3:07 pm Buzzing: Shares of Viceroy Hotels touched 52-week low of Rs 12.80, down 8.5 percent intraday.

Corporate Insolvency Resolution Process (CIRP) has been initiated in respect of the company, Hyderabad under the provisions of Insolvency and Bankruptcy Code by an order of National Company Law Tribunal with effect from March 12, 2018.

3:05 pm Europe Update: European edged higher, though lingering fears of a tit-for-tat global trade war capped gains. France’s CAC, Germany’s DAX and Britain’s FTSE gained 0.2-0.4 percent.

3:00 pm Market Update: Benchmark indices extended gains, with the Sensex rising 437 points or 1.34 percent to 33,033.54 and the Nifty gaining 119.15 points or 1.19 percent at 10,117.20.

Nifty PSU Bank index jumped 4 percent, Bank index gained 2 percent while Nifty Midcap rallied over a percent.

2:58 pm Policy Rate Cut unlikely?: The Reserve Bank is expected to keep policy rates on hold and maintain its neutral stance at the ensuing policy review meet early next month, says a Morgan Stanley report.

According to the global financial services major, although India’s economic growth is on an uptrend, recovery remains in an early stage, and this warrants a neutral stance.

“Considering the growth and inflation backdrop relative to the Monetary Policy Committee (MPC’s) assessment, we expect the MPC to remain on hold and maintain its neutral stance,” Morgan Stanley said in a research note.

The central bank’s next monetary policy review is scheduled for April 5. It had kept the policy rate unchanged in its February meeting on fears of inflation.

2:55 pm Debt Refinance: Sadbhav Infrastructure Project said its subsidiary Maharashtra Border Check Post Network (MBCPNL) has completed refinancing of its existing debt facilities with new debt taken from other lenders with revised terms and conditions.

Lenders reduced interest rates to 9.30 percent per annum from current level of 11.10 percent per annum and extended repayment pattern covering the majority balance concession period (debt to be repaid before March 31, 2030) and gave option to raise additional debt of up to Rs 520 crore.

2:48 pm Market Update: The market is on a strong footing as the Sensex is up more than 350 points on bargain hunting in banking & financials stocks.

The Nifty is inching towards 10,100 levels.

The Nifty PSU Bank is the biggest gainer among sectoral indices, rising nearly 4 percent while Nifty Bank gained 2 percent.

Midcaps also traded in line with frontliners, with the Nifty Midcap index rising a percent.

The initial public offering of ICICI Securities, the subsidiary of country’s largest private sector lender ICICI Bank, has been subscribed 74 percent so far on final day.

2:32 pm Fitch on Axis Bank: Axis Bank’s failure to honour a bank guarantee due to legal tangles does not amount to a default, and the third largest private sector lender’s ratings will not be affected, global ratings agency Fitch said today.

source: moneycontrol.com