Stock Market LIVE: Sensex, Nifty trade day highs! Nifty near 22,500, Sensex jumps over 1100 points; PSU Banks and Auto stocks leads the gain – Market News

USDINR CMP- 83.3875 (spot)

“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,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

ICICI Securities shares dip over 4% as shareholders approve delisting proposal

Stocks To Watch: UltraTech Cement, Dr Reddy’s Lab, NHPC, Cyient, BHEL, Texmaco Rail, REC, Tata Elxsi, Maruti Suzuki

Most InvIT, REIT inflows to go to roads in FY25  

Will Nifty end March series above 22,200 mark or see a further downfall? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

He also added that 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.

Zydus Lifesciences underwent a cGMP USFDA inspection at its manufacturing plant in Ahmedabad from March 18 to March 27, 2024. The inspection concluded with four observations, highlighting the company’s commitment to quality compliance.

Bharat Heavy Electricals has secured an order worth Rs 4,000 crore from Adani Power for setting up a thermal power plant in Chhattisgarh, bolstering its position in the power infrastructure sector.

The shares of Cyient jumps over 3% to intra-day high of Rs 1999.90 on the following news that Cyient, a global engineering and technology solutions company, has announced a strategic partnership with Deutsche Aircraft for detail design and manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft, signaling advancements in aerospace innovation.

NHPC‘s shares surged over 1% to an intra-day high of Rs 90.95 following the announcement that NHPC’s board has approved plans to borrow Rs 6,100 crore from the market in tranches for the fiscal year 2025. Additionally, the board has granted in-principle approval for the closure of the Loktak Downstream Hydroelectric project in Manipur, subject to government approval, as part of its operational streamlining efforts.

Commenting on the Nifty outlook Anand James, Chief Market Strategist, Geojit Financial Services said that, While yesterday’s sharp upsides surprised us, we will continue to approach today as well with low expectation of directional moves, but with an intention to buy dips. Our week’s objective of 22400-500 now has a low chance of being achieved, but a push above 22200 is likely.

James also added that Inability to float above 22130 could however tilt the bias in favour for bears, though we will wait for a break below 21810 region before we reconsider 21400-20900 as downside objectives.

IndiGo‘s stock price soared by more than 1% on Thursday, reaching a 52-week high, following a target price upgrade by foreign brokerage firm UBS. The shares of IndiGo rallied by 9.19% in last 5 days to a new peak of Rs 3,573.80 per share on the NSE.

Commenting on the derivative market outlook Anand James, Chief Market Strategist, Geojit Financial Services said that, Nifty weekly contract has highest open interest at 22500 for Calls and 22000 for Puts while monthly contracts have highest open interest at 22500 for Calls and 22000 for Puts. Highest new OI addition was seen at 22400 for Calls and 22100 for Puts in weekly and at 22400 for Calls and 22100 for Puts in monthly contracts.

James further added FIIs decreased their future index long position holdings by 9.82%, decreased future index shorts by 3.23% and in index options by 18.88% increase in Call longs, 13.26% increase in Call short, 22.89% increase in Put longs and 16.29% increase in Put shorts.

Dr. Reddy’s Laboratories’ shares surged over 2% to Rs 6,187 during Thursday’s intra-day trading following the announcement of a distribution partnership with Sanofi Healthcare India Private. As per the agreement, Dr. Reddy’s will promote and distribute Sanofi’s vaccine brands in India, encompassing a range of pediatric and adult vaccines. This collaboration is poised to enhance healthcare offerings within the country.

Also Read: Dr Reddy’s to distribute Sanofi’s paediatric and adult vaccine brands in India

Bajaj Finserv, Bajaj Finance, Dr Reddy Labs, Divis Lab, and Power Grid Corp are the top gainers on NSE Nifty 50 index whereas top laggards include Bajaj Auto, Shriram Finance, HCL Tech, Britannia Industries, and Maruti Suzuki India.

