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Stock Market Highlights: Nifty rally indicates a robust bullish reversal. How to trade on Friday
21 Mar, 2024 | 07:41:44 PM IST
Nifty on Thursday ended 173 points higher to test the immediate hurdle of short-term moving average i.e. 20-EMA, but it couldn’t surpass it amid weekly expiry.
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US stocks rise as chipmakers rally, Fed bolsters rate cut bets
The tech-laden Nasdaq led Wall Street higher on Thursday as chip stocks rallied following Micron Technology's upbeat forecast, while investors took comfort in the Federal Reserve sticking to its three-rate-cut view for this year.
The Dow Jones Industrial Average rose 148.90 points, or 0.38%, at the open to 39,661.03.
The S&P 500 opened higher by 28.81 points, or 0.55%, at 5,253.43, while the Nasdaq Composite gained 147.83 points, or 0.90%, to 16,517.24 at the opening bell.
The Dow Jones Industrial Average rose 148.90 points, or 0.38%, at the open to 39,661.03.
The S&P 500 opened higher by 28.81 points, or 0.55%, at 5,253.43, while the Nasdaq Composite gained 147.83 points, or 0.90%, to 16,517.24 at the opening bell.
Nifty Bank rallies over 300 points; next immediate resistance seen around 47,000: Experts
The Nifty Bank closed in the green on Thursday after settling with cuts for 9 trading sessions in a row. The index rose 374 points to close at 46,684 while the Nifty 50 closed 172 points higher above 22,000.
Tech View: Nifty faces key hurdle at 20-EMA. What should traders do on Friday
Nifty on Thursday ended 173 points higher to test the immediate hurdle of short-term moving average i.e. 20-EMA, but it couldn’t surpass it amid weekly expiry.
On the daily charts we can observe that the index is in the process of retracing the fall it has witnessed from 22,526 – 21,710. The key retracement levels are placed at 22,118 – 22,214. So the rally is likely to continue over the next few trading sessions. Intraday dips towards support zone 21,950 – 21,930 should be used as a buying opportunity, said Jatin Gedia of Sharekhan said.
On the daily charts we can observe that the index is in the process of retracing the fall it has witnessed from 22,526 – 21,710. The key retracement levels are placed at 22,118 – 22,214. So the rally is likely to continue over the next few trading sessions. Intraday dips towards support zone 21,950 – 21,930 should be used as a buying opportunity, said Jatin Gedia of Sharekhan said.
Bank of England holds interest rate at 16-year high of 5.25%
Rupee ends flat wedged between higher Asia FX, local dollar demand
The Indian rupee closed little changed on Thursday, sidestepping strength in its Asian peers as local dollar demand ate into the currency's early gains that came after the U.S. Federal Reserve kept its policy rates and dot plot for 2024 unchanged.
The rupee closed at 83.1475 against the U.S. dollar, barely changed from its close of 83.1575 in the previous session.
While the currency had risen to an intraday high of 83.0475 earlier in the session, it consequently shed those gains.
The rupee closed at 83.1475 against the U.S. dollar, barely changed from its close of 83.1575 in the previous session.
While the currency had risen to an intraday high of 83.0475 earlier in the session, it consequently shed those gains.
Sebi: Equity cash market to start T+0 settlements with 25 scrips on March 28
Introduces beta version of T+0 settlement cycle
Bharat Dynamics declared an interim dividend of Rs 8.85 per equity share
The Nifty rallied following a Doji candlestick pattern on the daily chart, indicating a robust bullish reversal. Additionally, the index has successfully reclaimed the crucial 50-day Simple Moving Average (SMA). Looking ahead, the Nifty could potentially extend its gains towards the range of 22250-25300. Moreover, a breakthrough above 22300 may initiate a rally towards 22500 and beyond. The buy-on-dips strategy is expected to remain viable as long as the Nifty maintains levels above 21840.
- Rupak De, Senior Technical Analyst, LKP Securities
Zaggle Prepaid Ocean Services enters into agreement with Expleo Solutions
Rupee rises 4 paise to close at 83.15 (provisional) against US dollar.
Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target. The broader market outperformed the frontline index also taking advantage from the HSBC composite PMI data, which rose to 61.3 percent in March as compared to 60.6 in February, indicating that the economic condition is supportive. Short-term traders are taking advantage of the oversold territory from the recent sell-off.
- Vinod Nair, Head of Research, Geojit Financial Services
Top gainers & losers in closing trade
Price as on 03:35:39 PM 03:35 PM, Click on company names for their live prices.
