Stock Market LIVE Updates: GIFT Nifty indicates a positive start; US markets gain

Real GDP growth in 3QFY24 was much ahead of expectations at 8.4%. However, much of the upside surprise was from net taxes. The underlying production growth reflected in GVA growth was closer to expectations at 6.5%. Broadly, GDP data indicated that investment growth continues to outpace consumption growth by a huge margin.

Households savings rate dipped in FY2023 led by lower financial savings rate compared to FY2022. As expected, physical savings rate increased marginally. For policy makers, the concern on growth will remain minimal for now with growth staying on a decently strong footing.

The Nifty experienced volatility on the day of monthly expiry before ultimately closing flat. On the daily chart, the index concluded just above the 21-day Exponential Moving Average (21EMA). However, the prevailing sentiment appears somewhat negative from the current level. At the lower end, crucial support is positioned at 21950; as long as the index maintains a position above 21950, there is a possibility of witnessing a recovery. Nevertheless, a decline below 21950 could potentially lead the index towards 21800.

The United States Food and Drug Administration (US FDA) issued four observations for Biocon Biologics facility, the pharma company informed stock exchanges on February 29.

The inspection was at Biocon Biologics Limited’s Biocon Campus (Site 1) facility between February 20-28, 2024.

This inspection pertains exclusively to the rh-Insulin (rhI) Drug Substance (DS) supply to a customer for veterinary use.

“The trigger for this inspection was a Pre-Approval Supplement (PAS) filed by our customer late last year,” the company said in a regulatory filing.

Aurobindo Pharma said on February 29 that the United States Food and Drug Administration (US FDA) has slapped the company’s injectable facility in Telangana state, with seven observations.

In an exchange filing, Aurobindo Pharma said the the US FDA inspected the injectable facility of Eugia SEZ Pvt. Ltd. from February 19-29.

Eugia is a a 100% step-down subsidiary of Aurobindo Pharma Ltd.

The company said that these observations are procedural in nature and will be responded to within the stipulated time.

The public issue of Platinum Industries has received strong response from investors on February 29, the final day of bidding. The participants across categories picked 95.38 crore equity shares against the IPO size of 96.32 lakh equity shares, resulting into a 98.92 times subscription.

Qualified institutional buyers were at the leading position to boost the subscription numbers, buying 151 times the allotted quota, followed by non-institutional investors who picked 141.82 times the reserved portion, while retail investors bid 50.96 times the part set aside for them.

Incorporated in August 2016, the stabilizers producer launched its maiden public issue on February 27 with the target to raise Rs 235.32 crore at the upper price band.

The IPO comprised of only a fresh issue of 1.37 crore equity shares by the company which incorporated in 2016. The price band for the three-day offer has been fixed at Rs 162-171 per share. Read More

Markets traded volatile on the monthly expiry day but managed to end marginally higher. The tone was subdued at the beginning and a mixed trend across heavyweights capped the move till the end. Meanwhile, a lackluster move on the sectoral front kept the traders on their toes wherein realty and IT edged lower. Surprisingly, the broader indices ditched the trend and managed to end in the green.

We are seeing a tussle at 21,900 in Nifty, which coincides with a short term moving average i.e. 20 DEMA and expect the index to face a hurdle around the 22,100-22,250 zone, in case of a recovery. At the same time, excessive volatility and failed breakouts across sectors are further adding to the traders’ worries. We feel it is prudent to avoid aggressive trades in the current scenario and utilize rebound to reduce longs.

India’s gross domestic product (GDP) grew 8.4 percent in the December quarter boosted by 11.6% growth in the manufacturing sector, 9.5% in the Construction sector, and 3.8% in the farm sector, beating market projection of 6.6%.

At 8.4% YOY, this is the strongest growth since the second quarter of 2022. In the process, India has retained the tag of the world’s fastest-growing major economy.

Moving forward, India can be expected to maintain its position as one of the world’s fastest-growing economies, surpassing any comparable emerging market countries. However, we may see some near-term moderation due to the inflationary impact of the food prices, geopolitical, and the Red Sea crisis.

Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery.

Brent futures for April delivery rose 29 cents, or 0.4%, to $82.20 a barrel by 0118 GMT, while U.S. West Texas Intermediate (WTI) rose 22 cents, or 0.3%, to $78.48.

Exicom Tele-Systems IPO has subscribed 129.54 times on the final day of bidding, February 29. High networth individuals remained at the forefront, subscribing 153.22 times, retail investors picked 119.58 times, while qualified institutional buyers bid 121.80 times of the allotted quota.

The Gurugram-headquartered EV charger manufacturer intends to raise Rs 429 crore through its maiden public issue. The IPO comprises a fresh issue of Rs 329 crore worth of shares by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the upper price band. Promoter NextWave Communication will be selling shares in the OFS. Read More