Current Share Market News - March 26, 2024

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Market Today: Key Highlights

The Indian stock market experienced a dynamic trading session on March 26, 2024, with several notable developments. Here’s a detailed breakdown of the key Indian stock market news today:

1. Reliance Industries (RIL)

  • Acquisition Approval: The board of directors at Reliance Industries gave the green light for the acquisition of 100% equity shares in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV. These acquisitions align with Reliance’s commitment to harnessing solar power in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

2. Mankind Pharma

  • Stake Sale: Investor Beige is poised to sell up to a 2.90% stake in Mankind Pharma through block transactions. This move reflects the company’s strategic financial decisions.

3. Maruti Suzuki India

  • Vehicle Recall: Maruti Suzuki India initiated a recall of 11,851 Baleno and 4,190 WagonR vehicles. The recall is due to a potential fault in a component of the fuel pump motor. Ensuring safety remains a priority for the automobile manufacturer.

4. Hindustan Aeronautics

  • Aircraft Contract: Hindustan Aeronautics secured a contract with the Guyana Defence Force (GDF). As part of this agreement, the company will supply two Hindustan-228 commuter aircraft. This deal strengthens India’s aerospace ties with Guyana.

5. Rail Vikas Nigam

  • Tunnel Project: Rail Vikas Nigam signed a Memorandum of Understanding (MOU) with the Airports Authority of India (AAI). The collaboration aims to construct a tunnel connecting the operating area to the AAI residential colony in Kolkata. Improved connectivity infrastructure is essential for efficient operations.

6. UltraTech Cement

  • Capacity Expansion: UltraTech Cement successfully commenced 1 million metric tons per annum (MTPA) of brownfield cement capacity in Roorkee, Uttarakhand. This expansion enhances the company’s production capabilities.

7. ICICI Securities

  • SEBI Warning: The Securities and Exchange Board of India (SEBI) issued an administrative warning to ICICI Securities. The investigation focused on the company’s books and records related to merchant banking activities conducted in December 2023. Compliance remains critical for financial institutions.

8. RBI Expected to Maintain Interest Rates Amid Strong Growth and Persistent Inflation

In the next Indian share market news, the Reserve Bank of India (RBI) is anticipated to maintain its current interest rates until at least July, as indicated by a significant majority of economists surveyed by Reuters. This decision is driven by robust economic growth and lingering concerns over elevated inflation levels. India's economy showcased remarkable growth, expanding by 8.4% in the fourth quarter of 2023, marking it as the fastest-growing among major economies. However, inflation remains a concern, persisting near the upper threshold of the RBI's target range of 2%-6%.

Expectations and Poll Results:

  • In a Reuters poll conducted from March 15-22, all 56 economists unanimously predicted that the RBI would maintain the repo rate at 6.50% during its April 3-5 meeting.
  • While consensus remains on the hold decision for April, economists differ on the timing of the first rate cut.

     

  • Among the 52 economists who offered predictions, nine anticipate a rate cut in the next quarter, 24 in the third quarter, and 17 in the fourth quarter, with the remainder expecting it at a later date.
  • Median forecasts suggest a repo rate of 6.25% by the end of September and further easing to 6.00% by the close of this year.

Stock Market Update

  • The BSE benchmark Sensex closed the day with a gain of 191 points (0.26%), settling at 72,832.
  • The NSE Nifty also performed well, rising by 85 points (0.39%) to reach 22,097.

Rupee Recovery

  • In the Latest market news, The Indian rupee is expected to open slightly higher after hitting a record low last week. Non-deliverable forwards indicate an opening rate of approximately 83.39-40 against the U.S. dollar.

Stocks in F&O Ban

Certain stocks are currently under the F&O ban. These include:

  1. ZEE
  2. Biocon
  3. SAIL
  4. Tata Chemicals

Conclusion

As we approach the end of the financial year, market participants should anticipate heightened volatility due to the March F&O expiry. Keep a close watch on IT stocks, especially following Accenture’s revised revenue forecast. Strategic trades involving Nifty and Bank Nifty within specified ranges and targets are worth considering. Refer to Bajaj Broking for the Indian share market latest news.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.  

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