BENCHMARKS RISE FOR FIFTH DAY, NIFTY ENDS ABOVE 23,350; VIX SLIPS TO 12.58

The domestic equity benchmarks closed with substantial gains on Friday, rising for the fifth day in a row. This sustained rally was primarily driven by renewed foreign fund inflows into the cash market over the past two trading sessions, significantly bolstering investor confidence. The Nifty index closed just above the 23,350 mark, with media, energy, and PSU bank sectors experiencing strong demand. Conversely, the consumer durables, metals, and IT sectors faced declines.

The S&P BSE Sensex surged 557.45 points, or 0.73%, to 76,905.51. The Nifty 50 index rallied 159.75 points, or 0.69%, to 23,350.40. In the five consecutive sessions, the Sensex and the Nifty have jumped 4.16% and 4.25%, respectively.

Bajaj Finance (up 2.75%), Larsen & Toubro (up 2.03%) and ICICI Bank (up 1.52%) boosted the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.14%, and the S&P BSE Small-Cap index jumped 2.05%.

The market breadth was strong. On the BSE, 2,823 shares rose and 1,213 shares fell. A total of 126 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 0.21% to 12.58.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.12% to 6.739 as compared with the previous close of 6.747.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.985, compared with its close of 86.36 during the previous trading session.

MCX Gold futures for the 4 April 2025 settlement fell 0.63% to Rs 88,150.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.19% to 104.02.

The United States 10-year bond yield declined 0.28% to 4.211.

In the commodities market, Brent crude for May 2025 settlement lost 32 cents or 0.44% to $71.68 a barrel.

Global Markets:

US Dow Jones index futures were down 102 points, indicating a negative opening in US stocks today.

European shares tumbled on Friday as investors are digesting monetary policy updates that came from multiple central banks in the region, as well as the U.S. Federal Reserve.

The Bank of England left interest rates unchanged on Thursday, keeping the central bank`s benchmark rate at 4.5%. The decision had been widely anticipated by markets.

Most Asian stocks ended lower as investors remained cautious about prolonged high-interest rates and the potential for increased trade tariffs under President Donald Trump.

Earlier this week, Trump announced that broad reciprocal tariffs, along with sector-specific duties, would take effect on April 2, fueling uncertainty in global markets.

Japanese consumer price index inflation grew slightly more than expected in February, with a rise in underlying inflation fueling bets that the Bank of Japan will keep raising interest rates this year. The national CPI rose 3.7% year-on-year, slightly cooling from January�s 4.0%. Core CPI, which excludes fresh food prices, increased 3.0%, compared to 3.2% in January. A more refined core measure, excluding both fresh food and energy, climbed 2.6%, up from 2.5% the previous month. Inflation is still well above the BOJ�s 2% target.

U.S. stock indices reversed early gains to close lower on Thursday, hovering near six-month lows as investor sentiment remained fragile. The S&P 500 fell 0.2% on Friday. The NASDAQ Composite fell 0.3%, while the Dow Jones Industrial Average closed flat.

Microchip Technology Inc. tumbled 6.5% after announcing plans to raise $1.35 billion through convertible stock to repay debt and enter a capped call transaction. Darden Restaurants surged 5% after reporting strong Q3 fiscal 2025 earnings.

Trump�s tariff strategy remains a major market concern, especially as he wavers on measures against Canada and Mexico. Meanwhile, China, the eurozone, and other affected regions have outlined retaliatory tariffs, heightening fears of a full-blown trade war.

The US Labor Department data showed that first-time unemployment claims inched up last week. Initial jobless claims rose to 223,000 for the week ending March 15, up from a revised 221,000 in the previous week.

Stocks in Spotlight:

Tejas Networks soared 12.70%. This sharp rise follows the company`s recent announcement of receiving Rs 123.45 crore under the Production Linked Incentive (PLI) Scheme. The company announced on 13 March 2025, that it had received the incentive from the Ministry of Communications, Department of Telecommunications, New Delhi, for the financial year 2023-24. This payment is part of the PLI scheme designed to boost domestic manufacturing of telecom and networking products.

Manappuram Finance surged 7.7% after global private investment firm entered into definitive agreements to acquire joint control in Manappuram Finance, in partnership with the existing promoters, who will continue to stay fully invested. Bain Capital will be investing about Rs 4,385 crore to acquire an 18% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of Rs 236 per share. The transaction will trigger a mandatory open offer for the purchase of another 26% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at Rs 236 per share.

Hindustan Construction Company (HCC) surged 11.75% after the company announced that its 50:50 joint venture with Tata Projects Limited (TPL) has been awarded a Rs 2,470 crore contract by Tata Power Company.

IndusInd Bank rose 0.29%. The bank said that its board has decided to appoint an independent professional firm to conduct a comprehensive investigation to identify the root cause of the discrepancies observed in its derivative portfolio.

IndusInd Bank on 10 March 2025 disclosed discrepancies in its derivative portfolio, identified during an internal review prompted by the RBI`s new Master Direction on investment portfolios. The bank estimates a potential adverse impact of approximately 2.35% of its net worth as of December 2024, reportedly amounting to Rs 1,600 crore. The bank plans to absorb this impact in its Q4 FY25 or Q1 FY26 earnings.

Hindustan Unilever (HUL) rose 0.34%. The company announced that its board of directors has approved an investment to acquire a 14.3% stake in Lucro Plastecycle, a key player in recycled flexible plastics.

Mamata Machinery soared 7.67% after the company announced that it has been granted a US patent for an invention entitled "Cross Sealing Device" by the United States Patent and Trademark Office for the term of 20 years.

Bharat Heavy Electricals (BHEL) advanced 2.59% after the company announced that it had received a letter of intent (LOI) from Gujarat State Electricity Corporation (GSECL) for the EPC package for the 1x800 MW Ukai Extension Unit-7.

Rail Vikas Nigam added 0.9%. The company announced that it received a letter of acceptance (LoA) from the National Highway Authority of India for a project worth Rs 554.64 crore.

Texmaco Rail & Engineering jumped 5.15% after the company announced that it has invested in a wholly-owned subsidiary, Texmaco Middle East DMCC (Texmaco MED). The paid-up share capital of Texmaco MED is AED 50,000, with Texmaco Rail & Engineering holding 100% ownership of the subsidiary. The company also clarified that the promoter and promoter group have no other interest in the newly incorporated entity.

Adani Energy Solutions advanced 2% after the company said it won a power transmission project in Gujarat, which will supply green electrons for manufacturing Green Hydrogen and Green Ammonia in Mundra, Gujarat. The project, which will cost about Rs 2,800 crore, will be delivered to the nation in 36 months.

Sunita Tools hit an upper circuit of 5% after the company announced that it had received a major letter of intent (LOI) for the supply of empty artillery shells 155mm M107. The contract is valued between Rs 200 crore and Rs 300 crore

Tamilnad Mercantile Bank gained 0.98% after the bank announced the appointment of Sanjoy Kumar Goel as chief financial officer (CFO), effective from 20 March 2025, on a contractual basis.

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