Stock Market Highlights | Sensex, Nifty 50 recover Tuesday’s losses led by Reliance, HDFC Bank

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“Stock-specific actions and positive undercurrents due to a healthy economic growth forecast led the market towards a positive closure. However, due to the holiday-led truncated week, investors are now focusing on US GDP data tomorrow and next week’s RBI policy announcement to gauge market direction. The mid- and small-cap space are outperforming as investors got bargaining opportunities, but volumes are low,” says Vinod Nair, Head of Research, Geojit Financial Services.

Midcaps Relatively Underperform With Midcap Index Seeing A Flat Close
Sensex Rises 526 Points To 72,996 & Nifty 119 Points To 22,124
Nifty Bank Up 186 Points To 46m786 & Midcap Index Gains 30 Points To 47,837
Reliance Gets Another Positive Brokerage Note, Stock Near Record High
Nifty Rejig Leads To A Sharp Move In UPL & Shriram Finance In Last Hour
Autos See A Buying Ahead Of Monthly Data, Maruti, Bajaj Auto Top Gainers
Lupin Ends At Day’s Low After Co Gets Tax Demand Worth `477 Cr For AY21-22
Positive Brokerage Notes Lift Gravita, Info Edge & ABB, Stocks Rise Up To 7%
Suzlon Energy Rises 4% As CRISIL Upgrades The Rating Of The Company
CDSL & Aster DM Fall 7% Each After Major Block Deals
Midcap Underperformance Keeps Mkt Breadth In Favour Of Declines
NSE Advance Decline Ratio Is At 3:4

In a stock exchange filing, Varun Beverages said that as of March 26, 2024, Bevco has become a subsidiary of Varun Beverages, on receiving all the required approvals, including from PepsiCo Inc, Competition Commission South Africa, among others.

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Here are a few stock recommendations by technical analyst Sudarshan Sukhani:

– Buy BEL with a stop loss of ₹184
– Buy Icici Prudential Life with a stop loss of ₹560
– Buy DLF with a stop loss of ₹817
– Buy Power Finance Corporation with a stop loss of ₹357

Bharat Forge shares are in the red after three days, down 1.96%.

The stock has gained 46.43% in the past year.

Here are a couple of stock recommendations by Ruchit Jain, 5paisa.com:

– Buy L&T at a target of ₹3,780-3,900 with a stop loss of ₹3,640
– Buy Sun Pharma at a target of ₹1,700 with a stop loss of ₹1,550

Birlasoft shares are in the green for the second day today, up 2.63%.

The stock has gained 193.23% in the past year.

PepsiCo’s largest franchise in the world outside the US, Varun Beverages Ltd, on Wednesday, March 27, announced that it has completed the acquisition of the South African company, The Beverage Company Proprietary Limited, along with its subsidiaries, collectively known as ‘Bevco’.

In a stock exchange filing, Varun Beverages said that as of March 26, 2024, Bevco has become a subsidiary of Varun Beverages, on receiving all the required approvals, including from PepsiCo Inc, Competition Commission South Africa, among others.

Read more here

Intially, as many as 25 scrips will be available for ‘T+0’ or same-day trade settlement with effect from Thursday, March 28, 2024, according to an official notification released by BSE on Wednesday.

The list includes Bajaj Auto, Hindalco Industries, JSW Steel, LTIMinstree, MRF, State Bank of India, Vedanta, a few Tata Group stocks, among others, that will be a part of the beta version of the settlement cycle.

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Shares of Bajaj Auto Ltd., India’s leading two-wheeler (2W) and three-wheeler (3W) maker, gained 3% to hit an all-time high of ₹9,235 apiece on March 27, taking its overall market capitalisation past ₹2.60 lakh crore. At around 1 pm, the scrip was trading 2.77% higher at ₹9,208.90 apiece on the NSE.

The Bajaj Auto stock has delivered a handsome return of 38% so far this year and has risen over 140% in the last one year. The stock was the second-best performing stock on the Nifty 50 index in 2023, with gains of 88%.

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Stocks of companies that raised funds through QIP routes have outperformed the broader market in FY24. The rise in net profit and healthy credit growth warranted banks raising Tier 1 capital, and funds raised through QIPs are used to bolster their balance sheets.

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The shares of Reliance are trading 3.5% higher at this hour and is the top Nifty 50 gainer.

Here are a few stock recommendations by Rajesh Palviya, Axis Securities:

– Buy HDFC AMC at a target of Rs 3,840-3,850 with a stop loss of Rs 3,740
– Buy Hindustan Copper at a target of Rs 295 with a stop loss of Rs 277
– Buy Tata Motors at a target of Rs 1,020 to 1,030 with a stop loss of Rs 970

With a week left for the January to March 2024 quarter and 2023-24 to end, the focus is now on what the next financial year holds. With the end of the quarter comes the start of the earnings season and like every quarter, the results of Indian IT services majors will be keenly watched by the market.

While the tech companies’ guidance for FY25 is awaited, experts believe positive commentary on the demand environment should emerge in a quarter or two. “We have to be cautious about what we are paying for the companies for slightly higher growth. But overall the sector is going to do very well, we are just a quarter or two away from where there should be clarity on the strong demand environment,” Sowilo Investment Managers’ Sandip Agarwal told CNBC-TV18 last week.

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As much as 1.9% equity or 1.9 crore shares of Zee Entertainment worth Rs 264.5 crore changed hands at Rs 142 per share.

Shares of Maruti Suzuki India Ltd., India’s largest passenger car maker are trading at a record high on Wednesday. At the day’s high of ₹12,724, the stock’s market capitalisation crossed the mark of ₹4 lakh crore.

The stock has risen 12% in the month of March so far. For the January-March period, the stock is up 23%, which is the best quarter that the stock has seen since the April-June period of 2020, during which it gained 36%.

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Maruti Suzuki hit its record high in today’s trade session. It also crossed the market cap of Rs 4 lakh crore.

IndiGo aims to double in size by 2030 with new domestic and international routes as well as destinations, its chief Pieter Elbers said as the airline pursues soaring global ambitions to match India’s economic growth potential.

The country’s largest airline with a domestic market share of little over 60% is also betting big on A321 XLR aircraft that are expected to be part of its fleet “somewhere in 2025”, to further expand its overseas presence.

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

– Buy TVS Motor at a target of Rs 2,180 with a stop loss of Rs 2,100
– Buy PI Industries at a target of Rs 3,900 with a stop loss of Rs 3,800

Larsen and Toubro on Wednesday, March 27, said L&T Construction’s buildings and factories vertical has won multiple orders in the ₹2,500 crore to ₹5,000 crore in the domestic and international markets.

As per L&T’s classification, orders in the ₹2,500 crore to ₹5,000 crore are termed as ‘large’ orders.

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Shares of Adani Power gained more than 4% on Wednesday, March 27, after the company received approval from the Competition Commission of India (CCI) for the acquisition of Lanco Amarkantak Power Limited.

Lanco Amarkantak Power is involved in the business of thermal power generation.

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