Closing Bell: Sensex gains 65 pts, Nifty ends near 22,400; Insurance stocks surge 1-3%, wind players slump 3-5%

The Sensex was up 49.90 points or 0.07 percent at 73,856.05, and the Nifty was up 27.20 points or 0.12 percent at 22,405.60. About 1,198 shares rose, 2,214 declined, and 110 were unchanged.

Among sectors, banks, energy, infra, and pharma rose while information technology, metals, FMCG, and automobile remained under pressure.

On the stock-specific front, NTPC, HDFC Life and Power Grid were the top gainers while JSW Steel, Eicher Motors and M&M were the worst hit.

Oil prices are expected to drift higher following the widely expected extension of voluntary output cuts by the oil cartel. OPEC+ announced it would indeed extend the 2.1mbpd cuts through to the end of June with Russia promising to strengthen its role. Russia announced an additional 471kbpd of cuts in April, made up of 350kbpd of production cuts and 121kbpd of export cuts, then 400kbpd of cuts in May with 71kbpd of export cuts followed by all the additional cuts coming from output in June. WTI records 4.5% weekly gains as the tightness in the physical market continue to push crude oil higher.

Crude oil is looking strong in short term amid the extension of production cuts from the alliance along with continued maritime attack from Houthis on British and US cargoes but expect a sharp selloff in prices once the temporary ceasefire is executed ahead of Ramzan in the middle east region. WTI April is having support of $78, while we expect oil prices to cap around $82.50

Feb’24 2W wholesale volumes grew by strong double digits, above our expectations due to more-than-anticipated retails (up 13%) and channel filling (especially Honda 2Ws). PVs grew in low double digits. CV volumes declined a bit, coming slightly above our expectations due to much better LCV volumes. Tractor volumes declined in double digits, below our expectations due to higher channel correction.

Ahead, we expect good volume trajectories for 2Ws/PVs with the wedding/ festival seasons and a rise in the government’s pre-election spending. CVs and tractors would be muted in the near term due to the high base. We retain our optimistic view on the auto sector. Our preferred OEM picks are Hero MotoCorp and Escorts Kubota.

The Sensex was up 119.27 points or 0.16 percent at 73,925.42, and the Nifty was up 35.30 points or 0.16 percent at 22,413.70. About 1,196 shares rose, 2,199 fell, and 110 were unchanged.

After a sharp surge in the counter, BHEL's market cap is now close to Rs 1 lakh crore. The gains were amid speculations of the company bagging a large order, however, BHEL has clarified that it has not received any order from NTPC.

USDINR CMP- 82.90 (spot) Indian Rupee remained flat on Monday. Rupee opened higher on weak Dollar and positive domestic markets. However, it lost its initial gains on reports of Dollar buying by PSU banks. US Dollar eased extending Friday’s losses amid disappointing economic data from US and positive global equities. US ISM manufacturing PMI contracted for the 16th consecutive month and fell to 47.8 in February 2024 vs 49.1 in January 2024. University of Michigan Consumer Sentiment fell to 76.9 in February 2024 vs initial estimates of 79.60. US construction spending declined by 0.2% in January 2024 in contrast to an increase by 1.1% in December 2023. This raised odds of a rate cut by the Fed in June 2024 FOMC meeting.

We expect Rupee to trade with a slight positive bias with a narrow range on rise in risk appetite in global markets and weak tone in the greenback. However, surge in crude oil prices may cap sharp upside. Any further Dollar buying by PSU banks or the Reserve Bank of India (RBI) may also weigh on the Rupee. Investors may remain cautious ahead of ISM services PMI and non-farm payrolls report from US later this week. Investors may also watch out for Fed Chair, Jerome Powell’s testimony to the Congress this week. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.10.

