Closing Bell: Sensex gains 540 pts, Nifty ends near 22,000; smallcaps, midcaps outperform

“The Indian markets gained significantly today. From the low made near 71,675 zone in the previous session, the Sensex managed to move past the important 50-EMA level of 72,200 zone and breached the 72,500 levels intraday. Sensex gained 515 points and sentiment has improved along with a positive bias, so a further rise can be anticipated. Construction, metals, PSU Banks, media & entertainment, energy, consumer durables, financial services and pharma were among the major sectors which moved the index higher today.”

Indian Rupee appreciated today on the weak US Dollar and a surge in the domestic markets. Domestic equities are up around 0.75%.

The US Dollar declined after the FOMC kept interest rates unchanged in the range of 5.25-5.5% range. However, Fed Chair, Jerome Powell sticks to his previous forecast of three rate cuts in 2024. He revised 2024 growth projections to 2.1% from 1.8% earlier. This led to a sharp rally in global risk assets.

We expect the Rupee to gain slightly on the rise in global risk sentiments and weakness in the US Dollar. However, firm crude oil prices may cap sharp gains. Traders may take cues from PMI, weekly unemployment claims, current account and existing home sales data from the US. Market participants may also look forward to the Bank of England's Monetary Policy decision. BoE is expected to keep rates unchanged but investors will watch out for the governor's speech for further guidance on its rate cut expectations. USDINR may trade in the range of 82.80-83.30 in the near term.

The Fed in its latest policy decision kept its key interest rate unchanged and signalled that it remains on track to cut interest rates by 75 basis points in 2024, easing market concerns of fewer rate cuts amid recent data showing sticky inflation. Markets are now pricing in a greater chance, around 70%, that the Fed will begin cutting interest rates at the June policy meeting, up from 55% before the Fed policy. The US Dollar declined, and international gold prices touched new highs in response to this dovish hold. While the fundamental backdrop of lower interest rates and geopolitical uncertainty looks supportive for gold, some profit-taking can be done at these levels. Fresh buys can wait for price dips.

Gold rallies to an all-time high and is trading close to $2,225 per ounce, while in the Indian markets prices are up close to Rs67000 per 10gm, supported by a sell-off in the U.S. dollar after Federal Reserve officials maintained their view of three rate cuts this year at the conclusion of the two-day meeting yesterday. However, we see some sign of caution as well - as their projection show an upward revision in economic growth to 2%, core-PCE inflation at 2.6% and an unemployment rate of 4% by year-end, which would make their rate cut task little difficult.

Technically, Although we still maintain a positive in Gold, but do expect some profit-booking, which can give us opportunity to enter at lower level. Support levels are around 66,000 and next at 65,180, while prices do have some upside potential and can hit 67,450-67,900."

On the other hand, crude oil prices recovered from previous sessions dip and seen trading positive so far, supported by a weaker U.S. dollar and continuous drawdown in fuel and oil inventories in U.S. - suggesting higher demand, while supply issue and expectation of higher demand in the latter half of the year has kept sentiments positive.

Technically, trend remains positive till above support at 6,730-6,690, while on the upside prices have potential to test 6,900-7,000 levels.

Rupee ends at 83.15/$ against Wednesday’s close of 83.16/$

The Sensex was up 539.50 points or 0.75 percent at 72,641.19, and the Nifty was up 172.90 points or 0.79 percent at 22,012.00. Positive global cues, dovish Fed and indications of three rate-cuts in 2024 led to a broad-based buying in the market. About 2,591 shares rose, 766 declined, and 88 were unchanged.

All sectors ended in the green, with the smallcaps and midcaps outperforming their large-cap peers. The Nifty PSE index was the top sectoral gainer as it surged 3.5%.

