BENCHMARKS RALLY FOR SECOND SESSION, NIFTY ENDS ABOVE 22,500; RIL SPURTS 3%

The domesic benchmark indices closed with strong gains for the second day in a row on Thursday, driven by positive global cues and falling crude oil prices. The Nifty index finished above the 22,500 level, recovering from an early dip to 22,245.85.

Volatility was observed due to the expiry of weekly index options on the NSE. Energy, metal, and pharma stocks led the rally, while realty shares faced some pressure.

The decline in crude oil prices following OPEC+`s announcement of a gradual unwinding of production cuts provided a significant boost to market sentiment. Lower crude prices are beneficial for India, a major oil importer.

Global markets also contributed to the positive momentum. US President Donald Trump`s decision to delay auto tariffs for one month fueled hopes of further trade negotiations, easing concerns about global trade tensions. Additionally, the US dollar index fell to a four-month low, providing support to emerging markets like India.

The S&P BSE Sensex surged 609.86 points, or 0.83%, to 74,349.09. The Nifty 50 index added 207.40 points, or 0.93%, to 22,544.70. The 50-unit index has risen 2.02% in two straight sessions.

Reliance Industries (up 2.96%), Bajaj Finserv (up 2.39%) and Bajaj Finance (up 0.95%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.65%, and the S&P BSE Small-Cap index added 1.63%.

The market breadth was strong. On the BSE, 3,002 shares rose and 993 shares fell. A total of 108 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.40% to 13.73.

Politics:

The BJP secured two out of three Member of Legislative Council (MLC) seats in Telangana, winning the prestigious Karimnagar-Medak-Nizamabad-Adilabad Graduates constituency. BJP�s Chinnamile Anji Reddy triumphed by a margin of 5,106 votes after the second-preference count of votes. He received a total of 98,637 votes, while his immediate Congress rival V Narender Reddy got 93,531.

A day before, the BJP and Progressive Recognized Teachers Union (PRTU) had bagged one each of the two teachers� MLC seats for which elections were held. M Komaraiah of the BJP bagged the Medak-Nizamabad-Karimnagar-Adilabad teachers� MLC seat while PRTU candidate P. Sripal Reddy won the Nalgonda-Warangal-Khammam teachers� constituency.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.12% to 6.793 as compared with previous close 6.827.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.1225, compared with its close of 87.0650 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement shed 0.16% to Rs 85,698.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.14% to 104.17.

The United States 10-year bond yield added 0.98% to 4.309.

In the commodities market, Brent crude for May 2025 settlement added 21 cents, or 0.30% to $69.51 a barrel. OPEC+ unveiled plans to gradually unwind its voluntary production cuts. The oil-producing alliance intends to restore 2.2 million barrels per day (mbpd) of supply over the next two years, accounting for 38 percent of the 5.9 mbpd cuts imposed since 2022.

Global Markets:

US Dow Jones index futures were down 406 points, indicating a weak opening in the US stocks today.

Most European markets declined on Thursday as investors monitored further earnings releases and U.S. President Donald Trump�s auto tariff exemption.

Investors awaited to the European Central Bank, which is widely expected to cut its key interest rate by 25 basis points to 2.5% amid an easing in eurozone inflation in recent months. Regional markets will be keeping an eye on policymakers� comments on the region`s economic and inflation outlook, given the potential for trade tariffs to be imposed on the EU by the Trump administration.

Most Asian stocks ended higher as Wall Street rose overnight after U.S. President Donald Trump postponed tariffs on certain automakers.

South Korea�s consumer inflation for February rose 2% year on year, more than the expected 1.95% increase and slower than the 2.2% gain in January. It also affords more room for South Korea�s central bank to cut rates further as the country struggles with a slowing economy.

The White House confirmed the postponement, with press spokesperson Karoline Leavitt stating that Trump remains open to further tariff exemptions after discussions with Canadian Prime Minister Justin Trudeau.

In Asia, key economic data releases include unemployment figures from the Philippines, inflation updates from Vietnam, and Malaysia�s interest rate decision. Later in the day, both the European Central Bank and Turkey�s central bank will announce their own rate decisions.

On the U.S. economic front, initial jobless claims data is due ahead of Friday`s critical monthly payrolls report.

