Market Close | Rally continues for the sixth day; Nifty above 23,650, Sensex rises 1,079 pts

Indian equity indices ended on strong note with Nifty above 23,650 on March 24. At close, the Sensex was up 1,078.87 points or 1.40 percent at 77,984.38, and the Nifty was up 307.95 points or 1.32 percent at 23,658.35.

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Nifty rose for the sixth consecutive session on the back of broad-based buying and ended the day with gains of 307 points or 1.32%, to close at 23658. NSE cash market volumes were higher by 9% as compared to the average of last ten days.

The Indian rupee continued its upward trajectory for the ninth day on the trot. It appreciated by 33 paise to 85.64 against the US dollar, highest since 01-January 2025 amid weaker US Dollar and strong equity markets

The mid and small-cap segments continued their winning streak for the sixth sessions, mirroring the overall market's strength. The Nifty Midcap 100 index rose by 1.30%, and the Nifty Smallcap 100 index surged by 1.10%. Market breadth remained positive for the fifth straight day, with the BSE advance-decline ratio at 1.53.

All the sectoral indices ended in the green. Amongst them, Nifty PSU Banks, Nifty Private Banks, Reality and OIL/GAS were major gainers

Nifty managed to close above its long-term exponential moving average of 200 days, placed at 23400. By surpassing 23612, Nifty has retraced more than 38.2% of the entire downswing seen from all time high of 26277 to the recent swing low of 21964. Immediate resistance for Nifty is seen near its previous swing high of 23807 levels, while far resistance is seen at 50% retracement placed near 24125 levels. Support has shifted upwards at 23400

The Nifty has witnessed a further extension of its upward move, rising above the resistance level of 23,600. The RSI is in a bullish crossover, coupled with the fact that the price has been sustaining above the 50 EMA for the last three days.

In the short term, the index is likely to remain strong as long as it stays above the support level of 23,500. Only a decisive fall below 23,500 might trigger a small correction in the market.

Rupee marked the longest winning streak of ninth day in a trot, last time such move was seen in January 2024.

The Indian rupee recoup yearly losses as foreign banks and exporters sold the dollars ahead of the financial year end adjustment while state level banks remained aside from buying amid RBI’s USDINR swap. The sentiments turned positive ahead of US representative visiting India ahead of April 2, reciprocal tariff implementations.

The foreign funds buying in domestic equities also well supported the rupee gains.

In the near term, the spot USDINR is having support at 85.20 and resistance at 86.05.

The Bulls strengthened their hold on the market for the sixth consecutive day, with Nifty50 continuing to compound its gains and finishing the trade at 23,658.35 with notable gains of 307.95 points. All the sectors ended in green, with Banking Indices leading the charge, followed by the Realty and Energy sectors. Mid and Smallcap stocks largely mirrored the movement of the Frontline Index.

With another bullish candle forming on the daily chart, the Index has now entered an extremely overbought zone, approaching its previous swing high of 23,800, which is expected to act as immediate resistance. On the downside, 23,400 will serve as the key support level. After such a stellar one-way rally, a pullback is expected to offer a necessary correction.

Short covering ahead of monthly F&O expiry later this week fuelled the rally as Sensex breached the psychological 78k mark intra-day on across-the-board buying. Renewed optimism by foreign investors after a sharp fall in local currency coupled with strong US and European market cues further bolstered the sentiment. Also, the moderating domestic inflation and hopes of further cuts in interest rates have temporarily offset the concerns of tariff-related global uncertainty.

Indian rupee ended 34 paise higher at 85.63 per dollar on Monday versus Friday's close of 85.97.

Indian equity indices ended on strong note with Nifty above 23,650 on March 24.

At close, the Sensex was up 1,078.87 points or 1.40 percent at 77,984.38, and the Nifty was up 307.95 points or 1.32 percent at 23,658.35. About 2371 shares advanced, 1602 shares declined, and 153 shares unchanged.

All the sectoral indices ended in the green with bank, capital goods, IT, oil & gas, power, realty, PSU Bank rose 1-3 percent.

BSE Midcap and Smallcap indices added more than 1 percent each.

Biggest Nifty gainers included Kotak Mahindra Bank, NTPC, SBI, Power Grid Corp, Tech Mahindra, while losers were M&M, Titan Company, IndusInd Bank, Trent, Bharti Airtel.

The Government of India has appointed Rahul Bhave as Managing Director & Chief Executive Officer on the Board of the company for three years.

Motilal Oswal, Raamdeo Agarawal, and Motilal Oswal Foundation have sold 8 lakh equity shares (0.13% of the paid-up equity) as part of their commitment to a philanthropic goal.

