Closing Bell: Nifty snaps 10-day losing streak, ends above 22,300; Sensex rises 740 pts

Indian equity indices ended on strong note with Nifty above 22,300 on March 5, breaking 10 consecutive session losing streak. At close, the Sensex was up 740.30 points or 1.01 percent at 73,730.23, and the Nifty was up 254.65 points or 1.15 percent at 22,337.30.

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.

Emerging markets, including India, witnessed a relief rally, supported by a weakening US dollar. This upward momentum occurred despite the imposition of US tariffs on Mexico, Canada, and China, as well as the looming threat of retaliatory measures. While the long-term consequences of the ongoing trade conflict remain uncertain, elevated US inflation in the near term could reduce the likelihood of an interest rate cut.

Domestically, broad-based buying was observed across sectors such as Auto, Metals, and IT, driven by bargain-hunting opportunities. However, the sustainability of this recovery remains uncertain amid escalating global trade tensions and their potential long-term economic ramifications.

Nifty witnessed a solid rebound as the 21,800-22,000 zone provided strong support. The index has moved up after two days of sideways trading. Besides, the RSI is in a bullish crossover and has risen from the oversold zone.

In the short term, the trend is likely to remain strong, with the potential to rise towards 22,700 and higher. On the lower end, support is placed at 22,100/22,000.

Strong global market cues led the recovery in domestic indices as talks that Trump administration could reverse some tariffs amidst the ongoing global trade tensions buoyed sentiment. Also, local factors such as increase in February PMI index, a sharp fall in rupee, and downtrend in crude oil prices triggered massive buying in the beaten-down technology, realty and telecom shares.

However, as the recovery remains fragile due to global uncertainty and FIIs showing no signs of halting the selloff trend, market could remain volatile going ahead.

The Indian rupee strengthened for the third consecutive day, aligning with regional currencies as risk assets surged, while the safe-haven dollar weakened due to falling U.S. Treasury yields. Expectations of earlier rate cuts, driven by decreasing inflation and concerns over economic growth, further bolstered the rupee's momentum.

In the near term, the spot USD/INR has support at 86.42 and resistance at 87.55.

The Bulls made a strong comeback today, with the Index steadily moving northward, compounding its gains at regular intervals. All sectors finished in the green, with the Metal and Media sectors emerging as the top performers. The Broader markets outperformed the Frontline Index, as Midcaps and Smallcaps gained over 2% each.

Technically, the Index formed a strong bullish candlestick pattern, suggesting a continuation of the current trend (assuming no major disruptions, such as a worsening of the tariff war). The immediate support level for the Index is seen at 22,200, while 22,500 will act as a key resistance level.

Indian rupee closed 31 paise higher at 86.96 per dollar on Wednesday versus Tuesday's close of 87.27.

Indian equity indices ended on strong note with Nifty above 22,300 on March 5, breaking 10 consecutive session losing streak.

At close, the Sensex was up 740.30 points or 1.01 percent at 73,730.23, and the Nifty was up 254.65 points or 1.15 percent at 22,337.30. About 3116 shares advanced, 734 shares declined, and 85 shares unchanged.

Adani Ports, Power Grid, M&M, Tata Steel, Adani Enterprises were among major gainers on the Nifty, while losers were Bajaj Finance, HDFC Bank, Grasim Industries, IndusInd Bank and Shriram Finance.

All the sectoral indices ended in the green with PSU Bank, media, telecom, metal and power indices rose 3 percent each.

BSE Midcap and Smallcap indices added 2.5 percent each.

Indian Rupee gained by 28 paise on sharp pullback in domestic equities and a weak US Dollar. A decline in crude oil prices too supported the Rupee. US Dollar fell to a three-month low amid trade tariff uncertainties.

We expect Rupee to trade with a slight positive bias on weakness in the US Dollar and a decline in crude oil prices. Any extended recovery in the domestic markets may also support the Rupee. However, FII outflows may cap sharp gains. Uncertainty over the trade tariff issue may further pressurise the Rupee.

Traders may take cues from ISM services PMI and ADP non farm employment data from the US. USDINR spot price is expected to trade in a range of Rs 86.75 to Rs 87.20.

The company has announced a deal to acquire a 60.3% stake in AiCitta Intelligent Technology, a company engaged in R&D and the manufacture of unmanned ground vehicles (UGVs).