Potential hybrid duty cut: a rerating trigger to watch
Transport minister has proposed a discussion to bring GST on hybrid vehicles down to 12 percent
If GST on hybrids were to come down to 12 percent, it would mark a sizeable win for the company

Petitioners Allege Mismanagement, Claim It Is Hurting Minority Shareholders

Petitioners Cite Losses On Account Of Actions Of Promoters, Directors

NCLT To Hear Class Action Suit On Jindal Poly On April 9, 2024

Market at 3 PM

The Sensex was up 466.54 points or 0.65 percent at 72,568.23, and the Nifty was up 154.20 points or 0.71 percent at 21,993.30. About 2,591 shares rose, 753  declined, and 86 were unchanged.

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Stock Market LIVE Updates | Nifty Midcap surges 1,000 pts, up over 2%

Would use the stock’s 25 percent upmove in past 3 months as an opportunity to sell
Have a downside catalyst watch on stock
HPCL’s Greenfield Chhara LNG terminal appears close to commissioning
GAIL too has stated that debottlenecking at Dabhol terminal is on track for completion
Asian spot LNG prices are up 18 percent from USD 8.5/mmbtu to USD 9.9/mmbtu now
Citi’s commodities team also recently outlined its bullish gas price view
Expecting JKM LNG To Average USD 10-14/mmbtu For Q2-Q4CY24 & USD 15/mmbtu In CY25
Upcoming increase in ONGC’s gas production could also limit upside in LNG imports

With no change in interest rates and the US Fed sticking to guided three rate cuts in 2024, the market has breathed a sigh of relief, which can be seen from the movement in Nifty 50 and Sensex today. We believe that markets are now fairly well placed to generate low teen returns in the coming year after the recent healthy correction we witnessed, especially in the small and mid-cap universe. Earnings growth for the listed universe continues to remain strong, and Indian equities remain preferred investment destinations for domestic and foreign portfolio investors. Investors should exercise caution while investing in equities at the current level and stick to quality companies available at reasonable valuations, avoiding risky ventures without a proven track record.

Market at 2 PM

The Sensex was up 496.51 points or 0.69 percent at 72,598.20, and the Nifty was up 159.40 points or 0.73 percent at 21,998.50. About 2,565 shares rose, 751  declined, and 83 were unchanged.

Blue Dart shares rose over 2 percent as the company launched a unified shipping API software platform. This platform is tailored specifically to empower Micro, Small, and Medium Enterprises {MSMEs) as well as Large Enterprises across India, catering to all their logistics requirements.

The board of Lloyds Metals approved fundraising of up to Rs 5,000 crore via QIP. The Board Members in their meeting have also discussed that fund raising should be done in an organic and efficient way taking into cognizance that the Promoter holding should not be diluted to a greater extent.

The markets have reacted favourably to the positive global handover, in reaction to the FOMC meeting outcome, which kept the hopes alive for three rate cuts in FY25. However, we feel it is important to hold the gains and surpass the hurdle at 22,200 in Nifty to make any meaningful recovery else the profit-taking will resume. Participants should stay stock-specific until we see clarity over the next directional move and stick with the index majors and large mid-caps.

The dollar index, which measures the greenback against a basket of currencies, slipped below 103 after the Fed retained a dovish stance for the year. The 10-year benchmark US Treasury yield has been retreating for three sessions. It has declined to 4.26, causing investors to flock to the equity market. A combination of both lifted Indian equities from the recent slump.

Shares of Bharti Airtel jumped to hit a 52-week high after Jefferies has reaffirmed its bullish stand on the stock as the telecom major focuses on driving a steady, organic increase in its per-user average revenue. The stock has given up morning gains, and is now trading in the red.

The Fed in its latest policy decision kept its key interest rate unchanged and signalled that it remains on track to cut interest rates by 75 basis points in 2024, easing market concerns of fewer rate cuts amid recent data showing sticky inflation. Markets are now pricing in a greater chance, around 70%, that the Fed will begin cutting interest rates at the June policy meeting, up from 55% before the Fed policy. US Dollar declined, and international gold prices touched new highs in response to this dovish hold. While the fundamental backdrop of lower interest rates and geopolitical uncertainty looks supportive for gold, some profit-taking can be done at these levels. Fresh buys can wait for price dips.”

