Nifty50: 17,498 ▲172 (+1.0%)
Sensex: 58,683 ▲ 740 (+1.2%)
- After a flying start, markets continued to inch up. Banks and financial services lent support and the index heavyweight Reliance Industries rallied further.
- In all, 32 of the NIfty50 stocks closed in green.
- Internet stocks such as Zomato, Nykaa, and Paytm saw a revival of investor interest and rose in the range of 3-8% on the back of high volumes. This also boosted investor sentiments.
Among the Nifty sectoral indices, Media (+2.2%) and Financial Services (+1.9%) were the top gainers, while Metal (-2.1%) and Oil and Gas (-0.3%) were the top losers.
Did you know? You can now place Good-Till-Triggered (GTT) orders on the new Upstox app. To know more about GTT orders, click here.
| Top gainers | Today's change |
| HDFC Life | ▲ 3.5% |
| Bajaj Finserv | ▲ 3.2% |
| Tata Consumer | ▲ 3.0% |
| Top losers | Today's change |
| ONGC | ▼ 5.3% |
| Hindalco | ▼ 4.8% |
| JSW Steel | ▼ 4.6% |
For more updates on F&O, click here.
Here are the top stories of the day.
Hero MotoCorp raises two-wheeler prices
The leading two-wheeler maker announced that from April 5, it will hike the prices of its motorcycles and scooters by up to ₹2,000 to partially offset the impact of increasing commodity prices. This comes at a time when prices of petrol and diesel have risen by ₹5.60/litre in the last one week.
Meanwhile, shares of the company were up nearly 3% intraday after it issued a clarification regarding “speculative press reports”, which had led the stock to fall 7% yesterday.
ONGC tumbles as govt opens OFS
Shares of Oil and Natural Gas Corporation (ONGC) fell by close to 5% as the government announced that it plans to sell up to 1.5% of its stake in the company. As of 31 December 2021, the government owned 60.41% stake in ONGC.
The centre hopes to raise ₹3,000 crore by opening the offer for sale (OFS) to non-retail investors. The OFS will be open for subscription to retail investors from March 31. The sale has been set at a floor price of ₹159, at a 7% discount to yesterday’s closing price of ₹171.
BEL inks large contracts with MoD
The state-run aerospace and defence electronics firm has signed two contracts with the Defence Ministry worth ₹3,102 crore. The first contract, worth an estimated ₹1,993 crore, is for the supply of an Advanced Electronic Warfare (EW) suite for fighter aircraft to the Indian Air Force.
The other contract is for the supply of Instrumented Electronic Warfare Range (IEWR) to the Indian Air Force, at an overall cost of ₹1,109. The order book of BEL as on 1 January 2022 stood at ₹56,568 crore, which is over four times its FY21 revenues.
IPO corner
On Day 2, the IPO of edtech player Veranda Learning Solutions was subscribed more than 1.2 times. Retail investors have flocked towards this public issue with the retail portion being subscribed more than 6 times.
Meanwhile, the IPO of steel products maker Hariom Pipe Industries was subscribed more than 60% on Day 1. Click here to apply for these IPOs on Upstox.
Good to know
What is a non-convertible debenture?
A debenture is a long-term financial instrument issued by a company to raise funds from the public. It is issued for a specific tenure and carries a fixed interest that is paid at maturity. Debentures are of two types: convertible and non-convertible. Unlike convertible debentures, non-convertible debentures (NCDs) cannot be converted into stocks and are issued for a fixed period. Some NCDs are also listed on stock exchanges and can be traded like shares. They offer high liquidity and are a convenient option for premature exit.
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