The frontline indices ended with major gains on Thursday, rising for the second day in a row. The Nifty closed above the 22,300 level. Barring the Nifty media index, all the other sectoral indices on the NSE ended in green. Trading was volatile due to the March F&O series expiry today. As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 655.04 points or 0.90% to 73,651.35. The Nifty 50 index gained 203.25 points or 0.92% to 22,326.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.62% and the S&P BSE Small-Cap index added 0.33%.
The market breadth was negative. On the BSE, 1,807 shares rose and 2,017 shares fell. A total of 114 shares were unchanged.
The domestic market will remain closed on 29 March 2024, on account of Good Friday.
Economy:
The Reserve Bank of India (RBI) has announced the schedule for future meetings of its Monetary Policy Committee (MPC) yesterday. The central bank will hold it?s the first three-day meeting from April 3 till April 5. The second meeting will be held from June 5-7 while the next meeting is scheduled between August 6-8.
IPO Update:
The initial public offer (IPO) of SRM Contractors received 34,88,58,790 bids for shares as against 43,40,100 shares on offer, according to stock exchange data at 15:30 IST on Thursday (28 March 2024). The issue was subscribed 80.38 times.
The issue opened for bidding on Tuesday (26 March 2024) and it will close on Thursday (28 March 2024). The price band of the IPO is fixed at Rs 200 to 210 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index rallied 2.67% to 7,010.75. The index fell 0.97% in the previous trading session.
Punjab & Sind Bank (up 6.39%), Bank of Maharashtra (up 5.49%), UCO Bank (up 4.94%), Indian Overseas Bank (up 4.83%), Indian Bank (up 4.31%), Central Bank of India (up 4.28%), Bank of India (up 4.09%), Canara Bank (up 2.97%), State Bank of India (up 2.52%) and Bank of Baroda (up 2.18%) advanced.
Stocks in Spotlight:
Dr Reddy's Laboratories gained 1.82% after the company said that it has entered into an exclusive partnership with Sanofi Healthcare India (SHIPL) to promote and distribute SHIPL vaccine brands across private markets in India.
Biocon added 2.77% after the company announced that it has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide.
Larsen and Toubro (L&T) gained 1.24% after the EPC major announced that its wholly owned subsidiary, L&T GeoStructure has secured ?significant? multiple orders from across India.
Zydus Lifesciences rose 0.82% after the company said that US Food and Drug Administration (USFDA) conducted an inspection at the SEZ Onco Injectable manufacturing plant at Ahmedabad, Gujarat.
JSW Energy gained 2.23% after the company's board will meet on Tuesday, 2 April 2024 to consider raising funds through various modes.
Adani Power rallied 3.16% the company's wholly owned subsidiary, Mahan Energen (MEL) has entered into a significant 20 year power purchase agreement (PPA) with Reliance Industries (RIL) under the electricity rules, 2005.
Bharat Heavy Electricals (BHEL) rose 1.61% after the company has received letter of award (LoA) from Adani Power for setting up the 2x800 MW Raigarh Phase-II Thermal Power Plant at Raigarh, Chhattisgarh.
Mukka Proteins tumbled 8.04% after the company?s net profit declined 55.79% to Rs 10.47 crore in Q3 FY24 as compared with Rs 22.64 in Q3 FY23. Revenue from operations jumped 28.11% YoY to Rs 501.65 crore in Q3 FY24.
NHPC added 1.26%. The company's board approved the proposal for raising of debt upto Rs 6,100 crore during financial year 2024-25.
Kalpataru Projects International (KPIL) rose 1.05%. The company, along with its joint ventures (JVs) and international subsidiaries has secured new orders/notification of awards of Rs 2,071 crore.
Global Markets:
European stocks advanced while most of the Asian stocks declined on Thursday as sentiment remained strained ahead of key U.S. inflation data and addresses by Federal Reserve officials.
Wall Street indexes rose sharply on Wednesday, rebounding after three days of losses as a drop in bond yields help spur strong gains in utility stocks. S&P 500 closed at record high.
Fed Governor Christopher Waller said that there is no hurry to cut interest rate right now. Current inflation reading suggests rates can stay at current level for longer to bring down the inflation sustainably to 2% target rate, Waller reportedly said at Economic Club in New York.
Markets are now awaiting more cues on inflation from PCE price index data- which is the Fed?s preferred inflation gauge. The data is due on Friday, when markets will be closed, but is largely expected to factor into the outlook for U.S. interest rates. Along with the PCE data, addresses from Fed Chair Jerome Powell is also due on Friday.
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