INDICES DRIFT HIGHER IN EARLY TRADE; BREADTH STRONG

The key equity benchmarks traded with major gains in early trade, mirroring positive sentiment in global market. The Nifty traded near the 22,650 mark. All the sectoral indices on the NSE were traded in green, with media, realty, and auto gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 500.29 points or 0.68% to 74,682.80. The Nifty 50 index jumped 137.85 points or 0.61% to 22,646.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.81% and the S&P BSE Small-Cap index added 1.25%.

The market breadth was strong. On the BSE, 2,331 shares rose and 615 shares fell. A total of 132 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,488.45 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,000.60 crore in the Indian equity market on 17 March 2025, provisional data showed.

Stocks in Spotlight:

Indian Renewable Energy Development Agency (IREDA) advanced 3.48% after the company�s board approved the enhancement of the borrowing program for FY25 by Rs 5,000 crore. The borrowing limit for FY25 has been increased from Rs 24,200 crore to Rs 29,200 crore.

Morepen Laboratories jumped 8.95% after the company has launched Empamore for Type 2 Diabetes Mellitus (T2DM), heart failure with reduced ejection fraction (HFrEF), and chronic kidney disease (CKD).

Star Cement rose 2.85% after its subsidiary, Star Cement Meghalaya has been declared the preferred bidder for the composite license of the Boro Hundong Limestone Block in e-auctions conducted by the Government of Assam. This block covers an area of 400 hectares, with an estimated limestone resource of 146.75 million tonnes.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.75% to 6.806 as compared with the previous close of 6.797.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.7500, compared with its close of 86.8150 during the previous trading session.

MCX Gold futures for the 4 April 2025 settlement rose 0.42% to Rs 88,391.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 103.57.

The United States 10-year bond yield shed 0.46% to 4.286.

In the commodities market, Brent crude for May 2025 settlement advanced 14 cents or 0.20% to $71.21 a barrel.

Global Markets:

US Dow Jones index futures slipped 112 points, setting the stage for a weak opening in US stocks today.

Most Asian stocks traded higher on Tuesday, 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.

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.

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