The market fell sharply on the back of weak global cues and rising COVID-19 cases in the country, falling over 1.7 percent on March 24 as bears held tight grip over Dalal Street.
The broader markets also corrected in line with frontliners as the Nifty Midcap 100 and Smallcap 100 indices declined around 2 percent each.
US markets closed in red.
Dow was 300 points higher in the morning session but at closing all gains wiped out.
Nasdaq is down by more than 2%.
US markets are clearly not comfortable with high valuation of technology stocks.
Asian markets are mixed.
Coming back to our markets, things are not looking good.
First time, FIIs have sold for nearly Rs 2000 crores in Cash market.
Bank Nifty fell more than 1000 points.
Right now SGX Nifty is trading below 14500.
Key support and resistance levels on the Nifty
According to pivot charts, the key support levels for the Nifty are placed at 14,472.17, followed by 14,394.93. If the index moves up, the key resistance levels to watch out for are 14,689.47 and 14,829.53.
Nifty Bank
The Nifty Bank index tanked 891.15 points or 2.61 percent to close at 33,293.25 on March 24. The important pivot level, which will act as crucial support for the index, is placed at 33,007.53, followed by 32,721.86. On the upside, key resistance levels are placed at 33,774.73 and 34,256.27 levels.
Stocks in the news
Jubilant FoodWorks: Jubilant Foodworks has entered into an exclusive master franchise and development agreement with PLK APAC Pte Ltd, a subsidiary of Restaurant Brands International Inc. The agreement will help the company to develop, establish, own and operate, and to license franchisees to develop, establish, own and operate, Popeyes Restaurants in India, Bangladesh, Nepal and Bhutan.
Time Technoplast: Time Technoplast has received information from the promoter group of the company for substantial reduction in their pledge of equity shares of the company held by them. "The pledge of shares has reduced from 9.55% of paid up capital to only 4.22%. It may be recalled, at some point in time the total pledged shares used to be around 18%," the company said in its BSE filing.
Pokarna: Pokarna Engineered Stone, wholly owned subsidiary of Pokarna, has started commercial production at its second state-of-the-art quartz surface manufacturing facility, with effect from March 24. The plant is located at Mekaguda village in Telangana.
Vakrangee: Vakrangee has entered into a partnership agreement with TransUnion CIBIL (TUCIBIL), one of the India's largest credit information company regulated by Reserve Bank of India. The agreement will help the company drive financial inclusion by providing easy access to CIBIL score and report to consumers through Nextgen Vakrangee Kendra network.
Wabco India: ZF International UK will sell 17,17,388 equity shares or 9.05% stake in Wabco India through the offer for sale on March 25 and March 26. The company will also sell additional 17,17,387 equity shares or 9.05% stake in the company through offer for sale on same days. The floor price for the sale is fixed at Rs 5,450 per share.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,951.90 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 612.80 crore in the Indian equity market on March 24, as per provisional data available on the NSE.
FII DATA
DII DATA
Stocks under F&O ban on NSE
One stock - Vodafone Idea - is under the F&O ban for March 25. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
IPO INFO
MCX
Economic Times
Business Standard
Ø Fitch revises India GDP growth to 12.8% for FY22
Ø Development forum set up to promote cooperative sectors' growth
Ø India likely to resume new bankruptcy filings after halt expires
Ø Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor
Ø Hotel investment trading volume in India declines 84% in 2020, says JLL
Ø Privatising two PSBs: India Ratings warns of rating impact if govt cedes control
Ø Discom overdue increases 5.5-times in 5 states; disputes rising too
Ø Govt may seek details of interest on interest charged by banks
Ø Jubilant FoodWorks to bring US-based fast food chain Popeyes to India
Ø SC remits to creditors Jaypee Infratech's resolution plan for approval
Ø Adani Green Energy to buy 74.94 MW solar projects of Sterling and Wilson
Ø DHFL debt resolution to spill over into FY22
Business Line
Mint
Ø Project financing confirmed for ONGC-OIL-supported Mozambique LNG project
Ø ABB reaches 5GW milestone in delivering solar plant automation in India
Ø Zetwerk concludes $8.3 million share buyback
Ø Jet Airways bid winners seek nod to discuss restoration of airport slots
Ø Ashok Leyland to deploy e-buses for staff transportation
Ø Glenmark gets USFDA nod for generic antipsychotic drug
Ø No chance of sovereign rating downgrade: Nirmala Sitharaman
Ø Parliament passes Finance Bill 2021-2022
Ø Bank of India to issue Basel III compliant bonds to raise up to ₹750 crore
Ø Bitcoin tops $57,000 after Tesla starts accepting crypto asset as payment
Ø TVS Motors declares second interim dividend of Rs. 1.40 per share for FY21
Financial Express
Deccan Chronicle
Ø CAG for setting up of time-frame for roll out of simplified GST return forms
Ø ChrysCapital invests $50 mn in Safex Chemicals for minority stake
Ø Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 cr
Ø One year since COVID-19 lockdown: India still recovering from unemployment blow
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