Benchmark equity indices snapped a four-day gaining streak and settled lower due to selling in IT and FMCG shares amid weak global trends and foreign fund outflows. The BSE Sensex declined by 195.16 points or 0.26 per cent to settle at 73,677.13. The NSE Nifty50 declined by 49.30 points or 0.22 per cent to close at 22,356.30. Sector-wise it was a mixed bag with buying seen in PSU Bank, Auto, and Oil & Gas. Both the indices closed at their lifetime high levels on Monday after a four-day winning run which saw the indices surging by around 2 per cent.
"The domestic market experienced range bound movement post hitting new record high in the preceding day, influenced by cautious trend in global peers ahead of the Fed Chair's congressional testimony and key US jobs data. The absence of significant stimulus measures from China further dampened sentiment. Mid and small-cap stocks continued to underperform due to their higher valuations. The IT sector sustained recent losses amid concerns over delays in rate cuts by the US Fed. However, PSU banks outperformed, while auto stocks gained momentum supported by healthy volume numbers and pick-up in rural demand," said Vinod Nair, head of research at Geojit Financial Services.
Here are the key stocks to watch on March 6:
JM Financial
The Reserve Bank of India (RBI) barred JM Financial from issuing loans against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares, with immediate effect. The RBI said the action has been taken after observing certain serious deficiencies in the financial services company's loan process.
Wipro
The IT services giant has acquired a 27 per cent stake in SDVerse LLC to strengthen its position as a leader in software-defined vehicle and cloud car engineering services. The transaction, part of collaboration with General Motors and Magna, is expected to be completed before the end of March 2024.
NHPC
The state-run power company has commenced work on the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh. The solar park will be developed by Bundelkhand Saur Urja, a subsidiary company of NHPC, with an investment of Rs 796.96 crore. The project is expected to be completed with in 24 months and generate around 2,400 MUs of electricity every year.
IRCTC
The company has signed a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies) to provide pre-ordered meals to passenger of Indian Railways through IRCTC e-catering services. Initially, the service will be available in Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations.
Tata Technologies
The company has appointed S Sukanya as chief operating officer with effect from March 6, 2024. Previously, Sukanya was working as Senior Vice President and Chief Information Officer at Tata Consultancy Services.
