As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 89.64 points or 0.12% to 72,101.69. The Nifty 50 index rose 21.65 points or 0.10% to 21,839.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.05% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was weak. On the BSE, 1,609 shares rose and 2,180 shares fell. A total of 114 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 4.53% to 13.47.
Economy:
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.
The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs 9,11,534 crore; Tax Deducted at Source of Rs 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs 24,177 crore.
Buzzing Index:
The Nifty Oil & Gas index gained 1.23% to 11,049.55. The index declined 1.69% in the past trading session.
Oil India (up 3.98%), Aegis Logistics (up 2.58%), Indian Oil Corporation (up 2.03%), Oil & Natural Gas Corpn (up 1.89%), Mahanagar Gas (up 1.87%), Hindustan Petroleum Corporation (up 1.8%), Bharat Petroleum Corporation (up 1.78%), Gujarat State Petronet (up 1.52%), Reliance Industries (up 1.34%) and GAIL (India) (up 0.72%) advanced.
On the other hand, Gujarat Gas (down 0.87%), Indraprastha Gas (down 0.82%) and Adani Total Gas (down 0.61%) edged lower.
Stocks in Spotlight:
Tata Consultancy Services (TCS) shed 0.16%. The company announced that Central Bank, a leading Midwest regional bank, will use TCS BaNCS to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.
Aurobindo Pharma gained 2.89% after company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC.
Yes Bank rose 0.22%. The Bank said that it has concluded the transfer of exposure of the bank in Katerra India Private to Prudent ARC, an asset reconstruction company, and has received cash consideration of Rs 203.40 crore in relation to the same.
GPT Healthcare gained 3.07% after the company’s consolidated net profit jumped 37.37% to Rs 11.47 crore in Q3 FY24 as compared with Rs 8.35 crore in Q3 FY23. Revenue from operations increased 3.88% YoY to Rs 96.59 crore in the quarter ended 31 December 2023.
Time Technoplast rallied 6.64% after the company received approval from Petroleum and Explosives Safety Organization (PESO) for manufacturing high pressure type-IV composite cylinder, prototype, for hydrogen.
Ramky Infrastructure shed 0.19%. The company announced that it has bagged two contracts worth Rs 216.65 crore from Greater Chennai Corporation, Chennai, Tamil Nadu.
Shakti Pumps (India) fell 2.52%. The submersible pump manufacturer announced that its board approved the qualified institutional placement (QIP) of upto Rs 200 crore at a floor price of Rs 1,272.09 per share. The company's board authorized and declared the opening of the issue on Tuesday, 19 March 2024.
IFCI rose added 0.61% The company board approved preferential issue of equity shares against capital infusion for the FY 23-24 aggregating upto Rs 500 crore to its promoter, Government of India.
Deccan Gold Mines (DGML) advanced 2.23% after the company announced that its subsidiary Deccan Gold Tanzania has discovered a gold block in the Nzega-Tabora Greenstone belt, Tanzania.
Housing & Urban Development Corporation (HUDCO) shed 0.93%. The company said that its board has approved to raise Rs 40,000 crore through issuance of bonds/debentures during financial year 2024-2025.
Himadri Specialty Chemical shed 0.17%. The specialty chemical maker announced that its board has approved acquisition of 40% of equity shares of Invati Creations for a total consideration of Rs 45.16 crore.
Global Markets:
European stocks tumbled while Asian stocks ended higher on Wednesday as traders brace for the latest monetary policy decision from the Federal Reserve. Japanese markets are closed for a holiday.
Wall Street's three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve's policy meeting conclusion on Wednesday for clues on interest rate policy.