Morning Update :–Eicher Motors, BPCL, Maruti Suzuki, Tata Steel and NTPC were among major gainers on the Nifty, while losers were Grasim Industries, HDFC Life, Dr Reddy’s Labs, HUL and Asian Paints.
Sensex – Rise 202 Points at 72,214
Nifty 50 – Rise 56 Points at 21,873
Indian Market
FII AND DII
| FII Bought | Â Â Â 1,421.48 Cr |
| DII Bought | Â Â 7,449.48Â Cr |
Indian Market News
- Wall Street gains momentum when the Fed and Nvidia meet.
- Asia markets rise, with the Kospi up 1%.
- SEBI returns Diffusion Engineers’ IPO documents, while Rays Power Infra removes draft documents
- Oil retreats from multi-month highs as demand is hurt by a strong dollar
- With the Fed in the limelight, the yen is nearing a four-month low.
- For FY24, direct tax collections increased by 18.74%.
- Sebi approves Airtel subsidiary Bharti Hexacom’s IPO.
- 14,01,72,180 HDFC Credila equity shares are sold by HDFC Bank.
- The shares of Maruti Suzuki reached a 52-week high.
- Sebi approves Airtel subsidiary Bharti Hexacom’s IPO.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 62 points, or 0.28 percent, suggests that the Indian stock market is off to a good start. The 21,924 mark was the focal point of the Nifty futures trade.
US Market
Wall Street’s three main indexes ended the day higher on Tuesday, as investors anticipated the Federal Reserve’s policy meeting conclusion on Wednesday for hints about interest rate policy, and after shares of the rapidly rising Nvidia chipmaker recovered from early losses.
The S&P 500 climbed 29.09 points, or 0.56 percent, to 5,178.51, the Nasdaq Composite gained 63.34 points, or 0.39 percent, to 16,166.79, and the Dow Jones Industrial Average increased by 320.33 points, or 0.83 percent, to 39,110.76.
Asian Market
Early on Wednesday, as investors took in the Bank of Japan’s historic change in monetary policy and watched for the U.S. Federal Reserve’s interest rate announcement, Asian markets were up.
Gold Prices
A stronger US dollar affected gold prices on Tuesday, and investors braced themselves for the Federal Reserve’s interest rate stance following Chair Jerome Powell’s address following the central bank’s policy meeting on Wednesday.
Crude oil
Early on Wednesday in Asian trading, oil prices began to decline as traders withdrew some of their capital following two sessions in which benchmarks surged to multi-month highs, dampening investor demand due to a stronger dollar.
News Updates
SEBI verifies LIC employee’s participation in front-running a large client’s trades.
On March 19, the market watchdog SEBI announced that a Life Insurance Corporation of India (LIC) employee had participated in the front-running of trades for a significant client.
“The Interim Order was passed based on the prima facie conclusions to prevent further perpetration of fraudulent trading activity and to prevent defalcation of the wrongful gains cumulatively amounting to INR 244.09 lakh (as elaborated in the Interim Order),” the Securities and Exchange Board of India stated in the confirmatory order.
For FY24, direct tax collections increased by 18.74%.
In FY24, net direct tax revenues increased by 19.88 percent to Rs 18,90,259 crore YoY, while total direct tax collections increased by 18.74 percent to Rs 22,27,067 crore.
At Rs 9,11,534 crore, YoY, advance tax receipts for FY24 increased by 22.3 percent.
Following the Bank of Japan’s historic and much-anticipated announcement to abandon its zero interest rate policy, the yen fell to a four-month low on Tuesday. Ahead of the Federal Reserve’s most recent view on interest rates, the dollar gained momentum.
Stocks in news
Tata Consultancy Services: To upgrade its fundamental technological infrastructure, spur innovation, and fortify client relationships, Central Bank, a prominent Midwest regional bank in the US, will leverage TCS’s BaNCS, the universal financial solution.
Aurobindo Pharma: The US Food and Drug Administration (USFDA) has given Aurobindo Pharma final permission to produce and distribute Mometasone Furoate Monohydrate nasal spray, 50 mcg/spray.
Aditya Birla Sun Life AMC: In addition to the 7 percent base offer size, the promoters Aditya Birla Capital and Sun Life (India) AMC Investments Inc. chose to exercise the oversubscription option, also known as the “greenshoe option,” to the extent of 4.47 percent of Aditya Birla Sun Life AMC’s paid-up stock.
UltraTech Cement: The purchase of Kesoram Industries’ cement division by UltraTech has been approved by the Competition Commission of India.
Apollo Hospitals Enterprise: With effect from April 1, 2024, Madhu Sasidhar will assume a new role as President and Chief Executive Officer of Apollo Hospitals Enterprise. Madhu Sasidhar is the company’s Chief Strategy Officer at the moment.
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