Category: BUSINESS

New Delhi: The market outlook for next week will be guided by several domestic and global factors such as PMI, FIIs, Indian banks loan and deposit growth, the US new home sales, US Initial Jobless Claims and the UK GDP data for Q4.

India’s Composite PMI Preliminary data for March is to be released on Monday and will be crucial for driving market sentiment. In India, Composite output refers to a weighted average of the Manufacturing Output Index and the Services Business Activity Index.

The India Bank Loan Growth and India Deposit Growth data will be released by the Reserve Bank of India (RBI) on Friday.

On the global level, the US New Home Sales MoM for February is set to be released on Tuesday and the UK GDP data for Q4 is scheduled for release on Friday.

Additionally, the US Initial Jobless Claims and US Corporate Profits (QoQ) data for Q4 will also be released.

Last week, the Indian stock market closed in the green. Nifty closed 4.26 per cent higher at 23,350.40 and Sensex closed 4.17 per cent higher at 76,905.51.

This rally was led by financial stocks. Nifty bank index rose 5.27 per cent and Nifty financial services index rose 5.49 per cent.

During the March 17-21, strong buying was seen in midcap and smallcap stocks. The Nifty Midcap index closed 7.8 per cent higher and the Nifty Smallcap index closed with an 8.5 per cent gain.

Now foreign institutional buyers (FIIs) have become net buyers. Last week, FIIs invested Rs 5,819 crore in equity. At the same time, domestic institutional investors (DIIs) invested Rs 4,337.80 crore in equity.

Puneet Singhania, Director at Master Trust Group said, “Nifty gained for all five sessions this week, rising 4.26 per cent weekly and reaching a six-week high after the previous week’s decline. Nifty ended above the 21-day and 55-day EMAs, making it favourable for a buy-on-dip strategy.”

“In the near term, key support is at the 55-day EMA at 23,050, with a breach possibly triggering a decline toward 22,700. On the upside, resistance at 22,500 remains crucial, with a breakout potentially driving prices toward 22,800,” he added.

Ahmedabad: Adani Energy Solutions Ltd (AESL) on Friday announced it has won Rs 2,800 crore worth of power transmission project in Gujarat.

The project, to be delivered to the nation in 36 months, will supply green electrons for manufacturing Green Hydrogen and Green Ammonia in Mundra, said India’s largest private transmission and distribution company and part of the globally diversified Adani Portfolio.

This is Adani Energy Solutions’ sixth order win this fiscal year, taking its orderbook to Rs 57,561 crore.

The project involves upgrading the Navinal (Mundra) electrical substation by adding two large 765/400 kV transformers.

Additionally, a 75-km long 765 kV double-circuit line will be constructed to connect this substation to the Bhuj substation, according to the company.

The project will see the addition of 150 circuit kilometres (cKM) of transmission lines and 3,000 MVA of transformation capacity to AESL’s overall transmission infrastructure, taking them to 25,928 cKM and 87,186 MVA, respectively.

AESL said it won the project under the Tariff Based Competitive Bidding (TBCB) mechanism and PFC Consulting Limited was the bid process coordinator.

The project SPV was formally transferred to AESL on March 20, 2025.

AESL is the country’s largest private transmission company with a cumulative transmission network of 25,928 ckm and 87,186 MVA transformation capacity.

In its retail electricity distribution business, AESL serves approximately 13 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.

The company is also ramping up its smart metering business and is on course to become India’s leading smart metering integrator.

Adani Energy Solutions is set to post robust growth in its transmission, distribution, and smart meters businesses. Transmission EBITDA is likely to double to Rs 76 billion by FY27E, driven by India’s renewable energy (RE) target, 20-25 per cent market share in Rs 840 billion near-term transmission bid and a Rs 548 billion project pipeline, according to a recent Elara Capital note.

New Delhi: Nation’s largest carrier Air India on Friday said that its operations, to and from London Heathrow (LHR), have been disrupted following the temporary suspension of operations at the airport.

London’s Heathrow Airport has been shut down for the day after a fire in a substation in the western part of the city led to a power outage and has left more than 16,000 homes without electricity.

