Morning Update :–M&M, Tata Steel, NTPC, Axis Bank, and HCL Tech were among the Nifty’s top gainers, while Adani Enterprises, Adani Ports, Grasim, Power Grid Corp, and Asian Paints fell.
Sensex – Rise +3 Points at 72,646
Nifty 50 – Fall -13 Points at 22,009
Indian Market
FII AND DII
| FII Bought | Â Â Â Â 848.56Â Cr |
| DII Sold | Â 682.26 Cr |
Indian Market News
- Wall Street falls with tech-related shares, as investors examine rate expectations.
- Asian markets trade higher, with the Nikkei up 2%.
- EC releases further details on the purchase of electoral bonds.
- As the BOJ policy move approaches, the dollar remains stable and the yen softens.
- Oil prices climb due to restricted supplies and geopolitical uncertainties.
- SEBI extends time for ‘High Debt Value Listed Entities’ to comply with listing rules.
- Sona Comstar produces 400 million differential gears and 6 million differential assemblies.
- SEBI increases the timetable for filling critical managerial positions.
- SJVN receives Letter of Intent from Gujarat Urja Vikas Nigam for a 200 MW solar project.
- Ircon International receives a Letter of Award worth Rs 631 crore from NHIDCL.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which lost 48 points, or 0.22 percent, suggests that the Indian index as a whole is off to a bad start. The 22,048.50 level was the trading range for the Nifty futures.
US Markets
The technology-related megacaps that have driven this year’s rise in US stocks saw a decline on Friday as investors assessed the prospect for interest rates ahead of the Federal Reserve meeting next week.
At 38,714.77, the Dow Jones Industrial Average dropped 190.89 points, or 0.49 percent. The Nasdaq Composite fell 155.36 points, or 0.96 percent, to 15,973.17, while the S&P 500 lost 33.39 points, or 0.65 percent, to 5,117.09.
Asian Markets
Monday saw little movement in Asian equities and a stable dollar as investors tried to make sense of the confusing series of central bank meetings this week, which may signal the end of Japan’s free money programme and maybe a slower pace of US rate cuts.
Gold Prices
Gold fell on Thursday as prospects of an early rate decrease by the Federal Reserve were dampened by a higher-than-expected increase in the U.S. producer price index (PPI) for February. This increase also strengthened the currency and Treasury yields.
As of 10:03 a.m. EDT (1403 GMT), spot gold was down 0.6% at $2,161.10 per ounce, moving away from the record high of $2,194.99 reached on March 8. US gold futures fell to $2,166.60, a 0.7% decrease.
CrudeÂ
Early Asian trade on Monday saw a little increase in oil prices, maintaining gains from the previous week when prices increased by almost 4% due to concerns of a tightening supply.
Dollar
With the Bank of Japan looking on the verge of eliminating negative rates and the attention on how many rate cuts the Federal Reserve anticipates, traders were anticipating a week filled with central bank meetings around the globe, but the dollar remained stable on Monday.
Other than the United States and Japan, the central banks of England, Australia, Norway, Switzerland, Mexico, Brazil, and Indonesia are scheduled to meet; the majority are anticipated to maintain their current rate of change.
News Updates
A seven-phase general election is scheduled for April 19–June 1 with results announced on June 4.
The Election Commission declared at a press conference in the nation’s capital that the Lok Sabha elections of 2024 will be held in seven stages, from April 19 to June 1. The votes will be counted on June 4.
Up to 22 states are scheduled to vote in a single round, while three states will have polls in every phase. Notably, there won’t be six phases of voting in any state.
Exports reach an 11-month high in February, while India’s trade imbalance worsens to $18.71 billion.
The commerce ministry announced on March 15 that India’s merchandise trade imbalance increased to $18.71 billion in February from $17.49 billion in January. In February 2023, the trade deficit was $16.57 billion.
Even while February saw a widening of the trade imbalance, exports increased by 11.9 percent to $41.40 billion from the same month last year, while imports increased by 12.2 percent to $60.11 billion.
“High Debt Value Listed Entities” are granted additional time by SEBI to adhere to listing standards.
High Debt Value Listed Entities (HDVLE) have been granted an extension by the Securities and Exchange Board of India (SEBI) to fulfil listing requirements.
Following a meeting with its Board on March 15, the regulator extended the deadline to March 31, 2025.
According to a press release issued by SEBI on March 15, “The Board has approved the proposal to extend the timeline for mandatory applicability of listing norms (i.e., Regulation 16 to 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) and compliance thereof for ‘High-Value Debt Listed Entities till March 31, 2025.”
Stocks in news
RailTel Corporation of India: The Municipal Corporation of Greater Mumbai has awarded the business a work order of Rs 351.95 crore for the delivery, installation, testing, commissioning, operations, and maintenance of an HMIS (health management information system) for the BMC Health Department.
Dr. Lal PathLabs: According to the corporation, on May 21, 2024, the board of directors authorised Shankha Banerjee’s reclassification as Chief Executive Officer (CEO) and key managerial people (KMP).
KPI Green Energy: The business won the bid to create a 100MWAC solar power project in the Maharashtra State Power Generation Co (MAHAGENCO) auction.
Torrent Power: The distribution unit of Torrent Power has awarded the company a Letter of Award for the establishment of 300 MW (renewable energy power) GridConnected wind solar hybrid projects.
JSW Energy: The SECI wind power projects (Tranche – XVI) have awarded a Letter of Awards (LoA) to JSW Neo Energy, a subsidiary, for an additional 500 MW of wind capacity under the greenshoe option
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