With no change in interest rates and the US Fed sticking to guided three rate cuts in 2024, the market has breathed a sigh of relief, which can be seen from the movement in Nifty50 and Sensex today. We believe that markets are now fairly well placed to generate low teen returns in the coming year after the recent healthy correction we witnessed, especially in the small and mid-cap universe. Earnings growth for the listed universe continues to remain strong, and Indian equities remain preferred investment destinations for domestic and foreign portfolio investors. Investors should exercise caution while investing in equities at the current level and stick to quality companies available at reasonable valuations, avoiding risky ventures without a proven track record.

Stock Market LIVE Updates | HDFC Bank most active Nifty stock

Market at 1 PM

The Sensex was up 531.79 points or 0.74 percent at 72,633.48, and the Nifty was up 162.80 points or 0.75 percent at 22,001.90. About 2,571 shares rose, 713 fell, and 88 were unchanged.

The Federal Reserve's committee meeting held today ended without any change in interest rates. Although the commentary provided mixed signals, growth forecasts have been revised upwards, indicating a better outlook for the US economy. However, inflation remains higher than anticipated, and a rate cut will likely be implemented in June. The market reacted positively to the news, with interest rate cuts becoming more likely. This is encouraging for stocks, as a reduction in the cost of borrowing can lead to faster economic growth.

In a declining interest rate environment, three sectors stand out as potential beneficiaries: consumer discretionary, utility and real estate. Consumer discretionary companies, such as retailers like Costco, Walmart, and automobile companies, tend to perform well as consumers have more disposable income. The utility sector, which includes high dividend-paying companies such as Constellation Energy, becomes more attractive as bond yields decrease, making utilities a more compelling investment opportunity. The real estate sector, which relies heavily on financing, can also benefit from interest rate cuts. Developers can finance more projects if the cost of raising capital decreases, leading to increased inventory, sales, and profits.

Tokyo's key stock index closed at an all-time high on Thursday, helped by a cheap yen and tracking a record on Wall Street after the Federal Reserve indicated interest rates would be cut three times this year.

The benchmark Nikkei 225 index jumped 2.03 percent, or 812.06 points, to end at 40,815.66, while the broader Topix index climbed 1.64 percent, or 45.24 points, to 2,796.21.

The dollar fetched 150.96 yen, against 151.36 yen in New York late Wednesday. Read More

Citi retains sell call on NMDC, cuts target to Rs 180 per share from Rs 215 per share
Global iron ore prices have corrected from over $130/tonne to nearly $105/tonne
Co’s domestic iron ore prices have remained unchanged
Think an iron ore price cut is imminent
Current domestic prices are over 25 percent premium to export parity
There is limited support from domestic steel price trends
Every Rs 100/tonne change in fines prices impacts EBITDA by nearly 4 percent and fair value by Rs 8 per share

Stock Market LIVE Updates | Nifty PSE soars 3%

All components of the Nifty PSE index traded in the green. Gains were led by PFC, REC, SAIL and NALCO as they surged  6% each.

Neutral call, target cut to Rs 622 per share
Outlined strategy to achieve 1.8 percent RoA (1.5 percent/1.6 percent in Q3/9MFY24) by FY27
RoA growth by FY27 to be driven by improved NIMs, sustained fee income growth
RoA growth by FY27 to be driven by opex rationalisation & operating efficiency
RoA growth by FY27 to be driven by rangebound credit costs, benefits of merger
Assets/deposits growth should sustain at 25 percent/23-25 percent
Near term pressure on NIM could continue
CoF could rise another 40-45 bps in FY25 (over FY24 levels) before yields pick-up

Savings Market Can Double In The Next Couple Of Years, To Benefit Wealth Mgmt Cos

