Closing Bell: Nifty below 23,550, Sensex down 192 pts; FMCG, oil & gas outperform

Indian equity indices ended weak in the volatile session on March 28. At close, the Sensex was down 191.51 points or 0.25 percent at 77,414.92, and the Nifty was down 72.60 points or 0.31 percent at 23,519.35.

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

Indian equity markets weekly performance was mixed. The Nifty 50 and the Sensex 30 indices posted marginal weekly gains, whereas the BSE Midcap and the BSE Smallcap indices unperformed and closed the week in negative territory. Volatility continued in the global markets amid forthcoming US tariffs. Auto stocks remained under pressure as the US plans to impose 25% tariff on car imports and certain auto parts; BSE auto index declined more than 2% this week.

Indian markets continued to witness positive sentiment from foreign investors. Post persistent selling over the past many month, FII’s has turned net buyers over the past few days.

Tariff war will likely continue to dominate the direction of the markets globally. Further, RBI policy and Q4FY25 financial performance (including management commentary) are important factors to watch out for in the coming weeks.

Today, the Indian stock market closed with notable declines, as the BSE Sensex fell by 191.51 points (0.25%) to 77,414.92 and Nifty 50 dropped by 72.60 points (0.31%) to 23,519.35. Investor sentiment was dampened by concerns surrounding U.S. economic indicators and trade policies, particularly the anticipation of U.S. Personal Consumption Expenditures (PCE) inflation data, which could influence Federal Reserve interest rate decisions later in the year.

This uncertainty led to cautious trading and widespread selling across sectors. This external pressure exacerbated a risk off attitude among Indian investors, with sectors such as IT and auto witnessing declines of up to 1%.

Markets remained range-bound for yet another session, shedding nearly half a percent as the consolidation phase continued. After a flat opening, Nifty experienced sharp fluctuations on both sides before settling at 23,519.35. Sectoral trends were mixed, with FMCG closing in the green, while IT and realty faced pressure. Broader indices also saw profit booking, losing nearly half a percent each.

Investors are awaiting fresh triggers for the next decisive move, while uncertainty surrounding tariff talks is limiting the upside. In the meantime, a stock-specific trading approach remains advisable. We continue to favor banking and financial stocks while recommending a selective approach in other sectors.

Asian markets are experiencing a new phase of consolidation as the latest U.S. tariff measures are expected to have a significant impact on major manufacturing economies. Additionally, a rise in Japan's CPI has contributed to the prevailing weakness. Domestically, the market’s upward momentum has stalled as investors evaluate the implications of these tariffs on the auto, ancillary, pharma and others sectors. Meanwhile, gold prices have reached a new high, on concerns that a deepening of the trade war could further deteriorate global economic health.

#1 Market gains for 2nd consecutive week led by IT

#2 Financials see healthy gains, Nifty Bank is up nearly 2%

#3 Midcaps relatively underperform, midcap index flat for the week

The Nifty remained volatile on the first day of the new series before closing with weakness. Since Nifty made a high around the previous swing of 23,800, the index has been consolidating. Going forward, 23,400 might act as immediate support. A fall below 23,400 could take Nifty towards 23,200, where crucial support is placed.

If Nifty holds above 24,200, it may witness further upside. On the other hand, if the Nifty does not fall below 23,400, it might rise towards 23,600 and higher.

Rupee rallied sharply by 0.30 to 85.45, driven by a strong FII inflow of Rs 11,111 crore, which boosted sentiment and supported rupee buyers. The dollar’s range-bound movement provided additional relief, keeping pressure on the rupee limited.

Looking ahead, positive FII cues are likely to sustain the upbeat sentiment for the rupee. However, today’s Core PCE Price Index data will be crucial in determining dollar volatility. The rupee range is expected between 85.00-85.75, with capital flows and US economic data shaping the next move.

Indian rupee ended 32 paise higher at 85.46 per dollar on Friday versus Thursday's close of 85.78.

Indian equity indices ended weak in the volatile session on March 28.

