Nifty cools off after 7-day run, Monthly expiry in focus
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Market Overview
Nifty opened with a 32-point gap-up at 23,700.95 and traded in a narrow range between 23,680 and 23,740 during the first 20 minutes. It then shifted to a slightly lower range, moving between 23,650 and 23,700 until 11 AM. After that, selling pressure began to build, gradually dragging the index down to 23,580. Following some choppy movement until 1 PM, the sell-off intensified, with Nifty breaking below 23,500 and hitting an intraday low of around 23,450. It eventually closed at 23,486.85, down 0.76%.
The index saw some profit booking at higher levels, cooling off by nearly 400 points from yesterday’s intraday highs. Meanwhile, global markets remain cautious ahead of April 2nd, when the US President is expected to announce reciprocal tariffs targeting several major economies.
Broader Market Performance:
The broader market significantly underperformed the headline indices. On the NSE, a total of 2,985 stocks were traded: 622 advanced (down from 674 the previous day), 2,303 declined (up from 2,258), and 60 remained unchanged.
Sectoral Performance:
Among the sectoral indices, Nifty Auto was the only gainer, ending the day marginally higher by 0.02%, making it the top-performing sector. On the flip side, Nifty Media was the worst performer, slumping 2.40% by the close.
Out of the 12 sectoral indices listed, only one advanced, while 11 ended in the red, reflecting broad-based weakness across the market.
Note: The above numbers for Commodity futures were taken around 5 pm. NSE has not released today’s FII-DII data yet. Here’s the trend from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 27th March:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,800, indicating strong resistance at 23,800 levels, followed by 24,000.
The maximum Put Open Interest (OI) is at 23,000, followed by 23,500, suggesting strong support at 23,300, with additional support at 23,200.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
The RBI conducted its fifth open market operation (OMO) purchase, infusing Rs 44,541 crore into the system, falling short of the ₹50,000 crore target. Despite lower-than-expected bids, economists anticipate improved liquidity post-April with increased government spending. Dive deeper
IndusInd Bank has hired Egon Zehnder to search for a new CEO and deputy CEO following accounting issues and an RBI-imposed one-year term for current CEO Sumant Kathpalia. The bank aims to submit a list of candidates by July to mitigate the impact of recent challenges. Dive deeper
REC has transferred transmission projects worth Rs 11,000 crore to Powergrid and IndiGrid, spanning multiple states like J&K, Punjab, and Rajasthan. The projects include the construction of key transmission lines and associated works, with estimated costs ranging from Rs 1,407 crore to Rs 4,736 crore. Dive deeper
IRFC has entered into a pact to lend Rs 5,000 crore to NTPC Renewable Energy for capital expenditure on ongoing and new capacity additions. The loan is unsecured, with a negative lien provided. This comes after NTPC Green received approval to begin the final phase of its Bhainsara Solar PV project. Dive deeper
NCC Ltd. secured Rs 10,805 crore worth of orders from BSNL for middle-mile network projects in Uttarakhand and Madhya Pradesh. The orders involve design, supply, construction, and maintenance over 10 years, with execution set for three years. Dive deeper
SEBI has put WeWork India's IPO on hold, stating that the "issuance of observations" has been kept in abeyance. The Embassy Group-promoted company planned to offer 4.37 crore shares through an Offer for Sale (OFS) route. No reasons for the delay were provided, and the IPO was being managed by major financial firms, including JM Financial and ICICI Securities. Dive deeper
Larsen & Toubro has secured a ₹15,000 crore order from QatarEnergy LNG for the North Field Production Sustainability Offshore Compression Project. The contract includes engineering, procurement, fabrication, and installation of two offshore complexes. This marks L&T's largest single contract to date. Dive deeper
Bharti Airtel prepaid an additional ₹5,985 crore in high-cost spectrum liabilities, bringing its total prepayments for FY2025 to ₹25,981 crore. The company has reduced its debt cost to 7.22% on the remaining ₹52,000 crore of spectrum liabilities. Dive deeper
Maruti Suzuki approved a ₹7,410 crore investment to set up a third plant at Kharkhoda, Haryana, with a capacity of up to 2.5 lakh units per year. This will increase the total capacity at Kharkhoda to 7.5 lakh units by 2029. The investment will be funded through internal accruals to meet growing market demand and exports. Dive deeper
Ashok Leyland will invest ₹200 crore in its subsidiary Hinduja Leyland Finance through a preferential share issue ahead of the latter's expected IPO. Hinduja Leyland Finance plans to issue 1 crore of shares at ₹200 each, with the listing anticipated in Q1 FY2026. Dive deeper
Bharat Dynamics secured a ₹4,362 crore contract from the Ministry of Defence for supplying armaments to the Indian armed forces. The contract adds to the company's order book, which stood at ₹18,852 crore as of September 2024. Dive deeper
LG Electronics India's IPO valuation could drop to $10.5-$11.5 billion, down from earlier estimates of up to $15 billion, due to a market slump. Dive deeper
