Benchmark equity indices rebounded from early lows and settled at new record high levels in a volatile session on Wednesday following buying in private bank and select IT shares. The BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. The NSE Nifty50 climbed 117.75 points or 0.53 per cent to settle at a lifetime high of 22,474.05. Positive up-move was supported by buying in Banking, IT, Healthcare, and Auto.
“Sectorial rotation was seen in the market with Private Banks gaining momentum and supporting the index. NBFC came under pressure after RBI’s disciplinary action against IIFL and JM Financials. We expect Largecaps to drive the market in the near term while midcap and smallcap could remain under pressure. On Global front, US Fed Chair Powell’s speech later tonight will be crucial as it will provide some insight into upcoming policy direction. Also, investors would watch out for US Job data, which would provide more cues from an interest rate decision point of view,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on March 7:
IIFL Finance
The stock exchanges revised the circuit limit for IIFL Finance share price to 10 per cent from 20 per cent. The stock was locked in a 20 per cent lower circuit for two straight session after the Reserve Bank of India (RBI) banned the company from issuing gold loans.
Zomato
Antfin Singapore Holding on Wednesday sold a 2 per cent stake in online food delivery company for Rs 2,827 crore through open market transactions. According to the bulk deal data available on the BSE, Antfin Singapore Holding Pte pared more than 17,63,95,675 shares in two tranches, representing a 2.02 per cent stake, within the price range of Rs 160.11-160.40 per share. After the latest transaction, Antfin Singapore Holding Pte's shareholding has reduced to a 4.3 per cent from a 6.32 per cent stake (as of December 2023) in Zomato.
Vedanta
The company is exploring all possible legal possible legal solutions, including filing a review petition in the Supreme Court’s decision that rejected the mining giant’s plea to restart operations at its copper smelter plant at Thoothukudi.
LIC
The insurer has increased its stake in LIC Mutual Fund Asset Management through private placement from 40.93 per cent to 44.61 per cent.
Glenmark Pharma
The company has started the process of selling its 55 per cent stake in its subsidiary Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective from March 6.