Industry Has Grown 15-20% In Last Few Years, Trend Should Continue

Structurally Underlying Strength Of Indian Savings Market Is Strong

Savings Market Can Double In The Next Couple Of Years

Profitability Aided By Capital Markets

Cost-to-income Ratio Of Wealth Mgmt Cos Declined By 15%, Aiding Profitability

5% Of Revenues In Capital Markets Is Volatile, Rest Is More Secular

Will Be Cautious As We Tread Into Newer Markets

Shares of IRB Infrastructure Developers Ltd surged as much as 10 percent on March 21 after Kotak Institutional Equities upgraded the stock and raised the fair value (FV), driven by adjustments to traffic estimates for Private InvIT assets. Road sector awarding has shifted to Toll -Operate-Transfer (TOT) and Build-Operate-Transfer (BOT) projects, with NHAI’s focus on managing its debt levels. IRB, with its strong balance sheet, is best placed to benefit, according to the brokerage said.

"With a Rs 44,400 crore BOT pipeline for FY24, "we see players such as IRB, with a strong balance sheet to be a key beneficiary and could garner a healthy market share," Kotak said in its recent report.

Analysts at Kotak revised estimates by 1-7 percent for FY24-26 driven primarily by adjusting our traffic estimates for the private InvIT projects. "We upgrade IRB Infra to 'add' from 'sell', after a 22 percent decline since our downgrade. We increase our fair value to Rs 65 (from Rs 60 earlier) driven by adjustments to our traffic estimate for Private InvIT assets," it said.

In line with market expectations, US Fed left its key policy rates unchanged in Mar’24 at 5.25-5.5%. The Central Bank updated its economic projections and now expects GDP growth at 2.1% in CY24 versus 1.4% projected in Dec’23. Inflation expectation for CY24 remains unchanged at 2.4%. However, core PCE is estimated to witness some upward pressure (2.6% versus 2.4%) due to resilience in domestic demand. FOMC reiterated the possibility of a 75bps rate cut in CY24, with analysts now predicting a 70% chance of a rate cut cycle beginning in Jun’24. Separately in the UK, ahead of BoE’s rate decision due today, UK CPI slowed to 3.4% in Feb’24 from 4% in Jan’24. The moderation was led by food, restaurants and cafes. In Asia, flash manufacturing PMIs for Australia (46.8 in Mar’24 versus 47.8 in Feb’24) and Japan (46.5 versus 45.3) indicate that the sector remains under duress, due to weak demand.

Except for FTSE (flat), other global stock indices ended higher after the US Fed hinted at 3-possible rate cuts this year while keeping the rate unchanged in line with expectations. US indices advanced and rallied to an all-time high. Sensex rebounded supported by gains in oil & gas and power stocks. It is trading higher today, in line with other Asian stocks. Nikkei surged to a record high in the morning session today.

Shares of Life insurance companies, Max Financial and HDFC Life surged in trade on March 21 amid reports that IRDAI has likely approved surrender value regulations for life insurers. Final surrender value regulations likely are in favour of life insurers, the reports stated.

The decision by the US Fed to keep the rates unchanged comes on expected lines. What assumes significance is its sticking with the stance of three rate cuts this year totalling 0.75 percent. This is when there has been a spate of elevated inflation levels recently. The FOMC meeting should end the jitteriness and anxiety in the market for a while. This was reflected in the market response as Nifty once again reclaimed the crucial level of 22,000.

The recent correction in the market has presented opportunities to acquire high-quality stocks at appealing price points. Investors may consider accumulating such stocks, particularly large caps, which are currently trading at very attractive valuations.