-Overweight Call, Target Rs 579 per share
-Co’s Price Cuts Should Help It Regain Market Share In Ceramics
-Spot LNG Prices Are Now Below $8.5/mmbtu & May Continue To Fall
-Fall In Spot LNG Prices Make Gas More Attractive Than Alternatives Like Propane
-Expect Global Gas Glut To Support Margins At Mid-cycle Levels
-Co Focuses On Regaining Market Share From Alternative Fuels

Gopal Snacks, also known as Gopal Namkeen, has launched an initial public offer to raise Rs 650 crore. The savoury snack maker's offer is purely an offer for sale of 1.62 crore shares and its anchor book will open on March 5. Read More

Stock Market LIVE Updates | Life Insurance companies trading with gains, HDFC Life up more than 3.5% on reports that IRDAI  may consider rationalising proposal about surrender value

Market at 2 PM

The Sensex was up 44.87 points or 0.06 percent at 73,851.02, and the Nifty was up 19.80 points or 0.09 percent at 22,398.20. About 1,186 shares rose, 2,184  declined, and 110 were unchanged.

MOIL shares surged 11.5 percent in trade on March 4 after the state-owned manganese ore mining company said its February production jumped 15 percent YoY.

MOIL achieved best ever February production of 1.51 lakh tonnes manganese (Mn) ore, higher 15 percent YoY, while sales at 1.56 lakh tonnes increased by 18 percent over the same month during the previous year.

During the financial year, up to February 2024, sales of 13.91 lakh tonnes have been achieved, scaling an impressive growth of 32 percent on-year.

The Securities and Exchange Board of India (Sebi) has directed mutual fund players to put in place an investor protection framework for those investing in Small & Mid Cap Schemes amid building up of froth in this space. The SEBI directive comes after the initial round of stress tests on Small Cap and Mid Cap Schemes with large assets under management (AUM) to see if they can manage huge redemptions in the event of a market downturn.

SEBI is looking to ensure that during phases of market downturns and the resultant surge in outflows, the first set of investors shouldn’t be at an advantage to leaving those staying invested with low liquidity.

BlackBuck, a logistics startup backed by Flipkart, is looking to go public in the next fiscal year aiming to raise as much as $300 million, said two people aware of the development.

“They recently appointed merchant bankers and lawyers to advise on their proposed initial public offering (IPO) and have started work on the preparation of their draft red herring prospectus. They are looking to file the DRHP with the full FY24 financial numbers. The company is looking to hit the market with its IPO in the second half of FY25,” said one of the sources cited above.

Started in 2015, BlackBuck, run by Zinka Logistic Solutions Pvt Ltd, is a B2B online trucking platform that connects companies looking to ship goods with truckers and vice versa. It also has a services business that sells GPS tracking devices, FASTags and fuel cards. Read More

Winemaker Sula Vineyards' stock rose 2% on March 4 after it announced new tasting room close to Nashik airport, likely record harvest in 2024 and also achieved a notable "global digital milestone".

In a stock exchange filing, Sula Vineyards said it is all set to open its first-ever tasting room and bottle shop outside its wineries in Q1FY25. "The new tasting room, Sula’s fourth, is strategically located on the Mumbai – Agra highway close to Nashik Airport and HAL Ozar, thus catering to the fast-growing demand from the regions north and east Nashik," the firm said on March 4.

Sula CEO Rajeev Samant said: "This marks a significant step for Sula - our first Tasting Room outside our own winery premises, the start of a new chapter where we envision more Sula Tasting Rooms opening across the country. Plans are already in the works to open a fifth Tasting Room in the second half of FY25.”

The Sensex was up 40.85 points or 0.06 percent at 73,847, and the Nifty was up 21.60 points or 0.10 percent at 22,400. About 1,214 shares advanced, 2,139 shares declined, and 113 shares unchanged.