Commenting on the T+0 settlement Prashanth Tapse, Senior VP (Research), Mehta Equities said that, Introducing T+0 settlement would be of great benefit for traders and investors who are looking at immediate liquidity and allowing them to utilise funds and react to the market quickly in the high volatile sessions. I feel this could be highly beneficial to retail who come with limited cash into market and this would revolutionise the trading landscape for the same small Investors. Shortening of the settlement cycle means optimal utilisation of funds to make best in time returns to swing traders.

Tapse also added that, This shift will substantially reduce the risk exposure for retail investors and system guarantees same-day access to funds and securities, thereby mitigating counterparty and duration risks. Securities and Exchange Board of India (Sebi) aim is to boost investor confidence and simplify the trading process for retail investors. However, there may be some technical limitations and glitches in the early days for all the counter parties due to the high volume of trades. Overall A Win-Win Game for all sets of investors.

After shareholders of India’s top broking firm approved the delisting of ICICI Securities, the company’s shares plummeted by over 4%. The scheme of arrangement for delisting ICICI Securities was endorsed by its shareholders, facilitating its transformation into a wholly-owned subsidiary of ICICI Bank.

At 9:15 am, ICICI Securities’ shares were seen trading down by more than 4%, hitting intra-day lows of Rs 708 on the NSE.

Read More: ICICI Securities shares dip over 4% as shareholders approve delisting proposal

Regarding the technical outlook of Nifty, Rupak De, Senior Technical Analyst at LKP Securities, remarked that Nifty maintained its strength after opening with a gain. Throughout the day, it surpassed the 22,100 mark and closed above it. Short-term momentum seems favorable, backed by a crossover in the RSI (14) indicator. The trend is expected to stay positive as long as it remains above 22,000. On the upper end, there is potential for it to advance towards 22,300 and beyond in the short term.

“The Bank Nifty underwent a sideways trading session characterized by consolidation. However, bullish momentum prevailed towards the end. Despite this consolidation, the index closed slightly below its 20-day moving average (20DMA) positioned at 46,950. A definitive break above this level is expected to initiate sharp short-covering movements towards the 48,000 mark. Nonetheless, the index is supported around the 46,500-46,400 zone, and a breach below this level could result in heightened selling pressure,” stated Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The NSE has added Hindustan Copper, and Zee Entertainment in F&O on March 28, 2024.

According to provisional data available on the NSE, on March 27, 2024, foreign institutional investors (FII) acquired shares worth a net Rs 2,170 crore, while domestic institutional investors (DII) purchased shares worth a net Rs 1198 crore.

Commenting on the pre-market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally.

Tapse also added that Technical indicators suggest staying bullish on Nifty as long as it holds above the 21711 support level. Key developments include Reliance Industries‘ strong performance, Maruti Suzuki‘s market capitalization milestone, and Adani Ports‘ strategic acquisition. Top trade recommendations include buying opportunities for Nifty and Bank Nifty, with a bullish outlook on select stocks like INDIGO, ADANI PORT, and DIXON TECHNOLOGIES. The standout stock pick is HINDUSTAN COPPER, offering substantial upside potential in the coming months as a momentum play.

On Thursday morning, shares across the Asia-Pacific region are experiencing mixed trading. The Asia Dow has risen by 0.63%, while Japan’s Nikkei 225 is in negative territory, down by 1.18%. Conversely, Hong Kong’s Hang Seng index is up by 0.70%, and China’s benchmark index, the Shanghai Composite, is trading in positive territory, with a gain of 0.33%.

On Thursday morning, WTI crude prices are at $81.74, marking a 0.48% increase, while Brent crude prices stand at $85.68, reflecting a 0.32% rise.

The US Dollar Index (DXY), gauging the dollar’s worth against six foreign currencies, saw a modest uptick of 0.10%, reaching 104.45 in trading.

According to Bloomberg, U.S. stocks experienced renewed volatility in the final stretch of the quarter, despite a nearly 10% surge in the market. Institutional investors may be considering portfolio rebalancing. The Nasdaq Composite, which is heavily weighted towards tech stocks, closed up by 83.82 points, or 0.51%, reaching 16,399.52. The S&P 500 climbed by 44.91 points, or 0.86%, to 5,248.49, while the Dow Jones Industrial Average saw an increase of 477.75 points, or 1.22%, closing at 39,760.08.