Closing Bell: Nifty at 23,400-level; Sensex down by almost 1%; Oil & Gas, Healthcare appear top sectoral losers

Shrikant Chouhan, Head Equity Research, Kotak Securities:

Today, the benchmark indices witnessed profit booking at higher levels, with the Nifty ends 182 points lower, while the Sensex was down by 729 points. Among sectors, almost all the major sectoral indices registered intraday selling pressure at higher levels but Media Index lost the most, shed 2.40 percent. Technically, after a muted open, the market consistently faced selling pressure at higher levels. From the day's highest points, the market corrected over 285/950 points. Additionally, it has formed a bearish candle on the daily charts, which supports further weakness from the current levels.

We are of the view that, as long as the market is trading below 23,600/77500, weak sentiment is likely to continue. On the downside, it could retest the levels of 23,400-23,330/77000-76800. On the other hand, if it moves above 23,600/77500, the sentiment could change, and the market could bounce back up to 23,700-23760/77800-78000. Contra traders can take a long position near 23,330/76800 with a strict stop loss at 23,300/76650

Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services:

Indian equities opened flattish and slipped into the red, with Nifty50 declining 182 points (0.8%) to close at 23,487. The downturn came as investors engaged in profit-booking, awaiting clarity on impending U.S. reciprocal tariffs to be announced on 2nd April. Focus is now on the US-India trade meet which began today and involves negotiations on a Bilateral Trade Agreement between the two nations. There would be continued nervousness around the meeting outcome till its conclusion on Saturday. The broader market witnessed selling pressure for the second consecutive day as Nifty Midcap100 and Smallcap100 indices declined by 0.7% and 1% respectively. On the sectoral front, Oil & Gas, Realty and Banking indices plunged between 1-2%, followed by Pharma and Healthcare indices which fell by 1% each on tariff-related concerns. Investor sentiments were further dampened by a sharp decline in US consumer confidence in March, which fell to a 4-year low of 92.9 from 100.1 in the prior month amid ongoing concerns about a tariff-induced slowdown. On the positive side, FII buying sustained for the fourth consecutive session on Tuesday with inflows of Rs5370 crore, which provided some relief to the market. We expect the market to remain range-bound with stock/sector specific action on the back of developments around the US India trade meet during the week.

Vikram Kasat, Head - Advisory, PL Capital: "The Indian benchmark indices, Sensex and Nifty, closed the day on a strong note. The Sensex jumped over 1,000 points to settle at 77,984.38, while the Nifty gained 1.32% to end at 23,658.35. Market attention is now on the upcoming US GDP growth report for the fourth quarter, set to be released on March 27. Additionally, developments related to trade tariffs remain a key focus. In the commodities market, gold prices stood at ₹89,770 per 10 grams for 24-carat gold, while 22-carat gold was priced at ₹82,290 per 10 grams."

Indices turn back from recovery rallies with Nifty ending at 23,480-level while Sensex declines about 0.93 percent. All sectoral indices end in red, with only capital goods recording 0.50 percent gain. BSE Small cap sheds 1.45 percent while BSE Midcap ends 0.67 percent lower. Top gainers include Indusind Bank, Powergrid, Titan and M&M. Top losers include NTPC, Tech Mahindra, Zomato, Axis Bank, Bajaj Finance and Infosys.

Bharti Airtel now has residual spectrum liabilities of Rs 520 billion

Hinduja Leyland approves share issue to Ashok Leyland.

Maruti Suzuki to add 250,000 units per year in production capacity.

Capacity expansion to require an investment of Rs 7,410 crore.

The company is setting up its third manufacturing plant in Kharkhoda.

Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business without disclosing financial details, according to a statement.

The Sensex was down 339 points or 0.43 percent at 77,677, and the Nifty was down 73 points or 0.31 percent at 23,594. Market breadth was negative, as about 1,142 shares advanced, 2,275 shares declined, and 115 shares unchanged.

The company has declared the commercial operation of the 100 MW capacity (the third and last part capacity) out of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan.

