Closing Bell: 10th straight day of loss for Nifty, Sensex down 96 pts; auto, IT drag, media, PSU banks gain

Indian equity indices ended on a negative note with Nifty below 22,100 on March 4. At close, the Sensex was down 96.01 points or 0.13 percent at 72,989.93, and the Nifty was down 36.65 points or 0.17 percent at 22,082.65.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The domestic market exhibited a recovery from today’s lows but remained in negative territory due to adverse global cues related to escalating global trade tensions. Nevertheless, the broader market outperformed, primarily driven by value buying opportunities in small-cap stocks. Currently domestic economic indicators are favourable while investors await clarity on global trades for a consistency in momentum.

Markets remained lackluster and ended marginally lower, extending the ongoing corrective phase. After an initial dip, Nifty gradually recovered, followed by a range-bound movement for the rest of the session. Sectoral trends were mixed, with energy, metal, and banking stocks gaining, while auto and IT sectors underperformed. A slight rebound in small-cap stocks improved market breadth, though mid-caps closed on a flat note.

Weak global cues continue to weigh on sentiment, but selective buying is limiting the downside. We maintain a cautious outlook on the index, with key support at the 21,800-22,000 zone. Among sectors, banking, financials, and metals are exhibiting relative strength, while others present a mixed trend. Traders should align their positions accordingly while managing risk with prudent position sizing.

Following a gap-down start, the Nifty remained bullish throughout the day. The index found support around 22,000 on a sustained basis. Though sentiment has not turned positive, there are signs that the index is finding support in the 21,800–22,000 zone.

In the short term, we might witness a recovery. However, a decisive fall below 21,800 could change the current equation.

Excessive pessimism and oversold conditions helped the Index recover quickly from its initial losses. The swift rebound in the Mid and Smallcap segments further pushed the Index higher, ultimately leading to a trade settlement at 22,082.65 with a loss of 36.65 points.

Among the sectors, Media and PSU Banks stood out as the top performers, while the Auto sector experienced the significant correction, followed by IT. The 22,000 level is expected to act as immediate support, with 22,260 seen as resistance. Additionally, formation of Bullish Engulfing candlestick pattern in the Mid and Smallcap segments suggests a potential trend reversal, indicating a shift in market sentiment.

Indian rupee ended 9 paise higher at 87.27 per dollar on Tuesday versus Monday's close of 87.36.

Indian Rupee traded flat with a negative bias on weak tone in the domestic markets. FIIs continue to remain net sellers, which also weighed on the Rupee. However, weak US Dollar index and a sharp fall in crude oil prices cushioned the downside. US Dollar fell on the ongoing trade tariff concerns and disappointing economic data from US. ISM manufacturing PMI data fell to 50.3 in February vs 50.6 in January and forecast of a rise to 50.9.

We expect Rupee to trade with negative bias on account of weakness in the domestic markets and continued FII outflows. Uncertainty over the trade tariff issue may further pressurise the Rupee. However, weak crude oil prices and weak tone in the US Dollar may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 87.10 to Rs 87.60.

Indian equity indices ended on a negative note with Nifty below 22,100 on March 4.

At close, the Sensex was down 96.01 points or 0.13 percent at 72,989.93, and the Nifty was down 36.65 points or 0.17 percent at 22,082.65. About 2133 shares advanced, 1673 shares declined, and 118 shares unchanged.

BSE Midcap index ended flat and Smallcap index rose 1.3 percent.

Bharat Electronics, SBI, BPCL, Shriram Finance, Adani Enterprises were among major gainers on the Nifty, while losers were Bajaj Auto, Hero MotoCorp, Bajaj Finserv, Nestle and Eicher Motors.

Among sectors, Auto, IT, Telecom, FMCG down 0.4-1 percent, while bank, Capital Goods, oil & gas, media and PSU Bank up 0.5-2 percent.

The Hon’ble National Company Law Tribunal, Bengaluru Bench (“NCLT”) has today, March 04, 2025 pronounced the order approving and sanctioning the Composite Scheme of Arrangement between Quess Corp Limited, Digitide Solutions Limited (“Digitide”) and Bluspring Enterprises Limited (“Bluspring”) and their respective shareholders and creditors (“Scheme”).

ICICI Securities re-initiated coverage on Adani Power with a target price of Rs 600, indicating a 23 percent upside from current levels.