Sources to CNBC-TV18

IRDAI Likely To Have Approved Surrender Value Regulations For Life Insurers

Final Surrender Value Regulations May Have Some Changes In Favour Of Life Insurers

IRDAI To Notify Final Surrender Value Rules By Early Next Week

IRDAI Board Gives Approval To Bima Sugam

Bima Sugam Likely To Be Called 'Rashtriya Bima Sugam Nigam Ltd'

IRDAI Approves Registration Regulations For Insurers

IRDAI Approves Rural & Social Sector Obligations For Insurers

IRDAI Approves Corp Governance Regulations & Policyholder Protection Regulations

Manappuram Finance's shares surged by over 3%, while Muthoot Finance saw a 5% increase on Thursday, driven by spot gold prices reaching a record high of Rs 2,220 per ounce. This week, spot gold prices have risen by 3%, with a 10% increase over the past month. The surge in gold prices followed the US Federal Reserve's decision to maintain its easing stance with three rate cuts anticipated in 2024. Traders are now pricing in a 73% probability of a rate cut from the Fed in June.

The rise in gold prices is also attributed to safe-haven demand and global geopolitical tensions. Central banks of China, Poland, Singapore, and Libya are among the top buyers of gold. Strong retail buying of gold is observed in China and Turkey as well.

Brokerages such as JPMorgan anticipate gold prices rallying towards $2,500 by the end of 2024, while UBS predicts levels around Rs 2,250, and Citi expects prices to reach Rs 2,300.

Muthoot Finance and Manappuram Finance specialize in providing loans against gold and are benefiting from the surge in gold prices.

NMDC cuts prices of lumps and fines for the first time since August. The prices of lump iron ore are reduced by Rs 200/tonne to Rs 5,800/tonne while those of fine iron are slashed by Rs 250/tonne to Rs 5,060/tonne.

"Status-quo from the US Fed, with minimum alterations in their official statement. While the economic growth forecast was revised upwards, the Dot-Plot 'signals' three rate-cuts in 2024 but 2025, 2026, and beyond all seeing chances of less aggressive cuts. Gold and stocks have outperformed even with the dollar rising modestly and bitcoin stealing the show. Stocks have rallied since the last meeting despite a plunge in 2024 rate-cut expectations from 6 to 3 – interesting times! With BoJ scrapping radical interest rate regime, hiking interest rates in 17 years shows an independent approach undertaken by central banks across the globe post covid. Global markets will take its own sweet time to reset to these nuances."

Market at 11 AM

The Sensex was up 736.86 points or 1.02 percent at 72,838.55, and the Nifty was up 235.20 points or 1.08 percent at 22,074.30. About 2,638 shares rose, 521 fell, and 91 shares unchanged.

Sensex Today | BSE Smllcap index up nearly 2 percent led by Shiva Cement, eMudhra, Technocraft Industries

-Buy call, target Rs 3,210 per share
-Turning new energy vision to action
-O2C earnings in Q4FY24 should remain robust
-Sharp recovery in Singapore GRM to USD 7.4/bbl (Q3FY24: USD 5.5/bbl)
-Key petchem spreads over naphtha are stable on a QoQ basis
-In telecom busiess, building in 5 percent/4 percent CAGR for subs/ARPU over FY24-26 period
-In retail, expect a 29 percent CAGR EBITDA (FY24-26) led by store additions, productivity

Sensex Today | BSE Midcap index rose nearly 2 percent led by Power Finance, REC, SAIL

-Initiate buy, target Rs 2,000 per share
-Perfect vehicle to ride India’s wealth
-Capital markets built around solid economic moats that have withstood various crises/shocks
-Asset & wealth management businesses are hinged company’s ‘equity expertise’
-Asset & wealth management businesses well-propped to deliver superior profitability growth
-Company’s net worth is nearly Rs 8,300 crore, of which nearly 70 percent is in equity & MF treasury assets
-Net worth adds as safety margin to valuations of core operating businesses

-Buy call, target raised to Rs 1,585 per share
-Q4FY24 will be a lean quarter where company expects the usual
-Reversal of seasonality benefits in the US and India
-Outlook remains strong in the key markets including India, US & South Africa
-Peptide launches to lead US sales in FY25
-FDA clearance for Goa plant will be key near-term catalyst

Shares of Krystal Integrated Services made a positive start on the exchanges, opening at Rs 795, a premium of 11 percent from the issue price of Rs 715. The listing exceeded analyst expectations of a premium of about 4 percent.