The Sensex was down 67.81 points or 0.09 percent at 77,949.38, and the Nifty was up 8.95 points or 0.04 percent at 23,677.60. About 1439 shares advanced, 1870 shares declined, and 125 shares unchanged.

The company has sold out the entire launched inventory of its residential plotted development project, Arvind The Park in Devanahalli, Bengaluru. It consisted of 200 units valued at over Rs 180 crore.

Petroleum and Natural Gas Regulatory Board (PNGRB) has conveyed approval for capacity augmentation of Dahej-Uran-Dabhol-Panvel Natural Gas Pipeline (DUPL-DPPL) from existing 19.9 MMSCMD to 22.5 MMSCMD.

QatarEnergy LNG, the world’s premier LNG company, has awarded an Ultra Mega Offshore Contract for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4) to Larsen & Toubro Limited (L&T) Hydrocarbon Business (L&T Energy

Hydrocarbon – LTEH) marking the largest single contract ever received by L&T.

The company has become a L1 bidder for the contract of OPGW-04 package, from Power Grid Corporation of India. The contract involves the supply and installation of optical ground wire (OPGW) and communication equipment for various transmission lines in India.

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The bank has received an income tax demand order worth Rs 558.96 crore for AY 2023-24. The bank is in the process of filing an appeal before the appropriate forum within prescribed timelines. The order will have no impact on the financials, operations, or other activities of the bank.

The company's subsidiary, TVS Motor (Singapore) Pte, has agreed to acquire an additional 8.26% stake in GO Corporation, Switzerland, from its existing shareholder for CHF 500,000.

The Board has approved the proposal to infuse funds up to Rs 146 crore in Globalbees Brands via subscription to Compulsory Convertible Preference Shares, and AED 9 million (approximately Rs 20.98 crore) in Firstcry Management DWC LLC, UAE, via equity shares. Both are the company's subsidiaries.

The National Company Law Tribunal (NCLT), Mumbai, has sanctioned the Scheme of Arrangement between Siemens and Siemens Energy India. As a result, the company's energy business will be demerged into Siemens Energy India.

The automobile company has received a draft assessment order for FY22 from the Income Tax Authority, wherein certain additions/disallowances amounting to Rs 2,966 crore with respect to the returned income (disclosed by the company in its income tax return) have been proposed.

The company will make an investment of Rs 3,300 crore in subsidiary ONGC Green via rights issue. The subsidiary will utilize the proceeds for the acquisition of a 100% equity stake in Ayana Renewable Power through ONGC NTPC Green (ONGPL).

ONGPL is a 50:50 joint venture company of ONGC Green and NTPC Green Energy. The company's subsidiary ONGC Videsh will invest up to Rs 1,500 crore in Beas Rovuma Energy Mozambique.

Beas Rovuma Energy Mozambique is a subsidiary of ONGC Videsh with 60% shareholding, and the other joint venture partner is Oil India.

The Sensex was down 31.46 points or 0.04 percent at 77,985.73, and the Nifty was up 1.55 points or 0.01 percent at 23,670.20. About 1332 shares advanced, 1778 shares declined, and 136 shares unchanged.

The Board will meet on March 28 to consider raising funds via the issue of one or more instruments/securities.

EaseMyTrip.com has signed a strategic Memorandum of Understanding (MoU) with Tourism New Zealand to strengthen travel ties and enhance seamless access for Indian tourists to the island nation.

The Madhya Pradesh government has declared the company as the preferred bidder for the mining lease of the Jamodi Mahanna Sector I (Part B) limestone block with an area of 416.73 hectares, and the Jamodi Mahanna Sector II (Part B) limestone block with an area of 264.156 hectares.

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The Board approved the execution of a binding Memorandum of Understanding with Ageas Insurance International NV (Ageas) and Ageas Federal Life Insurance Company (AFLIC) for the acquisition of a 4% equity stake by the bank in AFLIC, from Ageas. Post-acquisition of the 4% stake, the bank's stake in AFLIC will increase to 30% from 26%.

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BofA downgraded Zomato to 'neutral' from 'buy', cut price target to Rs 250 from Rs 300

The company has received a Letter of Award (LOA) for a project worth Rs 232.3 crore. The project involves the execution of engineering, procurement, and construction (EPC) works for a ground-mounted solar power project, including operation and maintenance of a 170 MW AC/255 MW DC capacity on a turnkey basis.

