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Market- Weekly Review
Indian market extended the rally in the fourth consecutive week ended March 7 with benchmark indices hitting fresh record highs supported by positive global cues. In this week, BSE Sensex ended 313.24 or 0.42 percent higher at 74,119.39. The Nifty50 index rose 115.15 points or 0.51 percent to end at 22,493.55.
On the sectoral front, the Nifty PSU Bank index rose 3 percent, the Nifty Pharma index was up 1.5 percent, Nifty Energy was up 1.4 percent and Nifty Bank added 1 percent. On the other hand, Nifty Media lost 3.2 percent, the Nifty Information Technology index down 1.3 percent, and Nifty Realty Index shed 1 percent.
Considering Broader markets, the BSE Small-cap index shed 2.6 percent while the BSE Mid-cap Index ended flat and The BSE Large-cap Index added 0.5 percent.
In terms of the market value, Bharti Airtel added the most in terms of market value, followed by Tata Motors, State Bank of India, and Sun Pharmaceutical Industries. On the other hand, Infosys, Reliance Industries, and UltraTech Cement lost most of their market cap.
Foreign institutional investors (FIIs) sold equities worth Rs 10,081.08 crore, on the other hand, Domestic institutional investors (DIIs) bought equities worth Rs 10,129.17 crore during the week.
The Indian rupee ended 12 paise higher at 82.78 in the week ended March 7 against the previous week’s close of 82.90.
Economy
Govt. of India leaves interest rates on small savings schemes unchanged
The Union government on March 8 left interest rates on small savings schemes unchanged for April-June, making it the first time in seven quarters that rates on these instruments have not been increased. The finance ministry started raising small savings interest rates in October-December 2022 after leaving them unchanged for nine consecutive quarters.
Indian Govt. expands tax refund scheme to cover SEZs, export-oriented units
The government has expanded the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to support advance authorization holders, export-oriented units, and special economic zones. The decision is expected to benefit sectors such as engineering, textiles, chemicals, pharmaceuticals, and food processing, given that the extension of the scheme to the additional sectors is presently applicable till 30 September
India’s Modi pledges $15 billion spending as elections near.
Indian Prime Minister Narendra Modi approved $15 billion worth of infrastructure projects in the last week as he bolsters support days before the schedule for national elections is to be announced. Modi has made high growth and infrastructure development his key poll plank in his last two tenures. He has promised to make India a developed country by 2047 from its current status of a low-middle income country.
Global Markets
S&P 500, and Nasdaq hit fresh all-time highs despite weak jobs data on Wall Street
The S&P 500 reached a new all-time high of 5,188.59 on March 8 as US job growth totaled to 275,000 in February. Despite the rise in the unemployment rate to 3.9 percent, the indices traded up with the S&P 500 trading 0.58 percent higher at 5.187.39 at 20:45 IST.
The Nasdaq Composite also set a new record at 16,437.00 while the Dow Jones Industrial Average traded 0.32 percent higher at 38,917.32. Experts noted that the US job data couldn’t shake the positive investor sentiment running on the expectation of rate cuts later during the year.
Asia shares strike seven-month high ahead of US jobs data
Asian stocks rose to a seven-month peak on Friday, tracking global peers as investors cheered the prospect of an imminent rate easing cycle led by major central banks, keeping the dollar and Treasury yields under pressure.
Japan remained an outlier as expectations mounted that the Bank of Japan (BOJ) could finally exit negative interest rates this month. That lit a fire under the yen and sent domestic bond yields rising.
STOCKS IN NEWS
Suzlon Energy: The company will develop a 72.45 MW wind power project for Juniper Green Energy. The company is set to install 23 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site in the Dwarka district in Gujarat.
Macrotech Developers: Realty major Macrotech Developers, formerly known as Lodha Developers, raised Rs 3,281 crore by selling shares to institutional investors to repay debt, acquire land, and cover other expenses.
SpiceJet: SpiceJet resolved a dispute with Echelon Ireland Madison One and the settlement will result in savings of $48 million or Rs 398 crore for SpiceJet. As part of the agreement, SpiceJet will acquire two airframes, “enhancing the airline’s fleet and operational capabilities”, it said.
HCLTech: On Thursday, IT firm HCLTech said it partnered with American software company ServiceNow to offer Gen-AI-led solutions for driving efficiency and cost-savings in businesses. HCLTech will offer consulting, design, implementation, and managed services through ServiceNow’s entire suite of products, HCLtech said in a statement.
Tata Group: Shares of several Tata Group companies, including Tata Motors, Tata Chemicals, Rallis India, Tata Power, Nelco, and Tata Investment Corporation, surged up to 15 percent as the buzz around Tata Sons’ expected IPO turned louder. The expected listing of Tata Sons is likely to unlock value and lead to the simplification of the complicated group holding structure and enable some of the listed holding companies to liquidate their stakes in the parent conglomerate.