Closing Bell: Nifty above 22,300, Sensex up 655 pts; all sectors in the green

Market extended the winning run on the second consecutive day on March 28 with benchmark indices went near to their record highs. At close, the Sensex was up 655.04 points or 0.90 percent at 73,651.35, and the Nifty was up 203.20 points or 0.92 percent at 22,326.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back on Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

While markets may witness wild fluctuations due to valuations of benchmark indices being in an expensive zone, the undertone still remains bullish as investors are willing to bet big on equity assets for the next financial year too. While focus will shift to full year earnings from next month, sectors like banking and IT companies will be in focus going ahead. Although corrections at every interval will provide investors an opportunity to revisit mid & small-cap stocks, large-cap stocks could attract more attention going ahead.

Today being the last day of FY24, it makes sense to analyze what worked and what didn't in this fiscal. It was one of the best years for Indian markets. Nifty was one of the best-performing markets in Asia with almost 29% USD return (next to Japan). China and HK were big underperformers.

In India, it was more of the Mid and Small-cap Index that gave phenomenal returns relative to Nifty, almost 2.2-2.4x returns. despite some corrections in the last month.

Within the broader index, it was mainly PSU stocks, auto, energy, and pharma that have given good returns, whereas consumer and Pvt banks have struggled while the IT sector has broadly remained a silent spectator.

FII we're active on both sides but will end the year on a positive note whereas DII who pumped a big chunk of money into the market, gave a good fillip.

Nifty & Nifty Bank register gains over 2% for two straight series

31 Nifty stocks give positive returns; HDFC Life, L&T, Eicher, Hero MotoCorp, Kotak Bank, ITC, IndusInd & Titan are amongst top Nifty Gainers

TCS, Dr Reddy’s, Shriram Finance & SBI Life are top Nifty losers

Nifty rises 30% in FY24 to post biggest returns (ex-covid year) since 2010

All sectoral indices rise In FY24; Realty, PSU, Power & Auto gain the most

48 of 50 Nifty stocks give positive returns in FY24, 5 of them have doubled

Bajaj Auto, Tata Motors, Adani Ports, Coal India & Hero MotoCorp rise over 100% each

11 Nifty stocks gain in the range of 60-90% in this fiscal

Only 2 Nifty stocks (HDFC Bank & HUL) give negative returns in FY24

Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories. The mid- and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month. An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term.

After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario.

The Nifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there's a clear breakout in consolidation on the daily timeframe, signaling rising optimism. Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support.

The rupee traded with weakness as the strength of the dollar index exerted pressure. The rupee dropped to 83.40, down 0.07rs, while the dollar index traded with gains of 0.40$ at 104.40$, surpassing the resistance of 104$. Additionally, the rise in crude oil prices further contributed to the weakness in the rupee.

Indian rupee ended marginally lower at 83.40 per dollar versus Previous close of 83.37.

Market extended the winning run on the second consecutive day on March 28 with benchmark indices went closer to record high.

At close, the Sensex was up 655.04 points or 0.90 percent at 73,651.35, and the Nifty was up 203.20 points or 0.92 percent at 22,326.90. About 1912 shares advanced, 1784 shares declined, and 103 shares unchanged.

Biggest gainers on the Nifty included Bajaj Finserv, Grasim Industries, Hero MotoCorp, Bajaj Finance and Eicher Motors, while losers were Shriram Finance, Tech Mahindra, Axis Bank, Reliance Industries and Britannia Industries.

All the sectoral indices ended in the green with auto, healthcare, metal, power, capital goods up 1 percent each, while oil & gas, Information Technology, bank, realty, FMCG gained 0.5 percent each.

The BSE midcap index added 0.6 percent and the smallcap index was up 0.3 percent.

The dollar gained on the euro and pound on Thursday after a U.S. Federal Reserve policy maker said he wasn't in a hurry to cut rates, while traders braced for key economic data and hesitated to move on the yen on fears of Japanese intervention.

The Japanese currency was steady at 151.42 per dollar having traded just shy of the 152 mark at its lowest since 1990 on Wednesday before Japan's top monetary officials suggested they were ready to intervene to prevent further declines.

The euro was last down 0.33% at $1.0792 its lowest in five weeks, and the pound was down 0.25% at $1.2609. That left the dollar index up 0.16% at 104.6, its highest since mid-February.

The introduction of a T+0 settlement cycle in equity trading represents a significant shift towards more efficient market operations. Investors will get multiple benefits from the T+0 settlement. Firstly, the most direct benefit is the acceleration of the settlement process for faster settlement. Further, with increased liquidity, investors can access the funds or securities quicker than before, potentially allowing them to reinvest or reallocate assets more rapidly.