The Sensex was up 736.72 points or 1.01 percent at 73,726.65, and the Nifty was up 253.95 points or 1.15 percent at 22,336.60. About 3019 shares advanced, 595 shares declined, and 70 shares unchanged.

#1 Strong C&W demand uptick thus far in Q4; exports shaping up well

#2 Indian C&W would have upside from import tariff imposition by US on peer countries

#3 Polycab expects exports to form >10 percent of top line in the next five years

#4 Scaling cable business has long gestation

#5 Wires though have lower approval process but require relationships with electricians

#6 Investment of Rs 18 billion forms 10 percent of the current C&W industry/ 3-4 percent of the C&W industry in FY31

#7 C&W EBIT Margin: expected in 12-14 percent range in the near term; 11-13 percent range in the long run

#1 Adani Wilmar announces acquisition of top brands

#2 Among top 3 players in North India in ketchup, sauces, pickles, jams

#3 This adds a margin accretive portfolio to company's fast-growing foods business

#4 Management’s strategy to play in wider packaged foods space beyond oils

#5 Overall EBITDA accretion from acquisition is limited

The Sensex was up 709.23 points or 0.97 percent at 73,699.16, and the Nifty was up 244.80 points or 1.11 percent at 22,327.45. About 2958 shares advanced, 618 shares declined, and 68 shares unchanged.

#1 Growth outlook steady; RoA likely to improve to 1 percent

#2 Valuations attractive at 0.52x FY26 BV

#3 Expect a healthy 22 percent CAGR in total income over FY25-27 amid limited downside in margin & steady loan growth

#4 Estimate bank to retain its NIM at 3.4 percent

#1 Focus likely to intensify on capital allocation plans

#2 Annual FCF generation likely to top Rs 500 billion by FY27

#3 High-cost debt largely paid up; leverage in comfortable zone

#4 Capital allocation would be the key monitorable for Bharti

#5 Build in FY24-27 CAGR of 15 percent/19 percent in Bharti’s consolidated revenue/EBITDA

The company's subsidiary, ONGC Green, has acquired a 100% equity stake in PTC Energy for Rs 925 crore. PTC Energy is engaged in the renewable energy business and has an aggregate operational wind generation capacity of 288.80 MW. Further, PTC Energy operates 157 wind turbine generators (WTGs) across all its wind farms.

Bharat Heavy Electricals (BHEL, Trichy) has notified Welspun Specialty Solutions as the L1 bidder for the supply of 4,050 tons of stainless steel seamless boiler tubes for a series of supercritical thermal power projects. The total supply contract value will be Rs 231.77 crore.

#1 Sales remain muted, but management expects a March boost as seasonal stocking begins

#2 INR depreciation raised import costs, prompting price hikes on some products

ABB Motion has announced a strategic investment through ABB Motion Ventures in the AI start-up UptimeAI, aiming to transform how industrial customers manage the health and performance of motors, drives, and related assets. The transaction consists of ABB taking a minority stake in UptimeAI.

The Sensex was up 824.19 points or 1.13 percent at 73,814.12, and the Nifty was up 274.65 points or 1.24 percent at 22,357.30. About 2941 shares advanced, 584 shares declined, and 81 shares unchanged.

Anand Balakrishnan has resigned as Managing Director and Chief Executive Officer of the company, effective May 31, 2025.

The Competition Commission of India has unconditionally approved the acquisition of a 72.8% stake in Orient Cement by Ambuja Cements.

The company has received a Letter of Acceptance for a project worth Rs 729.82 crore from HPSEBL. The project involves the development of distribution infrastructure at the Central Zone of Himachal Pradesh under the Revamped Reforms-based and Results-linked Distribution Sector Scheme (Loss Reduction Work).

#1 Varun Beverages' price correction stems from concerns over Campa's aggressive pricing, distribution, & marketing

#2 Early feedback is mixed, with the brand gaining traction mainly against local rivals

#3 Closely monitor developments but find share price correction exaggerated

#4 Valuation at 45x 1-year forward PE appears attractive in the context of growth

#5 A strong summer season as a key ST trigger

The board has approved the appointment of Mr. Ambarish Kenghe as Group Chief Executive Officer of the Company, forming part of the Key Managerial Personnel of the Company.

The Board of Directors has fixed Tuesday, March 11, 2025 as Record Date for the purpose of payment of Interim Dividend on Equity Shares for the Financial Year 2024-25.

