Closing Bell: Market makes it 3 in a row; Nifty above 22,900, Sensex up 148 points

Indian benchmark indices ended higher on March 19 with Nifty above 22,900. At close, the Sensex was up 147.79 points or 0.20 percent at 75,449.05, and the Nifty was up 73.30 points or 0.32 percent at 22,907.60.

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Markets extended their recovery, ending slightly higher, building on Tuesday’s surge. After a flat start, Nifty gradually moved up throughout the session, though profit booking in the final hour trimmed some gains. As a result, Nifty closed at 22,907.60, up 0.3%. Sectoral trends remained mixed, with realty and energy leading the gains, while IT and FMCG lagged. Meanwhile, strong performance from broader indices further lifted sentiment.

Following the recent surge, markets will react to the US Fed meeting outcome in early Thursday trades, with attention then shifting to the weekly expiry. While some consolidation is possible, the overall sentiment is likely to remain positive, favoring a "buy on dips" approach. We are witnessing rotational participation across key sectors, with banking, financials, metals, and energy taking the lead. Traders should position themselves accordingly and remain selective in the broader market.

After showing an excellent upside breakout on Tuesday, Nifty continued with follow-through upside momentum on Wednesday and closed the day higher by 73 points. After opening with a positive note, the market shifted into a gradual upmove amidst range bound movement in the early to mid-part of the session. There was a minor intraday consolidation movement at the highs towards the end and Nifty closed near the highs.

A small positive candle was formed on the daily chart which indicates a breather type market movement after a stellar performance in the previous session. Though, Nifty showed minor upmove on Wednesday, the overall market breadth was very strong with outperformance seen in broad market indices.

Nifty is currently nearing a crucial overhead resistance of around 23000-23100 levels (down sloping trend line connected from the highs of Sept and Dec 24). This is going to be an important hurdle for the market and there is a possibility of some more consolidation or minor dip from the highs in the next 1-2 sessions. Immediate support is placed around 22800-22750 levels.

Today, the benchmark indices continued their positive momentum, with the Nifty ends 73 points higher and the Sensex rising by 148 points. Among sectors, the Defence index outperformed, rallying nearly 5 percent, while the IT index lost the most, shedding over 1 percent.

Technically, after a promising uptrend rally, the market is witnessing range-bound intraday activity at higher levels. It also formed a small bullish candle on daily charts, indicating indecisiveness between the bulls and the bears.

We are of the view that the short-term texture of the market is still on the positive side, but due to temporary overbought conditions, we could see range-bound activity in the near future. For day traders, the key support zones are 22800-22720/75200-75000, while 23000-23100/78800-76000 could act as crucial resistance areas for the bulls. A fall below 22720/75000 would make the uptrend vulnerable.

Today, the Indian stock market concluded on a positive note, marking its third consecutive day of gains. The BSE Sensex rose by approximately 147 points to close at a level slightly above its opening, while the NSE Nifty ended at 22,907.

The market's upward momentum was driven by sectors such as Financials and Realty, although IT stocks underperformed. The Indian rupee, which had been strengthening, opened lower at 86.64 against the US dollar but remained stable throughout the day. However, investors remain cautious ahead of key global economic events, including interest rate decisions by the Bank of Japan and the US Federal Reserve. Overall, the Indian stock market's resilience reflects a mix of domestic and international factors, with investors closely watching geopolitical developments for future cues.

The domestic market continued its positive momentum, as part of the recent correction was justified by valuation. The sustainability of the relief rally depends on a revival in fundamentals. The recovery was broad-based, while metal stocks gained attention after the government decided to impose a tax on steel imports. In light of trade uncertainties and growth concerns, today's FED policy and the commentary will be keenly watched by investors to get cues on interest rates.

The Indian rupee experienced its longest winning streak since September 2024, appreciating for the sixth consecutive day. This rally was fueled by an influx of foreign capital after a period of sustained selling in domestic equities, alongside positive market sentiment supported by strong high-frequency data.

The near-term outlook is expected to remain favourable for the rupee. The support level for Spot USDINR has shifted to 86.17 from 86.42, with resistance at 86.90.

After a strong breakout in the previous session, the Bulls capitalized on the momentum, driving the Index higher throughout the day and settling the trade at 22,907.60 with gains of 73.30 points. Excluding FMCG and IT, all other sectors ended in the green, with Realty and PSU Banking leading the charge. The Broader markets remarkably outperformed the Frontline Index, as Mid and Small-caps surged by 2.63% & 2.43% respectively.

The Index is approaching the 23,000 level, where the 50DMA aligns, creating a strong resistance. A short-term reversal is expected from this point as the market has entered an overbought territory after a sharp climb over the past two trading days. On the downside, the immediate support level is seen at 22,800.

Indian rupee ended 12 paise higher at 86.44 per dollar on Wednesday versus Tuesday's close of 86.56.

Indian benchmark indices ended higher on March 19 with Nifty above 22,900.

