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The domestic equity benchmarks surged on Wednesday despite mixed global cues. The Nifty50 index crossed 22,120, led by gains in consumer durables, and private banks. Investors seemed optimistic, buoyed by strong economic fundamentals. However, PSU banks, IT, and media stocks closed lower.
In the barometer index, the S&P BSE Sensex jumped 526.01 points or 0.73% to 72,996.31. The Nifty 50 index gained 118.95 points or 0.54% to 22,123.65.
Reliance Industries (up 3.60%), Bajaj Finance (up 1.63%) and HDFC Bank (up 1%) boosted the indices.
Car major Maruti Suzuki India jumped 2.16% to hit a record high of Rs 12,724.95 today.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index added 0.70%.
The market breadth was weak. On the BSE, 1471 shares rose and 2381 shares fell. A total of 97 shares were unchanged.
Economy:
India's current account deficit (CAD) narrowed to $10.5 billion in the October-December quarter, down from $11.4 billion in the previous quarter. This improvement is mainly due to stronger services exports, which outweighs a wider merchandise trade deficit. The CAD is now at 1.2% of GDP, compared to 1.3% in the previous quarter and 2% a year ago.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.23% to 7.073 as compared with previous close 7.089.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3500, compared with its close of 83.2925 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement was up 0.02% to Rs 66,130.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies rose 0.02% to 104.31.
The United States 10-year bond yield was up 0.10% to 4.237.
In the commodities market, Brent crude for April 2024 settlement lost 73 cents or 85% to $85.52 a barrel.
Global Markets:
US Dow Jones index futures are currently up by 169 points, indicating a positive opening for US stocks today.
Most European shares rose on Wednesday as investors digested Spanish inflation data (3.2% for March) and cautiously optimistic French consumer confidence figures.
Asian stocks closed mixed after traders evaluated economic data from China and Australia. China's combined industrial profit for January and February climbed 10.2% year-on-year, despite falling 2.3% for all of 2023. Australian data showed consumer price inflation rose 3.4% year-over-year in February.
U.S. stocks dipped on Tuesday as investors awaited key economic data, released in a holiday-shortened week, to assess the Federal Reserve's policy direction. The Personal Consumption Expenditure data is due on Friday.
Stocks in Spotlight:
Larsen & Toubro (L&T) rose 1%. The EPC major announced that its construction arm has secured ?large' orders for its Buildings & Factories business in the domestic and international markets.
Angel One jumped 9% after the stockbroker announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,555.01 per share.
Dynacons Systems & Solutions soared 20% after the company announced that it has been awarded a significant contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative.
Wockhardt surged 5% after investors including Madhusudan Kela and Prashant Jain participated in the company's QIP of Rs 480 crore. The pharma company issued 92.85 lakh equity shares at Rs 517 per share.
Piramal Enterprises fell 2.35%. The company has invested Rs 2,000 crore in its wholly owned subsidiary, Piramal Capital & Housing Finance (PCHFL) by way of subscription to rights issue.
V2 Retail rallied 2.31% after the company said that the credit rating agency ICRA has upgraded its rating on the company?s fund-based ? working capital facilities to '[ICRA] BBB? from '[ICRA] BBB-? with 'stable' outlook.
Sanofi India added 3.15% after the company announced an exclusive partnership with Cipla for initial period of five years for distribution and promotion of its central nervous system (CNS) product range in India.
IPO Update:
The initial public offer (IPO) of SRM Contractors received 7,55,13,970 bids for shares as against 43,40,100 shares on offer, according to stock exchange data at 17:00 IST today (27 March 2024). The issue was subscribed 17.40 times.
The issue opened for bidding on 26 March 2024 and it will close on 28 March 2024. The price band of the IPO was fixed at Rs 200 to 210 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.
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