Closing Bell: Nifty above 23,150, Sensex jumps 830 pts; all sectors in the green

Indian equity indices ended on strong note with Nifty around 23,200 on March 20. At close, the Sensex was up 899.01 points or 1.19 percent at 76,348.06, and the Nifty was up 283.05 points or 1.24 percent at 23,190.65.

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 markets extended their winning streak for another session, posting gains of over one percent, driven by positive global cues. The dovish stance of the US Federal Reserve, which kept interest rates unchanged, provided relief to global markets and set the stage for a strong opening in the domestic market. Initially, the Nifty traded within a narrow range, but robust buying across sectors, coupled with short covering on the weekly expiry day, fueled further upside. As a result, the Nifty closed near the day's high at 23,190.65 level. All major sectors contributed to the rally, with auto, FMCG, and metal emerging as the top gainers. Meanwhile, broader indices also edged higher, each adding over half a percent.

The stability in global markets and moderation in FII selling have significantly improved sentiment. Notably, the recovery in banking and financial stocks, alongside strength in metal, real estate, and energy heavyweights, has played a crucial role in sustaining the momentum. Additionally, broader market participation and themes such as defense and railways have further eased pressure.

With Nifty decisively surpassing the 23,100 resistance and the banking index reclaiming its long-term moving average, the next target is now set at 23,400. Furthermore, the catch-up rally across sectors presents ample trading opportunities, and traders should focus on identifying strong stocks and utilizing dips to accumulate positions.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Today, the Indian stock market closed on a positive note, with the BSE Sensex surging 899 points to reach around 76,348, while the Nifty50 touched 23,190, marking a gain of over 1.24% for the day. This rally was largely driven by positive global cues following the US Federal Reserve's decision to maintain interest rates, coupled with expectations of potential rate cuts later in the year.

The IT sector led the charge, with major players like TCS, Infosys, and Wipro posting gains, contributing to the Sensex's rise. Other sectors such as Auto and FMCG also saw notable increases. Overall, the market's performance was buoyed by both domestic and international factors, setting a positive tone for future sessions.

Consistent falls of the US dollar index (DXY) have reduced the intensity of FII selling while DII buying continues to be strong, thus triggering the recent upside. Supportive domestic data indicating a MoM rise in economic activity and the view that more rate cuts are envisaged during the year are adding to the attractiveness of equity. The sustenance of the ongoing rally is expected to stay for the broad market in the short term and then drive based on the outlook on Q4FY25 results, to be released in April.

The Index began the weekly expiry trade with a strong opening, building on its positive momentum. After a slight dip at the start, Nifty50 continued to gain throughout the session, ultimately closing at 23,190.65 with notable gains of 283.05 points. All market segments ended the day in the green, with the Auto and FMCG sectors leading the way. In today's trade, buying was largely seen in Index based stocks which resulted in an underperformance by the Mid and Smallcap segments.

On the daily chart, Index has formed another bullish candle, breaking out from a Falling Wedge Formation, signaling a shift in trend towards the positive. However, on the hourly chart, the Index is in an overbought zone, suggesting that some sideways or corrective movement may occur. The immediate resistance is at 23,320, while the support level is at 23,000.

Indian rupee ended higher at 86.36 per dollar on Thursday versus Wednesday's close of 86.44.

Indian equity indices ended on strong note with Nifty around 23,200 on March 20.

At close, the Sensex was up 899.01 points or 1.19 percent at 76,348.06, and the Nifty was up 283.05 points or 1.24 percent at 23,190.65. About 2296 shares advanced, 1554 shares declined, and 124 shares unchanged.

All the sectoral indices ended in the green with metal, media, IT, FMCG, auto, consumer durables, realty, telecom up 1 percent each.

BSE Midcap and smallcap indices added 0.5 percent each.

Biggest gainers on the Nifty included Bharti Airtel, Titan Company, Bajaj Auto, BPCL, Britannia Industries, while losers were IndusInd Bank, Bajaj Finance, Trent, Shriram Finance.

Sumit Woods has received an extended Commencement Certificate (CC) for its premium residential project, Sumit KMR PARAM, located in Borivali West, Mumbai.

Thomas Cook (India) and its Group Company, SOTC Travel, have been selected by Tourism New Zealand to showcase the destination in a fresh, exciting “gaming” format.

