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Benchmark equities indices rebounded on the back of bargain buying at lower level by investors. The Sensex jumped 2.44% and the Nifty surge 2.53%.
The rally was broad-based as smallcap and midcap stocks rose. Nifty Midcap 100 rose 4.18% and BSE Smallcap climbed 4.17%.
Top gainers among Nifty sectoral indices were Metal [5.74%], Realty [5.34%], Media [4.69%], PSU Bank [4.69%] and Private Bank [3.75%]. All indices closed in the positive territory.
Indian rupee rose 36 paise to 75.29 against the US dollar.
Stock in News Today
Adani Power Ltd: India’s Supreme Court ruled in favor of the company, saying state-run distribution companies in Rajasthan state have to pay Adani Power Rs 3,048 crore ($405 million) and additional interest to compensate for higher fuel costs. The apex court ruled that four power retailers have to pay Adani Power the money within four weeks, to clear a backlog in payments due since 2013.
Bharat Electronics Ltd: Shares of the company rose 6.55% after the Indian Defence Ministry signed Rs 1,075 crore contract with Bharat Electronics for supply of 957 commander thermal imager-cum-day-sights for T-90 tanks. The DRDO and BEL have designed and developed an advanced mid-wave thermal image based sight, as per the needs of the Indian army.
Apollo Hospitals Enterprise: Shares of Apollo Hospitals Enterprise rose 5.74%, National Stock Exchange (NSE) announced the company’s inclusion in the benchmark Nifty 50 index, effective from March 31. The company will replace Indian Oil Corporation in Nifty 50 index.
Adani Wilmar: Shares of the company jumped 9.96% amid supply worries due to Russia-Ukraine conflict. Russia’s invasion of Ukraine is likely to affect sunflower oil imports from Ukraine to India which could lead to an immediate rise in sunflower oil prices.
Vedanta Ltd: The mining conglomerate’s long-term bank facilities and debt instruments ratings have been upgraded from “AA-” to “AA” by CRISIL Ratings on the back of stronger-than-expected operating profitability due to elevated commodity prices in FY22. The upgrade also factors in volume growth across businesses, and sustained cost efficiency, especially in the aluminium business.
SpiceJet: The carrier said it will start six flights between India and Bangkok from March 10. “The airline will introduce daily direct flights connecting Delhi, Mumbai and Kolkata with the Thai capital,” the airline’s press release said.
Kabra Extrusiontechnik: Shares of the company surged 10% after the pipes and plastic products maker allotted warrants to investors including University of Notre Dame Du Lac. Kabra Extrusiontechnik allotted 1.1 million warrants to three investors at a conversion price of Rs 329 apiece.