Stock Market Live Updates 6 March 2024: Asia stocks drop as tech Drags, China in focus

tock Market today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 6 March 2024.

• March 06, 2024 09:22
  

  Opening Bell: Indices open in red, Nifty slips below 20,300

  India’s equity benchmarks BSE Sensex and NSE Nifty opened with a negative bias on Wednesday. Both the indices lost around 0.2% each in early trade, tracking weak global cues. 

• March 06, 2024 09:12
  

  Share market live today: Godrej Agrovet to train 1 lakh women in agri sector

• March 06, 2024 09:11
  

  Commodity market live today: Crude oil futures rise on US inventory increase

  Crude oil futures traded higher on Wednesday morning as the industry data showed a small increase in crude oil inventories in the US. At 9.07 am on Wednesday, May Brent oil futures were at $82.13, up by 0.11 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.25, up by 0.13 per cent. March crude oil futures were trading at ₹6490 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6481, up by 0.14 per cent; and April futures were trading at ₹6462 as against the previous close of ₹6455, up by 0.11 per cent.

• March 06, 2024 08:57
  

  Stock market live news: F&O ban

  • ZEEL

• March 06, 2024 08:57
  

  Stock market live updates: Trading tweaks

  Ex/record dividend: DCM Shriram, Marico. 

  Moved into short-term ASM framework: Dishman Carbogen Amcis. 

  Moved out short-term ASM framework: Yasho Industries.

• March 06, 2024 08:56
  

  Stock market live updates: Insider trades

  Usha Martin: Promoter Peterhouse Investments sold 2.5 lakh shares on March 5. 

  ADF Foods: Promoter Krish Bhavesh Thakkar bought 30,000 shares between March 1 and 2.

• March 06, 2024 08:54
  

  Stock market live today: Bulk deals

  TD Power Systems: BNP Paribas Arbitrage sold 46 lakh shares (2.94%), and Vittoria Fund-Oc,Lp bought 46 lakh shares (2.94%) at Rs 320.5 apiece. 

  Aavas Financiers: Lake District Holdings sold 58.39 lakh shares (7.38%), Partners Group sold 41.57 lakh shares (5.25%), SBI Mutual Fund bought 63 lakh shares (7.96%), and Amansa Holdings bought 23.59 lakh shares (2.98%) at Rs 1370 apiece.

• March 06, 2024 08:54
  

  Stock market live today: IPO watch

  R K Swamy: The public issue was subscribed to 6.01 times on day 2. The bids were led by non-institutional investors (9.71 times), retail investors (18.31 times), and institutional investors (0.37 times). 

  JG Chemicals: The public issue was subscribed to 2.47 times on day 1. The bids were led by non-institutional investors (2.9 times), retail investors (3.64 times), and institutional investors (0.02 times). 

  Gopal Snacks: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 381 to Rs 401 per share. The Rs 650 crore IPO is completely an offer-for-sale issue. The company has raised Rs 194 crore from anchor investors.

• March 06, 2024 08:45
  

  Stock market live today: Stocks to watch today

  JM Financial: The Reserve Bank of India directed the company to stop any form of financing against shares and debentures with immediate effect. This includes the sanction and disbursal of loans against the initial public offer of shares as well as against subscriptions to debentures.

  JSW Energy: The company’s step-down unit signed a battery energy storage purchase agreement with Solar Energy Corp. for 250 MW/500 MWh of battery energy storage systems. The company has signed an agreement for the first project out of the total awarded project capacity of 500

  NHPC: The company started work on Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh. The company’s unit is to invest ₹800 crore in a 1,200 MW renewable power park to be constructed in 24 months and generate 2,400 MU of electricity every year.

  Wipro: The company acquired a 27% stake in B2B sales platform SDVerse LLC for $5.85 million in cash. The transaction will be completed before the end of March. General Motors, Magna, and Wipro have teamed up to develop SDVerse LLC.

  Aditya Birla Fashion: Caladium Investment exercised the right to convert all 6.6 crore warrants into equity shares.

