BAROMETERS TRADE WITH MODEST GAINS; PRIVATE BANK SHARES ADVANCE

The key equity barometers continued to trade with moderate gains in mid-morning trade, as concerns over the US government shutdown eased and investors awaited the outcome of the US Fed policy review later this week. The Nifty traded near the 22,500 level. Private bank shares advanced after declining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, advanced 316.84 points or 0.43% to 74,145.75. The Nifty 50 index added 98.30 points or 0.44% to 22,495.50.

In the broader market, the S&P BSE Mid-Cap index advanced 0.67% and the S&P BSE Small-Cap index rose 0.50%.

The market breadth was positive. On the BSE, 1,950 shares rose and 1,906 shares fell. A total of 169 shares were unchanged.

Economy:

India`s forex reserves increased to $653.97 billion in the week ending March 7, 2025, up by $15.26 billion, said the Reserve Bank of India on Friday.

According to the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs) were up by $13.93 billion to $557.28 billion.

Gold reserves saw a surge of $1 billion to $74.32 billion. Meanwhile, SDRs for the above-mentioned week increased by $212 million to stand at $18.21 billion. Reserve position in the IMF was up by $69 million to $4.1 billion.

Buzzing Index:

The Nifty Private Bank index rose 0.95% to 24,182.35. The index shed 0.14% in the past trading session.

IndusInd Bank (up 3.06%), ICICI Bank (up 1.62%), Axis Bank (up 1.32%), HDFC Bank (up 0.51%) and Federal Bank (up 0.48%), City Union Bank (up 0.38%), Kotak Mahindra Bank (up 0.24%), RBL Bank (up 0.21%), Bandhan Bank (up 0.15%) advanced.

On the other hand, IDFC First Bank (down 0.13%) edged lower.

Stocks in Spotlight:

Lupin added 1.81% after the pharma major announced that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Amifampridine Tablets, 10 mg.

Ceigall India rose 0.99%. The company received a letter of award (LOA) from the National Highways Authority of India (NHAI) for the development of a six-lane Greenfield Southern Ludhiana Bypass.

Transformers and Rectifiers (India) added 5.32% after the company announced that it has secured orders amounting to Rs 726 crore from Gujarat Energy Transmission Corporation (GETCL).

Global Markets:

US Dow Jones index futures slipped 174 points, setting the stage for a weak opening in US stocks today. Market sentiment remains fragile amid persistent concerns over US trade tariffs and slowing economic growth. Investors are also bracing for a series of central bank meetings this week, particularly from the US Federal Reserve and the Bank of Japan.

Asian stocks edged higher on Monday, buoyed by optimism over China`s economy after Beijing introduced targeted measures to boost spending. However, lingering fears of a US-led trade war kept gains in check.

China`s retail sales rose by 4.0% in the January-February period from a year ago, compared with the 3.7% year-on-year growth in December. The country`s industrial production climbed 5.9% in the first two months of the year from a year ago, slower than the 6.2% growth in December. Its fixed asset investment, reported on a year-to-date basis, rose by 4.1%, beating the 3.2% increase last year.

The data came shortly after Chinese policymakers over the weekend unveiled an action plan to boost consumption, a top policy priority for Beijing. The plan said the government will work to increase income for both urban and rural residents, while also taking measures to boost employment. It pledged to expand trade-in programs for home appliances and cars while vowing to stabilize the nation�s stock and property market, which affects consumer confidence.

After a bruising market correction, US stock indices bounced back on Friday, powered by bargain hunting in beaten-down tech stocks. The S&P 500 surged 2.1%, the NASDAQ jumped 2.6%, and the Dow Jones gained 1.7%.

However, consumer sentiment remains shaky. The University of Michigan�s Consumer Sentiment Index fell to 57.9 in March�its lowest since November 2022�down from 64.7 in February. The decline reflects growing uncertainty over tariffs and economic stability.

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