#1 Company indicated encouraging secondary sales ahead of peak summer season on a high base

#2 Market share losses early this CY have been more due to seasonality & geographical presence

#3 Company expects to continue to grow ahead of the industry

#4 Focus remains on absolute profit growth over profitability

#5 Expects to maintain high, single-digit margin & to absorb cost inflation through value engineering

#6 Company believes compressor availability is unlikely to be a challenge with moderate growth this year

#7 However, resolution of certification issues & domestic capacity build-up will be crucial going ahead

#1 IndiGo, during the analyst meet, alluded to strong Q4 on pricing/PAX growth

#2 For FY26, company expects early double-digit cap growth, similar to FY25

#3 Expansion on international routes is a key growth driver ahead

#4 Company eyes tapping growing international leisure/corporate demand

#5 With ballooning FCF, management targets prudent allocation to maintain balance between growth & external risks

The Sensex was up 950.93 points or 1.26 percent at 76,399.98, and the Nifty was up 289.80 points or 1.27 percent at 23,197.40. About 2240 shares advanced, 1345 shares declined, and 97 shares unchanged.

Ready for another strong year but wait for a better entry point

Expect pre-sales to reach +Rs 20,000 crore in FY26 (+16 percent YoY)

Annuity income at 12 percent CAGR & OCF at 15 percent CAGR between FY25-FY27

Target of Rs 700 is based on SOTP, valuing DLF’s medium term pipeline at Rs 27,200 crore

Unutilised land bank at Rs 75,200 crore

Rental assets in DLF dev co & DLF’s share in rental arm DCCDL at a cumulative Rs 43,600 crore

Key Downside Risk: slowdown in the NCR Market/ NRI demand

Key Upside Risk: stronger than expected launches or price appreciation

Automotive Axles Ltd. has entered into a Memorandum of Understanding (MoU) with MHVSIL, outlining a revised commercial arrangement for business operations. Under this agreement, certain customers of MHVSIL will be transferred to Automotive Axles and will be directly serviced by the company, subject to necessary documentation.

Diamond Power Infra has received a Letter of Intent (LoI) from Associated Power Structures Limited for a contract valued at ₹175.17 crore. The order is for the supply of AL-59 Conductor in accordance with GETCO's technical specifications.

The order may be split between the Airbus A350 and Boeing 777X models, says a report by Reuters.

Indian Renewable Energy Development Agency (IREDA) has launched its first-ever issue of Perpetual Bonds for an amount of Rs 1,247 crores at an annual coupon rate of 8.40%.

IREDA has received a refund of Rs 24.48 crores on March 19, 2025, from the Income Tax Department towards partial relief granted by the Commissioner of Income Tax (Appeals) for Assessment Year (AY) 2011-12, related to certain disallowances. Refund of approximately Rs 195 crores is under process for similar relief provided by CIT (Appeals) for AYs 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19, which is yet to received.

The Board has approved raising up to Rs 150 crore via the issue of non-convertible debentures with a tenure of 10 years on a private placement basis.

Further, Santhosh Kumar R has been appointed as the Chief Credit Officer of the bank, in the grade of General Manager, for three years effective March 20, replacing Suresh M. Nair. Suresh M. Nair will resign from the services of the bank, effective March 31, due to personal reasons.

#1 Stock at rock bottom 8x PE

#2 Believe advertising revenue-led growth will rerate stock

#3 Zee is India’s No 2 TV Network & is ramping up OTT/Zee5

#4 Zee’s EBITDA margin has widened by 9 percent from lows & it has zero debt/Rs 1,700 cash

#5 Even assuming 6 percent YoY ad growth, it would deliver 22-33 percent EBITDA/Pat CAGRS in FY26-27

#6 Zee’s market cap/sales of 1x is at a 60-80 percent discount to Reliance Disney JV & Sun TV

#7 Believe Zee’s stock could double over next 12-24 months

The company's name has changed to BirlaNu from HIL, effective March 19.

#1 Difficult phase continues as exports remain muted

#2 Sustained weakness a downside risk to valuation multiples

#3 Company has entered a zone of uncertainty as core business remains muted

#4 New businesses take time to scale up

#5 Maintain hold amid lack of triggers

The Sensex was up 607.77 points or 0.81 percent at 76,056.82, and the Nifty was up 196.55 points or 0.86 percent at 23,104.15. About 2275 shares advanced, 1229 shares declined, and 109 shares unchanged.

NCC has received Letter of Acceptance from Andhra Pradesh Capital Region Development Authority for construction of roads, drains, water supply, sewage, utility ducts for power and ICT, reuse waterline and avenue plantation etc. at Zone-12 villages area in Amaravati Capital City, Andhra Pradesh.