Air India said in a statement that London Heathrow-bound AI129 from Mumbai was returning to Mumbai and AI161 from Delhi was diverting to Frankfurt.

“All our remaining flights to and from London Heathrow, including AI111 of this morning, have been cancelled for 21 March. We will update about resumption of operations as soon as we have more information,” the airline said.

It further stated that flights to London Gatwick remain unaffected.

In an X post, the London Heathrow airport advised passengers not to travel and also to contact their respective airlines for further details.

“Due to a fire at an electrical substation supplying the airport, Heathrow is experiencing a significant power outage. To maintain the safety of our passengers and colleagues, Heathrow will be closed until 11.59 pm on March 21,” the airport said.

As per reports, several flights have already been diverted while the airport authorities “expect significant disruption over the coming days”.

The reports have mentioned that the Scottish and Southern Electricity Network, which supplies power to nearly four million homes in central and southern England, as well as the north of Scotland, said the fire broke out at the North Hyde substation and that emergency services were on the scene.

Heathrow is the UK’s largest airport, handling around 1,300 landings and take-offs each day. A record 83.9 million passengers passed through its terminals last year.

Mumbai: The Securities and Exchange Board of India (SEBI) has cracked down on multiple companies for misappropriation of funds raised through rights issues in the stock markets, after receiving complaints from whistleblowers.

SEBI is reported to have initiated investigations against these companies for the alleged illegal diversion of funds by promoters to their relatives or front companies for personal use rather than the declared purpose for which the money was raised.

The capital markets watchdog is currently looking into four or five such entities and has discerned a pattern in the misuse of such funds. The issue is, therefore, also being taken up on a broader level, according to a report in NDTV Profit.

Most of the cases relate to small and dormant companies which float a rights issue, in which shares are offered to existing shareholders at a discount to raise funds for further investment to expand the business. However, these funds are then diverted for personal use such as buying property.

Unlike pump and dump cases, fund diversion from rights issues does not have an immediate impact on the stock market. Hence, such misuse of funds is more difficult to detect and whistleblower complaints are the main source of information in unearthing the cases.

In an interim order passed on December 5, 2024, SEBI observed that Mishtann Foods Ltd. misused proceeds from its rights issue, transferring funds to promoters and group entities instead of their stated purpose. The company withdrew an initial Rs 150 crore rights issue and later issued smaller rights issues under Rs 50 crore, seemingly to avoid SEBI scrutiny.

The markets regulator has barred the company from raising public funds and prohibited the promoters from trading or accessing the capital markets.

Mishtann Foods was also asked to return Rs 49.82 crore misappropriated from its rights issue and Rs 47.10 crore diverted through fictitious transactions. To improve governance, SEBI has mandated the formation of a new audit committee to ensure strict compliance with regulations.

Additionally, BSE has been directed not to approve any further rights issues by the company. These directives will remain in force until further orders.

In another order passed on December 11, 2024, SEBI released an order against Debock Industries Ltd. The company was found to have engaged in financial misconduct, including manipulating its financial statements, submitting false bank statements, and siphoning off rights issue proceeds.

The company allegedly used fictitious preferential issues to migrate to the Main Board of the stock exchange. As a result, SEBI imposed strict restrictions, preventing the accused from dealing in securities or accessing the capital markets.

Mumbai: The domestic benchmark indices opened flat on Friday amid mixed global cues, as selling was seen in the IT sector in the early trade.

At around 9.31 am, Sensex was trading 7.77 points or 0.01 per cent down at 76,340.29 while the Nifty declined 2.25 points or 0.01 per cent at 23,192.90.

Nifty Bank was up 60.10 points or 0.12 per cent at 50,122.95. The Nifty Midcap 100 index was trading at 51,231.35 after adding 86.95 points or 0.17 per cent. Nifty Smallcap 100 index was at 15,951.15 after climbing 93.10 points or 0.59 per cent.

According to experts, after a flat opening, Nifty can find support at 23,100 followed by 23,000 and 22,900.

“On the higher side, 23,250 can be an immediate resistance, followed by 23,350 and 23,400,” said Hardik Matalia from Choice Broking.