The Board has approved the appointment of Ravi Dusad as Chief Financial Officer of the company, effective March 22. Additionally, Dusad will also serve as Chief Financial Officer of Insolation Green Energy, a wholly owned subsidiary of Insolation Energy.

The Sensex was up 1,002.06 points or 1.30 percent at 77,907.57, and the Nifty was up 285.10 points or 1.22 percent at 23,635.50. About 2401 shares advanced, 1293 shares declined, and 136 shares unchanged.

The Reserve Bank of India has imposed a penalty of Rs 36.30 lakh on IDBI Bank for non-compliance in carrying out due diligence in processing and allowing foreign exchange transactions involving 363 inward remittances received during June 2016 to January 2023.

The EV company has commenced deliveries of its S1 Gen 3 scooter portfolio across India. The Gen 3 range starts at Rs 79,999 for the S1 X (2kWh) and goes up to Rs 1,69,999 for the S1 Pro+ 5.3kWh (with 4680 Bharat Cell).

The Board has approved long-term borrowings of up to Rs 12,000 crore, including through external commercial borrowings, term loans, non-convertible debentures, or any other instrument.

Furthermore, the Board has elevated Subramanian Sarma to Deputy MD & President, effective April 2. Currently, Subramanian Sarma is the Whole-time Director & President of the Energy division at L&T.

The company has started commercial production of carbonated soft drinks and packaged drinking water at its production facility at Kangra, Himachal

Pradesh.

The Board has designated Nemkumar H as Chief Growth Officer and accepted his resignation from the post of Managing Director. He stepped down as Managing Director to focus exclusively on business development.

Subsequently, the Board has appointed R Venkataraman, co-promoter of the IIFL Group, as the Managing Director of the company for five years, effective March 22. Rekha Warriar, Independent Director, has been appointed as Chairperson of the Board.

Benchmark indices Nifty 50 and Sensex extended their winning rally to the sixth consecutive session, reclaiming one-month highs as the bulls took over the reins from the bears and exiting the correction phase. The Nifty 50 decisively topped the crucial 23,500 mark, while Sensex soared 900 points intraday.

With its gains, the Nifty 50 has exited the technical correction zone. Markets are said to be in a corrective phase when they fall 10 percent from their highs. However, with Nifty 50's current level of 23,658.30, the Nifty 50 is lower by 9.96 percent from its all-time high of 26,277.35, technically exiting the correction phase. Read More

The bank has opened its Qualified Institutions Placement (QIP) issue with a total size of Rs 2,000 crore, reports CNBC-TV18 quoting sources. The QIP price may be Rs 34.27 per share.

HEC Infra Projects received workorder worth Rs 12.50 crore from M/S Ahmedabad Municipal Corporation. This project was regarding the upgradation/augmentation of elctro-mechanical &instrumentation including Civil works for Clear Water pump house at 200 MLD WTD at Kotarpur of AMC.

L&T Energy Green Tech Limited (LTEGL) and John Cockerill signed a Memorandum of Understanding (MoU) to explore various technologies in Concentrated Solar Power (CSP) and Thermal Energy Storage (TES).

The company has received a letter of intent from Adani Green Energy worth Rs 214,65,28,200 for supply of Conductors for Khavda Power Project, Gujarat.

Indian rupee is trading higher by 34 paise at 85.63 per dollar on Monday versus Friday's close of 85.97.

Wanbury is about to launch two new products, for formulation (Branded generic) div., Branded Hematinic Iron tablets Wanbury C-RED and for API (Bulk Drug) div - launching KETAMINE HYDROCHLORIDE.

The company received Letter of Acceptance from M/s. City and Industrial Development Corporation of Maharashtra (CIDCO) for the project of design and construction of coastal road from Jalmarg Sector-16, Kharghar to PMAY Housing scheme near Kharghar Railway Station and Pedestrian Underpass near Delhi Public School, Nerul, Navi Mumbai for the total contract value amounting to Rs 10,20,70,21,000.

The company's subsidiary, PFC Consulting, has incorporated two special purpose vehicles (SPVs) - NES Dharashiv Transmission and NES Navi Mumbai Transmission. NES Dharashiv Transmission will develop a network expansion scheme in Maharashtra for the evacuation of RE power from Dharashiv, and NES Navi Mumbai Transmission will develop a network expansion scheme in Maharashtra to provide supply to data center loads in Navi Mumbai.

Additionally, Parminder Chopra, the current CMD of Power Finance Corporation, has been assigned the additional charge of CMD at REC for three months, effective immediately.

The Federation of Unions has asked its members to resume full duties. Accordingly, the employees have resumed duties, and normal operations have resumed at all the projects.

