After opening marginally higher, the Indian market swung between profit and loss, but ended the day on a strong footing.
Benchmark indices Sensex and Nifty were trading in deep green on March 16 as value buying emerged from lower levels, as investors are gauging the fallout of the US-Iran war. Sensex rose as high as 1,150 points, and Nifty was trading above the 23,450-mark in late afternoon trade.
At the closing bell, the BSE Sensex closed higher by 938 points (Up 1.6%).
Meanwhile, the NSE Nifty closed 25 points higher (Up 1.1%).
Trent, HDFC Bank, and UltraTech Cement are among the top gainers today.
Bharat Electronics, Sun Pharma, and Coal India, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 23,362, down by 159 points at the time of writing.
The BSE 150 MidCap index ended 0.4% lower, and the BSE 250 SmallCap index ended 0.5% lower.
Barring the PSU bank sector and the oil & gas sector, all other sectoral indices were trading on a negative note, with stocks in the metal sector and the capital goods sector witnessing selling pressure.
The rupee is trading at 92.41 against the US$.
Gold prices for the latest contract on MCX are trading 2.2% lower at Rs 155,055 per 10 grams.
Meanwhile, silver prices were trading 4% lower at Rs 259,435 per 1 kg.
Here are three reasons why Indian share markets are rising:
#1 Value Buying
Metal, auto, banks, consumer durables, FMCG shares led the rebound in markets that were on course for fall for fourth consecutive session.
#2 Geopolitical Relief
Sentiment improved after the Wall Street Journal reported that the U.S. government is preparing to announce that countries have agreed to form a coalition to escort ships through the Strait of Hormuz, a key chokepoint that handles 20% of global oil supply.
#3 VIX Ease
India VIX, the volatility gauge, eased nearly 5% to trade below 22 on March 16, thus indicating Street's expectations of lower selling pressure.
Bajel Projects Shares Jump 10%
Shares of Bajel Projects surged around 10% on March 16 after the company secured an ultra-mega order worth over Rs 7 billion (bn) from Maharashtra State Electricity Transmission Company Limited (MSETCL).
The contract was awarded by MSETCL on behalf of its SPV, Saswad Transmission, for the establishment of a 400/220 kV AIS substation.
The project is expected to be executed within 23 months from the date of the Notification of Award.
The scope of the project includes the complete turnkey EPC execution of the 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad in Pune. This includes the design, supply, erection, testing, and commissioning of the substation along with associated transmission lines, covering civil works and ETC (Erection, Testing, and Commissioning) components.
Earlier, on March 10, the company signed a collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid Private Limited, a power transmission developer promoted by NIIF, to explore opportunities in the power transmission sector.
Why Tejas Networks Share Price Rallied 8% Today?
Tejas Networks Ltd shares rose up to 8% on March 16 after the company said it received an order for its "state-of-the art" 4G radio access network solutions from a mobile network in South Asia.
Tejas Networks recently informed the exchanges that it has received an order to supply its 4G solutions for a mobile operator in South Asia.
The order marks another step in expanding the company's international wireless business.
Under the agreement, Tejas Networks will deploy 4G multi-band radio products across multiple sites within the operator's network.
Sanjay Malik, Chief Strategy and Business Officer at Tejas Networks, said the order reflects the company's continued progress in expanding its global wireless business and bringing its 4G and 5G mobility solutions to international markets.
Tejas Networks is a telecommunications equipment company. It designs and manufactures high-performance networking products used by telecom service providers, internet service providers, utilities, defence, and government entities in over 75 countries.
Fino Payments Bank Crash 16%
Shares of Fino Payments Bank fell more than 16% on March 16, hitting their 52-week low after reports suggested that certain online gaming transactions linked to the bank may come under scrutiny by the Enforcement Directorate.
The development follows the bank's earlier disclosure that its Managing Director and Chief Executive Officer, Rishi Gupta, was arrested on February 27 by the Directorate General of GST Intelligence (DGGI) in Hyderabad under provisions of the Central Goods and Services Tax Act, 2017, and the State Goods and Services Tax Act, 2017.
The stock continued to trade sharply lower in afternoon trade on March 16, even as the bank issued a clarification stating that it is not under investigation by any authority other than the DGGI in Hyderabad. It added that the ongoing investigation relates to certain program managers and merchants.
The bank also clarified that media reports suggesting a court had rejected bail were incorrect. It further reiterated that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website, or channel.
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