  IRCTC: The company signed a MoU with Swiggy to provide pre-ordered meals via IRCTC e- Catering Services.

  Sanghi Movers: The board approved the incorporation of a wholly owned unit.

  Sonata Software: The company will open a delivery centre in Poland to address the growing demands from its global clients.

  Force Motors: The company produced 2,987 vehicle units for the month of February and sold 2,366 units domestically.

  ONGC: The board approved an additional investment of ₹99 crore in unit ONGC Green.

  Indian Hotels: The company invested ₹35 crore in its unit through the right issue.

  Bharat Forge: The company had made an investment of ₹179.9 crore in its unit, Bharat Forge Global Holding.

  Havells India: The company plans to add kitchen appliances to its portfolio, outsource the entire range of products and serve the domestic market.

  Bank of India: The bank invests Rs 60.35 crore in the National Asset Reconstruction Company under preferential share issuance. The bank stake in NARCL will remain at 9% after the allotment of new shares.

  Indiabulls Real Estate: The company believes MIDC’s order to vacate a 512.1-hectare plot in Nashik SEZ in a month is unlawful and is evaluating legal options to defend itself.

  REC: The board will meet on March 16 to consider an interim dividend.

  Bharti Airtel: The telco approved the allotment of 56.8 lakh shares to FCCB holders at a conversion rate of Rs 518 per share.

  CESC: The company’s unit, Crescent Power, acquired a 100% stake in Purvah Green Power.

  Centum Electronics: The company received an order worth ₹187 crore from DRDO for the realisation of space-based EW payloads.

• March 06, 2024 08:36
  

  Stock market live updates: RBI approves appointment of BK Divakara as Whole-Time Director of CSB Bank

  The Reserve Bank of India (RBI) has approved the appointment of BK Divakara as a Whole-Time Director (Executive Director) of CSB Bank for three years.

  The private sector bank will seek shareholders approval for this appointment, per CSB Bank’s regulatory filing.

  The share price of CSB closed at ₹369.35, ₹20.40, or 5.85 per cent, higher on NSE on Tuesday. 

• March 06, 2024 08:20
  

  Bond market live updates: After JP Morgan, Bloomberg index to include Indian bonds

  Bloomberg on Tuesday said it will include India Fully Accessible Route (FAR) bonds in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices, to be phased in over a ten-month period, starting January 31, 2025. This comes about five months after JP Morgan had announced it would include India in its widely tracked emerging market debt.

  The inclusion of Indian bonds in these two key indices could attract billions of dollars of foreign investment in the Indian government securities (G-Sec) market. This could potentially lead to a decline in Indian bond yields and strengthen the rupee.

• March 06, 2024 08:19
  

  Stock market live updates: Sensex, Nifty set for a muted start tracking Asian peers

  Indian shares are set for a muted start on Wednesday, after snapping a four-session winning streak in the previous session, tracking Asian peers ahead of the Federal Reserve Chair’s congressional testimony and key US jobs data.

  The GIFT Nifty was trading at 22,415 as of 7:53 a.m. IST, indicating that the Nifty 50 will open near its Tuesday’s close of 22,356.30.

  Both the Nifty 50 index and BSE Sensex logged losses on Tuesday, pulling back from four straight sessions gains after data showed India’s economy grew at its fastest pace in six quarters.

• March 06, 2024 08:06
  

  Commodities market: Gold prices surge by ₹800 to hit all-time high of ₹65,000 per 10 grams

  Gold prices on Tuesday surged ₹800 to hit a fresh record high of ₹65,000 per 10 grams in the national capital amid strong global trends, according to HDFC Securities.

  In the previous close, the precious metal had closed at ₹64,200 per 10 grams.

  Silver also rallied ₹900 to ₹74,900 per kg. In the previous trade, it had settled at ₹74,000 per kilogram.