Another benefit is reduced credit risk. The shorter the time between trade execution and settlement, the lower will be the risk of default by either party. Investors will also benefit from improved market efficiency because faster settlement cycles can lead to a more dynamic and efficient market. The quicker feedback loop between trading decisions and their financial outcomes can lead to more informed trading strategies. There will also be better or improved use of capital, because investors and traders can optimize their capital allocation strategies with a quicker turnaround, potentially reducing the need for large cash buffers to cover settlement periods.

Finally, there will be the benefit of increased confidence and participation. The efficiency and safety improvements associated with a T+0 settlement might attract more participants to the market, including international investors who value the reduced risk and improved liquidity.

Indian Rupee depreciated on Thursday on strong US Dollar and Dollar demand from OMCs. Weak Asian currencies and a rise in crude oil prices also weighed on Rupee. However, surge in domestic markets and FII inflows cushioned the downside. US Dollar on weak Yen and inflation concerns in the US ahead of the core PCE data on Friday.

We expect Rupee to trade with a slight negative bias on strong US Dollar and weak Asian currencies. Demand for dollar from importers and OMCs towards the end of financial year may put downside pressure also weigh on the Rupee. However, strong domestic markets may support Rupee at lower levels. Traders may take cues from final GDP, weekly unemployment claims, pending home sales and revised consumer sentiment data from US. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70.

Sensex falls 490 points from day's high

Salasar Techno Engineering- RVNL JV has been awarded a prestigious contract worth USD 7.152 Mn equivalent to Rs. 596.21 million (appx.) by Energy Development Corporation Limited for the Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC) for plant design, supply & installation of 45.8 Km, 110 KV Double Circuit Rukarara-Huye-Gisagara Transmission Lines.

PPFAS Mutual Fund through its Parag Parikh Long Term Value Fund bought 62.22 lakh shares (0.6% stake) in Zee Entertainment Enterprises at an average price of Rs 141.44 per share, valuing at Rs 88 crore.

Kotak Mahindra Mutual Fund has bought 8.1 lakh shares in Vijaya Diagnostic Centre via open market transactions. These shares were bought at an average price of Rs 630 per share, amounting to Rs 51 crore.

4 stocks gave more than 5 percent returns (Bajaj Finserv – 12.89%, Maruti – 9.53% , Apollo Hospital – 5.69% , Eicher Motors – 5.67%)

Hindalco Industries up 4.11% , ITC up 4.06% and L&T up 3.13%, Bharti Airtel up 2.76%, Bajaj Auto up 2.74%, Nestle India up 2.70 % , Kotak Mahindra Bank up 2.48% and Grasim Industries up 2.29%

Nifty laggards included ONGC down 3.97% , LTIM down 3.64%, BPCL down 3.07%, Dr Reddy down 2.52% and Tech Mahindra down 2.52%

Foreign investor Blue Chandra Pte Ltd sold 1,01,73,756 equity shares (4.66% stake) in Samhi Hotels at an average price of Rs 206.1 per share, valuing at Rs 209.68 crore. However, TT Asia-Pacific Equity Fund, and Societe Generale bought 94,34,456 equity shares (4.3% stake) in the company at same price.

Nomura lowers conviction on long Indian sovereign bonds, citing recent rally. Analyst warns bonds are now expensive compared to mid-March lows. Expects increased volatility if USD/INR remains pressured, with strong, largely unhedged FPI flows. Nomura notes one-sided, heavy positioning in bonds despite positive narrative. Maintains positive stance on bonds for medium-term due to supply-demand dynamics.

Astra Microwave Products has bagged orders worth Rs 385.58 crores for supply of MPR sub-systems from Bharat Electronics Limited, Ghaziabad. (BEL).

Invesco Mutual Fund has purchased 3,07,350 equity shares or 1.25% stake in Ethos at an average price of Rs 2,500.05 per share via open market transactions, amounting to Rs 76.84 crore.

However, promoter KDDL sold 4.05 lakh shares (1.6% stake) of the company at an average price of Rs 2,499.80 per share, valuing at Rs 101.24 crore.

US-based Smallcap World Fund Inc has bought 2,73,548 equity shares (2.13% stake) in Aditya Vision at an average price of Rs 3,400 per share, valuing at Rs 93 crore.

However, promoters Rashi Vardhan, and Sunita Sinha sold 2,81,508 equity shares (2.2% stake) of the company at same price, amounting to Rs 95.71 crore.

Smallcap World Fund Inc, SBI Mutual Fund, Nippon India Mutual Fund, and ICICI Prudential Mutual Fund bought 3,12,71,444 equity shares (equivalent to 6.26% of paid up equity) of Aster DM Healthcare at an average price of Rs 405 per share via open market transactions, valuing at Rs 1,266.5 crore.