At close, the Sensex was down 191.51 points or 0.25 percent at 77,414.92, and the Nifty was down 72.60 points or 0.31 percent at 23,519.35. About 1454 shares advanced, 2399 shares declined, and 116 shares unchanged.

Among sectors, except FMCG, oil & gas, all other indices ended in the red with IT, auto, realty and Media down 1-2 percent.

Wipro, IndusInd Bank, Shriram Finance, Cipla, M&M were among major losers on the Sensex, while gainers included Tata Consumer, Kotak Mahindra bank, Apollo Hospitals, ONGC, ICICI Bank.

BSE Midcap index down 0.7 percent and Smallcap index was down 0.35 percent.

Refex Green Mobility informed about proposed asset takeover of 2,997 electric vehicle (‘EV’) from Gensol Engineering.

Refex Green Mobility after constructive discussions and due consideration, has mutually decided with Gensol Engineering Limited not to proceed with the proposed transaction for the takeover of vehicles from Gensol Engineering Limited.

#1 Out-licensing deal for ISB 2001 could re-rate GNP

#2 Base business has potential for margin improvement and deal optionality

#1 Expect Q4 core EBITDA to largely remain flat QoQ

#2 Market focus into the quarterly print will likely be more on retail segment growth, residual tariff hike driven growth in Jio revenue

#3 Expect guidance on retail growth for FY26 & updates on new energy capacity

Asian Paints, a wholly owned subsidiary of the company, will set up a manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) & Vinyl Acetate Monomer (VAM), along with an Ethylene storage and handling facility in Dahej, Gujarat.

The total cost of setting up these facilities is expected to be Rs 2,560 crore.

Additionally, the Board approved an additional capex cost of Rs 690 crore due to pre-operative expenses and certain escalations in project costs.

The global technology company has been selected as a Design Solution Partner (DSP) under the Samsung Advanced Foundry Ecosystem (SAFE) program. This strategic partnership between HCLTech and Samsung is set to accelerate semiconductor innovation and development.

#1 Downgrade LTIMindtree to neutral, target price Rs 4,500

#2 Maintain buy on TCS, target price Rs 4,230

#3 Maintain buy on Infosys, target price Rs 1,790

#4 Maintain sell on Wipro, target price Rs 256

#5 US GDP forecast downgraded to 1.7 percent, with higher recession probability due to tariff impacts

The company's step-down subsidiary, Flex America, S.A. de C.V., Mexico, has commenced the commercial operation of its new cast polypropylene (CPP) films production line in Mexico, with an installed capacity of 18,000 MTPA.

AstraZeneca Pharma India Limited will be discontinuing with the manufacturing and marketing of the product Prolonged release Isosorbide-5-mononitrate Tablets BP 30 mg and 60 mg (Imdur) from April 1, 2025. Imdur is currently being indicated for Prophylactic treatment of angina pectoris.

The Board has approved the re-appointment of Shailesh Khaitan as Chairman & Managing Director of the company for three years, effective April 1. The Board also approved the appointment of Praveen Uniyal as a Whole Time Director of the company for three years, effective January 16, 2025.

Permission is subject to fulfillment of the provisions contained in the HITS guidelines.

The company has been granted a patent by the Indian Patent Office for its proprietary innovation - System and Method for Peak Shaving. The patent is effective for a period of 20 years from its original filing date.

The board of directors of Paras Defence at its meeting, held on Friday, March 28, 2025, considered and approved the proposal for divestment of 58.02% equity stake/ investment held in its subsidiary, Ayatti Innovative,  which comprises of 15,20,000 equity shares of face value of Rs 10 each.

#1 Re-appoints Satyanarayana Chava as ED & CEO of the co for 5 years  w.e.f. April 1

#2 Re-appoints V.V. Ravi Kumar as ED & CFO of the co for 2 years w.e.f. April 1

The Board has approved the issuance of up to 90 lakh equity shares via Qualified Institutional Placement (QIP) in one or more tranches on a private placement basis.

Aerolloy Technologies (ATL), a wholly owned subsidiary of PTC Industries announced the receipt of a significant order from Safran Aircraft Engines

(SAE).

