Morning Update :–Power Grid Corp, Dr Reddy’s Labs, Wipro, Bajaj Finserv and HDFC Life were among major gainers on the Nifty, while losers were Apollo Hospitals, Bajaj Auto, Titan Company, M&M and Britannia Industries.
Sensex – Rise +416 Points at 73,412
Nifty 50 – Rise +120 Points at 22,244
Indian Market
FII AND DII
| FII Bought | Â Â Â 2,170.32Â Â Cr |
| DII Bought | 1,197.61Â Cr |
Indian Market News
- US stocks close with gains, led by the Dow, as investors seek rate insight.
- Oil prices rise as investors reassess US inventory data.
- The dollar strengthened after the Fed’s comments, while the yen was closely watched.
- According to sources, the central bank wants to increase its record-high foreign exchange reserves.
- Chalet Hotels is likely to raise up to Rs 1,200 crore through QIP at Rs 775 per share.
- 5.98 million Shriram Finance shares traded in a bunch: Bloomberg
- HDFC Life received an income tax order of Rs 2,883.01 crore.
- Asian markets were trading lower in the early trade on Thursday, with the Nikkei down one percent and Taiwan Weighted down 0.5 percent.
- Reliance Industries signs a 20-year power purchase agreement with Adani Power arm.
- Cloverdell Investment is likely to sell its entire stake in IDFC First Bank through block deals.
- Biocon receives approval in the United Kingdom for its diabetes drug Liraglutide.
- Mahindra Lifespace Developers acquires a 2-acre land parcel in Bengaluru.
- The REC Board has approved a market borrowing programme worth Rs 1.6 lakh crore for FY25.
Global Markets updates
GIFT Nifty
With a gain of 14 points, or 0.06 percent, the GIFT Nifty trends point to a flat to positive start for the Indian index as a whole. The 22,195 level was the trading range for the Nifty futures.
US Market
Drugmaker Merck led the gains in US stocks on Wednesday, with the Dow leading gains and the S&P 500 setting a closing record. Investors were looking for clues about the Federal Reserve’s rate path in the form of the upcoming inflation data and commentary.
The S&P 500 gained 44.91 points, or 0.86 percent, to 5,248.49, the Nasdaq Composite gained 83.82 points, or 0.51 percent, to 16,399.52, and the Dow Jones Industrial Average increased 477.75 points, or 1.22 percent, to 39,760.08.
Asian Market
In the early going on Thursday, Asian markets were down, with the Nikkei down 1% and the Kospi slightly negative.
Gold Prices
As investors awaited U.S. inflation data that could provide additional insight into the Federal Reserve’s policy trajectory, gold prices increased on Wednesday.
Crude
Following the official release of U.S. crude stockpile data and indications that the OPEC+ producer group is unlikely to alter its output policy at a technical meeting next week, oil prices were largely stable on Wednesday.
News Updates
In H1FY25, the centre plans to borrow Rs 7.5 lakh crore through dated securities.
During the April–September fiscal year of FY25, the Centre plans to borrow Rs. 7.50 lakh crore through the issuance of government securities.
The central government’s planned first-half borrowing, at Rs 7.50 lakh crore, represents 53.08 percent of the full-year estimate, according to a statement released by the finance ministry on March 27.
The Center’s full-year gross borrowing estimate was set at Rs 14.13 lakh crore from the markets in the Interim Budget for 2024–2025.
Every Friday, bonds are auctioned off by the Reserve Bank of India (RBI), which oversees the government’s borrowing programme.
Central bank eager to add to its already historic FX reserves, according to sources
According to two people familiar with the bank’s thinking, India’s central bank will continue to increase its foreign exchange reserves as it works to create bigger buffers. The country’s equities and debt markets are seeing significant inflows, which presents an opportunity for the bank to do so.
Despite strong economic growth and a positive balance of payments, analysts believe that the Reserve Bank of India’s assimilation of dollar inflows will indirectly avert a sharp appreciation of the rupee.
As of March 15, the Reserve Bank of India’s (RBI) foreign exchange reserves reached a record high of $642.49 billion.
Block deals are probably how Cloverdell Investment will sell off all of its shares in IDFC First Bank.
Warburg Pincus affiliate Cloverdell Investment wants to get out of the private lender IDFC First Bank. A report on CNBC-TV18 states that on March 28, the company might sell all 2.25 percent of its shares through block deals.
The company wants to sell 15.9 crore shares, so the offer size is probably going to be Rs 1,191.40 crore. With a floor price of Rs 75 per share, the current market price is discounted by 4%.
Stocks in news
Zydus Lifesciences: The SEZ Onco Injectable manufacturing facility in Ahmedabad has been inspected by the US Food and Drug Administration (US FDA). The USFDA cGMP inspection took place from March 18 to March 27. With four findings, the US health regulator concluded the examination.
Dr. Reddy’s Laboratories: To market and distribute Sanofi’s vaccine brands, including adult and paediatric vaccines, in India, the company has partnered exclusively with Sanofi Healthcare India for distribution.
JSW Energy: The electricity provider announced that its board of directors will convene on April 2 to discuss ways to raise money for the company’s eligible securities, including private offerings, preferential allotment, placement with qualified institutions, and other means.
Tata Elxsi: To promote critical care innovation in India, the Tata Group company has announced a partnership with Drager, a world leader in medical and safety technology.
Cyient: Deutsche Aircraft, a German OEM, and the engineering and technology solutions company have forged a strategic alliance. The companies will work together on the 40-seater D328eco regional turboprop aircraft’s detailed design for manufacturing (DFM) of the rear fuselage section.
IDFC First Bank: Warburg Pincus affiliate Cloverdell Investment is seeking to divest from private lender IDFC First Bank. A report on CNBC-TV18 claims that on March 28, the company might sell all 2.25 percent of its shares through block deals. The company intends to sell 15.9 crore shares, and the offer size is expected to be Rs 1,191.40 crore.
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