Closing Bell: Nifty above 22,800, Sensex rises 1,131 pts; all sectors in the green

Indian equity indices ended on strong note with Nifty around 22,850 on March 18. At close, the Sensex was up 1,131.31 points or 1.53 percent at 75,301.26, and the Nifty was up 325.55 points or 1.45 percent at 22,834.30.

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.

The markets decisively broke out of a week-long consolidation, surging nearly 1.5% and reinforcing the recovery momentum. Nifty exhibited strong upward movement throughout the session, closing near the day's high at 22,834.30, with broad-based participation across sectors, led by real estate, auto, and banking. Broader indices also posted impressive gains of over 2%.

Looking ahead, the alignment between the benchmark index and banking majors supports further recovery, with Nifty eyeing the 23,100 level. However, global factors such as the Federal Reserve meeting and geopolitical uncertainties may introduce intermittent volatility. A 'buy on dips' strategy remains prudent, with a focus on sectors/themes that align with the prevailing market trend.

The Nifty has broken out of a seven-session consolidation, resulting in a strong upward move. Additionally, the index has moved above the critical 21 EMA on the daily chart, signaling a bullish short-term trend.

The RSI is also in a bullish crossover and rising, further supporting the positive momentum. In the short term, the index may move towards 23,150, while support is placed at 22,700 on the lower end.

Today, the Indian stock market closed on a positive note, with the BSE Sensex and NSE Nifty experiencing significant gains. The Sensex surged by approximately 1,131 points to close at 75,301, marking a 1.53% increase, while the Nifty rose by 325 points to 22,834, reflecting a 1.45% gain.

The rally was driven by positive global cues and anticipation of the US Federal Reserve's interest rate decision, which is expected to maintain current rates. Sector-wise, Realty, Auto, PSU Bank, and Metal led the gains with a 2% increase.

After shifting into a narrow range movement over the last 5-6 sessions, Nifty witnessed an excellent upside breakout on Tuesday and closed the day higher by 325 points. After opening with an upside gap, the market continued to move up for better part of the session. The upside momentum continued in the mid to later part and Nifty finally closed at the highs. The opening upside gap remains unfilled.

A long bull candle was formed on the daily chart, that has surpassed the crucial overhead resistance of around 22700-22800 levels (previous opening downside gap of 24th March and resistance as per change in polarity) and closed higher. Technically, this market action signals a decisive upside breakout of the important overhead resistance. This is positive indication.

The short-term trend of Nifty is positive. Having moved sharply above the hurdle, one may expect Nifty to advance towards the next resistance of 23100-23200 levels in the next few sessions (down sloping trend line). Immediate support is placed at 22700 levels.

The Indian rupee appreciated for the fifth successive day, achieving its most significant five-day percentage gain since March 2023. Robust economic data, optimistic market sentiment, and expectations of foreign fund inflows provided substantial support to the domestic currency.

In the near term, the USDINR spot rate has immediate support at 86.42 and resistance at 86.90. The technical outlook is becoming increasingly favorable for rupee bulls.

Buoyancy across global equities boosted the confidence of local investors which translated into value buying across the sectors. As markets were in a bearish mode over the past few weeks and valuations had become a bit attractive, investors seized opportunity in the beaten-down sectors. But the recovery would be difficult to hold on due to global challenges and fears of slowing domestic growth due to Trump's threat to impose tariffs on key economies including India.

The day was dominated by the Bulls, with the Index initially rising and then steadily compounding its gains to close higher at 22,834.30 with gains of 325.55 points. All sectors ended the trade in the green, with Media and Realty emerging as the top performers. The Broader markets outperformed the Frontline Index, as Midcaps and Smallcaps surged by 2.18% & 2.71%.

With a strong bullish candle, the Index achieved a much-anticipated range breakout, indicating a shift in momentum towards the bulls. According to the pattern breakout, the target now stands at 22,920, with 50DMA approaching that level, acting as a strong hurdle. Meanwhile, the support level has shifted higher to 22,620.

Indian rupee ended 23 paise higher at 86.56 per dollar on Tuesday against Monday's close of 86.79.

Indian equity indices ended on strong note with Nifty above 22,800 on March 18.

At close, the Sensex was up 1,131.31 points or 1.53 percent at 75,301.26, and the Nifty was up 325.55 points or 1.45 percent at 22,834.30. About 2715 shares advanced, 1153 shares declined, and 117 shares unchanged.

Biggest Nifty gainers were ICICI Bank, M&M, Shriram Finance, L&T, Tata Motors, while losers included Bajaj Finserv, Bharti Airtel, Tech Mahindra.

All the sectoral indices ended in the green with auto, capital goods, consumer durables, metal, power, realty, media index up 2-3 percent.

BSE Midcap and smallcap indices rose more than 2 percent each.

The euro extended recent gains and volatility stayed muted as traders expect German lawmakers to pass later Tuesday a debt-financed spending bill.