Amid steep discounts offered by EV makers, India’s electric two-wheeler (E2W) sales increased by nearly 24 percent Year-on-Year (YoY) to 81,963 units in February of 2024 and crossed 800,000 units in the 11-month period of FY24, as per the data available on Vahan portal. In February 2023, India’s EV two-wheeler registrations were recorded at 66,053 units and touched a high of 1,04,055 units in May 2023. Since the reduction of FAME-II subsidy in June, registrations went down to nearly 45,000 units, as per Vahan website. READ MORE

Indian alcoholic beverage (alcobev) companies are doubling down on premium spirits with new launches as young and aspirational drinkers drive double-digit growth in this category. Analysts said alcobev companies are focusing on driving growth through innovation and the introduction of products in the premium-to-luxury segment in the coming quarters. READ MORE

Shares of Bharat Heavy Electricals Limited (BHEL) surged over 14 percent to hit an over eight-year high of Rs 269.35 on the National Stock Exchange (NSE) amid heavy volumes on March 4 morning. A total of 15 crore shares had changed hands on BSE and NSE combined, way higher than the one-month average of of 4 crore shares. READ MORE

State-run Mahanagar Telephone Nigam Ltd (MTNL) and ICICI Home Finance plan to issue bonds worth Rs 956 crore on March 5, as per market sources. MTNL will raise up to Rs 556 crore, which includes Rs 356 crore in green shoe through 10-year government of India’s guaranteed bonds, and ICICI Home Finance will raise up to Rs 400 crore, which includes Rs 100 crore in greenshoe through 2-year-11-month-27-day bonds. READ MORE

JG Chemicals, a zinc oxide manufacturer, is tapping the primary markets with a Rs 251.19-crore public offer opening on March 5. The anchor book will open for a day on March 4. READ MORE

Global brokerage firm Morgan Stanley has shared an "overweight" rating on Larsen & Toubro (L&T) with a target price of Rs 4,106 a share, implying an upside of 12 percent from the current level after it won two defence contracts worth Rs 13,370 crore. READ MORE

Indian benchmark indices are trading flat as consolidation picks up at all-time high levels. For today's session, Rajesh Srivastava, a derivatives trader, expects Nifty to trade sideways while in short term, brokerages anticipate Nifty to remain positive and move towards 22,700 levels. READ MORE

Fish protein products manufacturer Mukka Proteins’ IPO was subscribed 22.57 times by March 4 morning, the final day of bidding. High net-worth individuals took the lead, subscribing 58.31 times their quota of shares. Retail investors picked 18.97 times the quota of shares and qualified institutional buyers 2.06 times their reserved portion. READ MORE

Adani Green Energy is planning to raise funds through U.S. dollar-denominated 18-year bonds, and has provided initial guidance of raising $409 million for a coupon of around 7.1 percent, two bankers said on Monday. This will be the Adani group's first dollar-denominated bond issue after a report by U.S. short-seller Hindenburg Research in January 2023 led to a sell-off in stocks and overseas-listed bonds of Adani group companies. READ MORE

Wind energy stocks traded lower on March 4 after reports suggested the government was weighing reverse auctions of wind capacity power. Suzlon shares fell more than 4 percent to an intraday low of Rs 41.75 per share on the NSE, while Inox Wind tumbled 5 percent to its lower circuit at Rs 552.65 per share. READ MORE

The Rs 423-crore IPO of RK Swamy IPO was subscribed 16 percent within first hour of opening on March 4. The retail portion was booked 70 percent and non-institutional investors had bid 14 percent of their allotted quota of shares. The comprises a fresh issue of 60.06 lakh shares worth Rs 173 crore and an offer-for-sale of 87 lakh shares worth Rs 250.56 crore. READ MORE

Global rating agency Moody's raised India's 2024 GDP growth estimate to 6.8% from 6.1%. Moody's also said it sees India's GDP growth at 6.4% in 2025 from earlier forecast of 6.3%. READ MORE

The benchmark index NSE Nifty 50 scaled to fresh life-time high of 22,440 on March 4 intra-day deals led by NTPC, Power Grid, BPCL, and Dr Reddy's

According to Agarwal, NIMs are expected to shrink due to anticipated decreases in repo rates, as downward rate cycles typically lead to their contraction. READ MORE

Shares of Paytm fell 3 percent in morning deals on March 4 amid reports that with less than two weeks to go for Paytm Payments Bank Limited (PPBL) to cease operations, the Reserve Bank of India (RBI) may take the unprecedented step of revoking the banking licence. If the RBI ends up revoking PPBL's licence, it would be the first time in over two decades that the banking regulator would take such an action.