Jeyendran Jayaseelan has resigned from his position as Chief Financial Officer of the company. He will cease to be associated with the company effective March 25, 2025.

The company has announced a deal to acquire a 60.3% stake in AiCitta Intelligent Technology, a company engaged in R&D and the manufacture of unmanned ground vehicles (UGVs).

The company plans to commission a comprehensive Oncology Centre, including India's first Proteus One Proton System along with ancillary equipment, over the next three years at a cost of Rs 250 crore.

The company's subsidiary, Intermetal Engineers (India), has executed a Share Purchase Agreement with Ashwath Technologies (Ashwath) and the existing shareholders to acquire 100% of Ashwath's shareholding for Rs 14 crore.

The Sensex was up 841.35 points or 1.15 percent at 73,831.28, and the Nifty was up 285.65 points or 1.29 percent at 22,368.30. About 2939 shares advanced, 531 shares declined, and 88 shares unchanged.

Shares will be allotted in the ratio of 1:3 (1 equity share will be allotted for every 3 fully paid up shares).

The Issue will open on Friday, 21st March, 2025 and will close on Wednesday, 02nd April, 2025.

Rights issue price to be Rs. 46 per share.

The Competition Commission of India has approved the acquisition of KSK Mahanadi Power Company by the company.

#1 Company’s largest ever deal signing of USD1.6 bn provides greater rev growth visibility in FY26

#2 Improve its positioning in travel vertical & open doors to more such large deal wins in future

#3 This also reflects Coforge's ability to gain share irrespective of demand environment

The Sensex was up 615.04 points or 0.84 percent at 73,604.97, and the Nifty was up 208.00 points or 0.94 percent at 22,290.65. About 2817 shares advanced, 575 shares declined, and 96 shares unchanged.

#1 Land rover US Retail sales grown 79 percent YoY to 11.9k units

#2 Mix of high margin models at 76 percent vs 78 percent in December Land Rover incentives grows 69 percent YoY

#3 This compares to +73 percent & +150 percent YoY in Jan'25 & Dec'24, respectively

#4 Jaguar sales grows 2 percent YoY to 975 units

#5 US forms 23 percent of JLR's sales in FY24

#6 EU commissions industry action plan on March 5 will be a key item to watch

#7 Flexibility in CO2 regulations will be a positive for JLR

The market recovered from the lower levels, however, this recovery was not encouraging, which could have soured the sentiment if there was no support from the global markets. However, if we consider the broad structure of the market then the indices are trading near the key support zones 22000/72800 and 21800/72300.

If the market recovers sharply after touching the lows of 21800/72300, then we may see a strong reversal of the recent sell-off seen from the highs of 23800/82300. A close below 21800/72300 will be negative for the market as in that case the chances of touching 21500/71500 would become bright.

The strategy should be to buy selective stocks at current levels and buy more on dips with a medium-term outlook. Resistance will be at 22200/73400 and 22500/74300.

IIFL Facilities Services acquired a 4.38% stake in the company at an average price of Rs 728 per share, from Thai Union Asia Investment Holding, amounting to Rs 435.15 crore.

The company announced total sales of 3,600 units in February 2025, growing 46.28% over the 2,461 units sold in February 2024.

The company has received a Letter of Acceptance for a project worth Rs 729.82 crore from HPSEBL. The project involves the development of distribution infrastructure at the Central Zone of Himachal Pradesh under the Revamped Reforms-based and Results-linked Distribution Sector Scheme (Loss Reduction Work).

The Building & Factories (B&F) vertical of Larsen & Toubro has secured significant orders from a reputed developer to construct Residential Towers in Mumbai, Bangalore, and Chennai. All the projects are to be executed within stringent timelines.

Muthoot Microfin has received approval to conduct Aadhaar enabled e-KYC for customer onboarding. With this, the company is set to introduce fully digital eKYC, enabling a seamless and paperless onboarding experience for rural women entrepreneurs, Joint-Lending Groups (JLGs), and other underserved communities across India.

The company has received a letter from IFCI regarding the non-achievement of Milestone-1 as per Schedule M of the Programme Agreement dated July 28, 2022.

The company is actively engaged with the relevant authorities in this regard and is in the process of filing an appropriate response. The company's subsidiary, Ola Cell Technologies, has entered into a Programme Agreement with the Ministry of Heavy Industries for availing of the Production Linked Incentive Advanced Chemistry Cell (PLI ACC) scheme.