However, private equity firm Olympus Capital Asia Investments sold 4,88,20,389 equity shares (equivalent to 9.77% of paid up equity) in the company, amounting to Rs 1,978 crore.

The Board of Directors of DCM Shriram Industries in its meeting held on 28.03.2024 has declared an interim dividend of Rs 2 per equity share of face value of Rs 2 each (100%) for the financial year 2023-24. The dividend will be disbursed within 30 days from today.

Sensex Today | Market at 2 PM

The Sensex was up 999.66 points or 1.37 percent at 73,995.97, and the Nifty was up 313.20 points or 1.42 percent at 22,436.90. About 1974 shares advanced, 1370 shares declined, and 83 shares unchanged.

The US Food and Drug Administration (USFDA) had conducted an inspection at the Alkem Laboratories' manufacturing facility at Baddi during March 19-27. After the inspection, the company has received Form 483 with 10 observations. This was a GMP (good manufacturing practice) as well as a pre-approval inspection. There is no data integrity observation. This Inspection is part of the routine business operations.

The Board of Indian Oil at its meeting held on March 28, 2024 has accorded approval for the revision in cost of the Cauvery Basin Refinery and Petrochemicals Limited (CBRPL) project from Rs 29,361 crore to Rs 33,023 crore.

The Board has also accorded approval for revision in capital structure of Joint Venture with 75% equity from Indian Oil and 25% equity from Chennai Petroleum Corporation Limited (CPCL).

NHPC has received approval from the Board of Directors for raising of debt upto Rs 6,100 crore during FY25 through issuance of non-convertible corporate bonds in one or more series/tranches on private placement basis or raising of term loans/external commercial borrowings (ECB). Further, the board has also given its in-principle approval for closure of Loktak Downstream Hydroelectric Corporation, the joint venture with Manipur Government, subject to the approval of DIPAM, Ministry of Power and Manipur Government.

GMR Visakhapatnam International Airport Limited (GVIAL), a step-down subsidiary of GMR Airports Infrastructure, has received Rs 394.88 crore from National Investment and Infrastructure Fund (NIIF) against subscription of 39,48,82,351 compulsory convertible debentures (CCDs) of Rs 10 each of GVIAL.

Sensex Today | Nifty Realty index up nearly 1 percent led by Phoenix Mills, DLF, Indiabulls Real Estate

Cyient has signed strategic partnership with Deutsche Aircraft, a German original equipment manufacturer. The companies will collaborate on the detailed design for manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

Sensex Today | Nifty Information Technology index up nearly 1 percent led by Wipro, L&T Technology, TCS

Jio Payments Bank (JPBL) is a joint venture of Jio Financial and State Bank of India. Jio Financial has subscribed to 40 lakh equity shares of Rs 10 each of JPBL, for cash at par, aggregating Rs 4 crore for its business purposes. Post completion of the transaction, Jio Financial's shareholding in JPBL will increase to 77.25%.

Delta Manufacturing's board of directors has given in principle approval for a potential joint venture with Spain-based PREMO, S L to undertake the business of soft ferrite manufacturing. PREMO is engaged in the designing and manufacturing of electronic components for various industries including auto.

Sensex Today | BSE Healthcare index added 1 percent supported by Piramal Pharma, Wockhardt, Caplin Labs

Kesar Enterprises' board has given its approval for the appointment of Sharat Mishra as Chief Executive Officer of the company with effect from April 1, 2024. Presently, Sharat is designated as Chief Operating Officer (COO) of the company.

Sensex Today | Nifty Auto index added 1 percent led by Hero MotoCorp, Eicher Motors, M&M

Gold prices steadied on Thursday, as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues.

Spot gold was up 0.1% at $2,195.73 per ounce, as of 0712 GMT. U.S. gold futures edged 0.2% higher to $2,194.40.

Sensex Today | BSE Midcap index rose nearly 1 percent supported by IOB, UCO Bank, Relaxo Footwear

The sub committee of Board of Directors of Thomas Cook (India) granted its approval to acquire/ invest further upto US Dollars 0.82 million in equivalent LKR, in one or more tranches in Thomas Cook Lanka (Private) Limited, a wholly owned subsidiary of the company.

The Board of Directors of Alok Industries, based on the recommendation of the Nomination and Remuneration Committee, at its meeting held on March 28, 2024, has appointed Mr. Harsh Bapna as Chief Executive Officer and Key Managerial Personnel of the company with effect from April 01, 2024.

Mahindra USA Inc. (MUSA), a step-down subsidiary Mahindra Mexico S. De. R. L., has today intimated to M&M that the voluntary liquidation of Mahindra Mexico, has received final approval by the Members of Mahindra Mexico effective March 28, 2024.