The company's subsidiary, Welspun Michigan Engineers, in joint venture with Aaradhyaa & Co, has secured a new order worth Rs 328.12 crore from Brihanmumbai Municipal Corporation (BMC) for the upgradation of the Haji Ali Storm Water Pumping Station in Mumbai, Maharashtra, followed by 15 years of operations and maintenance.

The government imposed anti-dumping duty on AcrylicSolidSurfaces imports from China for 5 years

The company has received two advance work orders worth Rs 10,804.6 crore from Bharat Sanchar Nigam for the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network of BharatNet in Uttarakhand Telecom Circle and Madhya Pradesh, DNH, and DD telecom circles.

Ashok Leyland may be close to concluding a complete takeover of SML Isuzu Limited. Sources aware of the deal talks say negotiations are at an advanced stage between Ashok Leyland and Japan’s Sumitomo Corporation and Isuzu.

Classified as a promoter, Sumitomo holds roughly 44 percent stake in the Indian unit of Isuzu, while Isuzu itself holds 15 percent.

Ashok Leyland has scheduled a conference call with investors tomorrow (March 26) at 5:15 pm to provide what it described as “ corporate updates” emanating out of the Board Meeting to be held earlier in the day called at “ shorter notice”, according to a stock exchange filing posted after market hours on March 25.

Despite positive global cues, the Indian indices opened flat on March 26.

The Sensex was down 27.27 points or 0.03 percent at 77,989.92, and the Nifty was up 24.15 points or 0.10 percent at 23,692.80. About 1401 shares advanced, 872 shares declined, and 138 shares unchanged.

Bajaj Finserv, Hindalco, ONGC, Hero MotoCorp, Tata Motors were among major gainers on the Nifty, while losers were Dr Reddy's Labs, Asian Paints, Titan Company, Maruti Suzuki, Tata Consumer.

Even with the April 2nd reciprocal tariff day looming large the market has turned resilient indicating further upside. This will happen if the reciprocal tariffs are less stringent than feared. A bilateral agreement between US and India also is a likely scenario if the negotiations underway between the two countries lead to a positive outcome.

The fundamental support to the market comes from India’s improving macros and the FIIs turning buyers. The total FII buy figure of Rs 19136 crores in the last four trading days indicate that this positive trend is likely to continue. Consequently fairly valued high quality financials will continue to be resilient. If the reciprocal tariffs are not as severe as feared, pharmaceutical stocks will rebound smartly.

Yesterday, Nifty started strong but ended flat due to profit booking. The Mid-cap (-1.31%) and Small-cap (-1.47%) indices also closed in the red, reflecting concerns over tariffs, economic slowdown, and inflation. FIIs, however, were net buyers, investing Rs 7,470 crore. While optimism over tariff talks may boost Nifty initially, focus will soon shift to key events like March F&O expiry, US inflation data, and employment reports.

Nifty remains bullish above its 200-DMA at 24,078, though volatility is expected.

Stock-specific moves included Colgate Palmolive's 52-week low, IndusInd Bank's dip, and gains for HEG and Graphite India.

Stocks to buy: Bajaj Finserv (CMP 1945) – Buy between 1900-1925, target 1989/2030, aggressive target 2121; Tech Mahindra and TCS are bullish on dips.

After a vertical rally, the Index faced resistance at higher levels and reversed, closing at 23,668.65. The presence of a potential hidden bearish divergence, combined with the formation of a bearish candlestick pattern near the previous high, signals a possible trend reversal.

The 23,800 level continues to act as a key resistance, while support is positioned at 23,400. According to GIFT Nifty trend, Indian equities are expected to open on a positive note; however, the sustainability of this move remains uncertain, as several major sectors have formed bearish engulfing candlestick patterns following a strong rally. This suggests a potential pause in the uptrend, although a close above the previous day's candle could negate the bearish signals.