#1 Neutral on Shree Cements

#2 Reduce rating on Dalmia, Nuvoco & ACC

#3 Pan-India: Trade prices increase Rs 3/bag MoM in March, prices in Q4FY25 up by Rs 6/bag QoQ

#4 Northern region: Trade prices increase by Rs 7/bag MoM in March, up Rs 15/bag in Q4FY25 QoQ

#5 Southern region: Trade prices increase by Rs 5/bag MoM in March, up Rs 3/bag in Q4FY25 QoQ

#6 Western region: Trade prices rise by Rs 4/bag in March, up Rs 2/bag in Q4FY25 QoQ

#7 Eastern region: Trade prices are flat MoM in March, up Rs 11/bag in Q4FY25 QoQ

#8 Central region: Trade prices remain flat MoM in March, up Rs 3/bag in Q4FY25 QoQ

Indian rupee is trading higher at 87.30 per dollar on Tuesday versus Monday's close of 87.36.

#1 Reiterates its disbursements & loan growth targets for Q4FY25 & FY26

#2 Implying Rs 2,400 crore disbursements in Q4FY25 & mid-teens loan growth in FY26

#3 e-registration situation in Karnataka continues to improve

#4 Telangana market remains tepid & will take longer to improve

#5 Can Fin expects to maintain NIM of 3.7 percent in near term

#6 Aided by gradual mix change & stable/improving borrowing costs

#7 Long-term guidance remains 3.5 percent

#8 Can Fin reiterates its FY25 credit cost guidance of 15 bps

#9 Implying near zero credit cost in Q4FY25, aided by improvement in SMA 0/SMA 1 ratios

#10 Retains its guidance of steady-state ROA of 2.1 percent vs 2.2 percent reported in 9MF25

The Board has approved a proposal for incorporating a wholly owned subsidiary in Germany to further its business prospects in Europe.

The company has incorporated its wholly owned subsidiary, Eximius Buildcon (EBPL). The Ministry of Corporate Affairs has issued a Certificate of Incorporation for the same.

Stocks in Europe retreated on concern the region could be next to face US tariffs after President Donald Trump imposed levies on Mexico, Canada and China.

#1 Motherson Sumi in multi year contract to supply Aerospace components

The Sensex was down 132.97 points or 0.18 percent at 72,952.97, and the Nifty was down 46.80 points or 0.21 percent at 22,072.50. About 1935 shares advanced, 1577 shares declined, and 123 shares unchanged.

#1 Risk-reward very compelling even assuming competitive impact

#2 Pricing scenarios suggest 5 percent-6.2 percent bear case EBITDA/EPS downside for CY25

#3 Capex as a percentage of sales peaked in CY23, we expect capex intensity to ease

#4 TAM remains very large & is growing; large upside for soft drink consumption

#5 Cut CY25CL-27CL earnings estimates 4-5 percent to reflect heightened competition

The meeting of board of directors of the company is scheduled to be held on Tuesday, March 04, 2025, to consider the proposal of alteration in the share capital of the company by sub-division/ split of the existing equity shares of the face value Rs 10 each, fully paid-up, in such a manner as may be determined by the Board of Directors subject to approval of the shareholders of the Company and any approvals, as may be required under applicable law.

Hariom Pipe Industries has received a Letter of Award (LoA) for solar power developer (SPD) for solar photovoltaic power generating stations of an aggregate capacity of 60 MW(AC) under “Mukhyamantri Saur Krushi Vahini Yojana 2.0".

HBL-Shivakriti consortium has received Letter of Acceptance from "Bhopal Division of West Central Railway” for an order worth Rs 148.44 crores (inclusive of GST at 18%) for provision of KAVACH in BinaItarsi- Jujharpur section, BPL-SHRN section and UP and DN flyover track from Jujharpur to

Powarkheda of Bhopal Division Over West Central Railway.

The company has decided to introduce an additional product in its existing Polyethylene (PE) pipe business to include pipes designed for the Gas Distribution industry for both public and private sectors.

Suzlon has secured a third order of 204.75 MW from Jindal Green Wind 1 Pvt. Ltd., a subsidiary of Jindal Renewables

Earlier, Suzlon secured two orders to power Jindal Steel’s plants in Chhattisgarh and Odisha, adding 702.45 MW of wind energy.

The company, on March 3, cancelled the agreement with TCM (formerly known as Travancore Chemical & Manufacturing Co.) for the development of a land parcel in Thrikkakara, Kochi.

The company had entered into the agreement on February 15, 2008. There is no material impact of the cancellation of the agreement on the financials, operations, or other activities of the company.