The RBI on January 31 imposed business restrictions on Paytm Payments Bank, including a bar on accepting fresh deposits and doing credit transactions after March 15. The regulator found major irregularities in KYC, which exposed the customers, depositors and wallet holders to serious risks. The stock has taken a hit since the RBI crackdown.

Market at 10 AM

The Sensex was down 9.59 points or 0.01 percent at 73,796.56, and the Nifty was down 4.90 points or 0.02 percent at 22,373.50. About 1,221 shares rose, 1,946 fell, and 121 were unchanged.

March began with strong momentum, breaking out of the consolidation phase and signaling a continuation of the primary uptrend. Friday saw widespread buying, particularly among heavyweight stocks, with the banking sector finally joining the bulls party. With this, bears find themselves lacking substantial evidence to support their case, and in the near term, we'll probably witness a continuation of this upward momentum. However, on the indicators front, there's a noteworthy observation; while prices are reaching new highs, the momentum indicator RSI smoothed isn't following suit, indicating a 'Negative Divergence.' This serves as a warning to traders, suggesting caution and advising against aggressive bets. Recent market events have demonstrated that such complacency can lead to severe punishment, often with significant price corrections occurring unexpectedly.

Traders are therefore encouraged to adopt a "buy on dip" strategy and focus on individual stocks that will yield better returns. In this scenario, key levels to monitor would be 22250 and 22150 as immediate support levels. Additionally, the level of 21850 has gained significant respect after being defended for two consecutive Thursdays, suggesting that any major weakness would likely only occur if this level is breached. On the other hand, with the markets trading in uncharted territory, identifying key resistance levels becomes challenging. However, considering reciprocal retracements, levels around 22500 and 22630 are viewed as immediate resistance. Traders are advised to remain vigilant regarding these levels and adjust their trade set-ups accordingly.

Spot gold surged on Friday on disappointing US ISM manufacturing data (February) that showed that manufacturing orders, production, and employment contracted in February. Even University of Michigan’s consumer sentiment data was short of forecast. The US data released in the week ending March 1 were mostly not so encouraging.

Gold prices rose to the highest in a month on Friday as the US treasuries also rallied.

Spot gold closed with a gain of 1.94% at $2083 Friday. The ten-year US yields fell 1.74 % to 4.18% , whereas the two-year yields fell 1.94%. The US Dollar Index slipped around 0.26% to close at 103.89.

US yields gained further downward traction on Federal Reserve Governor Christopher Waller’s comments on Friday as he said he would like the central bank to boost its share of short-term Treasuries. Fed Bank of Chicago President Austan Goolsbee said that he believes the Fed funds rate is quite restrictive.

Spot gold is expected to be highly volatile this week as crucial US data like ADP , JOLTs job openings, ISM services and Friday’s nonfarm payroll data will be on tap. Apart from these data, investors will look forward to the Fed Chair Powell's testimony, too. They are expected to buy the dips towards $2065, the previous resistance, which will act as a support now. Next support is at $2050. Resistance is at $2090/$2100/$2135.

Biocon signed a settlement with Bayer & Regeneron Pharma for a patent infringement case. The agreement paves the way for the introduction of Yesafili in the Canada market.

Adani Ports shares hit a fresh lifetime high in early trade on March 4 after the ports operator recorded a 33 percent on-year jump in cargo volumes during the month of February 2024.

According to a filing with the exchanges, for the month of February 2024, APSEZ handled 35.4 MMT of total cargo, which is around 33 percent higher than volumes handled during the same period in the previous year.