Indian equities climbed to their highest level in over a month on Thursday, propelled by the US Federal Reserve’s signal of additional interest rate cuts later this year.

“Nifty closed above its 50-day EMA for the first time since February 5, 2025. Following a robust 1,200-point rally from recent lows, short-term traders should reassess their bullish positions as the market enters a strong resistance zone between 23,200-23,400 levels. Support for the Nifty has now shifted higher to the 22,950-23,000 range,” according to Devarsh Vakil, Head of Prime Research, HDFC Securities.

Meanwhile, In the Sensex pack, Infosys, TCS, HCL Tech, Tech Mahindra, Zomato, Titan, IndusInd Bank, L&T, Asian Paints, ICICI Bank and Axis Bank were the top losers. Whereas, Bajaj Finance, Nestle India, Sun Pharma, Maruti Suzuki, Bajaj Finserv and Adani Ports were the top gainers.

In the last trading session, Dow Jones in the US declined 0.03 per cent to close at 41,953.32. The S&P 500 declined 0.22 per cent to 5,662.89 and the Nasdaq dropped 0.33 per cent to close at 17,691.63.

In the Asian markets, Hong Kong, Jakarta and China were trading in red. Whereas Japan, Seoul and Bangkok were trading in green.

The foreign institutional investors (FIIs) bought equities worth Rs 3,239.14 crore on March 20. On the other hand, after remaining net sellers for the last 29 sessions, domestic institutional investors (DIIs) sold equities of Rs 3,136.02 crore, on the same day.

Mumbai: The rupee stayed firm and appreciated 1 paisa to close at 86.36 against the US dollar on Thursday supported by positive domestic equities.

Forex traders said the Indian rupee has staged a counterattack against external pressures, gaining support from strong foreign inflows into debt markets.

However, uncertainty surrounding President Donald Trump’s tariff stance could pose challenges to the rupee’s upward momentum.

At the interbank foreign exchange, the rupee opened at 86.39 then touched an intraday high of 86.20 and a low of 86.41 against the greenback. The unit ended the session at 86.36 against the dollar, registering a gain of 1 paisa from its previous closing level.

This is the fifth straight session of gain for the rupee, during which it has added 87 paise.

On Wednesday, the rupee appreciated 19 paise to close at 86.37 against the US dollar.

Dilip Parmar, Research Analyst, HDFC Securities, said the rupee’s upward movement was supported by a favourable shift in market sentiment and increased dollar inflows into the debt markets.

“The positive economic data further fuelled the recent rally in the rupee, as the local currency gradually reduced its losses and underperformance, particularly as the financial year draws to a close,” he said, adding that the “USD/INR pair may experience a pullback in the short term, driven by year-end adjustments and a technical oversold condition on the daily chart”.

According to analysts, Federal Reserve Chair Jerome Powell has made it clear that the US central bank is prepared to keep rates elevated if inflation remains stubborn and the cautious stance suggests that while rate cuts are on the horizon, the Fed will remain data-dependent — leaving room for surprises.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.46 per cent higher at 103.90.

Brent crude, the global oil benchmark, rose 0.10 per cent to USD 70.85 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex surged 899.01 points, or 1.19 per cent, to settle at 76,348.06, while the Nifty advanced 283.05 points, or 1.24 per cent, to close at 23,190.65 points.

Foreign institutional investors (FIIs) took a U-turn from selling spree and purchased equities worth Rs 3,239.14 crore on a net basis on Thursday, according to exchange data.

Meanwhile, the RBI March Bulletin released on Wednesday said sound fiscal policies, a well-calibrated monetary framework, and digital transformation initiatives are expected to provide a strong foundation for long-term sustainable economic growth.

It also said that macroeconomic fundamentals remain strong, and economic growth is poised to sustain momentum driven by robust domestic demand, steady investment activity, and ongoing policy-driven infrastructure development along with a pick-up in government spending.

Mumbai: Amidst growing global economic uncertainty, the Indian economy continues to demonstrate resilience as is evident in the robust performance of the agriculture sector and improving consumption, according to the RBI’s latest monthly bulletin.

The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth, the bulletin states.

The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices, the report points out.