The electricity traded volume in February increased by 9% YoY to 9,622 million units (MU). The market clearing price in the Day Ahead Market (DAM) at Rs 4.38 per unit in February declined by 11% YoY. The Day-Ahead Market (DAM) volume grew by 14% YoY to 5,369 MU, and the real-time electricity market (RTM) volume rose by 23% YoY to 2,887 MU.

The Board will meet on March 7 to consider the proposal for a revision in the market borrowing program of the company for the financial year 2024-25.

The company announced the superannuation of Rajeev Gandotra, CEO of the Lighting and Acoustics Domain (LAS)-2, and the elevation of Vivek Jindal as the CEO for the consolidated LAS Domain.

Additionally, to strengthen technological leadership in advanced lighting solutions, Uno Minda has established a new R&D and engineering center in the Czech Republic.

The Board has appointed Mukhaddas as Chief Technology Officer of the company, effective March 4.

#1 CARE Ratings downgrades company to default from BB +

#2 CARE downgrades long-term bank facilities worth Rs 640 crore

Dipanshi Lunagariya has resigned as Chief Financial Officer of the company, effective March 3.

Sourav Kumar Dutta has resigned as Chief Technology Officer of the bank, effective March 3.

February 2025 saw divergent performance across segments and OEM’s. Tractor segment performance stood-out in an otherwise subdued performance in other segments. Domestic tractor volumes in February 2025 is estimated to have increased by mid-teens on a yoy basis. Tractor demand is driven by strong rabi sowing, led by higher water storage levels in major reservoirs and government support.

The passenger vehicle industry wholesale volumes is estimated to have grown in low-single digits yoy, led by channel filling. In the two-wheeler segment, the wholesale volumes declined amid demand moderation post festive season. In the commercial vehicle segment, the demand trends remained weak across most sub-segments.

The Sensex was down 147.76 points or 0.20 percent at 72,938.18, and the Nifty was down 47.00 points or 0.21 percent at 22,072.30. About 2181 shares advanced, 1256 shares declined, and 126 shares unchanged.

The company has received purchase order for the 20KWh Hybrid system for 35.84KWh capacity (comprising of batteries, battery racks, inverters, solar panels etc.) from Waaree Renewable Technologies on March 03, 2025, to be delivered within a period of 1-2 months.

The company's SPV Ashoka Karadi Banwara Road has received a provisional certificate for completion of 50.205 KMs in aggregate, out of total project stretch of 56.705 KMs of of NH-206 on Hybrid Annuity Mode under NHDP Phase-IV in the state of Karnataka (Package-II).

The company has received the Certificate of Incorporation for its subsidiary in Sri Lanka, namely CEAT OHT Lanka (Private) Limited.

The Sensex was down 121.43 points or 0.17 percent at 72,964.51, and the Nifty was down 40.15 points or 0.18 percent at 22,079.15. About 2276 shares advanced, 1079 shares declined, and 136 shares unchanged.

Zydus Lifesciences announced its focus on the development of a combination vaccine against shigellosis and typhoid.

Zydus will carry out early-stage development, animal immunogenicity studies and regulatory preclinical toxicology studies for this combination vaccine. The project is expected to get underway in March 2025, and is being supported by the Gates Foundation.

Solar Defence and Aerospace (formerly known as Economic Explosives Limited), a wholly owned subsidiary of Solar Industries India has signed a contract worth Rs 239 crores with Ministry of Defence, Government of India for Supply of Multi Mode Hand Grenade, to be delivered over a period of 1 year.

#1 Titan remains the preferred pick in the consumer space

#2 Rise in gold lease costs for smaller players strengthens Titan's competitiveness

#3 Lab-grown diamond concerns are not material

#4 Cut FY25-27 EPS by 3-4 percent due to higher lease costs (Trump's tariff) and near-term impact on jewellery demand from rising gold price

#1 China to levy tariffs on some US products including Chicken & Soyabean

#2 China adds 10 US firms to unreliable entity list

#3 China adds 15 US firms to export control list

Amazon India is considering shutting down its refurbished product category across all product lines in India, effective at the end of March 2025. Given Newjaisa's presence on the Amazon marketplace, this development, if implemented, is expected to have an impact on its business in the short term.

Additionally, Newjaisa has successfully partnered with one of the largest retailers in South India, which operates more than 400 outlets across the region.

#1 Strong launch momentum in the US over next 2 years

#2 Unlike peers, Lupin’s pipeline offers better visibility till FY27

#3 Building in 10 percent revenue/EBITDA CAGR over FY25-27

#4 It can be positively surprised with lower-than-expected competition built in existing base products

#5 Strong visibility till FY27 when peers’ earnings is going to deteriorate