Morning Update :–On the sectoral front, there is a mixed trend, with the IT index down 3% and the real estate index up 1%. The BSE Midcap index was flat, while the Smallcap index rose 0.5 percent.
Sensex – Fall -176 Points at 72,464
Nifty 50 – Fall -42 Points at 21,969
Indian Market
FII AND DII
| FII Sold | Â Â 1,826.97 Cr |
| DII Bought | Â 3,208.87Â Cr |
Indian Market News
- Asian markets trade uneven, with the Nikkei up 0.5% and the Hang Seng down 0.7%.
- Wall Street extends overnight record setting after SNB cut and stable Fed.
- The dollar remains stable as investors seek ‘carry’.
- Gold set for fourth weekly increase in five on Fed rate-cutting confidence.
- Oil prices fall due to the probability of a ceasefire in Gaza and the dollar’s
- Muthoot Capital Services completed its second securitization transaction, raising Rs 61.4 crore.
- Texmaco Rail QIP issuance opens, floor price of Rs 162.88 per share.
- Enfuse Solutions will offer its shares on NSE Emerge on March 22.
- Gensol Engineering has secured a Rs 520 crore solar PV project in Maharashtra.
- Accenture reduces revenue expectations as difficult macroeconomic conditions weigh.
- ECI uploads electoral bonds data from SBI, including unique numbers.
- US weekly unemployment claims surprisingly fall; labour market gradually cools
Global Markets updates
GIFT Nifty
With a loss of 23 points, or 0.10 percent, the GIFT Nifty trends suggest a flat to negative start for the larger index in India. The 22,090.50 level was the trading range for the Nifty futures.
US Market
Thursday saw a further surge in global share benchmarks into previously unheard-of territory, and government debt yields mostly declined as the Swiss National Bank became the first significant central bank to loosen policy in this cycle, one day after the Federal Reserve reiterated its forecast for rate cuts in 2024.
The S&P 500 rose 16.9 points, or 0.32 percent, the Nasdaq Composite gained 32.43 points, or 0.2 percent, and the Dow Jones Industrial Average climbed 269.24 points, or 0.68 percent.
Asian Markets
While other Asia-Pacific markets began mixed, the Nikkei 225 broke over 41,000 to reach a new all-time high on Friday, coinciding with an acceleration of inflation in Japan in February.
Crude Oil
Early Asian trade on Friday saw a decline in oil prices due to the likelihood of a Gaza truce, which might reduce world supply. Additionally, the weakening of the US dollar and declining petrol costs also lowered demand.
News Updates
The Bank of England maintains the same key interest rate.
Despite the fact that inflation is still declining from multi-decade highs, the Bank of England maintained its main interest rate on Thursday at a 16-year high of 5.25 percent.
Data on electoral bonds, including unique numbers, is uploaded by ECI from SBI.
In accordance with the Supreme Court’s orders, the Election Commission of India (ECI) uploaded the information on electoral bonds that the State Bank of India (SBI) supplied on March 21.
The contributors can access the bond’s unique alphanumeric number through one of the two papers that ECI has posted; the other document contains details about the political party that has cashed the bond.
Prior to this, the SBI chairperson submitted a compliance document to the Supreme Court stating that the lender has given the ECI access to the relevant electoral bond information.
The information that SBI submitted included the name of the bond buyer, the bond’s denomination and unique number, the name of the party that cashed the bond, the last four digits of the political parties’ bank accounts, and the denomination and number of the cashed bond.
Sebi releases the beta T+0 settlement framework, featuring 25 scrips at first and restricted trade timing.
On March 21, the Securities and Exchange Board of India (Sebi) released a framework for optionally implementing T+0 settlement, also known as same-day settlement, in addition to the T+1 settlement cycle.
This option will first be offered for 25 scrips in the equity cash segment through a select group of brokers. Participation in this sector will be open to all investors, and trade hours will be from 9.15 am to 1.30 pm.
Accenture reduces revenue projections due to a challenging macroeconomic environment.
Accenture, an IT services firm, reduced its revenue projection for the fiscal year 2024 on March 21. The reason given was that clients were cutting back on spending on consulting services because of economic uncertainties.
In contrast to its initial forecast of 2 percent to 5 percent, Accenture has altered its prediction and now predicts full-year revenue growth to be between 1 and 3 percent.
Many consider Accenture’s success to be a standard for the Indian IT sector, offering an indication of what might be anticipated for Indian IT firms. On April 12, bellwether TCS will release its profits, signalling the start of the fourth quarter earnings season.
US weekly claims for unemployment unexpectedly decline, and the labour market gradually cools
Unexpectedly, fewer Americans than expected filed new applications for unemployment benefits last week, indicating that March’s job growth was robust.
The Labour Department said on Thursday that initial claims for state unemployment benefits fell by 2,000 to a seasonally adjusted 210,000 for the week ending March 16. Reuters polled economists, who predicted 215,000 claims in the most recent week.
Stocks in news
Technology stocks under consideration: Accenture, a provider of IT services, reduced its revenue projection for the fiscal year 2024 to 1-3 percent from 2-5 percent previously, citing clients’ reduction in spending on consulting services as a result of economic uncertainties.
Wipro: In order to create a new company, SDVerse LLC, General Motors and Magna International have reached an agreement with Wipro IT Services LLC, the company’s step-down subsidiary. March 20 marks the completion of the aforementioned deal.
Prestige Estates Projects: In Indirapuram Extension, National Capital Region, Bengaluru-based Prestige Group, a real estate development company, purchased 62.5 acres of property. The transaction would come with a revenue share and cost of Rs 468 crore.
Bharat Dynamics: The state-owned military corporation has announced the partition of an existing equity share, with a face value of Rs 10 apiece, into two equity shares, with a face value of Rs 5. Additionally, the business has declared an interim dividend of Rs 8.85 per equity share for the financial year 2023–24.
Sarda Energy and Minerals: The letter of intent for a composite licence for the Surjagad 1 iron ore block in Maharashtra has been received by Sarda Energy and Minerals: Natural Resources Energy, the subsidiary joint venture business, from the Industry, Energy, Labour and Mining Department of the Government of Maharashtra.
Tata Communications: The board of directors has given the company the go-ahead to embark into a business transfer agreement for the division of its newly identified edged digital services business to its fully owned subsidiary, Novamesh, for an undisclosed sum of Rs 458 crore, as a continuing concern.
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