Closing Bell: Sensex surges 540 pts, Nifty reclaims 22,000; mid, smallcap indices outperform
Deepak Nitrite unit commences manufacturing operations for Benzo Triftuoride
Price as on 03:09:25 PM 03:09 PM, Click on company names for their live prices.
Lenders to chase corporate bonds as new investment rules kick in: Treasury officials
Indian banks will gravitate towards corporate bonds they intend to hold until maturity once new central bank rules kick in next month, as yields are currently elevated and the investments would be spared from market-linked markdowns, treasury officials said.
From April 1, corporate bond investments will be allowed under held-to-maturity (HTM) category for the first time, provided the fair value is disclosed and investments protected from mark-to-market volatility, according to revised Reserve Bank of India rules.
From April 1, corporate bond investments will be allowed under held-to-maturity (HTM) category for the first time, provided the fair value is disclosed and investments protected from mark-to-market volatility, according to revised Reserve Bank of India rules.
Sensex Today | Stock Market LIVE Updates | Sensex rises 498 points; volatility index spikes nearly 7%
Swiss National Bank hits franc with surprise rate cut
The Swiss National Bank cut its main interest rate by 25 basis points to 1.50% on Thursday, a surprise move which made it the first major central bank to dial back tighter monetary policy aimed at tackling inflation. The franc dropped after the decision, pushing the euro to its highest against the Swiss currency since mid-July last year, while Swiss government bond yields plunged.
DCB Bank appoints Praveen Achuthan Kutty as MD, CEO for 3 yrs: Agencies
Price as on 02:48:59 PM 02:48 PM, Click on company names for their live prices.
European shares hit record high on resources boost, risk appetite
European shares scaled to record-high levels on Thursday, boosted by basic resources-linked stocks and a strong risk appetite, while traders await a raft of economic data from the euro zone and the United States.
The pan-European STOXX 600 index was up 0.8% at 509.96, as of 0818 GMT.
The basic resources sub-index led sectoral gains with a 2.7% jump as prices of most metals climbed after the U.S. Federal Reserve maintained its projection of three rate cuts for this year, while gold prices soared to a record high.
The pan-European STOXX 600 index was up 0.8% at 509.96, as of 0818 GMT.
The basic resources sub-index led sectoral gains with a 2.7% jump as prices of most metals climbed after the U.S. Federal Reserve maintained its projection of three rate cuts for this year, while gold prices soared to a record high.
Stock Market LIVE Updates | Ather Energy plans IPO of up to $400 mn in June: Reports
Sensex Today | Stock Market LIVE Updates | M&M, Adani Total Energies join hands to set up EV charging infra
Price as on 01:43:00 PM 01:43 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Top gainers from pharma pack
Price as on 01:24:29 PM 01:24 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: State-owned NMDC on Thursday said it has slashed prices of iron ore and fines by Rs 200 per tonne and Rs 250 per tonne, respectively. The rates of lump ore have been revised to Rs 5,800 per tonne and that of fines to Rs 5,060 per tonne, NMDC said in an exchange filing.
Price as on 01:00:39 PM 01:00 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Vintage Coffee and Beverages to increase capacity by 45% andproduction by 3x by Q4FY25.
Price as on 12:58:34 PM 12:58 PM, Click on company names for their live prices.
Viram Shah, Co-founder & CEO, Vested Finance on US market outlook post Fed outcome
The Federal Reserve's committee meeting held today ended without any change in interest rates. Although the commentary provided mixed signals, growth forecasts have been revised upwards, indicating a better outlook for the US economy. However, inflation remains higher than anticipated, and a rate cut will likely be implemented in June. The market reacted positively to the news, with interest rate cuts becoming more likely. This is encouraging for stocks, as a reduction in the cost of borrowing can lead to faster economic growth.
In a declining interest rate environment, three sectors stand out as potential beneficiaries: consumer discretionary, utility and real estate. Consumer discretionary companies, such as retailers like Costco, Walmart, automobile companies, tend to perform well as consumers have more disposable income. The utility sector, which includes high dividend-paying companies such as Constellation Energy, becomes more attractive as bond yields decrease, making utilities a more compelling investment opportunity. The real estate sector, which relies heavily on financing, can also benefit from interest rate cuts. Developers can finance more projects if the cost of raising capital decreases, leading to increased inventory, sales, and profits.
