Stock Market Rebound, Nifty and Sensex Hit New Highs on March 6, 2024

Market news updates for March 6, 2024:

The Indian benchmark indexes, Sensex and Nifty, have rebounded from the last few days of declines by hitting new all-time highs on March 6, 2024. The Sensex rose 0.55% to 74,085.99, and the Nifty 50 rose 0.53% to 22,474.05. While the blue-chip indexes rose, the broader and more domestically focussed small- and mid-caps declined.

The major gainers were Kotak Mahindra Bank (2.30%), Axis Bank (2.21%), ICICI Bank (1.65%), Bajaj Auto (1.59%) and IndusInd Bank (0.77%), while the major losers were NTPC (-3.46%), ONGC (-2.96%), Adani Enterprises (-2.86%), Power Grid Corporation (-2.64%) and BPCL (-2.39%).

Fairfax India will invest up to ₹24 billion in IIFL Finance to help with its recent restrictions on its gold loan disbursements.

JM Financial declined 19% as RBI directed it to cease and desist from doing any form of financing against shares and debentures.

Tara Chand InfraLogistic Solutions Ltd rose 2% after announcing it had secured a 4.5-year contract from Steel Authority of India Ltd.

Bank of India invested ₹60.35 crore in the National Asset Reconstruction Company under preferential share issuance.

KPI Green Energy stock rose 2.5% after the company announced securing four new solar power projects.

V-Guard subsidiary VCPL commenced commercial production of kitchen appliances in Vapi, Gujarat, with an investment of ₹20 crore.

Atul Auto subsidiary, Atul Greentech, reported a loss of ₹437 lakh for the fiscal year 2022-23.

South Indian Bank Limited initiates a right issue of 1.51 shares for every four shares held, at a price of ₹22 per share.

Kaveri Seed Company's buyback of ₹325 crore will close on March 6, 2024.

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