While most ports observed a year-on-year jump in volumes, the Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.

Stock Market LIVE Updates | HDFC Bank gets a 'buy' call from HSBC with over 22% upside

Global brokerage firm HSBC shared a 'buy' rating on HDFC Bank with a target price of Rs 1,750 per share, implying an upside of 22 percent from the current levels. The positive call stems from the prospect of the stock offering returns in 15-29 percent compounded annual growth rate (CAGR) over FY24-27, said analysts.

The HDFC Bank stock has lost over 16 percent so far this year, as against a 2 percent drop in the benchmark Sensex. The shares of the private sector lender hit a 52-week low of Rs 1,363 on February 14, 2024.

HSBC analysts believe that HDFC Bank's expectations of high loan growth, and not deposits, are at core of the debacle. "Lowering the loan growth may actually be beneficial for the stock. It would be positive for its net interest margin (NIM) or return on asset (RoA) outlook," the brokerage firm said. Read More

Metals are on a rally but steel stocks seem to have failed to charm CLSA. The global brokerage maintains caution on the Indian steel sector, citing a shift in profit pool towards miners, anticipation of lower spreads compared to the past, and elevated valuations for stocks despite spread compression, not reflected in consensus estimates.

CLSA has downgraded Tata Steel to 'sell' from 'outperform' and cut the target price to Rs 135 from Rs 145. It also lowered the rating for JSW Steel to 'sell' from 'underperform' and revised the target to Rs 730 from Rs 810. Both the companies expected to see robust volume growth due to capacity expansion in the next two years. But, CLSA predicts lower margins due to weaker spreads.

The broker kept an 'underperform' rating on JSPL considering it's relatively better off due to margin expansion projects, even in the face of weaker industry spreads. A potential risk is a China-driven stimulus impacting its outlook. It raised the JSPL target price to Rs 840 from Rs 820 a share. Read More

The Sensex was up 157.00 points or 0.21 percent at 73,963.15, and the Nifty was up 46.70 points or 0.21 percent at 22,425.10. The Nifty also hit a record high, crossing an earlier high of 22,419.5.

Rupee opens at 82.86 /$ Vs Friday’s close of 82.90/$

The Sensex was up 101.12 points or 0.14 percent at 73,907.27, and the Nifty was up 25.60 points or 0.11 percent at 22,404.00.

It was a long and volatile week but markets managed to reclaim their record high, in continuation to the prevailing trend. The tone was downbeat in the initial sessions however a sharp recovery in the final trades completely changed the bias. Consequently, both the benchmark indices, Nifty and Sensex, settled around the week’s high at 22,378.40 and 73,806.10 respectively. The majority of key sectors participated in the move wherein metal, auto and banking were among the top gainers while IT and pharma traded subdued. Meanwhile, the broader indices underperformed for yet another week and ended on a flat note.

In the absence of any major event, participants will continue to take cues from the global indices. While the US markets have been inching gradually higher with every passing week, the tech-heavy index, Nasdaq Composite, has finally reclaimed its record high after over two years and that may provide the needed trigger for an up move in IT counters here also.

On the domestic front, we are now eyeing 22,800 in Nifty and expect banking, metal and IT to lead the surge. Traders should align their positions accordingly, with a focus on stock selection. In case of any intermediate dip, the 21,900-22,150 zone would cap the downside in the index. Amid all positivity, the price action in the broader indices shows indecisiveness thus traders should maintain extra caution in midcap and smallcap space and maintain strict stops in the existing positions.

Buy Call, Target Rs 1,750 per share
Believe That Expectations Of High Loan Growth, Not Deposits, Are At Core Of Recent Disappointments
Lowering Loan Growth May Actually Be Beneficial For Stock
Lowering Loan Growth Would Be Positive For NIM/RoA Outlook
Stock Offers Possible Returns Of A 15-29% CAGR Over FY24-27 From Current Levels

The market posted a record-high close on the strong GDP data on Saturday, and the Nifty ended above 22,400. It was the third week when Nifty closed at gain. The laggard index, bank nifty, has outperformed. Notably, Foreign Institutional Investors (FIIs) transitioned from being net sellers to buyers, while Domestic Institutional Investors (DIIs) continued to lead the market with purchases amounting to Rs. 8200 crore.

