Nifty50: 16,663 ▼ 208 (-1.2%)
Sensex: 55,776▼ 709 (-1.2%)
- After a flat opening, the market witnessed profit booking and snapped its 5-day winning streak.
- In all, 36 stocks of the Nifty50 pack ended in the red.
- At its meeting on Wednesday, the US central bank is expected to increase rates for the first time since the pandemic began.
Among the Nifty sectoral indices, Auto (+0.5%) and FMCG (+0.1%) were the top gainers, while Metal (-4.0%) and IT (-2.5%) were the top losers.
| Top gainers | Today's change |
| Tata Consumer | ▲ 3.6% |
| M&M | ▲ 2.3% |
| Cipla | ▲ 2.0% |
| Top losers | Today's change |
| Tata Steel | ▼ 5.2% |
| Hindalco | ▼ 5.2% |
| ONGC | ▼ 4.8% |
For more updates on F&O, click here.
Here are the top stories of the day.
HDFC Bank to hustle up digital push
HDFC Bank is looking to resume focus on its digital offerings after the RBI removed restrictions on the lender. The bank is looking to, reportedly, regain the market share lost in the past year. The bank is also expected to launch its digital credit card soon.
In December 2020, RBI had directed HDFC Bank to temporarily stop all digital launches as well as the issuance of new credit cards, after various outages the bank faced due to technical glitches in internet banking, mobile banking, in the preceding two years. Last week, the RBI lifted all restrictions after 15 months.
Two-wheeler cos eyeing to raise EV capacity
According to experts, top Indian two-wheeler companies are planning to ramp up capacity to over six million electric two-wheelers per year by 2023. The current capacity is around 670,000 vehicles.
Among the listed players, Bajaj Auto is planning to invest ₹300 crore in an electric two-wheeler plant to make 500,000 vehicles per year. Ola Electric and Ather Energy, the electric two-wheeler start-ups, also plan to build their capacities to 2 million and 1 million vehicles, respectively, by the end of 2023.
Oil prices fall sharply amid peace talks
US crude oil prices, which had reached nearly $130 per barrel, have corrected sharply over the last one week. Oil prices have dipped below the $100 mark on the back of continued ceasefire talks between Russia and Ukraine. The hopes are that if the talks are successful, the oil supply could improve and fears of raging inflation could ease.
Similarly, prices of gold have dropped by about 6% from their recent high, despite rising inflationary pressure. The US inflation rate in February increased at its highest pace in the last 40 years.
IPO Corner
Shares of Ruchi Soya surged 15% intraday as the company said that it will launch a follow-on public offer (FPO). The FPO will be open for subscription between 24 March and 28 March. The company, in which Patanjali Ayurved owns 98.9% stake, plans to raise ₹4,300 crore through the FPO route. It aims to reduce debt and dilute the promoter’s stake to meet the market regulator’s norms.
Good to know
What is value investing?
Value investing is a long-term investment strategy used by investors to seek out stocks that are trading for less than their intrinsic or book value. Just like online shoppers keep tabs on their favourite items and buy them when they go on sale, value investors track down stocks they think are being undervalued by the stock market. Investors analyse and use various metrics to find the right valuation of the stock. They believe the market overreacts to good and bad news that result in stock price movements disproportionate to the company’s long-term fundamentals. This offers them an opportunity to buy stocks at a discounted rate.
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