The domestic stock market inched higher today, clawing back some losses after a volatile session. The Nifty settled above the 21,800 level after hitting the days low of 21,710.20 in mid-morning trade. Investor jitters surrounding the upcoming Fed meeting outcome kept things on edge, but positive Asian cues and strong domestic inflows provided some support. Auto and energy stocks led the gains, while metals and private banks dragged. The Fed's decision later today is expected to be a wait-and-see approach, possibly delaying any rate cuts until later in the year. All eyes are on the central bank's stance as it navigates a resilient US economy and lingering inflation concerns.
The barometer index, the S&P BSE Sensex, was up 89.64 points or 0.12% to 72,101.69. The Nifty 50 index rose 21.65 points or 0.10% to 21,839.10.
Nestle India (up 2.09%), ITC (up 1.51%) and Reliance Industries (up 1.26%) boosted the indices.
Car major Maruti Suzuki India climbed 2.97% to hit a record high of Rs 12,025 today.
In the broader market, the S&P BSE Mid-Cap index rose 0.05% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was weak. On the BSE, 1,576 shares rose and 2,228 shares fell. A total of 99 shares were unchanged.
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 4.53% to 13.47.
Economy:
India's provisional gross direct tax collection (before refunds) for FY 2023-24 reached Rs 22.27 lakh crore, a significant 18.74% increase compared to the same period last year (Rs 18.76 lakh crore).
This strong growth is driven by both corporation tax (Rs 10.98 lakh crore) and personal income tax including STT (Rs 11.25 lakh crore).
Numbers to Track:
The yield on India's 10-year benchmark federal paper added 0.04% to 7.098 as compared with the previous close of 7.095.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1625, compared with its close of 83.0300 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement shed 0.02% to Rs 65,567.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies was up 0.50% to 104.11.
The United States 10-year bond yield declined 0.14% to 4.278.
In the commodities market, Brent crude for May 2024 settlement lost 71 cents or 0.81% to $86.67 a barrel.
Global Markets:
European markets dipped while Asian markets (excluding Japan) closed positive, reflecting regional differences in risk appetite.
Wall Street's gains on Tuesday suggest some underlying optimism despite the Fed uncertainty.
The upcoming Fed meeting remains the central focus for investors seeking interest rate guidance.
Stocks in Spotlight:
Eicher Motors jumps 4% after after a foreign brokerage raised the stock to "buy" and hiked the target price to Rs 5,000, citing a 'compelling' risk-reward, particularly since Royal Enfield remains insulated from the electrification risk.
Tata Consultancy Services (TCS) shed 0.18%. The company announced that Central Bank, a leading Midwest regional bank, will use TCS BaNCS to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Banks strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.
Time Technoplast rallied 6.56% after the company received approval from Petroleum and Explosives Safety Organization (PESO) for manufacturing high pressure type-IV composite cylinder, prototype, for hydrogen.
GPT Healthcare gained 4.38% after the companys consolidated net profit jumped 37.37% to Rs 11.47 crore in Q3 FY24 as compared with Rs 8.35 crore in Q3 FY23. Revenue from operations increased 3.88% YoY to Rs 96.59 crore in the quarter ended 31 December 2023.
Aurobindo Pharma gained 2.80% after company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC.
Yes Bank rose 0.26%. The Bank said that it has concluded the transfer of exposure of the bank in Katerra India Private to Prudent ARC, an asset reconstruction company, and has received cash consideration of Rs 203.40 crore in relation to the same.
Ramky Infrastructure shed 0.11%. The company announced that it has bagged two contracts worth Rs 216.65 crore from Greater Chennai Corporation, Chennai, Tamil Nadu.
Shakti Pumps (India) fell 3.78%. The submersible pump manufacturer announced that its board approved the qualified institutional placement (QIP) of upto Rs 200 crore at a floor price of Rs 1,272.09 per share. The company's board authorized and declared the opening of the issue on Tuesday, 19 March 2024.
IFCI rose added 0.42% The company board approved preferential issue of equity shares against capital infusion for the FY 23-24 aggregating upto Rs 500 crore to its promoter, Government of India.
Anup Engineering cracked 7.24% after it approved a 1:1 bonus issue of shares.
Deccan Gold Mines (DGML) advanced 2.37% after the company announced that its subsidiary Deccan Gold Tanzania has discovered a gold block in the Nzega-Tabora Greenstone belt, Tanzania.
Housing & Urban Development Corporation (HUDCO) shed 0.85%. The company said that its board has approved to raise Rs 40,000 crore through issuance of bonds/debentures during financial year 2024-2025.
Himadri Specialty Chemical shed 0.11%. The specialty chemical maker announced that its board has approved acquisition of 40% of equity shares of Invati Creations for a total consideration of Rs 45.16 crore.
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