgrades stock to ‘Buy’

UBS has also raised its price target on the stock to Rs 5,000 from Rs 4,300 earlier. The revised price target implies a potential upside of 34 per cent from Tuesday’s closing levels.