Benchmark equity indices rallied sharply for the second day on Thursday following a rally in the global markets and after the US Federal Reserve projected three rate cuts this year. The BSE Sensex jumped 539.50 points or 0.75 per cent to settle at 72,641.19. The NSE Nifty climbed 172.85 points or 0.79 per cent to 22,011.95. Broader market outperformed with Nifty Midcap and Nifty Smallcap up more than 2 per cent each. All sectors ended in green with Realty, PSU Bank, and Metals being top gainers.
"Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target. The broader market outperformed the frontline index also taking advantage from the HSBC composite PMI data, which rose to 61.3 per cent in March as compared to 60.6 in February, indicating that the economic condition is supportive. Short-term traders are taking advantage of the oversold territory from the recent sell-off," said Vinod Nair, Head of Research, Geojit Financial Services.
Here Are The Top Stocks To Watch On 23 March:
Tata Communications
The company’s board of directors approved to enter into a business transfer agreement’ for the hive-off of its identified new edged digital services business to its wholly owned subsidiary, Novamesh, as a going concern on a slump sale basis for Rs 458 crore.
Bharat Dynamics
The state-run defence equipment manufacturing company announced an interim dividend of Rs 8.85 per equity share for the financial year 2023-24. The company has set 2 April 2024 as the record date for the said dividend. The payment will be completed on and before 18 April 2024, the company said.
Mazagon Dock
The state-run company said on Thursday that it will lease a land parcel measuring 14.55 acres from the Mumbai Port Authority (MbPA) for its Mumbai yard. The company’s board approved the offer from MbPA, clearing the way for the acquisition of the land on a long-term lease basis.
Tata Chemicals
The company has received an order from the National Faceless Assessment Centre, Income Tax Department, for a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act, 1961 for disallowance of interest under Section 36(1)(iii) of the Act. The company is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities) and expects favourable orders from appellant authorities, reported Moneycontrol.
Muthoot Finance
The company has purchased an additional 4.48 per cent stake in Belstar Microfinance for Rs 300 crore and bringing its total shareholding to 63.50 per cent.