Trade unions had resorted to a wilful slowdown of work and work-to-rule in connection with a wage settlement on January 10.

The share price extend gains on third consecutive session.

The Sensex was up 910.49 points or 1.18 percent at 77,816.00, and the Nifty was up 271.40 points or 1.16 percent at 23,621.80. About 2506 shares advanced, 1076 shares declined, and 135 shares unchanged.

Conarch Associates has initiated a Rs 158.89 crore claim against IRCON International in the Arbitral Tribunal. This claim pertains to the work of supplying and stacking 50mm size Pakur Variety Machine Crushed Track Ballast for the new BG line from Jaynagar (India) to Bardibas (Nepal) railway project (Nepal portion).

The company has added 15 lakh bulk liters of capacity at its Rangapur plant in Telangana. This is in addition to the licensed production capacity of 600 lakh bulk liters for FY25.

India's stocks volatility index jumps as much as 11%. As of 11:15 am, the index is 8.59% higher.

The Sensex was up 884.01 points or 1.15 percent at 77,789.52, and the Nifty was up 266.75 points or 1.14 percent at 23,617.15. About 2609 shares advanced, 910 shares declined, and 144 shares unchanged.

The Board has declared an interim dividend of Rs 4.75 per share for the financial year 2024-25.

The company is in receipt of direction from Commissioner of State Tax, Govt of Maharashtra for payment of  Rs 2,471 crore under Amnesty Scheme for PSU’s announced by Govt. of Maharashtra.

The company has acquired SPVs Fatehgarh II and Barmer I PS Transmission, as well as Chitradurga Bellary REZ Transmission, from the bid process coordinator, PFC Consulting, for Rs 26.57 crore.

The project under Fatehgarh II and Barmer I PS Transmission includes ICT augmentation works at existing and under-construction substations in Rajasthan.

The project under Chitradurga Bellary REZ Transmission includes the establishment of new 765 / 400 / 220kV pooling substations near Davangere / Chitradurga and near Bellary, along with 765kV & 400kV D/C Transmission Lines, and upgradation works for existing substations and transmission lines in Karnataka.

Optival Health Solutions Private Limited, a subsidiary of the company has received six suspension order of Drug License for two days of a each store situated at Gandhi Nagar Harihar, Falnir Road Manglore and Kote Circle Chikkamagalur, Karnataka from Assistant Director, Drugs Control Administration, Bangalore Circle.

Also received suspension of Drug License for fifteen days of a store situated at Tilak Nagar Sillod and for five days of a each store situated at Maharana Pratap Chowk Bajaj Nagar and Shivaji Chowk Gangapur, Auranagbad, Maharashtra from Assistant Director, Food & Drugs Control Administration, Maharashtra.

The company has received an administrative warning and deficiency letter from SEBI. The capital markets regulator advised the company to be vigilant in the future concerning certain operational-related matters of its institutional broking operations.

SEBI issued the warning letter following an inspection conducted for the period from February 1, 2024, to August 31, 2024, which occurred prior to the listing of DAM's equity shares on the bourses. The company has already rectified and implemented the necessary compliance measures.

The Securities Issuance and Investment Committee of Sammaan Capital has, at its meeting held on March 24, 2025, approved the proposed issuance of foreign currency denominated bonds by the company.

Poonawalla Fincorp has unveiled an industry-first AI-Powered Underwriting Solution. Developed in collaboration with the Indian Institute of Technology Bombay (IIT Bombay), this innovative solution integrates artificial intelligence with human intelligence to automate and streamline the credit evaluation process.

The Sensex was up 628.18 points or 0.82 percent at 77,533.69, and the Nifty was up 193.05 points or 0.83 percent at 23,543.45. About 2501 shares advanced, 839 shares declined, and 166 shares unchanged.

The United States Food and Drug Administration (USFDA) has completed the inspection of the company's API-III facility at Karakhadi, with no Form 483 observations. This was a scheduled GMP inspection, conducted from March 17 to March 21.

The company has acquired a 10-acre land parcel in Yelahanka, Bengaluru. This project is estimated to have a developable potential of 1.5 million square feet of saleable area, with an estimated revenue potential of Rs 2,500 crore.

The company’s subsidiary, Dr Reddy’s Laboratories Inc. USA, has completed the sale of all issued and outstanding membership interests in its wholly owned subsidiary, Dr. Reddy’s Laboratories Louisiana LLC, including the manufacturing facility located in Shreveport, Louisiana.

As a result, Dr Reddy’s Laboratories Louisiana LLC has ceased to be a step-down wholly owned subsidiary of Dr Reddy’s Laboratories.