Federal Bank's board approved a deal to acquire a 4% stake in Ageas Federal Life Insurance for ₹97.44 crore. This purchase will increase its stake in the joint venture from 26% to 30%. The transaction is expected to be completed by October 31, 2025, subject to regulatory approvals. Dive deeper
IREDA's shares are in focus after the company approved a ₹30,800 crore borrowing plan for FY26 to fund renewable energy projects. The plan includes raising funds through green bonds and foreign currency loans to support India's green energy transition. Dive deeper
Burger King operator Restaurant Brands Asia and four public sector banks launched QIPs to raise ₹8,500 crore, tapping improving market sentiment. UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank are among the participants, with several more firms expected to follow. Dive deeper
What’s happening globally
Brent crude oil futures rose above $73 per barrel due to supply concerns and a larger-than-expected drop in US crude inventories. US crude oil stocks fell by 4.6 million barrels, surpassing expectations. However, gains were capped by potential Russian oil reentry after US- Russia- Ukraine ceasefire talks. Dive deeper
Mortgage applications in the US fell 2% in the week ending March 21, with refinancing applications dropping 5%. However, applications for new home purchases rose by 1%, driven by a 6% increase in FHA applications. The average rate on a 30-year fixed mortgage decreased slightly to 6.71%. Dive deeper
The Russian ruble rose to around 84.2 per USD as traders assessed ceasefire negotiations and the potential easing of sanctions. So far in 2025, the ruble has gained about 25% against the USD, driven by hopes of reduced geopolitical tensions and high borrowing costs. The Central Bank of Russia kept its policy rate at 21% in March, signaling optimism on disinflation. Dive deeper
UK inflation fell to 2.8% in February 2025, driven by lower clothing and recreation prices. Food inflation remained steady, while transport and restaurant costs rose. The core inflation rate declined to 3.5%, with monthly CPI increasing by 0.4%. Dive deeper
Australia's CPI rose 2.4% year-on-year in February 2025, easing from January's 2.5%. Food, housing, and transport costs moderated, with clothing and education prices also softening. The annual trimmed mean inflation edged down to 2.7%. Dive deeper
New Zealand's S&P/NZX 50 index rose 1.23% to 12,334, marking its biggest gain since November 22 and extending its winning streak to five sessions. The rally was driven by reduced fears over U.S. tariff measures and a positive forecast from S&P Global Ratings. Key gainers included Fisher & Paykel, Meridian Energy, and Ryman Healthcare. Dive deeper
Japan's coincident economic index rose to 116.1 in January 2025, the highest since September 2019, driven by improved employment, income, and consumption. The Bank of Japan raised its key rate to 0.5%, its third hike since March 2024. Global economic challenges, including high interest rates and stagnation in China, persist. Dive deeper
Malaysian palm oil futures stayed above MYR 4,250 per tonne, recovering from a three-session decline amid eased tariff concerns and weather uncertainties. Bargain hunting and forecasts of a neutral El Niño boosted prices, though weak exports and a drop in Russian palm oil purchases capped gains. Dive deeper
The Bank of Japan held its key short-term interest rate at 0.5% in March, maintaining the highest level since 2008. The decision came amid global economic risks, with moderate recovery in private consumption but flat exports and industrial output. Inflation remained between 3.0%-3.5%, mainly driven by higher service prices. Dive deeper
The Shanghai Composite fell 0.04% to 3,369, and the Shenzhen Component dropped 0.05% to 10,644, as economic concerns and looming US tariffs weighed on sentiment. S&P Global downgraded China's 2025 GDP growth forecast to 4.1%, while Beijing set a 5% growth target. Dive deeper
The Central Bank of Sri Lanka kept its benchmark interest rate at 8.00% in March 2025, targeting 5% inflation. Inflation remains negative but is expected to turn positive by midyear. The economy rebounded in 2024, supported by lower market interest rates and strong private sector credit. Dive deeper
GameStop's board approved adding Bitcoin as a treasury reserve asset, alongside reporting a rise in fourth-quarter profits. The profit boost was driven by cost-reduction efforts and quicker turnover in retailing video game hardware and merchandise. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
David Ricks, CEO of Eli Lilly, on the prospects of producing Mounjaro in India.
“It is, of course, possible. We are expanding our global footprint, and there is a lot of discussion about localising or regionalising supply chains. As India could become an important market for us, Mounjaro may well change that. We are open-minded about the possibilities here.” - Link
Kazuo Ueda, Governor, Bank of Japan, on Inflation and Rate Hikes
“We expect underlying inflation to gradually converge toward 2% even when temporary rises in food prices disappear.”
“Underlying inflation, which defines sustained, medium- and long-term price moves, remains somewhat below our 2% target.”
“The central bank will continue to raise interest rates if economic and price developments move in line with its projections.” - Link
Calendars
In the coming days, we have the following significant events and corporate actions:
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