U.S. stocks surged Wednesday after Trump�s decision to grant automakers a temporary exemption from the newly imposed 25% tariffs on Mexican and Canadian imports.

The Dow Jones Industrial Average closed 1.1% higher on Wednesday, ending a two-day losing streak. The S&P 500 also advanced by 1.1%, while the NASDAQ Composite climbed 1.5%.

Shares of major automakers jumped, with General Motors advancing 7.2% and Ford climbing 5.8%. Stellantis NV shares surged 9.2%, while US-listed Toyota Motor shares jumped 6.5%.

Adding to market optimism, fresh data showed unexpected strength in the U.S. services sector. The ISM Services PMI rose to 53.5 in February from 52.8 in January, beating forecasts and signaling resilience in economic activity.

Buzzing Segment:

The Nifty Oil & Gas index surged 2.59% to 10,045.85. The index has surged 5.60% in three sessions.

Castrol India (up 10.15%), Mahanagar Gas (up 4.19%), Hindustan Petroleum Corporation (up 3.71%), BPCL (up 3.56%), Indraprastha Gas (up 3.14%), Reliance Industries (up 3.05%), Indian Oil Corporation (up 2.65%), Gujarat Gas (up 1.62%), ONGC (up 1.45%) and GAIL (India) (up 1.35%) soared.

Stocks in Spotlight:

Reliance Industries (RIL) rose 2.96% to Rs 1210.55 after a foreign broker reaffirmed its "buy" rating on the stock, setting a target price of Rs 1,600. The foreign broker cited a potential recovery in RIL�s retail business and an anticipated tariff hike in its telecom unit as key growth drivers.

Adding to the momentum, a domestic brokerage upgraded RIL to "buy" with a revised target of Rs 1,400, citing an improved risk-reward outlook following the recent stock correction.

Britannia Industries fell 0.63%. The FMCG major announced that Rajneet Singh Kohli has resigned from his position as executive director and chief executive officer of the company, effective from 14 March 2025.

CreditAccess Grameen surged 6.91%, following the release of a positive business update. The microfinance institution reported robust loan portfolio growth across most of its operational geographies, adding over 150,000 new borrowers in January and February. This brings its Gross Loan Portfolio (GLP) to Rs 25,395 crore in February 2025, up from Rs 24,810 crore in December 2024.

Axiscades Technologies hit an upper circuit of 5% after the company�s subsidiary, Mistral Solutions Private, announced a strategic partnership with Altera (an Intel Company) to accelerate defense technology innovation.

GHV Infra Projects hit an upper circuit of 2% after the company announced that it has received an order from GHV (India) worth Rs 363 crore for setting up a solar power project on an EPC basis.

OM Infra soared 8.55% after the company announced that it has secured two significant water supply infrastructure projects worth Rs 448 crore from Uttar Pradesh Jal Nigam (Rural).

The first project, valued at Rs 106.10 crore, is for the Moradabad Circle, covering the districts of Amroha and Sambhal. The second contract, worth Rs 342 crore, pertains to the Lucknow Circle, which includes the districts of Hardoi, Lakhimpur Kheri, Sitapur, and Lucknow.

Lakshya Powertech hit an upper circuit of 5% after the company secured an order worth Rs 5 crore from Euroteck Environmental for testing & commissioning support services for WTP projects.

Hindustan Zinc added 3.59% after the company�s board is scheduled to meet on 10th March 2025 to consider raising funds through non-convertible debentures (NCDs).

Hexaware Technologies rose 1.34% after the company announced a new collaboration with the San Francisco Unicorns, a team in Major League Cricket. This collaboration�extending through the 2026 league season�aligns with the digital transformation provider`s efforts in promoting sports by offering curated solutions to enhance fan and community engagement.

Cellecor Gadgets gained 5.46% after the company said it is partnering with Zepto to enable rapid delivery of Cellecor products through Zepto`s platform.

Capitalnumbers Infotech hit an upper circuit of 20% at Rs 185.50 after the company announced the signing of a Memorandum of Understanding (MOU) with Myren Inc, at the Mobile World Congress (MWC) Barcelona 2025. This MOU marks a significant milestone in the company`s ongoing commitment to driving innovation in AI-driven mobility and safety solutions.

Powered by Capital Market - Live News