At close, the Sensex was up 147.79 points or 0.20 percent at 75,449.05, and the Nifty was up 73.30 points or 0.32 percent at 22,907.60. About 2894 shares advanced, 988 shares declined, and 110 shares unchanged.

Shriram Finance, HDFC Life, Apollo Hospitals, Tata Steel, Power Grid Corp were among top gainers on the Nifty, while losers were Tech Mahindra, TCS, ITC, Infosys, Britannia Industries.

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

Except IT, FMCG, all other sectoral indices ended in the green with Consumer Durables, Capital Goods, Realty, Oil & Gas, Media, Metal, Power, PSU Bank up 1-2.8 percent.

Indian Rupee gained for the fourth consecutive session today on strong domestic equities and weak US Dollar. Overnight decline in crude oil prices and FII inflows also favoured the Rupee. US Dollar declined on Wednesday on a strong Euro which strengthened as Germany voted to boost defence and infrastructure spending. However, economic data from the US were better than forecast. Bank of Japan kept its monetary policy unchanged, in line with expectations.

We expect Rupee to trade with a positive bias on positive domestic markets and fresh FII inflows. Extended fall in crude oil prices and weakness in the greenback may also support the Rupee. Investors may remain cautious ahead of FOMC meeting. Fed is expected to leave the interest rates unchanged. USDINR spot price is expected to trade in a range of Rs 86.20 to Rs 86.80.

The Board approved a proposal to explore the possibilities, opportunities, feasibility of setting up the Company's Manufacturing Unit at a suitable location in India, keeping an estimated Capex of Rs 300 crore in consideration.

#1 Improved outlook for metals demand with China stimulus and European growth

#2 Safeguard duty benefits for domestic steel mills

#3 Target price raised for JSW Steel & Tata Steel

Indian rupee is trading marginally higher at 86.51 per dollar on Wednesday versus Tuesday's close of 86.56.

Domestic flat steel prices have increased 5% in the last month against the weakness in regional prices. The divergent move is led by the widely anticipated safeguard duty, which could come in at 12% (DGTR has recommended the imposition of a 12% provisional safeguard duty for 200 days).

Domestic prices are at a 7-8% premium to import parity, leaving little room for further hikes in the former case. In the past few weeks, Vietnam, South Korea, Europe and the US have imposed/increased tariff barriers against steel imports, whereas investigations are ongoing in a couple of countries, including India.

Steel margins have bottomed out in 3QFY25, and we expect a recovery in 4QFY25, with price hikes and muted costs. However, further expansion is dependent on trade measures and supply-side reforms by China. We find better risk-reward in non-integrated steel producers such as JSPL/JSTL, and remain SELL on integrated producers such as SAIL, TATA and NMDC.

Indigo stocks surged at a record level of over 5 percent, after the airline presented its forecast on seat capacity and passenger frequency growth - expecting it in "early double digits".

• 116.9k calls changed hands (compared with 22.7k contracts for the 20-day average and 46.9k put)

The shares of Tata Steel are trading at a gain of over 2 percent.

The Sensex was up 162.88 points or 0.22 percent at 75,464.14, and the Nifty was up 75.65 points or 0.33 percent at 22,909.95. About 2747 shares advanced, 854 shares declined, and 95 shares unchanged.

Anjani Portland Cement informed that due to a recent reduction in transport freight costs and the prevailing local conditions in and around Bhavya Cements Private Limited, Subsidiary of the Company, including village and road conditions, the transporters are unwilling to operate in the area and move cement. As a result, there have been no dispatches from Bhavya Cements Private Limited plant for around 25 days.

The management is actively exploring all possible measures to resume operations at the earliest. In the meantime, most of the volume lost from Bhavya Cements Private Limited has been compensated by the Company through increased dispatches from its plant, as both the companies operate in a few common markets.

NBCC (India) has successfully sold 1,046 residential units at Aspire Centurian Park, Greater Noida (W), U.P through an e-auction at total sale value of approximately Rs 2,353 crore

#1 Focus on expanding tile adhesives & waterproofing

#2 Targeting emerging markets like Africa & Saudi Arabia

The US Food and Drug Administration (US FDA) had conducted an inspection at the Unit-V, an API manufacturing facility, of Apitoria Pharma, a wholly owned subsidiary of Aurobindo Pharma, situated at Pashamylaram Village, Patancheru Mandal, Sanga Reddy District, Telangana from December 09 to December 17, 2024. The Unit has now received Establishment Inspection Report classifying the facility as "Voluntary Action Indicated".

DGTR recommends 12% safeguard duty on non-alloy & alloy steel flat products for 200 days.

A meeting of the board of directors of the company has been rescheduled to be held on Wednesday, the 191h March, 2025 to consider a proposal relating to declaration of Interim Dividend for FY2024-25.

The Sensex was up 201.25 points or 0.27 percent at 75,502.51, and the Nifty was up 86.75 points or 0.38 percent at 22,921.05. About 2794 shares advanced, 767 shares declined, and 92 shares unchanged.