• March 06, 2024 08:05
  

  Stocks in news: IRCTC

  Online food ordering and delivery platform, Swiggy, on Tuesday signed an MoU with the Indian Railway Catering and Tourism Corporation (IRCTC) whereby it will deliver pre-ordered food on trains.

  The service will start with four stations – Bengaluru, Bhubaneshwar, Visakhapatnam and Vijayawada – from March 12 and will be expanded to 59 additional city stations in the coming weeks.

• March 06, 2024 08:03
  

  Market live news: bigbasket targets 2025 IPO, expects to become profitable in next 6-8 months

  Online grocer bigbasket is targeting an initial public offering of its shares in 2025, Chief Executive Officer and co-founder Hari Menon said. 

  “Probably 2025 is the date. We are leaving this to the Tatas, but I think we are gunning for 2025,” Menon told businessline on the sidelines of an event to launch a frozen food line in collaboration with celebrity chef Sanjeev Kapoor. 

  Next year is set to be a busy year for the Tata group, with group holding company Tata Sons and Tata Capital set to launch IPOs having been classified as upper-tier NBFCs according to Reserve Bank of India guidelines. 

• March 06, 2024 08:00
  

  Share market live news: Tata Sons may command market value of ₹8-lakh crore in IPO, says Spark PMW

  Tata Sons may fetch a market valuation of of ₹7-8-lakh crore in an initial public offering, according to Mumbai-based investment banking firm Spark PWM Pvt Ltd. If it commands a market-cap of ₹8-lakh crore, then it would be among the top four listed companies.

  The investment advisory firm expects the IPO to happen in the next 18 months, as Tata Sons was classified as an “upper-layer” non-banking financial company by the central bank in September 2022. Any upper-layer non-banking financial company must list its shares within three years. This requirement indicates that Tata Sons is expected to enter the capital market by September 2025.

• March 06, 2024 07:59
  

  Stock market live updates: Star Health’s total number of claims settled exceeds 1 crore mark

  Star Health and Allied Insurance Company Ltd. said though patients’ average length of stay in hospitals has come down since 2008, the average medical insurance claim size has grown four times.

  With rapid medical advancements, patients have seen a reduction in the average length of stay in hospitals by up to 20 per cent since 2008. However, the average claim size has seen a four-fold jump, indicating significant medical inflation and the increasing cost of sophisticated equipment and treatment.

  During its Q3FY24 earnings call, the management indicated that medical inflation remained high as far as the overall industry was concerned. But Star Health was managing it through efficient claims and network management.

• March 06, 2024 07:50
  

  Share market live updates: Sonata Software to set up a delivery centre in Poland

  Sonata Software plans to set up a delivery centre in Kraków, Poland as part of strategic expansion plan, the company said in a press release. The nearshore centre will support the growing demands for business transformation, modernisation and cost optimisation initiatives, from global clients in Europe.

  Sonata Software plans to make significant investment in the delivery centre in Poland with an aim to advance its regional capabilities, to offer enhanced value to its clients by enabling close-to-client service delivery, and to penetrate the European market effectively, company said in release.

• March 06, 2024 07:50
  

  Stock market live news| Broker’s Call: Kajaria Ceramics

  Emkay Global

  Target: ₹1,450

  CMP: ₹1,275.95

  “Kajaria Ceramics has, over the years, solidified its presence as the primary pan-India tiles player, selling over 100msm in volume (industry size: about 2,070msm) in a highly competitive & fragmented market. Kajaria’s leadership position, strong brand salience, and large distribution network have helped it gain market share in the last decade (revenue CAGR: 10 per cent, 300bps above industry).

  “We expect market-share gains to sustain, with nearly doubling of capex intensity in FY23-26E (average spend: ₹3 bnpa) vs. the past 5 years.” 

• March 06, 2024 07:37
  

  Broker’s call: Vijaya Diagnostics (Reduce)

  Yes Securities

  “We visited PH Diagnostics (Vijaya Diagnostics Centre’s subsidiary) facilities in Pune and share the key highlights in this note. Purpose of the visit was to observe the qualitative nature of the business, radiology equipment and assess the positioning vis-à-vis reference labs of the some of the competitors.

