The key equity barometers settled with strong gains on Friday. Global stock markets were positive as traders priced in a less hawkish Federal Reserve amid worries about the global banking turmoil. Banks, realty and IT shares rallied while auto, media and healthcare stocks declined.
The barometer index, the S&P BSE Sensex, was up 355.06 points or 0.62% to 57,989.90. The Nifty 50 index added 114.45 points or 0.67% to 17,100.05.
The Nifty 50 index opened higher at 17,111.80, and hit the day's high of 17,145.80 in early trade. However, the index pared gains as the session progressed and briefly slipped into the negative terrain to hit the day's low of 16,958.15 in afternoon trade. The Nifty paved its way back into the positive zone to settle at 17,100 level.
ICICI Bank (up 1.57%), HDFC Bank (up 1.36%) and Infosys (up 1.04%) were major market movers.
In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.69%.
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The market breadth was positive. On the BSE, 1,993 shares rose and 1,519 shares fell. A total of 122 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 8.94% to 14.7675.
Investors will look ahead to the US Federal Reserve's meeting next week to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.
A consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic Bank. The package announced by JPMorgan Chase, Morgan Stanley and nine other giants consisted of $30 billion uninsured deposits.
The European Central Bank (ECB) on Thursday announced a further rate hike of 50 basis points despite of recent turmoil in the banking sector. It takes the bank's main rate to 3%.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.362 from 7.352 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.48, compared with its close of 82.76 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement gained 0.46% to Rs 58,270.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.22% to 104.19.
The United States 10-year bond yield declined 1.11% to 3.543.
In the commodities market, Brent crude for May 2023 settlement advanced $1 or 1.34% to $75.70 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Friday after Credit Suisse and First Republic Bank received financial help designed to prevent a crisis in the banking sector.
US stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.
Meanwhile, U.S. Treasury Secretary Janet Yellen said the U.S. banking system remains sound and Americans can feel confident that their deposits will be there when needed.
Stocks in Spotlight:
Housing Development Finance Corporation (HDFC) rose 1.14%. The housing finance major said that its board will meet on Monday, 27 March 2023, to consider raising of funds through issuance of non-convertible debentures in various tranches aggregating to Rs 57,000 crore, on private placement basis.
Tata Consultancy Services (TCS) shed 0.18%. After a successful stint as managing director & CEO during the last 6 years, Rajesh Gopinathan has decided to step down from Tata Consultancy Services (TCS) to pursue his other interests. Gopinathan will continue with the company till 15 September 2023 to provide transition and support to his successor.
The board has nominated K. Krithivasan as the CEO designate with effect from 16 March 2023. Krithivasan will go through a transition with Rajesh Gopinathan and will be appointed as the managing director & CEO in the next financial year.
Zee Entertainment Enterprises (ZEEL) rose 0.19%. The company offering a clarification to a media report said that it has been exploring several strategies, including settlement, in relation to the ongoing dispute mentioned in the news report.
The media reports published yesterday stated that ZEEL has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it and inch closer to completing a merger with a Sony Group unit to create a $10 billion media giant.
Hindustan Aeronautics (HAL) rallied 2.78%. The Defence Acquisition Council on Thursday (March 16) approved proposals worth Rs 70,500 crore for the Armed Forces & Indian Coast Guard under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category. The council, under the chairmanship of Defense Minister Rajnath Singh, has also accorded acceptance of necessity (AoN) for procurement of advance light helicopters (ALH) MK-III from HAL for the Indian Coast Guard.
Glenmark Pharmaceuticals added 1.88%. The United States Food and Drug Administration (USFDA) gave its acceptance to Glenmark Specialty SA's investigational new drug (IND) application for GRC 54276, an orally available, small molecule hematopoietic progenitor kinase 1 (HPK1) inhibitor developed by Glenmark to proceed with a phase 1/2, first-in-human, clinical study for the treatment of patients with advanced solid tumors and lymphomas.
Adani Transmission hit an upper circuit of 5% after the company said that it has incorporated a wholly owned subsidiary, Adani Electricity Aurangabad (AEAL), on 15 March 2023, with an authorized and paid-up share capital of Rs 1 lakh each for applying parallel distribution license in Aurangabad area.
Rail Vikas Nigam (RVNL) rose 1.58% after the company said that it emerged as the lowest bidder (L1) for supply, installation, testing and commissioning work in Jabalpur for Rs 111.85 crore.
Lemon Tree Hotels gained 1.71% after the company signed license agreement for a 60 room property in Sri Ganganagar, Rajasthan under its brand "Lemon Tree Hotels". The property is expected to be operational by July 2026 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.
Genus Power Infrastructures advanced 1.62% after the company announced that it has incorporated Genus Assam Package-2 SPV, a wholly-owned subsidiary of the company on 9 March 2023. Genus Assam Package-2 SPV, is a public limited company, its main object is to manufacture consumption meters for electricity, water or gas, flow meters and counting meters.
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