The Rs 300-crore public issue was subscribed 13.21 times, with non-institutional investors providing major support by buying 43.91 times their allotted quota of shares. Qualified institutional buyers picked 7.33 times and retail investors 3.32 times the shares set aside for them.

-Underweight call, target Rs 475 per share
-Company has appointed Anne-Marie Rowland as Capco CEO effective April 1, 2024
-Rowland has been with Capco for 14 years and has held multiple executive roles
-Leadership change is made with an internal candidate with rich experience
-Expect transition to be a smooth one

Torrent Power has entered into Share Purchase Agreement (SPA) for acquisition of 100% equity stake of Solapur Transmission, the SPV (special purpose vehicle), from PFC Consulting. Solapur Transmission has to establish transmission system for evacuation of power from RE projects in Solapur (1500 MW) SEZ in Maharashtra.

The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining from a hawkish message. The Fed chief’s statement that “inflation has eased substantially while the labour market has remained strong” conveys conviction about the soft landing of the US economy and the possibility of probably three rate cuts this year. The response from the market was the US indices racing to record highs. This favourable global construct will have its positive impact on Indian markets too.

The tug of war between FIIs and DIIs is being won by the DIIs for sometime now. This trend will continue if the FIIs continue to sell, and, therefore, FIIs are likely to slow down their selling and may turn buyers. This will be positive for largecaps in banking, telecom, capital goods and automobiles.

Sensex Today | BSE Power index up 2 percent led by CG POwer, BHEL, Suzlon Energy

Krystal Integrated Services is set to debut on the bourses on March 21. The final issue price has been fixed at Rs 715 per share. Experts expect the stock to debut with moderate gains.

NHPC said the board of directors will be meeting on March 27 to consider raising of debt during financial years 2023-24 and 2024-25.

DroneAcharya Aerial Innovations and Hadron Aviation Pvt.Ltd. have entered into a Memorandum of Understanding (MoU) to jointly develop diploma and certificate courses in the field of drones.

Sensex Today | Nifty Metal index rose 2 percent supported by NALCO, SAIL, Jindal Steel

-Upgrade to buy, target Rs 2,800 per share
-Company continues to witness strong traction in equity derivatives volumes
-Company’s option market-share jumped 3x QoQ from 4.2 percent to 15 percent+ in March’24
-Anticipate further market share gains as company reaches 60-70 percent market share on Monday
-Further market share gains given the rapid scale-up of the BANKEX product
-Company has managed to reduce clearing charges paid to NSE by 30 percent QoQ on per Rs 10 lakh basis
-As the metrics stabilise, expect an improved margin profile in Q4FY24e

JSW Infrastructure said the total cargo handled on consolidated basis has crossed 100 MMT for the first time. This excludes acquisitions made by JSW Infrastructure in the current financial year and cargo handled on O & M basis.

Sensex Today | BSE Information Technology index up 1 percent led by eMudhra, Intellect Design Arena, L&T Technology

The Board of Directors of the company will be meeting on March 27, to consider the market borrowing programme for the financial year 2024-25.

Sensex Today | Nifty Bank index up 1 percent led by PNB, IndusInd Bank, Bank of Baroda

Bajaj Finance has re-designated Anup Kumar Saha as Deputy Managing Director with effect from April 1, 2024. It has also announced re-appointment of Anami N Roy and Naushad Darius Forbes as Independent Directors for a second term of five consecutive years with effect from April 1.

Prince Pipes and Fittings has signed an asset purchase agreement with Klaus Waren Fixtures, for the acquisition of brand Aquel and plant in Bhuj, Gujarat, for Rs 55 crore. The acquisition will be funded through internal accruals and is structured in two phases.