The bulletin highlights that India’s macroeconomic fundamentals remain strong, and economic growth is poised to sustain momentum driven by robust domestic demand, steady investment activity, and ongoing government spending on infrastructure development.

Private consumption expenditure is on an upward trajectory, signalling strong consumer confidence and sustained demand. Government spending has picked up significantly in recent months, providing a further fillip to growth. Key sectors, including construction, financial services, and trade, continue to thrive as pillars of economic resilience, the report observes.

It states that various high-frequency indicators of economic activity point towards a sustained momentum in growth during Q4 as well. The first revised estimates of GDP for 2023-24 placed the real GDP growth at 9.2 per cent — the highest in over a decade if we exclude the post-Covid rebound — demonstrating that in an uncertain world, India’s growth story remains a beacon of stability and progress.

Recent developments across different sectors reaffirm the assessment of a sequential pick-up in growth momentum. The Kharif season 2024-25 has seen an upward revision in production estimates for foodgrains and oilseeds and rabi foodgrains registered a growth of 2.8 per cent mainly on account of above-normal rainfall supported by comfortable reservoir levels.

Despite a mild loss in momentum, the Indian manufacturing sector saw a rise in purchasing activity and employment in February 2025. The services sector recorded a strong expansion in new businesses and employment, according to the bulletin.

Notwithstanding the innate strength built on strong macroeconomic fundamentals and prudent policy, the reverberations of a tumultuous external environment are also reflected in various segments of the economy. Sustained foreign portfolio outflows exerted significant pressures on domestic equity markets in February and engendered currency depreciation, the bulletin added.

Mumbai: The domestic benchmark indices opened higher on Thursday amid positive global cues, as buying was seen in the IT and media sectors in the early trade.

At around 9.27 am, Sensex was trading 454.70 points or 0.60 per cent up at 75,903.75 while the Nifty added 133.40 points or 0.58 per cent at 23,041.

Nifty Bank was up 253.90 points or 0.51 per cent at 49,956.50. The Nifty Midcap 100 index was trading at 51,123.20 after adding 306.10 points or 0.60 per cent. Nifty Smallcap 100 index was at 15,927.95 after climbing 180.35 points or 1.15 per cent.

According to market watchers, two trends are significant in the Indian market. One, domestic consumption themes are finding favour.

“Two, beaten down themes like defence/shipping are finding favour. Consumer-facing digital stocks also are on strong wicket. This trend may continue,” they added.

After a positive opening, Nifty can find support at 22,850 followed by 22,750 and 22,700.

On the higher side, 23,000 can be an immediate resistance, followed by 23,100 and 23,200, said Hardik Matalia from Choice Broking.

Meanwhile, In the Sensex pack, Zomato, Infosys, Tech Mahindra, M&M, IndusInd Bank, HCL Tech, TCS, Bharti Airtel and SBI were the top gainers. Whereas, Sun Pharma, Hindustan Unilever, L&T, Bajaj Finance and UltraTech Cement were the top losers.

In the last trading session, Dow Jones in the US added 0.92 per cent to close at 41,964.63. The S&P 500 climbed 1.08 per cent to 5,675.29 and the Nasdaq added 1.41 per cent to close at 17,750.79.

In the Asian markets, only Hong Kong and China were trading in red. Whereas Japan, Seoul, Jakarta and bangkok were trading in green.

Regarding institutional activity, foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,096.50 crore on March 19, while domestic institutional investors (DIIs) purchased equities worth Rs 2,140.76 crore on the same day.

New Delhi: Gold prices advanced Rs 700 to reach a new lifetime high of Rs 91,950 per 10 grams in the national capital on Wednesday, March 19, on the back of continued buying by jewellers ahead of wedding season, according to the All India Sarafa Association.

Besides, increased tensions in the Middle East and concerns about the US economic slowdown have kept the demand for safe-haven assets intact.

The precious metal prices of 99.9 per cent purity soared by Rs 700 to hit a fresh all-time high of Rs 91,950 per 10 grams. It had concluded at Rs 91,250 per 10 grams on Tuesday.

Gold prices of 99.5 per cent purity also rallied by Rs 700 to hit a record high of Rs 91,500 per 10 grams.