Additionally, Mid and Small caps have also formed bearish engulfing candles, supporting the possibility of a broader market correction. For Bank Nifty, immediate support is seen at 50,700, with resistance at 52,000.

Indian rupee opened higher at 85.67 per dollar on Wednesday against previous close of 85.76.

Benchmark indices are trading flat in the pre-opening session.

The Sensex was down 4.74 points or 0.01 percent at 78,012.45, and the Nifty was up 28 points or 0.12 percent at 23,696.65.

The company has received a Letter of Award (LOA) for a project worth Rs 232.3 crore. The project involves the execution of engineering, procurement, and construction (EPC) works for a ground-mounted solar power project, including operation and maintenance of a 170 MW AC/255 MW DC capacity on a turnkey basis.

The company has received two advance work orders worth Rs 10,804.6 crore from Bharat Sanchar Nigam for the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network of BharatNet in Uttarakhand Telecom Circle and Madhya Pradesh, DNH, and DD telecom circles.

In yesterday’s session Nifty managed to break 23800 levels but was not able to sustain. Profit booking was seen in the index which led to market trade below 23800 level and closed near 23650 levels.

As expiry is near, it is expected that some profit booking will take place in market in today first half and in second half we can expect buying resuming.

The support for the index is placed at 23300 level which will act as a strong support for current expiry and the market participants will be active again at this level as previously at the same levels participants where aggressive in buying the index.

Use dip to buy the index the view remains positive the index is expected to test 24000 levels in coming days.

Goldman Sachs (Singapore) Pte - ODI bought 65.48 lakh shares in Samvardhana Motherson at an average price of Rs 132.7 per share, from Kadensa Master Fund.

Plutus Capital Management LLP bought 14,400 shares in Resourceful Automobile at an average price of Rs 53.02 per share.

The company will make an investment of Rs 3,300 crore in subsidiary ONGC Green via rights issue. The subsidiary will utilize the proceeds for the acquisition of a 100% equity stake in Ayana Renewable Power through ONGC NTPC Green (ONGPL).

ONGPL is a 50:50 joint venture company of ONGC Green and NTPC Green Energy. The company's subsidiary ONGC Videsh will invest up to Rs 1,500 crore in Beas Rovuma Energy Mozambique.

Beas Rovuma Energy Mozambique is a subsidiary of ONGC Videsh with 60% shareholding, and the other joint venture partner is Oil India.

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Integrated Core Strategies (Asia) Pte bought 9.8 lakh shares in the bank at an average price of Rs 195.8 per share, from UBS AG.

Integrated Core Strategies (Asia) Pte acquired 2.64 lakh shares in Glenmark at an average price of Rs 1,492.65 per share, from UBS AG.

Integrated Core Strategies (Asia) Pte purchased 11 lakh shares in Max Financial Services at an average price of Rs 1,157.35 per share, from UBS AG.

The company's subsidiary, Welspun Michigan Engineers, in joint venture with Aaradhyaa & Co, has secured a new order worth Rs 328.12 crore from Brihanmumbai Municipal Corporation (BMC) for the upgradation of the Haji Ali Storm Water Pumping Station in Mumbai, Maharashtra, followed by 15 years of operations and maintenance.

Axis Securities sold 27.29 lakh shares in Kesoram at an average price of Rs 5.47 per share.

Yesterday, the benchmark indices witnessed some profit booking at higher levels. The Nifty ends 10 points higher, while the Sensex was up by 33 points. Among sectors, the IT index was the top gainer, gained nearly 1 percent, whereas profit booking was observed in the Defence and PSU Bank indices, both of which shed nearly 2 percent. Technically, after an early morning intraday rally, the market witnessed profit booking at higher levels. On the daily charts, a shooting star kind of formation has formed, indicating potential weakness from the current levels.

We are of the view that after a promising uptrend rally, the market is currently experiencing some profit booking at higher levels. However, the short-term texture of the market remains positive. For day traders, 23,600/77700 would be the key support zone. Above this level, the market could retest the range of 23,850/78300 to 23,900/78500. On the flip side, a dismissal of 23,600/77700 could alter market sentiment. Below this level, the market could slip to 23,500 to 23,450/77300-77200.