Benchmark equity indices Sensex and Nifty tanked over 1 per cent on Wednesday due to widespread selling pressure amid a sharp fall in smallcap and midcap indices for the third consecutive day.
The BSE Sensex tanked 906.07 points or 1.23 per cent to settle at 72,761.89. The NSE Nifty plummeted 338 points or 1.51 per cent to 21,997.70. All sectors ended in red with Metals, Realty, Pharma, Oil & Gas, and PSU bank down 5-6 per cent.
“India & US inflation data came slightly below expectations, thus dampening the sentiments. Markets failed to maintain their momentum amid intense selling seen in mid and small-cap. Ongoing scrutiny from SEBI, pending outcome of MF stress test, and expensive valuation post smart rally seen in last few months led to profit booking. We expect the sluggishness in the market to continue in the near term with Nifty’s major support ~21500 zone. Key event to watch out for is India’s WPI inflation which will released on Thursday,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here Are The Key Stocks To Watch On 14 March:
Tata Motors
The automobile major has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu to set up a vehicle manufacturing facility in the state, with an investment of Rs 9,000 crore and generating up to 5,000 jobs.
IIFL Finance
The company’s board has approved raising of to Rs 1,500 crore from rights issue amid the Reserve Bank of India (RBI) barring the non-banking finance company (NBFC) from sanctioning or disbursing gold loans. The board has approved fundraising for an amount not exceeding Rs 1,500 crore by way of issue of shares on a right basis to its existing eligible shareholders.
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ITC
British American Tobacco Plc on Wednesday sold a 3.5 per cent stake in ITC for Rs 17,485 crore through open market transactions. Singapore Government, Monetary Authority of Singapore, Lockheed Martin Corporation, Goldman Sachs (Singapore), Copthall Mauritius Investment, BofA Securities Europe SA, Societe Generale, Morgan Stanley Asia Singapore Pte, and Ghisallo Master Fund LP picked up shares in ITC. BAT sold more than 43.68 crore equity shares in 48 tranches through its affiliate Tobacco Manufacturers (India) Ltd at an average price of Rs 400.25 per share, taking the deal size to Rs 17,484.97 crore, according to the block deal data available with the BSE.
KEC International
The engineering company has received orders worth Rs 2,257 crore across its various businesses. KEC has bagged orders for prestigious projects in the transmission and distribution (T&D) segment both in India and the Americas. In India, the company secured orders for the construction of 765 KV transmission lines and substations from PGCIL.
Federal Bank
The private bank stopped issuing new co-branded credit cards on Wednesday, citing regulatory guidance from the Reserve Bank of India (RBI). The move is a part of bank’s commitment to rectify areas of deficiency outlined in a letter from RBI and to ensure compliance with regulatory standards.
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