MarketsStock Market Live: Nifty, Sensex Flat As M&M, RIL, Axis Bank Gain; HDFC Bank, Infosys, ICICI Bank Drag
Get all live updates on Indian stock market here on March 18
18 Mar 2024, 10:05 AM IST
18 Mar 2024, 08:20 AM IST
18 Mar 2024, 10:05 AM IST
NSE building (Source: Vijay Sartape/NDTV Profit)
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NSE building (Source: Vijay Sartape/NDTV Profit)
Railtel Corp Shares Surge In Early Trade On Order Wins
Shares of Railtel Corp. surged nearly 8% in early trade on Monday after the company bagged multiple projects worth Rs 482.5 crore.
The company received a work order worth Rs 130 crore from the Bihar Education Project Council on Saturday, according to an exchange filing.
The company through a bid process, was selected for execution and maintenance of this project across the health units of BMC in Mumbai for Rs 351.95 crore.
Railtel Corp’s stock rose as much as 7.97% during the day to Rs 378.7 apiece on the NSE. It was trading 1.8% higher at Rs 357.3 apiece, compared to a 0.17% decline in the benchmark Nifty 50 as of 9:53 a.m.
It has risen 249% in the last 12 months. The total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 42.
One out of the three analysts tracking the company have a ‘buy’ rating on the stock and two suggest a ‘sell’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 253%.
Amber Enterprises Rises 5% On Incorporating New Subsidiary
Shares of Amber Enterprises India Pvt. Ltd rose 5% on NSE as company incorporated wholly owned subsidiary AT Railway Sub Systems.
The company has incorporated the new subsidiary to specialise in manufacturing railway components and sub-systems for the rolling stock industry in India and overseas, the company said in an exchange filing.
Amber Enterprises India Ltd. rose as much as 5.02% to Rs 3,499.95 apiece, the highest level since March 15. It pared gains to trade 2.24% higher at Rs 3,407.25 apiece, as of 09:52 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.
It has risen 79.31% in 12 months. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 34.69.
Out of 25 analysts tracking the company, 12 maintain a ‘buy’ rating, nine recommend a ‘hold,’ and four suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.3%.
Anup Engineering Rises Over To One-Month High
Shares of The Anup Engineering Ltd. jumped to hit a one-month high today as the company plans to acquire Mabel Engineering Pvt. Ltd. to expand its product portfolio, capacity, and geographical spread.
The scrip rose as much as 4.99% to Rs 373.05 piece, the highest level since March 12 and was locked in its upper circuit limit as of 09:56 a.m. This compares to a 0.08% decline in the NSE Nifty 50 Index.
Tata Consultancy Services rose 0.84% to Rs 4,254.75 apiece, the highest level since its listing on Aug 25, 2004. It pared gains to trade 0.04% higher at Rs 4,220 apiece, as of 09:37 a.m. This compares to a 0.25% decline in the NSE Nifty 50 Index.
It has risen 31.72% in 12 months. Total traded volume so far in the day stood at 0.12 times its 30-day average. The relative strength index was at 63.21.
Out of 46 analysts tracking the company, 26 maintain a ‘buy’ rating, 10 recommend a ‘hold,’ and 10 suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.1%.
Nifty, Sensex Extend Losses At Open As ICICI Bank, ITC, Airtel Drag: Opening Bell
India’s benchmark indices opened lower extending losses from last session as losses in shares of ICICI Bank Ltd., ITC Ltd., and Bharti Airtel Ltd. weighed.
As of 09:18 a.m., the NSE Nifty was trading 16.65 points or 0.076% lower at 22,006.70, and the S&P BSE Sensex was trading 453.85 points or 0.62% higher at 72,643.43.
“On the weekly chart, the Index has made a bearish engulfing candlestick pattern at record levels which indicates a probability of a trend reversal and a breakdown of 21,900 will confirm the same. In that case, the ongoing correction may extend to 21,530 while on the flip side, zone of 22,200-22,250 will be considered as a strong hurdle,” said Aditya Gaggar, director, Progressive Shares
ICICI Bank Ltd., Adani Ports & Special Economic Zone Ltd., Adani Enterprises Ltd., and Infosys Ltd. weighed on the benchmark index.
Reliance Industries Ltd., Mahindra & Mahindra Ltd., NTPC Ltd., Tata Steel Ltd., Coal India Ltd., and HDFC Bank Ltd. limited losses in the benchmark index.
On NSE, nine sectors out of 12 were trading in negative, one was trading flat, and two were trading in positive. The Nifty Media index rose the most among sectoral indices, and the Nifty IT index fell the most among sectoral indices.
Broader markets outperformed benchmark indices. The S&P BSE Midcap index rose 0.29%, and the S&P BSE Smallcap rose 0.67%.
On BSE, 17 sectors rose, and three declined, The S&P BSE Industrials rose the most among sectoral indices.
Market breadth was skewed in favour of buyers. Around 2,074 stocks rose, 845 stocks declined, and 140 remained unchanged on BSE.