Traders said increased buying by local jewellers to meet festive and wedding season demand and a firm trend in the overseas markets mainly lifted gold prices to this year’s highest level.

In futures trade, gold futures for April delivery rose by Rs 19 to Rs 88,745 per 10 grams. In the morning trade, it climbed Rs 288 to breach the psychological level of Rs 89,000 per 10 grams.

“Gold prices maintained an overall upward trend but remained range-bound ahead of the highly anticipated Fed policy and statement tonight,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.

In the international markets, spot gold rose 0.15 per cent to USD 3,039.22 per ounce. During the session, it hit a record high of USD 3,045.39 per ounce.

Price hike amid Middle East tensions, Fed uncertainty

Meanwhile, gold futures in the Asian market hours eked out another fresh all-time high by touching USD 3,052.31 per ounce.

“Gold prices have hit record highs on safe-haven demand as escalating Middle East tensions and fears of a trade war under Trump’s administration have created global economic uncertainty comparable to levels seen during the peak of the COVID-19 pandemic.

“This uncertainty has prompted central banks worldwide to stockpile gold at unprecedented levels, diversifying their reserves away from US Treasuries,” Chintan Mehta, Chief Executive Officer at Abans Financial Services Ltd, said.

Additionally, inflows into gold exchange-traded funds (ETFs) have surged, with February 2025 seeing record inflows of USD 9.4 billion (100 tonnes), further supporting the bullion prices, Mehta added.

According to HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi, traders are closely watching the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting outcome.

Market participants will also focus on economic projections and Fed Chair Jerome Powell’s press conference, which could provide clues for future interest rate paths and provide additional direction for bullion, Gandhi said.

Central banks, ETFs drive bullion rally

On the market outlook, commodities market experts predicted that gold could climb further, potentially reaching USD 4,000 per ounce by the end of 2025, driven by ongoing geopolitical risks, inflationary pressures, and sustained central bank demand.

However, if economic conditions improve later in the year, sentiment in the gold market may shift, they said.

Mumbai: The domestic benchmark indices opened flat on Wednesday amid mixed global cues, as buying was seen in the PSU bank and metal sectors in the early trade.

At around 9.30 am, Sensex was trading 17.21 points or 0.02 per cent up at 75,318.47 while the Nifty added 4.65 points or 0.02 per cent at 22,838.95.

Nifty Bank was up 271.95 points or 0.55 per cent at 49,586.45 The Nifty Midcap 100 index was trading at 49,994.30 after adding 477.40 points or 0.96 per cent. Nifty Smallcap 100 index was at 15,512.00 after climbing 137.30 points or 0.89 per cent.

According to market watchers, after a positive opening, Nifty can find support at 22,750 followed by 22,650 and 22,550. On the higher side, 22,950 can be an immediate resistance, followed by 23,000 and 23,100.

“Sensex after a long streak of losing sessions finally indicated a strong pullback with a huge bullish candle formation to close above the 20 DMA level of 74500 zone with bias and sentiment improving,” said Vaishali Parekh Vice President – Technical Research, PL Capital Group.

As mentioned earlier, a decisive breach above 50 EMA level of 75920 level shall establish conviction and thereafter, can expect for stability in the coming sessions, Parekh added.

Meanwhile, In the Sensex pack, Tata Steel, Zomato, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, Adani Ports, Bharti Airtel and Tata Motors were the top gainers. Whereas, HCL Tech, TCS, Infosys, Tech Mahindra, Sun Pharma, Maruti Suzuki, ICICI Bank, ITC and Titan were the top losers.

In the last trading session, Dow Jones declined 0.62 per cent to close at 41,581.31. The S&P 500 declined 1.07 per cent to 5,614.66 and the Nasdaq declined 1.71 per cent to close at 17,504.12.

In the Asian markets, Only China was trading in red. Whereas Japan, Seoul, Hong Kong, Jakarta and bangkok were trading in green.

After remaining net sellers for the last 17 sessions, the foreign institutional investors (FIIs) bought equities worth Rs 694.57 crore on March 18. Domestic institutional investors (DIIs) also bought equities of Rs 2,534.75 crore, on the same day.