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POST-MARKET REPORT
The market made a remarkable recovery to gain a percent and hit new highs, as the Sensex went past 74,000 points for the first time. At close, the Sensex was up 408.86 points, or 0.55 percent, at 74,085.99, and the Nifty was up 117.70 points, or 0.53 percent, at 22,474.
Top Nifty gainers included Bajaj Auto, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and SBI Life Insurance, while losers were Adani Enterprises, UltraTech Cement, NTPC, ONGC, and BPCL.
Among sectors, the bank index was up 1 percent, while pharma and IT indices were up 0.7 percent each. On the other hand, oil & gas, power, and realty were down a percent each.
The BSE midcap index closed 0.6 percent down and smallcap index 2 percent lower.
The rupee appreciated 7 paise to settle at 82.83 against the US dollar.
STOCKS TODAY
KPI Green Energy: KPI Green Energy stock gained 2.87 percent after the company announced securing four solar projects aggregating to 9.40 megawatts. The company will undertake 5 MW capacity, while the remaining 4.40 MW will be undertaken by its wholly-owned subsidiary KPIG Energia.
GR Infra: GR Infra stock plunged 4 percent intraday as some of the promoters plan to divest up to 5 percent equity in the company to meet minimum public shareholding norms. According to the company’s shareholding data at the end the December quarter, the promoters held a 79.74 percent stake in the company. The SEBI allows promoters of any listed company to hold a maximum of 75 percent stake. The stock pared some of the losses to close 0.43 percent lower.
Marico: Shares of Marico closed 2.48 percent lower as the stock traded ex-dividend. Marico had announced an interim dividend of Rs 6.5 a share for FY24 in February and fixed March 6 as the record date for the dividend, which will be paid on or before March 28.
IIFL Finance: Shares of IIFL Finance plunged 20 percent to hit the lower circuit for the second straight session after the RBI banned the company from issuing gold loans. Jefferies downgraded the stock to ‘hold’ and slashed the target price from Rs 765 to Rs 435.
JM Financial: The JM Financial stock plunged 10.42 percent a day after RBI barred the company from giving loans against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares, with immediate effect.
Torrent Pharmaceuticals: The Torrent Pharmaceuticals stock rose 1.24 percent after a successful inspection by the US FDA. The USFDA has issued an establishment inspection report (EIR) for the company’s Gujarat manufacturing facility and the inspection has now been successfully closed by the regulator.
Mahanagar Gas: Mahanagar Gas stock declined 15.38 percent after brokerage firm Citi downgraded the stock to “sell” from “buy” and cut its target price from Rs 1,480 to Rs 1,405. The brokerage downgraded the stock as oil minister Hardeep Puri said that the full benefits of natural gas sector reforms haven’t reached end customers.