Stock Market Highlights | Sensex, Nifty 50 slip almost half percent each, Midcap index rises over 1%

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“Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility. Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts,” says Vinod Nair, Head of Research, Geojit Financial Services.

Sensex & Nifty Slip Almost 0.5% Each While Midcap Index Rises Over 1%
Fall In Heavyweights (HDFC Bank, Kotak Bk) Keeps Nifty Bank Under Pressure
Sensex Falls 362 Points To 72,470 & Nifty 92 Points To 22,005
Nifty Bank Falls 264 Points To 46,600 While Midcap Index Gains 495 Points To 47,808
Realty & Railway Sector See Buying, Stocks Rise Up To 5%
Adani Ports’ Announcement To Acquire Gopalpur Ports Lifts The Stock, Up 2%
Bajaj Finance Continues To See Buying, Ends As Top Nifty Gainer, Up 2%
SpiceJet Rises 5% After Co Settles Liabilities Worth `755 Cr With EDC
IndiGo Hits Record High Following Positive Brokerage Note
Diagnostic Stocks Surge On Positive Note From Kotak Intl Eq, Dr Lal Top Gainer
HDFC Life, Max Financial Rise On IRDAI’s Final Guidelines On Surrender Value
Avenue Supermarts & Skipper Rise Up To 7% On Brokerage Upgrade
Mankind Rises 6% From Lows To End In The Green After Block Deals For 3% Eq
RK Swamy Falls 10% From Highs Following Muted Q3 Earnings
Market Breadth Favours Declines Despite Midcap Outperformance
NSE Advance-Decline Ratio Stands At 1:2

Here are a couple of stock recommendations by Shrikant Chouhan, Kotak Securities:

– Buy IndusInd Bank at a target of Rs 1,600 with a stop loss of Rs 1,480
– Buy Shriram Properties at a target of Rs 140 to Rs 145

Auto parts maker Sundaram-Clayton Ltd. has announced an interim dividend of ₹5.15 per share for its shareholders for the financial year ending March 31, 2024. The decision was made at its board meet on Tuesday.

The dividend payout will cost the company about ₹10.42 crore.

Read more here

Domestic carrier SpiceJet has signed a settlement agreement with Canada’s export credit agency Export Development Canada to resolve ₹755 crore ($91 million) liabilities, which are likely to generate savings of ₹567 crore ($68.3 million), the airline said on March 26.

Under the agreement’s terms, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft, the airline said. It added that the settlement marks the biggest breakthrough in the airline’s financial restructuring efforts to date.

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The incident is not expected to have any material bearing on the operations, says Whirlpool

Recommendation by Shrikant Chouhan of Kotak Securities:
Buy IndusInd Bank for a target of ₹1,600 with a stop loss at ₹1,480
Buy Shriram Properties with a target of ₹140-145

Nearly a year after the delisting, the Carlyle Group, a US-based Private Equity Firm, bought Baring Private Equity Asia’s 62% stake in the company for nearly $3 billion in October 2021.

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Shares of Avenue Supermarts Ltd, which runs DMart, rose 5% after the brokerage house ICICI Securities upgraded the stock to ‘Add’, with the expectation of DMart outperforming Nestle India in the medium term. The brokerage maintained ‘Hold’ on the Nestle stock.

ICICI Securities has increased the target price to ₹4, 800 for DMart from ₹4,400 per share earlier.

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Here are a couple of stock recommendations by Sacchitanand Uttekar, Tradebulls:

– Sell Bharti Airtel at a target of Rs 1,195 with a stop loss of Rs 1,236
– Buy Bajaj Finserv at a target of Rs 1,670 with a stop loss of Rs 1,610

RVNL shares are in the green for the third day today, up 5.78%.

The stock has gained 297.44% in the past year.

Shares of Life Insurance Corporation of India Ltd. (LIC) can rise up to as high as ₹1,300, according to Manas Jaiswal, who is an independent technical analyst. However, he believes that picking a bottom on the stock is difficult, considering its chart structure.

“If one has a longer term horizon, he may want to hold on to the stock and one should exit only if the stock slips below its 200-Day Moving Average (DMA) of ₹790,” Jaiswal said.

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The Nifty Realty index is the top gainer among sectoral indices, up 0.83%.

Barring Brigade, Sobha and Swan Energy, the remaining seven stocks in the index are in the green.

Here are a couple of stock recommendations by technical analyst Mitessh Thakkar:

– Buy Ambuja Cements at a target of Rs 620 with a stop loss of Rs 587
– Buy Apollo Tyres at a target of Rs 485 with a stop loss of Rs 466

Dr. Lal Pathlabs, the diagnostics services provider has received a double upgrade from Kotak Institutional Equities to “Add” from its earlier rating of “sell” after what the brokerage calls, a “prolonged period of underperformance.”

The brokerage has also increased its price target on Dr. Lal Pathlabs to ₹2,360 from ₹1,975 earlier. The revised price target implies a potential upside of 8% from last Friday’s closing levels.

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IndiGo shares are trading nearly 4% higher, near their record high of Rs 3,412.9, which it hit earlier in trade today.

The stock has gained 42.11% in the last six months and 86.28% in the past year.

Rategain Travel Technologies Ltd shares on Tuesday, March 26, rallied nearly 3% in morning trade after the company announced that its AI-driven airline pricing solution, AirGain, has been selected by Summerwind GSA, a leading general sales agent in Spain, to integrate enhanced airline representation.

“This partnership seeks to revolutionise the airline sector by combining AirGain’s cutting-edge pricing intelligence with Summerwind’s industry expertise and worldwide influence,” Rategain Travel said in a stock exchange filing.

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Life insurance stocks like HDFC Life Insurance Company Ltd and Max Financial Services Ltd rose up to 7% intraday on Tuesday (March 26) following IRDAI’s (Insurance Regulatory and Development Authority of India) notification on the final regulations in relation to surrender value.

At 10:37 am, Max Financial shares were trading higher by 4.42% at ₹985.75, while HDFC Life shares rose 1.36% to ₹632.35 apiece on the NSE.

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Shares of IIFL Finance fell as much as 5.5% on Tuesday, while those of JM Financial fell over 4% after the Reserve Bank of India announced that it will conduct a special audit of both these companies.

The RBI has called for two separate tenders for the appointment of auditors to conduct the special audits. Last date to submit the bids is April 8, while the selected firms will be awarded work on April 12, 2024.

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