Consequent to the above, Mahindra Mexico has ceased to be a subsidiary of MUSA and that of the company with effect from March 28, 2024.

Coal India’s (CIL) coal supplies to thermal power plants of the country hit 610.8 million tonnes (MTs) on Wednesday surpassing the annual target of 610 MTs to this sector. This was highest to date and the company achieved the feat four days earlier than the FY 2024 closure.

Abu Dhabi Investment Authority - Monsoon, Mahindra Manulife Small Cap Fund, Societe Generale - ODI, and Samena Special Situations Mauritius III picked 1,30,64,515 equity shares worth Rs 202.5 crore in Texmaco Rail & Engineering via qualified institutions placement issue.

In total, the company has raised Rs 250 crore through allotment 1,61,29,032 equity shares to qualified institutional buyers at the issue price of Rs 155 per share.

Sensex Today | BSE Bank index rose 1 percent led by SBI, Bank of Baroda, ICICI Bank

Indostar Capital Finance has reduced stressed portfolio by approving a transaction for sale of SME loan portfolio amounting to Rs 39.5 crore to asset reconstruction company. The said transaction is expected to be concluded before March 31, 2024.

The yen languished near its weakest in decades on Thursday though the threat of intervention from Japanese authorities prevented traders from pushing the currency to a new low, while Asian stocks rose ahead of a key U.S. inflation report.

Abhishek Integrations has received LOA for the wok of “Annual operation and Maintenance for 132kV substation at UC-02, BARC, Vishakhapatnam having total contract value of Rs 159.28 lakhs (inclusive of GST) by Bhabha Atomic Research Centre, Visakhapatnam Project”

The company also awarded for the work contract “Operation and Maintenance (2023-25) of Ground Lighting Facilities, Standby DG Sets and associated Power supply System at HAL Airport Bengaluru (Deposit work) having total contract value of Rs 1.52 crores including GST by Airport Authority of India (AAI), Bengaluru Airport.

The public issue of SRM Contractors continued to garner strong response from investors, after the issue was subscribed 27.82 times on the morning of March 28, the final day of bidding. Investors bought 12.07 crore equity shares so far as against the IPO size of 43.4 lakh equity shares.

Non-institutional investors were at the forefront of subscription, picking up 76.10 times the portion reserved from them. This is much more than retail investors and qualified institutional buyers (QIB), who subscribed 21.60 and 2.43 times the allotted quota, respectively.

The arrival of the T+0 settlement is a big step forward for India's stock market. It gives investors super-fast, efficient, and flexible trading options. With real-time settlement, Indian exchanges show they're serious about keeping up with innovation and making the market more competitive. This change sets the groundwork for a livelier and stronger market environment.

As investors adjust to T+0 settlement, they need to stay alert. They should use technology, smart risk management, and market knowledge to grab opportunities and tackle the new challenges this shift brings.

Tata Elxsi has announced collaboration with Drager, a global leader in medical and safety technology, to advance critical care innovation in India. Drager is expanding its research and development presence by establishing a new offshore development center (ODC) at Tata Elxsi's facility in Pune.

Sensex Today | Market at 12 PM

The Sensex was up 664.24 points or 0.91 percent at 73,660.55, and the Nifty was up 210.10 points or 0.95 percent at 22,333.80. About 2091 shares advanced, 1163 shares declined, and 88 shares unchanged.

Nifty index has witnessed a significant rise from 17360 level to touch the high of 22525 level in the last financial year 2023-2024 gaining almost 29% with currently hovering near the all-time high zone, maintaining a strong uptrend and has further scope of upward movement having higher targets of 22700 and 23200 levels for the medium-term time frame.

As of now, the important near-term support zone would be around 21900 levels which is where the significant 50EMA lies.

The board of directors of Vardhman Polytex at its meeting held on March 28, 2024 approved the sub-division of equity shares of the company having face value of Rs 10 per share into equity shares of Re 1 per share, subject to the approval of shareholders of the company.

Sensex Today | Nifty PSU Bank index up 2 percent supported by Bank of Maharashtra, Central Bank of India, Indian Overseas Bank

JSW Energy said the board of directors will be meeting on April 2 to consider the raising of funds through the issuance of eligible securities of the company via private offerings, preferential allotment basis, qualified institutions placement or any other methods.

The U.S. dollar consolidated against major currency peers on Thursday as traders braced for key economic data, after a Federal Reserve official said he wasn't in a hurry to cut rates amid sticky inflation.

The yen was holding its ground not far from the 152 mark after Japan's top monetary officials on Wednesday suggested they were ready to intervene to prevent further declines.