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WEEKLY MARKET REPORT
This week, BSE Sensex gained 819.41 or 1 percent to end at 73,651.35 and the Nifty50 index added 260 points or 1 percent to finish at 22,326.90.
On the sectoral front, the Nifty Realty index gained 5 percent, Nifty Oil & Gas was up 2 percent and Nifty Auto and Healthcare indices added 1.7 percent each. In comparison, the Nifty Media index shed 3 percent and the Nifty Information Technology index added a loss of 0.8 percent.
In FY24, BSE Mid, Small, and Largecap indices surged 63 percent, 60 percent, and 32 percent, respectively. On the other hand, BSE Sensex and Nifty rose 25 percent and 28.6 percent, respectively.
Considering broader market indices, BSE Mid-cap Index added 1.3 percent while The BSE Large-cap Index rose 1.3 percent The BSE Small-cap index added nearly 1 percent.
In terms of market value, Reliance Industries added the most, followed by Bajaj Finance, Larsen & Toubro, and NTPC. On the other hand, Tata Consultancy Services, Infosys, and HCL Technologies lost most of their market cap.
Foreign institutional investors (FIIs) turned net buyers this week as they bought equities worth Rs 2368.76 crore, while Domestic institutional investors (DIIs) continued their support as they bought equities worth Rs 8,913.49 crore.
The Indian rupee ended flat at 83.40 against the US dollar in the week ended March 28.
ECONOMY
India keen on trade deals with Britain, Oman early in PM Modi’s probable third term
Indian Prime Minister Narendra Modi is likely to prioritize the completion of free trade deals with Britain and Oman in the first 100 days of the next government if he wins upcoming elections as opinion polls predict, two government sources said.
Modi has asked Indian ministries to set annual goals for the next five years that will fit into a 100-day action plan as he chalks out a strategy to fuel further growth in Asia’s third-largest economy.
MGNREGS wage rates revised, hikes range between 4-10% for different states
Wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme have been revised, with hikes ranging between four and 10 percent for different states.
Haryana has the highest wage rate for unskilled workers under the scheme at Rs 374 a day, while Arunachal Pradesh and Nagaland have the lowest at Rs 234, according to a notification.
India open to joining trade blocs with China if its economy is WTO compliant, says trade minister
India is open to being a part of trading blocs which include China if Beijing ensures its economy is open, transparent, and complies with the rules of the World Trade Organisation, India’s trade minister Piyush Goyal said at a media event on Thursday.
Global markets
S&P 500 closes higher to secure strongest Q1 since 2019
The S&P 500 closed out the week with slight gains on Thursday, with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking towards the next inflation reading.
Each of the three main U.S. indexes recorded solid quarterly gains, led by a climb of 10.16% for the S&P 500, aided by optimism over artificial intelligence (AI) related stocks and expectations the U.S. Federal Reserve will begin to cut interest rates this year.
Asian markets quiet in holiday-shortened week’s trade
Stocks and currencies were muted in Asia on the Good Friday holiday, while investors kept to the sidelines ahead of key U.S. inflation data. Markets were shut in Hong Kong, India, Indonesia, the Philippines, Singapore, and the United States.
Oil prices advance as investors reassess US inventories data
Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode.
Brent crude futures for May were up 29 cents, or 0.34%, at $86.38 a barrel while the more actively traded June contract rose 28 cents, or 0.33%, to $85.69 at 0041 GMT. The May contract expired on Thursday. U.S. West Texas Intermediate (WTI) crude futures for May delivery were up 41 cents, or 0.50%, to $81.76 a barrel.
STOCKS IN NEWS
Best Agrolife: Agrochemicals maker Best Agrolife Ltd (BAL) on Friday announced the acquisition of a 100 percent stake in Sudarshan Farm Chemicals India Pvt Ltd (SFCL) for Rs 139 crores. The acquisition will enable BAL to leverage SFCL’s proficiency in developing cost-effective and distinctive manufacturing routes for off-patent molecules, it said.
GOCL Corp: Shares of GOCL Corp hit the 20 percent upper circuit in trade on March 28. The Hinduja Group-led company agreed with Squarespace Builders to sell a piece of land worth Rs 3,402 crore.GOCL Corp will monetize approximately 264.50 acres of land atKukatpally, Hyderabad, where 32 acres are under a joint development agreement (JDA).
VIP Industries: shares jumped 15 percent in the trade on March 28, extending its gains from the previous session after the luggage maker shared its growth strategy. In an investor presentation on March 27, VIP Industries noted said the key goal would be to achieve double-digit revenue growth from Q4FY24. It has an EBIDTA ambition of 15 percent growth from H2FY25 onwards.
Tata Elxsi: Shares of Tata Elxsi gained after it forged a partnership with Germany-based Dräger to advance critical care innovation in India. So far this year, the stock of Tata Elxsi declined 11 percent, as against a 0.7 percent rise in the benchmark Nifty 50.