Cyient said Infotech HAL has filed an application for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal, Bangalore. Infotech HAL is a 50:50 joint venture of Cyient Limited with HAL.

Wipro said Anne-Marie (Annie) Rowland has been appointed as the Chief Executive Officer of Capco, with effect from April 1, 2024. Annie is currently Managing Partner of Capco’s business in the United Kingdom and Ireland and a member of Capco’s Global Leadership Team. As CEO of Capco, Rowland will become a member of Wipro’s Executive Committee (WEC).

Crompton Greaves Consumer Electricals has received solar water pumping system order under the PM-KUSUM scheme for Haryana state. The order sanctioned by the New & Renewable Energy Department Haryana and HAREDA includes the supply, installation, and commissioning of solar photovoltaic water pumping systems which are worth over Rs 9 crore. Total orders received till now from HAREDA stands at Rs 65.6 crore.

-Initiate buy, target Rs 5,107 per share
-More than USD 500 billion addressable market, less than 5 percent is organised
-Lowest consumer prices are due to the lowest operating cost
-Private labels should drive the next leg of share gains
-See DMart stores increasing over 3x By FY34
-Company will expand its presence in present & new states

Rail Vikas Nigam has emerged as the lowest bidder for electric traction system project worth Rs 167.28 crore of SER HQ-Electrical/South Eastern Railway. As per the project, the company will do design, supply, erection, testing and commissioning for upgradation of electric traction system for Rajkharsawan -Nayagarh- Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target.

Indian indices opened higher on March 21 with Nifty around 22,000.

The Sensex was up 569.88 points or 0.79 percent at 72,671.57, and the Nifty was up 168.00 points or 0.77 percent at 22,007.10. About 1800 shares advanced, 323 shares declined, and 95 shares unchanged.

BPCL, Tata Steel, Hindalco, IndusInd Bank and JSW Steel were among major gainers on the Nifty, while losers were Nestle, Britannia, Dr Reddy's Labs, Hero MotoCorp and HUL.

Polycab India has informed that the cyber- security incident occurred on March 17, targetting company's IT infrastructure by a ransomware attack. However, the incident has not impacted the core systems and operations of the company. Currently, the company’s systems are up and running, all factories are operating, and the company continues to serve its customers.

The benchmark Sensex and Nifty indices are likely to open gap-up on March 21 as trends in the GIFT Nifty indicate a strong start for the broader index with a gain of 146 points.

After a gap up opening Nifty can find support at 21,800 followed by 21,750 and 21,700. On the higher side, 22,000 can be an immediate resistance, followed by 22,100 and 22,150.

The charts of Bank Nifty indicate that it may get support at 46,200, followed by 46,000 and 45,900. If the index advances, 46,600 would be the initial key resistance, followed by 46,750 and 47,000.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs) bought Rs 2,667.52 crore worth of stocks on March 20, provisional data from the NSE showed.

INDIAVIX was negative by 4.53 percent and is currently trading at 13.4725.

The US stock market soared yesterday following a Federal Reserve meeting. The Fed has held interest rates constant but has hinted that they may decrease rates three times this year. This bodes well for equities markets. Indian markets are facing resistance near the 21950-22000 levels. Once Nifty closes over the aforesaid resistance, it can move on to the next resistance level of 22200.

In a market buoyed by record closings on Wall Street and a confident stance from the Fed, Nifty is poised for significant gains, supported by optimistic economic projections.
With interest rates held steady, Nifty's immediate targets stand at 22000 and 22527, while downside risks are limited.

Attention is on SBI electoral bonds details, with market volatility expected below 21560.

Preferred trades suggest buying Nifty and Bank Nifty, with bullish sentiments prevailing. Additionally, stocks like INDIGO, BANK OF BARODA, and ZOMATO offer promising opportunities, particularly INDIGO, which presents a strong momentum play with targets set for growth.

Indian rupee opened 14 paise higher at 83.03 per dollar against previous close of 83.17.