The yen fell as investors positioned for a possible dovish Bank of Japan monetary policy decision on Wednesday.

#1 Strong pre-sales momentum

#2 Notable presence in supply-constrained Gurugram market

#3 Capital-efficient model with minimal working capital needs

#4 Net cash status on track with robust cash flow

#5 Ongoing realty upcycle & move to premium housing drive 21 percent pre-sales CAGR

#6 Entry into Noida/Delhi could trigger re-rating

Indian Rupee gained for the third consecutive session today on surge in the domestic equities and weak tone in the US Dollar. Strong Asian currencies too supported the Rupee. However, surge in crude oil prices capped sharp gains. US Dollar declined on Monday on disappointing economic data from the US. Empire State manufacturing index unexpectedly fell to -20 vs forecast of -1.9 and 5.7 in the previous month. Retail sales also missed forecasts.

We expect Rupee to trade with a positive bias on positive global equities and weak American currency. However, rising crude oil prices and FII outflows may cap sharp upside. Traders may take cues from industrial production and housing sector data from the US. Investors may remain cautious ahead of FOMC meeting tomorrow. USDINR spot price is expected to trade in a range of Rs 86.3 to Rs 86.80.

The board of directors at its meeting held today approved the sale of its entire equity investment in Coromandel Travels, a subsidiary of the company and sale of its entire equity investment in Raasi Cement, an associate of the company.

The Sensex was up 1,077.21 points or 1.45 percent at 75,247.16, and the Nifty was up 297.00 points or 1.32 percent at 22,805.75. About 2593 shares advanced, 1012 shares declined, and 99 shares unchanged.

Paytm Money Limited, a wholly owned subsidiary of One 97 Communications, has been granted a Certificate of Registration as a Research Analyst by the Securities and Exchange Board of India (SEBI) under the SEBI (Research Analysts) Regulations, 2014.

#1 Sona’s large orderbook differentiates it from other Indian B2B part makers

#2 Strong orderbook supports long-term outlook

#3 Risks include lower global demand affecting new orders and potential delays in existing orders

#4 Trim estimates and target multiple to 42x from 45x

#5 Maintain buy on orderbook size & product diversification

A meeting of the Board of Directors of the company is scheduled to be held on Thursday, March 20, 2025, to consider transactions involving the company, which may include issuance of equity shares/ any other securities of the company, through any or all of various permissible methods including but not limited by way of Preferential issue, Qualified institutions placement, subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the company.

Ntokoto Rail Holdings Pty has awarded an additional work order to RITES for the supply and commissioning of overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives fitted with new Cape Gauge bogies, traction motors, control systems, air brakes, etc., overhauled at the nominated facility, and on-site warranty support for one year.

The revised order stands at USD10.8 million (CIF), increasing from USD 5.40 million (CIF) earlier.

The board of directors of JM Financial approved entering into Business Transfer Agreement with JM Financial Services, a wholly-owned subsidiary of the company for transfer of the Private Wealth business of the company through the slump sale on a going concern basis.

The business transfer would become effective from April 1, 2025.

The company has announced the incorporation of its wholly-owned subsidiary, Tata Motors Digita.AI Labs.

The company's subsidiary, Alembic Global Holding SA, has incorporated a wholly-owned subsidiary in the USA, named Alembic Lifesciences Inc.

The Board will meet on March 21 to consider an interim dividend for FY25.

The Board has appointed Rigan Hasmukhrai Raithatha as Chief Financial Officer of the company, effective March 17.

The Board has approved the enhancement of the borrowing program for FY25 by Rs 5,000 crore. The borrowing limit for FY25 has been increased from Rs 24,200 crore to Rs 29,200 crore.

The Board has commissioned a governance review of Religare Enterprises and its subsidiaries, Religare Finvest (RFL) and Religare Housing Development Finance Corporation (RHDFCL). For conducting this review, the Board has resolved to engage a law firm, Trilegal, which will be assisted by Grant Thornton Bharat LLP. Further, the Board has reviewed the fund flow position of the company and observed a cash flow gap over the next few months.

After examining various options, the Board has unanimously decided to approach the new promoters, the Burman Group, for immediate funding support to sustain the operations of the company.

Baskar Babu Ramachandran, the Promoter and Managing Director & CEO of the bank, has purchased 1.5 lakh equity shares from the open market. Post the transaction, the total promoter group holding in the bank will stand at 22.44 percent, up from 22.30 percent earlier. Baskar Babu Ramachandran’s individual holding increased to 5.18 percent from 5.04 percent.

#1 Research House expect both raw material costs and realisation to decline with expected healthy growth in new crops

#2 Company's recent initiatives towards expansion & diversification strategy support a strong long-term positive outlook and re-rating

#3 The additional initiatives in the UK and Saudi Arabia will support long-term volume outlook

#4 Expect Revenue/PAT to grow at a 12%/21% CAGR over FY25-27E

The Sensex was up 789.28 points or 1.06 percent at 74,959.23, and the Nifty was up 237.90 points or 1.06 percent at 22,746.65. About 2559 shares advanced, 969 shares declined, and 105 shares unchanged.

