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

Shiju Koothupalakkal, Technical Analyst, Prabhudas Lilladher
“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.”

Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas

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.

Ghazal Jain Fund Manager- Alternative Investments, Quantum AMC

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.

Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services

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 at close

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

Market at close

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%.

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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 | TVS Holdings board approves interim dividend of Rs 94 per share

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

Stock Market LIVE Updates | Zaggle Prepaid signs pact with Expleo Solutions for Zaggle Save platform

Stock Market LIVE Updates | Citi retains 'sell' call on Petronet LNG, price target at Rs 220

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

Stock Market LIVE Updates | Deepak Nitrite arm commences manufacturing operations at Dahej fluorination plant

Stock Market LIVE Updates | Nishit Master, Portfolio Manager at Axis Securities

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.

Stock Market LIVE Updates | Blue Dart rises on platform launch

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.

Stock Market LIVE Updates | Lloyds Metals rises 2% as board approves QIP

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.

Stock Market LIVE Updates | Ajit Mishra, SVP, Technical Research, Religare Broking

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.

Stock Market LIVE Updates | Falling dollar, bond yields lift market

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.

Stock Market LIVE Updates | Bharti Airtel hits 52-week high

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.

Stock Market LIVE Updates | Ghazal Jain, Fund Manager- Alternative Investments, Quantum AMC

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.”

Share Market LIVE Updates | Nishit Master, Portfolio Manager at Axis Securities

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

Stock Market LIVE Updates | Amber Enterprises signs definitive agreement to acquire 50% stake in Resojet for washing machine manufacturing

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.

Stock Market LIVE Updates | Viram Shah, Co-founder & CEO, Vested Finance

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.

Stock Market LIVE Updates | Tokyo's Nikkei 225 index closes at all-time high near 41,000

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

Stock Market LIVE Updates | Citi slashes price target for NMDC by 16% to Rs 180 per share

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.

Stock Market LIVE Updates | Citi slashes price target for AU Small Fin Bk to Rs 622, retains neutral call

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

Stock Market LIVE Updates | Madhukar Ladha, Nuvama Wealth on CNBC-TV18

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

Stock Market LIVE Updates | M&M inks MoU with Adani Total Energies e-Mobility for EV charging infra

Stock Market LIVE Updates | IRB Infra zooms 9% after Kotak upgrades stock, raises fair value

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.

Stock Market LIVE Updates | Kranthi Bathini, Director - Equity strategy , WealthMills Securities

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.

Stock Market LIVE Updates | Life insurance stocks Max Fin and HDFC Life surge

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.

Stock Market LIVE Updates | TCS confirms Tata Sons offloaded 0.65% stake via open market transactions on March 19

Stock Market LIVE Updates | Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy

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.

Stock Market LIVE Updates | IRDAI approves a series of proposals in its board meet, CNBC-TV18 reports

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

Stock Market LIVE Updates | Gold financiers Muthoot Finance and Manappuram Finance surge as gold prices hit record high

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.

Stock Market LIVE Updates | NMDC cuts prices lumps and fines 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.