Morning Update :–The Nifty saw big gains from Tata Steel, Hindalco, BPCL, Bajaj Auto, and Hero MotoCorp, while Apollo Hospitals, Infosys, Sun Pharma, Nestle India, and Cipla suffered losses.
Sensex – Rise +606 Points at 73,107
Nifty 50 – Rise +186 Points at 22,169
Indian Market
FII AND DII
| FII Bought | Â Â 3,568.11 Cr |
| DII Sold | 230.21 Cr |
Indian Market News
- Nikkei hits record high on Wall Street rally, while other Asian markets remain weak.
- Gold achieves a one-month high as the dollar falls on US PCE data.
- India’s GDP growth rises to 8.4% in Q3, with FY24 growth projected at 7.6%.
- Japan’s February industrial activity shrinks the most in over three years due to weak demand – PMI.
- China’s factory activity drops for the fifth month, increasing pressure for greater stimulus.
- Mukka Proteins’ IPO was booked 2.47 times, including a retail portion of 3.7x on its opening day.
- Nasdaq achieves first record high closing since 2021.
- India’s core sector growth reached a 15-month low of 3.6% in January.
- Oil prices climb as killings in Gaza hinder truce talks.
- The US FDA issued four observations for Biocon Biologics’ insulin plant.
- Paytm and Paytm Payments Bank mutually agree to end certain inter-company arrangements.
- In Delhi, the price of 19 kg of commercial LPG has increased by Rs 25.50 to Rs 1,795
- Exicom Tele-Systems IPO issue subscribed 129.54 times, with retail portion booked 120x on Day 3.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty show a solid start for India’s broader index, with a gain of 203 points (0.92 percent). The Nifty futures were trading near the 22,186 mark.
Asian Markets
Asia-Pacific markets matched Wall Street’s gains overnight, as investors anticipated Chinese manufacturing data.
While other Asian stock markets fell on Thursday, China’s CSI 300 closed nearly 2% higher at 3,516.08, ahead of the purchasing managers’ index reading for February.
Dollar
The US inflation data for January was in line with experts’ forecasts, which eased concerns that price pressures may be seeing a renewed spike. This news caused the dollar to decline on Thursday.
While bitcoin maintained close to its more than two-year high, which it touched on Wednesday, the yen strengthened as a policymaker suggested that ultra-easy policies could need to end.
Although US prices increased in January, the yearly rise in inflation was the lowest in over three years, meaning that the Federal Reserve’s June interest rate decrease remains a possibility.
Gold Prices
On Thursday, gold reached a one-month high as the dollar declined following the release of U.S. inflation data that met forecasts. Traders were looking for clues about potential interest rate reductions from additional remarks made by Federal Reserve members.
At 12:59 p.m. ET (1759 GMT), spot gold was up 0.5 percent at $2,045.59 per ounce. US gold futures increased by 0.6% to $2,054.40. Palladium increased by 1.1% to $939.75, platinum remained unchanged at $878.73, while silver increased by 1% to $22.67 per ounce.
Crude Oil
Oil prices increased slightly on Thursday as US inflation statistics supported the demand view for a June interest rate decrease while US President Joe Biden’s remarks over the ongoing Gaza conflict lifted supply sentiment.
At 11:55 a.m. EST (1655 GMT), Brent crude futures for April delivery, which expires on Thursday, increased by 9 cents to $83.77 a barrel. At $82.73, the more active May contract saw a 58-cent increase. The US oil contract for April increased by 65 cents to $79.19 a barrel.
News Updates
India’s core sector growth fell to 3.6% in January, a 15-month low.
Based on data issued by the Ministry of Commerce and Industry on February 29, India’s eight major industries had growth of 3.6 percent in January.
In the first month of 2024, the growth rate of India’s eight major infrastructure sectors—coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas—was 3.6%, the lowest in the previous fifteen months.
Growth in the core sector was 3.8% as of December 2023. On February 29, the ministry of commerce updated this percentage to 4.9 percent.
As of January 2023, the eight main sectors’ combined output had increased by 9.7%.
India’s budget deficit for April–January increased to Rs 11.03 lakh cr, or 64% of the target for FY24.
According to data released on February 29, the Controller General of Accounts revealed that the Central government’s budget deficit increased to Rs 11.03 lakh crore in April 2023–January 2024 from Rs 9.82 lakh crore in April–December.
The fiscal deficit for the first ten months of the current fiscal year, at Rs 11.03 lakh crore, represents 63.6 percent of the revised forecast of Rs 17.35 lakh crore. The initial estimate for the budget was Rs 17.87 lakh crore.
In April 2022–January 2023, the budget deficit amounted to 67.8% of the objective for the fiscal year 2022–2023.
The Nasdaq closes at its highest level since 2021.
For the first time in more than two years, the Nasdaq closed at a record high on Thursday, driven by investor optimism about artificial intelligence, which has sparked gains in Nvidia and other large tech stocks.
The Nasdaq surpassed its record high of 16,057.44 on November 19, 2021, by 144.18 points, or 0.90 percent, to close at 16,091.92.
Stocks in news
ICICI Bank: For almost Rs 431 crore, the private lender acquired an extra 25,14,365 equity shares of ICICI Lombard General Insurance. As a result, the bank now owns ICICI Lombard as a subsidiary.
Aurobindo Pharma: From February 19–29, the US FDA conducted an inspection of the injectable facility of Eugia SEZ, a step-down subsidiary of the pharmaceutical company located in Mahaboobnagar, Telangana. The health regulator concluded the inspection with seven procedurally-based observations.
Biocon: From February 20 to 28, the US Food and Drug Administration (FDA) inspected the Biocon Campus (site 1) facility of Biocon Biologics. The US FDA released Form 483s with four observations following the examination.
Vedanta: Vedanta’s appeal for the reopening of its Sterlite Copper smelting plant in Tamil Nadu for judgement was denied by the Supreme Court.
Chalet Hotels: The hotel chain said that the Board of Directors has approved its plan to pay Rs 315 crore for the partners’ share of Ayushi and Poonam Estates LLP.
Suven Pharmaceuticals: The plan of amalgamation for the combination of Suven and Cohance Lifesciences was announced. Leading merchant API platform and CDMO (contract development and manufacturing organisation) is Cohance.
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