Stock Market LIVE Updates: GIFT Nifty hints gap-up start; US, Asian markets gain on Fed rate cut plans

Wipro said Anne-Marie (Annie) Rowland has been appointed as the Chief Executive Officer of Capco, with effect from April 1, 2024. Annie is currently Managing Partner of Capco’s business in the United Kingdom and Ireland and a member of Capco’s Global Leadership Team. As CEO of Capco, Rowland will become a member of Wipro’s Executive Committee (WEC).

Crompton Greaves Consumer Electricals has received solar water pumping system order under the PM-KUSUM scheme for Haryana state. The order sanctioned by the New & Renewable Energy Department Haryana and HAREDA includes the supply, installation, and commissioning of solar photovoltaic water pumping systems which are worth over Rs 9 crore. Total orders received till now from HAREDA stands at Rs 65.6 crore.

-Initiate buy, target Rs 5,107 per share

-More than USD 500 billion addressable market, less than 5 percent is organised

-Lowest consumer prices are due to the lowest operating cost

-Private labels should drive the next leg of share gains

-See DMart stores increasing over 3x By FY34

-Company will expand its presence in present & new states

Rail Vikas Nigam has emerged as the lowest bidder for electric traction system project worth Rs 167.28 crore of SER HQ-Electrical/South Eastern Railway. As per the project, the company will do design, supply, erection, testing and commissioning for upgradation of electric traction system for Rajkharsawan -Nayagarh- Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target.

Indian indices opened higher on March 21 with Nifty around 22,000.

The Sensex was up 569.88 points or 0.79 percent at 72,671.57, and the Nifty was up 168.00 points or 0.77 percent at 22,007.10. About 1800 shares advanced, 323 shares declined, and 95 shares unchanged.

BPCL, Tata Steel, Hindalco, IndusInd Bank and JSW Steel were among major gainers on the Nifty, while losers were Nestle, Britannia, Dr Reddy’s Labs, Hero MotoCorp and HUL.

Polycab India has informed that the cyber- security incident occurred on March 17, targetting company’s IT infrastructure by a ransomware attack. However, the incident has not impacted the core systems and operations of the company. Currently, the company’s systems are up and running, all factories are operating, and the companycontinues to serve its customers.

The benchmark Sensex and Nifty indices are likely to open gap-up on March 21 as trends in the GIFT Nifty indicate a strong start for the broader index with a gain of 146 points.

After a gap up opening Nifty can find support at 21,800 followed by 21,750 and 21,700. On the higher side, 22,000 can be an immediate resistance, followed by 22,100 and 22,150.

The charts of Bank Nifty indicate that it may get support at 46,200, followed by 46,000 and 45,900. If the index advances, 46,600 would be the initial key resistance, followed by 46,750 and 47,000.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs) bought Rs 2,667.52 crore worth of stocks on March 20, provisional data from the NSE showed.

INDIAVIX was negative by 4.53 percent and is currently trading at 13.4725.

The US stock market soared yesterday following a Federal Reserve meeting. The Fed has held interest rates constant but has hinted that they may decrease rates three times this year. This bodes well for equities markets. Indian markets are facing resistance near the 21950-22000 levels. Once Nifty closes over the aforesaid resistance, it can move on to the next resistance level of 22200.

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.

Indian rupee opened 14 paise higher at 83.03 per dollar against previous close of 83.17.

Benchmark indices are trading higher in the pre-opening session.

The Sensex was up 158.32 points or 0.22 percent at 72,260.01, and the Nifty was up 158.70 points or 0.73 percent at 21,997.80. About 998 shares advanced, 895 shares declined, and 1853 shares unchanged.