This long-term purchase order entails the supply of seven cast aero-engine components, utilizing both titanium and superalloys, for CFM's advanced LEAP-1A and LEAP-1B engines.

Zensar has been selected by Tesco Insurance and Money Services (Tesco IMS), a leading UK insurance company, to drive a comprehensive modernization and digital transformation agenda. This collaboration will enable Tesco IMS to establish a robust cloud-first ecosystem, scalable operations, and create better value and experiences for its customers.

SpiceJet announced the renewal of its IATA Operational Safety Audit (IOSA) certification, a globally recognised benchmark for operational safety.  The successful renewal of the IOSA certification is valid until March 2027.

The board of directors of the company at their meeting held on March 27, 2025, approved the sale of the company’s entire stake i.e., 12.75% of the total paidup share capital, on a fully diluted basis, comprising preference shares of Socomo Technologies in consideration for an amount of Rs 3,00,00,000.

Socomo operates the auto-rickshaw aggregation platform under the brand name “Jugnoo” and also offers other services such as hyperlocal food and grocery deliveries.

The digital services and consulting company announced its collaboration with LKQ Europe, the distributor of automotive aftermarket parts in the region. The company has helped LKQ Europe adopt a unified, cloud-based digital platform to streamline its HR processes across 18 countries.

#1 Recent recovery in core markets & higher utilisation should lead to market share gains

#2 FY26/27 volume estimate raised by 5-7 percent, driven by improved utilisation in northern & eastern regions

#3 Pricing in both regions up 4 percent QoQ Vs 2 percent pan-India

#4 FY26/27 EBITDA increased by 9-15 percent

#5 In Q4FY25, expect EBITDA of over Rs 1,300/t driven by improved realisations & favourable fuel costs

#6 Asset sweating to drive above-industry volume growth

Marine Electricals (India) has received order amounting to Rs 9.94 crore (Excluding Taxes) from Cochin Shipyard Limited for NGMV project the delivery shall be over a period of four years.

Adani Renewable Energy Fifty Seven Limited, Wholly-owned stepdown subsidiary of the company has commissioned solar power project of 212.50 MW

at Khavda, Gujarat.

With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 13,700.3 MW.

The Uttar Pradesh Electricity Regulatory Commission has approved the Power Purchase Agreement between Dhariwal Infrastructure and Noida Power Company, subsidiaries of CESC, for the supply of power with a contracted capacity of 25 Megawatt for three years, effective April 1.

The company has commissioned a 12 TDP integrated compressed biogas plant at its Ajbapur unit, with an investment of Rs 131.30 crore.

The Sensex was down 247.06 points or 0.32 percent at 77,359.37, and the Nifty was down 69.20 points or 0.29 percent at 23,522.75. About 1647 shares advanced, 1791 shares declined, and 102 shares unchanged.

The company has received an order from the Income Tax Department demanding a tax penalty of Rs 59.31 crore for the Assessment Year 2019-20.

Ipca Laboratories has decided to sell and transfer its formulations manufacturing facility situated at T-139, MIDC, Tarapur, Palghar– 401506, along with all rights, title and interest in the leasehold land, factory buildings, assets and liabilities, employees, etc. with respect to the said manufacturing facility to M/s. V. S. International Pvt. Ltd. on a slump sale basis, subject to necessary approvals, for a consideration of Rs 36.90 crore.

Also, the company will acquire 100% share capital of Unichem Laboratories Ltd., Ireland (Unichem Ireland) from Unichem Laboratories for a consideration of Rs 4 crore all cash, subject to applicable consents/ approvals.

The capital raising committee of board at its meeting held today, i.e. 28.03.2025, approved the issue and allotment of 37,04,61,842 equity shares, to eligible QIBs at the issue price of Rs 40.49 per equity share which includes a discount of Rs 2.13 i.e., 4.99% of the floor price, aggregating to Rs 1,500 crore, pursuant to the QIP.