The total price for the contract shall be Rs 2129.60 crore and to be completed in 3 years.

Indian rupee is trading higher at 86.34 per dollar on Thursday versus Wednesday's close of 86.44.

Adani Green Energy Twenty Four Limited, Wholly-owned stepdown subsidiary of the Company has commissioned solar power project of 250 MW at Bhimsar, Rajasthan.

With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 12,841.1 MW.

On Wednesday, the Federal Reserve announced its decision to keep the policy rate in the 4.25%-4.50% range. In his speech, Fed Chair Jerome Powell mentioned that former U.S. President Donald Trump’s initial policies, such as import tariffs, have contributed to slower economic growth and may have had a temporary impact on inflation.

Policymakers anticipate two rate cuts in 2025, with economic growth projected at 1.7% and inflation at 2.7% for the year. Additionally, the Fed plans to slow the pace of balance sheet reduction by adjusting the monthly redemption cap on Treasury securities by April.

Overall, this decision has mixed implications for currency movements, capital flows and market sentiment in India. Higher U.S. interest rates could lead to foreign capital outflows from Indian markets, whereas lower rates may attract investment. Additionally, economic uncertainty in the U.S. could contribute to market volatility. However, a stronger dollar may impact global commodity prices. As India is a major oil importer, lower oil prices could benefit the Indian stock markets.

Suraj Estate Developers has acquired a land parcel measuring ~390 square meters (~4,200 square feet), located at Plot No. 136, Shivaji Park Scheme, M. B. Raut Road, Shivaji Park, Dadar, Mumbai – 400 028, for a total consideration of Rs 4.75 crores. The full payment, including stamp duty and registration charges, has been successfully made.

The US Fed kept the interest rates unchanged in this meeting. This is at par with the industry expectations, especially at a time when economic instability persists. The decision follows the inflation trend which Fed expects to rise as well as the economic growth which is speculated to soften in the near future. Moreover, the ongoing tariff threats by Trump is expected to play a dampener for growth.

In terms of gold, it is currently in a bullish phase, having the potential to scale new levels. Spot gold hits an all-time high of $3,051.99/oz.

Fed is likely to resume rate cuts in June where it hinted two rate cuts in 2025. Hence, we reiterate our view of gold touching $3100 globally and Rs 91,000 domestically.

Bharti Airtel has made significant investments in network expansion in Kerala. The company has deployed close to 2500 sites in the last two years, taking the total site count to over 11,000 in the state, the most by any telecom operator.

Asian stocks advanced following a rally on Wall Street after the Federal Reserve signaled it still sees room to cut interest rates later this year because any increase in inflation due to tariffs will be brief.

The US Fed held rates steady but, in a surprise move, lowered its growth forecasts and flagged upside risks to inflation and unemployment. The dots suggest 50bps worth of rate cuts this year, but what was noteworthy is that all FOMC members felt increasing price pressures were a real risk. In a way, the risk of stagflation - slow growth and elevated inflation - is what the Fed acknowledged.

Stocks, including domestic equities, have rallied largely, as slow growth would mean more rate cuts, but that expectation is not on solid footing because of the tariff-related uncertainty, which Powell also flagged clearly. That said, the broader benchmarks - NSE 500, small-caps, and mid-caps have broken above their respective falling channels and have generated bullish reversal patterns in what has historically been a bullish period, seasonally speaking.

#1 Room AC business has been strong so far in Q4 (not quantified)

#2 Commercial AC: 15-18 percent medium-term CAGR

#3 Q4 > Q3 for commercial refrigerators

#4 Strong momentum for air coolers

#5 Strategy to capture higher market share across channels with addition of in-shop demonstrators

The Sensex was up 488.68 points or 0.65 percent at 75,937.73, and the Nifty was up 160.60 points or 0.70 percent at 23,068.20. About 2251 shares advanced, 1220 shares declined, and 105 shares unchanged.

Apurav Agarwal, Chief Financial Officer (CFO), has been relieved from the services of the company effective March 19, following his resignation due to personal reasons.

Prashanth Joishy joined as the interim Chief Financial Officer of the company, effective March 20. Prashanth Joishy will hold the office until a regular CFO is onboarded.

Jubilant Biosys Innovative Research Services, Singapore, is a subsidiary of Jubilant Biosys Limited, and has executed agreements with Pierre Fabre SA, and its affiliate entities, to subscribe 80% equity capital in JASMIN.