  “We also had a conversation with PH founder Dr Hemant Dhoka to gather insights about Pune market, key growth drivers and expansion plans. PH houses high quality 3T and 1.5T MRI machines though 32 slice CTs are relatively basic in nature. Operating 1 spoke and 2 hubs, PH handles about 18k footfalls in a month, or about 6 per cent of Vijaya’s annual 3.4 million patients.”

• March 06, 2024 07:35
  

  Stock market live updates: Adani Group’s net debt has ballooned to $26 billion in FY24

  The Adani Group’s net debt has ballooned in FY24 and is expected to end the year at $26 billion, up about a fourth from last year, even as the group anticipates ending the year with an EBITDA in excess of $9.5 billion, driven by its core infrastructure businesses. 

  At the end of FY23, the group debt was around $21 billion, after the frantic deleveraging by the group in the wake of the Hindenburg Research allegations in early 2023. 

  Despite the increase in debt, the net debt to EBITDA ratio is seen in the region of 2x at the end of March, down from the 3.3x last March and 3.8x prior to Hindenburg. The EBITDA had already crossed $9 billion by the end of February, sources said. 

• March 06, 2024 07:34
  

  Stocks in focus: Tata Motors races to new high on demerger plans

  Tata Motors’ management might have decided to demerge its passenger vehicle (PV) and commercial vehicle (CV) businesses, but most domestic analysts do not see great potential in the stock price as they see only a “limited upside” following the sharp run-up in the price recently. The stock of Tata Motors closed at ₹1,021.95 on Tuesday, up 3.52 per cent on the BSE. During the day, the stock rose as high as 8 per cent to hit an all-time high of ₹1,065.60.

  The stock was the biggest gainer among the Sensex and Nifty constituents for the day. Its market capitalisation jumped ₹11,588.24 crore to ₹3,39,619.70 crore.

• March 06, 2024 07:27
  

  Share market live news: Fund flow activity on 05 March 2024 (In ₹ crore)

  Turnover: (NSE + BSE) 

  Cash Volume: 95499.79 + 8552.49 Total: 104052.28 

  F&O Volume:* 432590.16 + 282275.84 Total: 714866 

  Provisional Cash 

  FII/FPI: NET BUY: +574.28 

  (15,215.15 – 14,640.87) 

  DII: NET BUY: +1834.61 

  (11,888.65 – 10,054.04)

• March 06, 2024 07:26
  

  Stock market live news: India becoming a hub for specialised diagnostic tests, says Metropolis MD

  India is becoming a hub for specialised medical testing and samples from countries without certain diagnostic capabilities are shipped to India for processing, says Ameera Shah, Promoter and Managing Director, Metropolis Healthcare, drawing a parallel with medical tourism.

  Just as overseas patients come to hospitals in India, in this case, it’s the samples that are transported, she said, pointing to the trend. A few large organised pathology networks also operate in this segment, Shah said, adding “we are definitely going out there now and trying to get more countries and more labs to send specialised samples to us in India. So, that’s definitely more of an active effort.”

• March 06, 2024 07:13
  

  Stock market live updates: Govt considers proposal to lower GST on flex fuel vehicles, but auto industry divided on the matter

  The Centre is in discussions with the industry on the proposed lowering of the Goods and Services Tax (GST) on flex-fuel vehicles (FFVs) from the current rate of 28 per cent, but has not come to a consensus yet as stakeholders remain divided on the matter.

  Senior officials at the Ministry of Heavy Industries (MHI), along with some industry representatives and senior officials from other departments concerned, had a meeting recently to look into the matter, but no conclusion was drawn as some of the companies do not agree to the proposal, multiple sources told businessline.

• March 06, 2024 07:11
  

  Market live news: India’s crude oil imports from Saudi Arabia at a 4-month high in February

  India’s crude oil imports from its traditional source, Saudi Arabia, inched up to a four month high in February 2024 at more than 8,33,590 barrels per day (b/d).

