BROADER MKT OUTPERFORMS; MEDIA SHARES IN DEMAND

The key equity indices traded with major gains in the afternoon trade. The Nifty traded above the 22,750 mark. All the sectoral indices on the NSE were traded in green, with media, realty, and consumer durables gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 888.92 points or 1.20% to 75,059.07. The Nifty 50 index rallied 263.85 points or 1.17% to 22,772.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.58% and the S&P BSE Small-Cap index jumped 2.23%.

The market breadth was strong. On the BSE, 2,740 shares rose and 1,165 shares fell. A total of 150 shares were unchanged.

Economy:

India�s merchandise exports during February 2025 were $36.91 billion as compared to $41.41 billion in February 2024, recording a slide of around 11%. Merchandise imports during February 2025 were $50.96 billion as compared to $60.92 billion in February 2024, down 16.34%. Merchandise exports during April-February 2024-25 were $395.63 billion as compared to $395.38 billion during April-February 2023-24.

Merchandise imports during April-February 2024-25 were $656.68 billion as compared to $621.19 billion during April-February 2023-24. Merchandise trade deficit during April-February 2024-25 was $261.06 billion as compared to $225.81 billion during April-February 2023-24.

Gainers & Losers:

Shriram Finance (up 3.10%), Hindalco Industries (up 2.84%), Mahindra and Mahindra (up 2.82%), Tata Motors (up 2.75%), and Asian Paints (up 2.46%) were the major Nifty gainers.

Bajaj Finserv (down 1.46%), Tech Mahindra (down 0.58%), Bharti Airtel (down 0.58%), and Reliance Industries (down 0.01%) were the major Nifty losers.

Bajaj Finserv fell 1.46%. The company has signed share purchase agreements (SPAs) to acquire Allianz SE`s 26% stake in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC), gaining full ownership.

Stocks in Spotlight:

Shilpa Medicare soared 8.01% after the company�s wholly owned subsidiary, Shilpa Biologicals, inked a strategic partnership with Switzerland-based mAbTree Biologics AG to co-develop and manufacture a novel immuno-oncology therapy.

Indian Renewable Energy Development Agency (IREDA) jumped 3.94% after the company�s board approved the enhancement of the borrowing program for FY25 by Rs 5,000 crore, raising the limit from Rs 24,200 crore to Rs 29,200 crore.

Rites advanced 2.91% after the company announced that it had received an addendum to its contract agreement with Ntokoto Rail Holdings Pty, awarding the company additional work for the supply of new Cape Gauge Bogies.

Engineers India rose 0.69%. The company announced that it had secured an order worth Rs 252.95 crore from Numaligarh Refinery (NRL) for EPCM services for the Polypropylene Unit (PPU) project.

Sun Pharmaceutical Industries rose 1.14% after its subsidiary, TARO Pharmaceuticals Inc., completed the 100% acquisition of Antibe Therapeutics Inc. of Canada for a total consideration of $4.5 million.

Global Markets:

European markets advanced on Tuesday as investors focused on the German government as it voted on historic debt reforms on Tuesday.

Most Asian stocks traded higher, fueled by increasing optimism regarding China`s economic outlook and encouraging U.S. economic data that alleviated concerns of a recession.

China has introduced a new Special Action Plan aimed at stimulating domestic consumption and attracting foreign investment. This plan focuses on several key areas: boosting consumer confidence through income increases and reduced financial burdens, stabilizing financial markets by addressing regulatory uncertainties and expanding bond offerings, and ultimately positioning China as a more reliable investment alternative compared to the perceived instability of the U.S.

Investors will be closely monitoring Japanese markets as the Bank of Japan begins its two-day monetary policy meeting on Tuesday. The central bank is widely anticipated to keep interest rates unchanged at 0.5% when the meeting concludes on Wednesday.

In the United States, major indices closed higher on Monday, continuing their recent recovery for a second consecutive session. This positive trend followed the release of favorable economic data that helped to diminish fears of a recession. The S&P 500 rose 0.6% to 5,675.13 points on Monday, while the NASDAQ Composite rose 0.3% to 17,808.66 points. The Dow Jones Industrial Average rose 0.9% to 41,841.70 points. This upward movement was also supported by bargain buying, following Wall Street`s recent dip into correction territory last week.

Nvidia fell nearly 2% at the start of the week, just ahead of its annual GTC conference on March 18th. Tesla Inc. also saw a drop of more than 4% after Mizuho lowered its price target for the stock to $415 from $430, citing a less optimistic outlook for electric vehicle sales.

On the economic data front, U.S. retail sales rose by 0.2% last month, following a revised 1.2% decline in January. This growth, however, was weaker than the previously predicted 0.6% increase.

Additionally, the Atlanta Fed�s gross domestic product (GDP) forecast for the first quarter indicated a 2.1% decline, which is slightly better than the previous estimate of a 2.4% decrease.

Investors are now closely monitoring the two-day Federal Reserve meeting, which begins on Tuesday, for further insights into the economy and future interest rate decisions. It is widely anticipated that the central bank will maintain current interest rates.

Powered by Capital Market - Live News