#1 CY25 starts strong with a 39 percent YoY box office jump in Jan-Feb to Rs 2,264 crore

#2 Feb-25 is the highest-grossing post-pandemic at Rs 1,245 crore

#3 Hindi movie industry revival is evident; consistency is key

#4 Promoter buying & strong Q4FY25 are notable triggers with a solid Hollywood lineup

#1 Plan to enter the health insurance space, discussion on acquisition in final stages

# Target is to announce acquisition of a health insurer before March 31

#3 LIC will not hold a majority stake in health insurer which it acquires

The company board has approved the appointment of Shatmanyu Shrivastava as Chief Risk Officer of LIC, effective March 19.

TARO Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries has completed 100% acquisition of Antibe Therapeutics Inc., Canada for a total consideration of CAD 4.5 million.

#1 Vision to be the World’s largest stationery & arts company

#2 Focus on innovation, problem-solving, and backward integration

#3 Commitment to kids-focused categories

#4 Outperforming despite soft market demand and capacity constraints

#5 Management targets 20 percent core business growth with OPM of 17-17.5 percent in FY25

The company's subsidiary, Shilpa Biologicals, has entered into a binding term sheet with Switzerland-based mAbTree Biologics AG for the development, manufacture, marketing, and sale of a new biological entity (NBE).

Gold prices are trading at record highs globally in today’s trading session ahead of the US Fed policy meeting. MCX gold prices are trading at Rs 88,380, whereas Commex gold prices have hit a record high of $3,012/ounce. The key reasons supporting gold prices globally could be attributed to the expectations of further rate easing by the Fed.

The accumulation of gold by RBI is another reason gold prices are kept elevated in the domestic market. Moreover, concerns over a severe economic fallout and aggressive tariff policies by the US are also some key drivers pushing gold prices upwards. Considering the global scenario, funds are increasingly moving to gold due to its safe haven feature, which provides a hedge against inflation and economic instabilities.

We now expect gold prices to touch levels of $3100/oz internationally, and Rs 90,000/10gm domestically.

The company has launched Empamore for Type 2 Diabetes Mellitus (T2DM), heart failure with reduced ejection fraction (HFrEF), and chronic kidney disease (CKD).

The company has reported an incident of an explosion at the CO2 plant at its Sabitgarh sugar unit in Uttar Pradesh. There were no casualties or loss of life reported. The cause of the explosion is yet to be ascertained. Further, business operations at the premises are not affected.

The company's subsidiary, Birla Estates, launched its first project in Pune, Birla Punya, with an estimated revenue potential value of Rs 2,700 crore. This is the company’s first residential project in Pune, spread over 5.76 acres, and will feature 1.6 million square feet of saleable area.

The company's subsidiary, Star Cement Meghalaya, has been declared the preferred bidder for the composite license of the Boro Hundong Limestone Block in e-auctions conducted by the Government of Assam. This block covers an area of 400 hectares, with an estimated limestone resource of 146.75 million tonnes.

The Sensex was up 873.86 points or 1.18 percent at 75,043.81, and the Nifty was up 260.90 points or 1.16 percent at 22,769.65. About 2558 shares advanced, 903 shares declined, and 123 shares unchanged.

The company has negotiated with IDBI Trusteeship Services and agreed to settle the outstanding debt of the two debenture holders for Rs 205 crore, payable in three tranches.

The company has received a work order worth Rs 44.62 crore from the Mahatma Gandhi Institute for Rural Industrialisation (MGIRI), Wardha.

Asian stocks rose for a third day, buoyed by advances in Japan and Hong Kong, in an extension of a recent shift toward non-US assets amid uncertainties unleashed by Donald Trump.

#1 Sona’s large orderbook differentiates it from other Indian B2B part makers

#2 Strong orderbook supports long-term outlook

#3 Risks include lower global demand affecting new orders and potential delays in existing orders

#4 Trim estimates and target multiple to 42x from 45x

#5 Maintain buy on orderbook size & product diversification

The Board will meet on March 21 to consider and approve the declaration of an interim dividend for FY25.

The Sensex was up 808.04 points or 1.09 percent at 74,977.99, and the Nifty was up 242.10 points or 1.08 percent at 22,750.85. About 2540 shares advanced, 845 shares declined, and 118 shares unchanged.

The company's subsidiary, Birla Estates, launched its first project in Pune, Birla Punya, with an estimated revenue potential value of Rs 2,700 crore. This is the company’s first residential project in Pune, spread over 5.76 acres, and will feature 1.6 million square feet of saleable area.

Raymond Lifestyle will replace ICICI Securities in Nifty 500, Nifty Smallcap 250, Nifty MidSmallcap 400 indices, effective March 21, especially after the NSE announced suspension of trading in equity shares of ICICI Securities.