Global markets have been upbeat, with the Nasdaq rising by 2%, the S&P 500 by 0.95%, and the Dow Jones remaining relatively flat throughout February 2024. Moreover, US 10-year bond yields and the dollar index have moderated, providing further support to market sentiment. Key upcoming events, such as the release of the US ISM services PMI on March 5, 2024, testimony by US Fed Chair Powell, and the announcement of JOLTS job openings on March 6, 2024, along with the US unemployment rate on March 8, 2024, will be closely watched for their potential impact on market sentiment. Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum.

Domestically, attention will be focused on political developments leading up to parliamentary elections, with potential support for the Nifty Bank from FTSE flows.
The Nifty is resuming its bullish momentum after two months of consolidation. 22500 is an immediate target level, while 22750 is the next target level. On the downside, 22200–22000 will now act as a strong demand zone.

Banknifty is gaining momentum and is likely to outperform from here. 47500 is an immediate hurdle; above this, we can expect a move towards 48000/48800 levels. On the downside, 46600–46300 will act as a strong support zone. On the derivatives front, the long exposure of FIIs in index futures stands at 35%, whereas the put-call ratio is sitting at the 1.33 mark, suggesting a bullish bias.

Nifty opened with a gap up and traded sideways in the special trading session conducted by the Stock Exchanges on 2nd March, closing 40 points higher at 22,378. The India VIX known as the fear indicator, fell 1.59% on an intraday basis and closed at 14.99, giving comfort to the bulls.

Heavy put writing was observed at the 22,000, 22,100 & 22,200 Strike in Nifty. Nifty was facing strong resistance around the 22,250 level since 21st February. The put writers (Bulls), finally, dethroned the call writers (Bears) from the 22,200 Strike, which led to a sharp move upside. The 22,300 Strike saw significant put writing too. The call writers have sizeable positions at 22,400 strike and hence the option activity at this strike will provide cues about Nifty’s future direction.

Bank Nifty closed flat at 47,287. Heavy put writing was observed at the 46,500 & 47,000 Strike in Bank Nifty. The bulls dethroned the bears from the maximum call open interest strike of 47,000 in the Index. The option activity at the 47,400 Strike followed by an intraday breakout above this level can drive a fresh leg of rally in Bank Nifty.

-Downgrade Tata Steel To Sell From Outperform, Target Cut To Rs 135/Sh From Rs 145/Sh
-Downgrade JSW Steel To Sell From Underperform, Target Cut To Rs 730/Sh From Rs 810/Sh
-Maintain Underperform Call On Jindal Steel Power, Target Rs 840/Sh
-Believe JSPL Is Relatively Better Off, As Weaker Ind Spreads Will Be More Than Offset
-Weaker Ind Spreads Will Be More Than Offset By Margin Expansion Projects
-Profit Pool In India Should Incrementally Move Towards Miners From Converters
-Profit Pool In India Should Move Incrementally As Steel Capacity Addition Picks Up Pace
-Consensus Estimates Are Not Factoring In Spread Compression

Strong action will continue in the primary market in the week starting March 4, as eight initial public offerings (IPOs) are set to open for subscription, and seven companies are scheduled for listing on the bourses. The cumulative funds to be raised by the eight IPO-bound companies will be Rs 1,483.2 crore.

IPOs of RK Swamy, JG Chemicals, Gopal Snacks, V R Infraspace, Sona Machinery, Shree Karni Fabcom, Koura Fine Diamond Jewellery and Pune e-Stock Broking will open for subscription. On the other hand, Platinum Industries, Exicom Telesystems, Bharat Highways Infrastructure Investment Trust, Mukka Proteins, Owais Metal and Mineral Processing, Purv Flexipack, and MVK Agro Food Product willl debut exchanges.

Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations.

Brent futures was 28 cents, or 0.3% higher, at $83.83 a barrel at 0134 GMT, while the U.S. West Texas Intermediate (WTI) rose 20 cents, or 0.3%, to $80.17 a barrel.

The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to cushion the market amid global economic concerns and rising output outside the group, with Russia's announcement surprising some analysts.

Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.

Foreign institutional investors (FIIs) net sold shares worth Rs 81.87 crore, while domestic institutional investors (DIIs) sold Rs 44.71 crore worth of stocks on March 2, provisional data from the NSE showed.

In currency markets, the U.S. dollar drifted weaker on Monday, pressured by lower Treasury yields, as traders waited for more crucial economic data for fresh clues on the timing of Federal Reserve interest rate cuts.

The euro was firm following Friday's 0.33% advance, with a European Central Bank policy decision looming on Thursday.

The yen stuck near the closely watched 150 per dollar level, as investors tried to assess whether the Bank of Japan's exit from its negative interest rate policy could happen as soon as this month.

The dollar index - which measures the currency against six major peers, including the euro and yen - eased 0.07% to 103.79 in early Asian trading, bringing it closer to the bottom of the 103.43-104.97 range of the past month.

The index lost 0.26% on Friday following some weak manufacturing and construction spending data.

Asian share markets firmed on Monday as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.

All eyes will be on Federal Reserve Chair Jerome Powell when he testifies before lawmakers on Wednesday and Thursday, though analysts assume he will stay in wait-and-see mode on policy given recent upside surprises on inflation.

The February payrolls report on Friday could also shift the calculus with forecasts favouring a still-solid rise of 200,000 after January's barnstorming 353,000 jump.

The European Central Bank meets Thursday and is considered certain to keep rates at 4.0%, but also lower its outlook for inflation in a nod to eventual cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after snapping a five-week winning streak with a slight drop last week.

Japan's Nikkei climbed 0.8% to break 40,000 for the first time, having risen for five weeks straight.

The Nasdaq Composite reached a new high on Friday, surpassing its 2021 record. Investors believed that mega-cap technology stocks were the best way to play the slowing inflation and the upcoming boom in artificial intelligence.

The tech-heavy Nasdaq rose by 1.14% to 16,274.94, hitting a new high of 16,302.24 during the session. The index closed at its first record since November 2021 the day before. The S&P 500 also gained 0.80% to 5,137.08 for its first close above the 5,100 threshold. The Dow Jones Industrial Average increased by 90.99 points, or 0.23%, to 39,087.38.

Nvidia, the chipmaking giant that has led the tech rally by surging more than 260% over the last 12 months, gained another 4% on Friday. Meta also jumped more than 2% for the day.

Trends on the GIFT Nifty indicate a muted start for the broader index, with a fall of 25 points or 0.11 percent. The GIFT Nifty futures were trading around 22,503.50 level.

Benchmark indices NSE Nifty 50 and BSE Sensex extended the previous session’s gains and scaled new highs during the special trading session on March 2.

The 50-share NSE index made a new all-time high at 22,419.55 and closed 0.18 percent higher at 22,378.4. On the other hand, the 30-share Sensex hit a fresh 52-week high at 73,994.70 and closed the special trading session marginally up at 73,806.15.

The top gainers on Nifty 50 were Tata Steel, Hero Motocorp, Tata Motors, Adani Ports and JSW Steel, while the biggest laggards were Mahindra & Mahindra, Maruti Suzuki, NTPC, Sun Pharma and Nestle India.

All the broader market indices ended in the green, with Nifty Midcap and Smallcap indices rising over half a percent. The volatility index, India VIX ended 1.59 percent lower at 14.99.

Sectorally, Nifty Media, Nifty Metal, and Nifty Consumer Durabled ended over a percent higher. Bank Nifty settled flat at 47,297.50.