In a declining interest rate environment, three sectors stand out as potential beneficiaries: consumer discretionary, utility and real estate. Consumer discretionary companies, such as retailers like Costco, Walmart, automobile companies, tend to perform well as consumers have more disposable income. The utility sector, which includes high dividend-paying companies such as Constellation Energy, becomes more attractive as bond yields decrease, making utilities a more compelling investment opportunity. The real estate sector, which relies heavily on financing, can also benefit from interest rate cuts. Developers can finance more projects if the cost of raising capital decreases, leading to increased inventory, sales, and profits.
Sensex Today | Stock Market LIVE Updates | Top gainers & losers at this hour
Price as on 12:29:11 PM 12:29 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Tata Sons sells 0.65% stake in TCS via open market
Price as on 12:13:11 PM 12:13 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Jupiter Wagons acquires Bonatrans India for Rs 271 cr
Price as on 12:03:33 PM 12:03 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Japan's benchmark Nikkei share average surpasses all-time closing high in intraday trade
Sensex Today | Stock Market LIVE Updates | Kilburn Engineering: Firstview Trading Pvt Ltd purchases of 21,795 equity shares of the company on 20th March, from open market.
Price as on 11:40:49 AM 11:40 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Indian Renewable Energy Development Agency (IREDA) has accepted bids worth 10.65 billion rupees ($128.1 million) for bonds maturing in 10 years and four months, three bankers said on Thursday. The company has set a coupon of 7.59% on this issue, for which it had invited bids from bankers and investors earlier in the day.
Price as on 11:39:23 AM 11:39 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Sandhar Technologies decides not to proceed with availing term loan facility of Rs 75 crore
Price as on 11:22:57 AM 11:22 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Shares of Avenue Supermarts jumped 4.4% on Thursday to hit their 52 week high of Rs 4,238 on the NSE after Hong Kong-based brokerage CLSA initiated a buy rating on the DMart operator for a price target of Rs 5,107.
Price as on 11:21:36 AM 11:21 AM, Click on company names for their live prices.
Post listing view on Krystal Integrated from Shivani Nyati, head of wealth at Swastika Investmart
Krystal Integrated Services, a provider of facility management services, witnessed a decent debut on the stock market, listing at Rs. 770 per share. This translates to a gain of around 10% over its issue price of Rs. 715.
The positive listing signifies some investor confidence in Krystal's comprehensive service offerings, diverse customer base, and strong financial track record. Krystal's decent listing offers a window of opportunity, but the associated risks necessitate a cautious approach.
Investors are advised to take advantage of this listing and book their gains; however, those who still want to hold it may keep a stop loss at around 745.
The positive listing signifies some investor confidence in Krystal's comprehensive service offerings, diverse customer base, and strong financial track record. Krystal's decent listing offers a window of opportunity, but the associated risks necessitate a cautious approach.
Investors are advised to take advantage of this listing and book their gains; however, those who still want to hold it may keep a stop loss at around 745.
Shapoorji group seeks up to $2.4 billion from lenders - bloomberg news
- seeks up to $2.4 billion from lenders
- Group has reached out to power finance for up to 150 billion rupees - bloomberg news
Sensex Today | Stock Market LIVE Updates | Railtel Corporation of India gets order worth Rs 99.02 crore
Price as on 10:38:24 AM 10:38 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Droneacharya Aerial Innovations and Hadron Aviation enter into Memorandum of Understanding to create a stream of 1,000 trained personnel in the first year through their drone centric diploma and certificate courses
Price as on 10:37:28 AM 10:37 AM, Click on company names for their live prices.
The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining from a hawkish message. The Fed chief’s statement that “inflation has eased substantially while the labour market has remained strong” conveys conviction about the soft landing of the US economy and the possibility of probably three rate cuts this year. The response from the market was the US indices racing to record highs. This favourable global construct will have its positive impact on Indian markets too.The tug of war between FIIs and DIIs is being won by the DIIs for sometime now. This trend will continue if the FIIs continue to sell, and, therefore, FIIs are likely to slow down their selling and may turn buyers. This will be positive for largecaps in banking, telecom, capital goods and automobiles.
- Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today | Stock Market LIVE Updates | IRB Infrastructure shares jumped 10% on Thursday to hit the day's high of Rs 59.25 on the NSE following a rating upgrade by Kotak Securities from an earlier 'Sell' stance to 'Add'. The domestic brokerage also revised its price target upwards to Rs 65 from Rs 60.
Price as on 10:33:12 AM 10:33 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Gensol Engineering commissions 10.6 mwp single rooftop solar project in Madhya Pradesh
Price as on 10:25:59 AM 10:25 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Sensex surges 700 points
Gold hits fresh record above $2,200 on rate cut hopes
Gold rallied to a fresh record above $2,200 on Thursday as traders welcomed a Federal Reserve signal that it would cut interest rates three times this year.