The company has received a Letter of Acceptance from the National Highways Authority of India for a project worth Rs 4,262.78 crore. The project involves the construction of the Agra-Gwalior Greenfield road in Uttar Pradesh, Rajasthan, and Madhya Pradesh on a DBFOT pattern under the BOT (Toll) Mode, as part of the NH(O) scheme.

The share price rose most in about 10 months.

The company, along with Nasdaq-listed global biotech company Alvotech, announced that the US Food and Drug Administration (FDA) has accepted a 351(k) Biologic License Application (BLA) submission for AVT03, developed by Alvotech. AVT03 is a proposed biosimilar of Prolia (denosumab) and Xgeva (denosumab).

Tarak Bipinchandra Gor has tendered his resignation as the Whole time Director (WTD) and the Chief Financial Officer (CFO) of the company, with effect from close of business hours on March 18, 2025 and Jayesh Sheshmal Rawal has tendered his resignation as the Whole time Director (WTD) of the company, with effect from close of business hours on March 18, 2025, citing personal and other professional commitments.

Marksans Pharma 's wholly owned subsidiary Relonchem has received Marketing Authorization for the product Baclofen 10 mg Tablets from UK MHRA.

Allcargo Terminals’ CFS volumes in February 2025 was 48.5 ‘000 TEUs – down by 10% compared to January 2025.

Transrail Lighting has secured new orders worth Rs 1,647 crore, in T&D & Railway businesses. These new orders include Letters of Awards (LOAs) for major T&D projects in the overseas market involving EPC of Transmission Lines & Substations.

Vodafone Idea (Vi) announced the launch of its 5G services in Mumbai, delivering next-generation connectivity to customers in the city.

#1 Steel sector primed for mid-cycle recovery

#2 Buy Tata Steel, target price Rs 185

#3 Add JSW Steel, target price Rs 1,100

Bajaj Healthcare has received a recommendation from the Subject Expert Committee (SEC) (Neurology & Psychiatry) of the Central Drugs Standard Control Organisation (CDSCO) to conduct Phase III clinical trials for Cenobamate tablets in strengths of 12.5mg, 25mg, 50mg, 100mg, 150mg, and 200mg.

The Sensex was up 168.13 points or 0.22 percent at 75,469.39, and the Nifty was up 71.15 points or 0.31 percent at 22,905.45. About 2737 shares advanced, 755 shares declined, and 123 shares unchanged.

Board of directors of Strides Pharma Science and Arco Lab in their meeting held today have accorded their in-principle approval for the proposed demerger of identified business of Arco Lab.

Arco Lab is an innovative Global Life Sciences Capability Centre offering a wide range of services in life sciences consulting, technology, and business solutions.

It is proposed to transfer by way of demerger the Life Sciences and Digital Innovation Capabilities of Arco Lab into a new company.

Such NewCo shall focus on life sciences and manufacturing solutions with deep domain knowledge and cutting-edge technology capabilities.

Stocks in Asia snapped a three-day gain as traders await more clarity around the economic outlook from the Federal Reserve policy decision later Wednesday.

Indian rupee has recovered early losses and trading near day's high at 86.49 per dollar on Wednesday versus Tuesday's close of 86.56.

The company's subsidiary, Flex Middle East, FZE, Dubai, has incorporated a step-down subsidiary, Flex Films AZB AFEZCO, in Azerbaijan. This new subsidiary will set up a facility for manufacturing biaxially oriented polypropylene (BOPP) packaging film in Azerbaijan and sell it in the domestic market as well as in other adjoining CIS and European countries.

The company has completed the investment and acquired a 45.33% stake in Bhairav Robotics. Bhairav has now become an associate company of Zen Technologies.

The Sensex was up 176.67 points or 0.23 percent at 75,477.93, and the Nifty was up 67.95 points or 0.30 percent at 22,902.25. About 2702 shares advanced, 695 shares declined, and 131 shares unchanged.

Company's wholly owned subsidiary Insolation Green Energy has secured its ever highest single sale order amounting to Rs. 733.04 Crores for supply of Solar PV Module.

S&P Global Ratings has upgraded the Long Term issuer rating of Muthoot Finance Limited to ‘BB+/B’ with ‘Stable’ Outlook from ‘BB/B’ with ‘Stable’ Outlook.

The Rights Issue of equity shares of Jyoti Structures which was opened on February 17, 2025 was closed on March 10th, 2025. Against the issue size of Rs 499.09 crores, a subscription of Rs. 459.69 Crores, amounting to 92.11% of the issue size was received. The

Company is sincerely grateful to the shareholders for standing by the company.

Based on the orders already in hand, the carry forward order book of the company will be approximately over Rs. 1,800 crores, the majority of which is to be executed in the next 12 to 18 months.

#1 Near-term demand uncertainty; focus on double-digit UVG long-term

#2 Premiumisation & innovation key for growth

#3 Trading at 57x/50x FY26/FY27 EPS

The Board meeting is scheduled for March 21 to consider fund raising via a debt issue.

The company has received approvals from the BSE and National Stock Exchange India for the reclassification of Lavanya Sankaran from the promoter & promoter group to the public shareholder category.