  It was aided by softening prices of Saudi Arabia’s flagship grade, Arab Light and declining number of vessels ferrying Russian crude oil due to tightening sanctions by the US and Western countries.

  According to Vortexa, Saudi Arabian crude oil exports to India rose by 28 per cent year-on-year (y-o-y) and 21 per cent month-on-month (m-o-m) last month. In fact, crude oil imports to India from the Arabian nation were the fourth highest in FY24, ending March.

• March 06, 2024 07:10
  

  Bond markets| Big liquidity surplus prompts RBI to soak it up via VRRR auctions

  With short-term liquidity turning into a big surplus, theReserve Bank of India (RBI) conducted two back-to-back variable rate reverse repo (VRRR) auctions on Tuesday to soak it up.

  Short-term liquidity surplus stood at ₹1,62,347 crore as of March 4 against ₹65,620 crore on March 3, per RBI’s data on money market operations. Overall excess liquidity stood at ₹40,902 crore against a deficit of ₹19,220 crore.

  The funds which banks otherwise deploy in weekly government security (G-Sec) auctions are now available with them as the government’s borrowing programme ended in mid-February. Moreover, banks are seeing accretion in funds due to government spending.

• March 06, 2024 07:08
  

  Stocks in focus: IIFL Finance to appoint external assayers to assess gold quality

  IIFL Finance’s gold business is expected to undergo some massive changes in the coming months. As a start, the company will replace its internal assayers with certified external personnel to assess the value and quality of the underlying asset before loans can be extended.

  The company also plans to revamp and beef up its compliance team and the search is on to bring in a new compliance officer. 

• March 06, 2024 06:58
  

  Stock market live news| Day trading guide for March 6, 2024: Intraday supports, resistances for Nifty50 stocks

  Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

• March 06, 2024 06:57
  

  Share market live updates| Major US listed stocks result calendar– 06.03.2024

  JD. com, Inc. (Pre market) (Sector – Retail)

  Brown Forman Corporation (Pre market) (Sector- Miscellaneous)

  Campbell Soup Company (Pre market) (Sector – Miscellaneous)

  Dollar Tree, Inc. (Tentative) (Sector – Retail)

• March 06, 2024 06:55
  

  Global market news: Economic Calendar

  15:00 UK Construction PMI (Expected: 49.0 versus Previous: 48.8) 

  18:45 US ADP Non-Farm Employment Change (Expected: 149k versus Previous: 107K)

  20:30 US Fed Chair Powell Testifies

  20:30 US JOLTS Job Openings (Expected: 8.80M versus Previous: 9.03M)

• March 06, 2024 06:54
  

  Share market live updates| Stock to buy today: Bank of Maharashtra

  The outlook is bullish for Bank of Maharashtra. This stock has been in a strong uptrend. After witnessing a corrective fall in February, the stock has now resumed its uptrend. The strong 4 per cent rise on Tuesday confirms the same.

  Strong support is in the ₹61-60 region. Cluster of moving averages are also poised in this region. That makes the chances less for the stock to decline below ₹60 going forward.

• March 06, 2024 06:52
  

  Stock market live updates: Asia stocks drop as tech Drags, China in focus

  Stocks in Asia fell after tech heavyweights dragged down US indexes ahead of Federal Reserve Chair Jerome Powell’s testimony to Congress. Equity benchmarks edged lower in Japan, South Korea and Australia, per a Bloomberg report.

  Investors are closely watching the development of China’s congress after official announcements of an ambitious 5% growth target. US benchmark indexes lost traction after a rally that has spurred concern about sky-high valuations, with caution prevailing before Powell heads to Capitol Hill for his semiannual testimony before Congress, the report added.

  The S&P 500 dropped 1%, while the Nasdaq 100 slipped almost twice as much. Tesla Inc. extended a two-day selloff to 11%, while Apple Inc. suffered its fifth straight loss. Contracts for US equities advanced in early trading.