The company has subscribed 8.5 crore equity shares of Jio Payments Bank for Rs 85 crore. This investment is made to fund the business operations of Jio Payments Bank. Post this investment, the company’s holding in Jio Payments Bank will increase from 82.17% to 85.04%. Additionally, the company has acquired 1.73 crore equity shares of its subsidiary Jio Finance for Rs 1,000.24 crore. Jio Finance will utilize the proceeds to fund its business operations.

Rajshree Polypack shall supply Injection Moulding products and Thermoforming products to the leading USA based distributor of food packaging containers of USD 0.10 mn (approximately Rs 0.89 crore) to be supplied by April 2025.

#1 ABB to increase electrification product prices by 5 percent effective April 2

#2 Price hikes have driven margin improvements & order inflows

#3 Margin may have peaked, with small downside risks

#1 Company expects 10-12 percent production CAGR over FY26-30, driven by Mumbai high growth

#2 BP’s success in Rumaila supports ONGC’s outlook

#3 Gas & crude pricing reforms back FY25-27 EPS CAGR of 14 percent

Indian rupee is trading 19 paise higher at 85.59 per dollar on Friday versus Thursday's close of 85.78.

A meeting of the board of directors of the company will be held on Tuesday, May 20, 2025 to consider and approve the audited consolidated and standalone financial results of the company for the quarter and year ending March 31, 2025 and recommend dividend, if any, on the equity shares of the company for the financial year ending March 31, 2025.

The Sensex was down 37.08 points or 0.05 percent at 77,569.35, and the Nifty was flat at 23,591.95. About 1963 shares advanced, 1418 shares declined, and 107 shares unchanged.

The Board approved the issuance of non-convertible debentures up to Rs 100 crore (base issue size), along with a green shoe option to retain oversubscription of up to Rs 200 crore, aggregating the total issue size to Rs 300 crore, on a private placement basis.

The Sensex was up 89.39 points or 0.12 percent at 77,695.82, and the Nifty was up 37.95 points or 0.16 percent at 23,629.90. About 2172 shares advanced, 1115 shares declined, and 124 shares unchanged.

The Board has approved the acquisition of a 45.33% stake in Effiasoft from existing shareholders Koushik Shee and Akula Krishna Rao for Rs 36.72 crore. The Board also considered the proposal for the acquisition of an additional 5.67% stake in Effiasoft from Koushik Shee and Akula Krishna Rao for Rs 4.59 crore.

The bank closed its Qualified Institutions Placement on March 27 and raised Rs 2,000 crore by allotting 58.36 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 34.27 per share.

Bharat Heavy Electricals (BHEL) has received a Letter of Intent (LoI) from Chhattisgarh State Power Generation Company (CSPGCL) for EPC package of 2x660 MW Korba West STPP.

The bank closed its Qualified Institutions Placement on March 27 and raised Rs 1,219.39 crore by allotting 31.77 crore equity shares to eligible qualified institutional buyers at a price of Rs 38.37 per share.

The company, through its various wholly owned stepdown subsidiaries, has operationalized 396.7 MW power projects at Khavda, Gujarat. With the commissioning of this plant, its total operational renewable generation capacity has increased to 13,487.8 MW.

Ashok Leyland announced that its Defence business has won multiple orders valued more than Rs 700 crore. The vehicles to be supplied under these orders are to fulfil Defence sector needs of troop transportation, logistics, and other specialised mobility

requirements under the Close-in Weapon Systems (CIWS) program.

The company has executed a Share Purchase Agreement with South Korea-based Jinyoung Electro-Mechanics Co. for the sale of its entire stake in the joint venture, Jinyoung Sandhar Mechatronics (JSM). The decision to exit the joint venture aligns with the company’s strategic objective of streamlining its business operations and concentrating on its core competencies.

The National Company Law Tribunal, Mumbai (NCLT), has approved the Scheme of Arrangement between Raymond and Raymond Realty and their respective shareholders.

The steel company has been declared the successful bidder for the Saradhapur Jalatap East coal block. It has signed the agreement for the Saradhapur Jalatap East coal block. This is a partially explored block with estimated geological resources of 3,257 million tonnes.