Stock Market News Today Live Updates: Nifty Opens Above 23,650, Sensex Gains Nearly 500 Points; Urban Company Shares Rally 11%

• The government will review the IDBI Bank stake sale process in a meeting chaired by the Cabinet Secretary early next week, according to sources. DIPAM and key ministries are expected to attend.
• Officials will consider whether to restart the sale process with a fresh bid or defer it amid market volatility linked to the Iran conflict.
• Financial bids received were below the government’s reserve price. A decision is likely next week.
• The government holds 45.48% in IDBI Bank, while LIC owns 49.24%. The Centre remains committed to divesting its stake in FY27.

Akshay Chinchalkar of The Wealth Company said the 24,655 level remains an upside hurdle. He sees the next resistance zone at 23,700-23,845 and support in the 23,325-23,512 range.

• Edward Yardeni said a likely fertiliser shortage could raise inflation concerns.
• He said gold could reach $6,000 an ounce by the end of this year and $10,000 an ounce by the end of the decade.
• Yardeni said the US economy continues to perform well, while markets are down 4-5% as valuations adjust to higher oil prices.
• He added that tankers are likely to be allowed through the Strait of Hormuz and said markets have remained steady during the conflict.

• MMTC rose as much as 14.3% to Rs 60.77, extending gains for a second trading session.
• Trading volume was nearly 60 times the 20-day average, according to Bloomberg data.

• Jaiprakash Power Ventures rose as much as 11.9% to Rs 15.64, extending gains for a second straight session.
• The stock moved higher after the NCLT approved the takeover of Jaiprakash Associates.
• Jaiprakash Power Ventures is a subsidiary of Jaiprakash Associates, a flagship company of Jaypee Group.
• Trading volume was more than 10 times the 20-day average, according to Bloomberg data.

• DEE Development Engineers fell as much as 10% to Rs 282.50, ending a two-day gaining streak.
• The company said the conflict in West Asia has disrupted export orders and domestic supply commitments after the closure of the Strait of Hormuz.
• DEE invoked force majeure for shipments to West Asia that may face delays.
• The company said its manufacturing operations remain intact and its order book is healthy, while management expects limited impact on overall performance.

• Urban Company rose as much as 11.3% to Rs 122.6 on Wednesday.
• Trading volume was nearly 16 times the 20-day average, according to Bloomberg data.
• The stock is up 6% over the past five days and down 2% over the past 30 days.
• On Tuesday, the shares had fallen as much as 5.3% after about 3.5 crore shares changed hands on the NSE.

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• The Sensex rose up to 0.6% or 472 points to 76,545.
• The Nifty 50 gained 0.6% to reach 23,726 at the open.

• Nifty is above 23,600 in early pre-market trade.
• Sensex is higher by more than 200 points before the opening bell.

The rupee began the session at 92.42, compared with Tuesday’s close of 92.37.

• Jefferies has maintained its Buy rating on HDB Financial but reduced the target price to Rs 900 from Rs 920.
• The brokerage expects gradual improvement in growth, with demand in Q4 remaining firm and AUM growth seen at 16–18% in FY27.
• It expects steady NIMs despite a slight increase in funding costs.
• Collections have improved, and credit cost may ease to 2.4% in the near term and decline further.
• Management expects ROA to rise to 2.5% by FY28, and Jefferies views valuations as reasonable after the recent pullback.

• Nomura has maintained its Buy rating on Indian Hotels but reduced the target price to Rs 800 from Rs 830.
• The brokerage expects limited impact from the ongoing conflict on Q4 performance.
• It sees 13–14% EBITDA CAGR for FY26–FY28 as reasonable and notes the stock’s valuations remain attractive.

Positive

• Adani Enterprises: NCLT approves takeover of Jaiprakash Associates.
• Varun Beverages: To acquire Crickley Dairy for Rs 131 crore.
• Clean Max Enviro: Reports strong Q3 performance.
• HCL Tech, Religare: Promoter purchases reported.
• Urban Co: SBI MF acquires 4% stake.
• Ceigall, AB Infrabuild, CESC: Win new orders.
• Strides Pharma: Subsidiary acquires multiple generic brands from Sandoz.
• Shree Cement: Selected as preferred bidder for limestone block in Andhra Pradesh.
• Tata Steel: Board approves merger of Neelachal Ispat Nigam.
• Thomas Cook: Board to meet on 20 March for restructuring proposal.
• Godrej Properties: Buys land parcel in Whitefield, Bengaluru.
• Wipro, Hexaware: Announce AI partnerships.
• ACME Solar: Subsidiary commissions Gujarat power project.
• CARE Ratings: Approves JV with Vestian Global Workplace Services.
• IRCON: Patna High Court’s previous tax-related orders stayed.
• Indiqube Spaces: Promoters buy 1.14 lakh shares over the past month.
• Redtape, Westlife Foodworld, Jindal Stainless: Promoter buying reported.
• Knowledge Marine & Engineering Works: Borowing limit increased.

Negative

• Aurobindo Pharma: Subsidiary receives nine USFDA observations for Bhiwadi plant.
• Kirloskar Ferrous, Kirloskar Brothers, Dee Development Engineers: Operations affected by LPG disruption and export impact.
• Swan Defence: Promoter to sell 5% stake via OFS.
• Anand Rathi Share and Stock Brokers: Fraud reported involving off‑market transfer of shares.
• JK Cement: Subsidiary receives notice from J&K Legal Metrology Department.
• HMA Agro Industries: Company warns against fraudulent website copying its identity.

• Goldman Sachs has maintained its Buy rating on L&T but lowered the target price to Rs 4,420 from Rs 4,950.
• The brokerage factors in near-term uncertainty and expects revenue and margin impact.
• It sees medium-term prospects as unchanged, though some project deferrals are likely due to the ongoing conflict.

• Japan’s exports increased 4.2% year-on-year in February.
• Shipments to China fell 10.9%, and exports to the US declined 8%.
• The value of auto exports to the US, Japan’s largest export category, dropped 14.8%.

• The price band is set at Rs 372–392 per share.
• The IPO will run from 24 March to 27 March.
• The issue size is Rs 409 crore, including a fresh issue of Rs 285 crore and an offer for sale of Rs 124 crore.
• Listing is scheduled on BSE and NSE on April 2.

• Saurabh Mukherjea said recent market correction has created value in large-caps, including Asian Paints.
• He noted interest in export-focused sectors such as pharma, intermediates, and textiles due to currency advantages and supply shifts away from China.
• He added that domestic themes like diagnostics and hospitals remain resilient.
• Mukherjea also cautioned about asset quality pressure in banks and NBFCs, saying one large private bank may need support this year.

Read the full story here.

• Hong Kong’s Hang Seng Index is at 25,951.66, up 83.12 points.
• Shanghai Composite is at 4,055.016, higher by 5.109 points.

• Brent is down $1.15, or 1.11%, at $102.27 a barrel.
• WTI has dropped $1.54, or 1.6%, to $94.67.
• US crude stocks increased by 6.56 million barrels for the week ended 13 March, Reuters reported on Wednesday quoting market sources.

• South Korea’s Kospi is up 2.8%, and the Kosdaq has risen 1.66%.
• Japan’s Nikkei 225 is higher by 1.38%, and the Topix is up 0.95% after February exports rose 4.2% year-on-year.
• Australia’s S&P/ASX 200 is flat in early trade.

• GIFT Nifty is at 23,639 in early trade.
• This is above Tuesday’s Nifty 50 close of 23,581.15.
• The futures level indicates a possible gap-up start for the index.