SENSEX JUMPS 291 PTS; NIFTY ABOVE 22,450; PHARMA SHARES ADVANCE

The key equity indices traded with moderate gains in the afternoon 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 above the 22,450 mark. Pharma, financial services, and private bank shares advanced while IT, media, and FMCG shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, advanced 291.26 points or 0.40% to 74,123.63. The Nifty 50 index added 96.50 points or 0.43% to 22,493.25.

In the broader market, the S&P BSE Mid-Cap index advanced 0.62% and the S&P BSE Small-Cap index rose 0.10%.

The market breadth was negative. On the BSE, 1,666 shares rose and 2,262 shares fell. A total of 176 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, added 2.08% to 13.56.

Economy:

India`s wholesale price index (WPI)-based inflation rose to 2.38% (provisional) in February, 2025, primarily due to an increase in prices of manufactured food products, food articles, other manufacturing, non-food articles, and textiles, etc. Data released by the Ministry of Commerce and Industry showed on Monday. This is higher than the WPI rate in January, which stood at 2.31%.

Gainers & Losers:

Bajaj Finserv (up 3.44%), Dr Reddy`s Laboratories (up 3.33%), Sbi Life Insurance Company (up 3.26%), Trent (up 2.64%), and Axis Bank (up 2.11%) were the major Nifty gainers.

Wipro (down 1.65%), Britannia Industries (down 1.63%), Bharat Petroleum Corporation (BPCL) (down 1.60%), Hero Motocorp (down 1.60%), and Tata Consumer Products (down 1.05%) were the major Nifty losers.

Stocks in Spotlight:

RMC Switchgears was locked in the upper circuit of 5% after the firm received a letter of acceptance worth Rs 320 crore from the Rajasthan Govt for a 50 MW rooftop solar system installation across state buildings in Jaipur and Dausa.

Indusind Bank rose 1.44% after the Reserve Bank of India (RBI) reassured the private lender`s financial stability. The RBI`s statement, addressing recent market concern, affirmed that IndusInd Bank is "well-capitalised" and maintains a "satisfactory" financial position.

Lupin added 1.61% 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.

Transformers and Rectifiers (India) gained 3.57% after the company announced that it has secured orders amounting to Rs 726 crore from Gujarat Energy Transmission Corporation (GETCL).

Hindustan Construction Company rallied 3.55% after the company announced that its joint venture with Tata Projects (TPL) has won a contract worth Rs 2,191 crore from Madhya Pradesh Metro Rail Corporation (MPMRCL).

Global Markets:

European markets advanced on Monday as investors monitored the potential continuation of global market volatility.

Asian stocks traded higher 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%. Optimism increased that the U.S. government would avert a costly shutdown. This optimism stemmed from Senate Majority Leader Chuck Schumer`s support for a Republican stop-gap funding bill, significantly reducing the risk of a shutdown.

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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