Equity markets in New York and across Asia surged and the dollar retreated in reaction to the US central bank's projection that it would begin easing monetary policy this year despite recent data showing inflation ticking up in January and February.
Equity markets in New York and across Asia surged and the dollar retreated in reaction to the US central bank's projection that it would begin easing monetary policy this year despite recent data showing inflation ticking up in January and February.
Sensex Today | Stock Market LIVE Updates | Krystal Integrated Services shares list at 11% premium
BSE - Rs 795 (Up - Rs 80 or 11.2%)
NSE - Rs 785 (Up - Rs 70 or 9.8%)
NSE - Rs 785 (Up - Rs 70 or 9.8%)
Sensex Today | Stock Market LIVE Updates: CLSA on Avenue Supermarts: Buy | Target: Rs 5,107
CLSA has initiated a buy rating on the DMart operator for a price target of Rs 5,107. It said that the private labels under the brand are rising and should drive the next leg of share gains. The company offers the lowest consumer prices due to the lowest operating cost in its view. The $500 billion addressable market is less than 5% organised.
Sensex Today | Stock Market LIVE Updates: Wockhardt launches Rs 570 cr QIP; indicative price at Rs 517 per equity share (5% discount)
Price as on 09:37:02 AM 09:37 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Rategain Travel Technologies says Brightline Trains chooses co for competing in U.S. rail market
Price as on 09:35:06 AM 09:35 AM, Click on company names for their live prices.
Rupee rebounds 12 paise to 83.06 against US dollar in early trade.
Sensex Today | Stock Market LIVE Updates: Oriana Power says unit gets contract for development of solar power plant aggregating to 1.18 MWP under RESCO
Price as on 09:34:03 AM 09:34 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Prince Pipes acquires faucet ware facility and brand “Aquel” for Rs 55 cr
Price as on 09:32:56 AM 09:32 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | BHEL, Tata Steel among most active stocks in morning trade
Price as on 09:20:33 AM 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex soars 550 pts, Nifty above 22K; SAIL jumps 5%, Ujjivan SFB 4%
Sensex Today | Stock Market LIVE Updates: Pre-open session: Sensex gains 380 points; Nifty above 21,970
Sensex Today | Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities
In a market buoyed by record closings on Wall Street and a confident stance from the Fed, Nifty is poised for significant gains, supported by optimistic economic projections. With interest rates held steady, Nifty's immediate targets stand at 22000 and 22527, while downside risks are limited. Attention is on SBI electoral bonds details, with market volatility expected below 21560. Preferred trades suggest buying Nifty and Bank Nifty, with bullish sentiments prevailing. Additionally, stocks like INDIGO, BANK OF BARODA, and ZOMATO offer promising opportunities, particularly INDIGO, which presents a strong momentum play with targets set for growth.
Sensex Today | Stock Market LIVE Updates: Asian stocks jump as US sticks to rate cut plan
Asian shares bounced while gold prices and Japan's Nikkei jumped to record highs on Thursday after the U.S. Federal Reserve indicated it would stick with plans for cutting interest rates.
Sensex Today | Stock Market LIVE Updates: Gold sprints to record high as Fed sticks to 2024 rate-cut view
Gold prices climbed to a record high on Thursday, as the U.S. dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year.
Sensex Today | Stock Market LIVE Updates: Oil rebounds as U.S. crude, gasoline stockpile drops provide some support
Oil prices rebounded on Thursday after falling in the previous session as U.S. crude and gasoline inventory declines supported the market after signs the U.S. Federal Reserve may keep rates higher for longer crimped the outlook for future fuel demand.
Sensex Today | Stock Market LIVE Updates: Dollar slips as Fed stays the course; Aussie jumps on jobs data
The dollar fell broadly on Thursday after the U.S. Federal Reserve maintained its interest rate cut projections for the year in the face of upside surprises on inflation, and did not strike a more hawkish tone as some investors had feared.
Sensex Today | Stock Market LIVE Updates: Tokyo stocks open higher
Tokyo stocks opened higher on Thursday, helped by a cheaper yen and US rallies after the Federal Reserve's decision to keep interest rates unchanged.The benchmark Nikkei 225 index was up 1.30 percent, or 520.75 points, at 40,524.35 in early trade, while the broader Topix index added 1.20 percent, or 33.10 points, to 2,784.07.
Sensex Today | Stock Market LIVE Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 154 points, or 0.70 per cent, at 22,079, signaling that Dalal Street was headed for positive start on Thursday.