JASMIN is a company incorporated by PF in France, as a Société par Actions Simplifiéec (SAS).

The acquisition by JASMIN of PF’s R&D Centre (including the site and activities) at Saint Julien, France stands closed. On closure of transaction, name of JASMIN has been changed to ‘Jubilant Biosys France’ which is now a subsidiary of JBIRSPL.

Marksans Pharma shares are trading at a gain of over 3 percent.

GPT Infraprojects stock prices are trading at a gain of over a percent.

The Sensex was up 433.75 points or 0.57 percent at 75,882.80, and the Nifty was up 136.90 points or 0.60 percent at 23,044.50. About 2182 shares advanced, 1175 shares declined, and 145 shares unchanged.

Asian stocks advanced following a rally on Wall Street after the Federal Reserve signaled it still sees room to cut interest rates later this year because any increase in inflation due to tariffs will be brief.

Billionaire Gautam Adani is in advanced talks to buy the Indian unit of Dubai-based developer Emaar Group at a potential enterprise value of $1.4 billion, according to people familiar with the matter, helping Asia’s second- richest person expand in real estate.

The Board has approved an interim dividend of Rs 0.75 per equity share for the financial year 2024-25.

The Board has approved raising up to Rs 150 crore via the issue of non-convertible debentures with a tenure of 10 years on a private placement basis.

Further, Santhosh Kumar R has been appointed as the Chief Credit Officer of the bank, in the grade of General Manager, for three years effective March 20, replacing Suresh M. Nair. Suresh M. Nair will resign from the services of the bank, effective March 31, due to personal reasons.

#1 Change in shareholding pattern following the exit of Allianz

#2 Management mentioned that acquisition would be self-funded without external borrowings

#3 With complete control, Bajaj Finserv plans to streamline decision-making

#4 Bajaj Finserv plans to enhance branding, & pursue new growth areas such as pensions

Indian Renewable Energy Development Agency (IREDA) has launched its first-ever issue of Perpetual Bonds for an amount of Rs 1,247 crores at an annual coupon rate of 8.40%.

IREDA has received a refund of Rs 24.48 crores on March 19, 2025, from the Income Tax Department towards partial relief granted by the Commissioner of Income Tax (Appeals) for Assessment Year (AY) 2011-12, related to certain disallowances. Refund of

approximately Rs 195 crores is under process for similar relief provided by CIT (Appeals) for AYs 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19, which is yet to received.

Syngene International announced the conclusion of the acquisition of its first biologics site in the USA, which was announced on March 10, 2025.

The state-of-the-art biologics facility, fitted with multiple monoclonal antibody (mAbs) manufacturing lines, was acquired by Syngene USA Inc., a wholly owned subsidiary of Syngene, from Emergent Manufacturing Operations Baltimore, LLC, a subsidiary of Emergent BioSolutions Inc., at a gross value of USD 36.5 million.

The Board has approved a borrowing plan for raising debt of up to Rs 6,300 crore during FY26 through non-convertible corporate bonds in one or more series or tranches on a private placement basis.

Nawaz Singhania has resigned as a Non-Executive Director of the company, effective March 19.

Dhani Services, through its wholly owned subsidiary company, has executed a Memorandum of Understanding (MoU) with certain landowners for 5.37 acres in Gurgaon to develop real estate project(s).

This MoU will expand the company's 100% owned ongoing project, Indiabulls Estate & Club in Gurgaon, from 24 acres to 29.37 acres. The aggregate development on 29.37 acres will be 70.8 lakh square feet, and the expected revenue, based on current selling prices in the project, would be approximately Rs 12,065 crore.

NCC has received Letter of Acceptance from Andhra Pradesh Capital Region Development Authority for construction of roads, drains, water supply, sewage, utility ducts for power and ICT, reuse waterline and avenue plantation etc. at Zone-12 villages area in Amaravati Capital City, Andhra Pradesh.

The total price for the contract shall be Rs 2129.60 crore and to be completed in 3 years.

The Sensex was up 391.57 points or 0.52 percent at 75,840.62, and the Nifty was up 116.75 points or 0.51 percent at 23,024.35. About 2305 shares advanced, 896 shares declined, and 133 shares unchanged.

#1 Industry pax traffic to double by FY30 to 510 mn (242 mn in FY25)

#2 Indigo expects its pax traffic & capacity to grow in early-double digits in FY26

#3 Q4FY25 is likely to be better than earlier guidance due to higher PRASK

#4 Raising FY25–27 EPS by 8–13 percent on positive guidance