Market Commentary - Mid-Session
The key equity benchmarks continued to trade with substantial gains in mid-morning trade. The Nifty hovered above the 22,700 level. Media shares jumped after declining for five consecutive trading sessions.
At 11:29 IST, the barometer index, the S&P BSE Sensex, advanced 802.29 points or 1.08% to 74,981.98. The Nifty 50 index rallied 236.35 points or 1.05% to 22,745.10.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.38% and the S&P BSE Small-Cap index jumped 2.10%.
The market breadth was strong. On the BSE, 2,697 shares rose and 1,040 shares fell. A total of 172 shares were unchanged.
Buzzing Index:
The Nifty Media index rose 1.80% to 1,454.15. The index declined 2.36% in the past five consecutive trading sessions.
Dish TV India (up 5.83%), Network 18 Media & Investments (up 3.73%), PVR Inox (up 3.07%), Saregama India (up 2.55%), Hathway Cable & Datacom (up 1.84%), Den Networks (up 1.69%), Tips Music (up 1.6%), Zee Entertainment Enterprises (up 1.23%), Nazara Technologies (up 0.3%) advanced.
Stocks in Spotlight:
IRCON International jumped 5.64% after the firm said it has secured an EPC contract by the Government of Meghalaya, in a joint venture with Badri Rai and Company (BRC).
Gopal Snacks advanced 2.03% after the company's board approved the appointment of Rigan Hasmukhrai Raithatha as chief financial officer (CFO) of the company, effective from 17 March 2025.
Rites advanced 2.89% after the company announced that it had received an addendum to its contract agreement with Ntokoto Rail Holdings Pty, awarding the company additional work for the supply of new Cape Gauge Bogies.
Global Markets:
US Dow Jones index futures slipped 106 points, setting the stage for a weak opening in US stocks today.
Most Asian stocks traded higher on Tuesday, fueled by increasing optimism regarding China's economic outlook and encouraging U.S. economic data that alleviated concerns of a recession.
China has introduced a new Special Action Plan aimed at stimulating domestic consumption and attracting foreign investment. This plan focuses on several key areas: boosting consumer confidence through income increases and reduced financial burdens, stabilizing financial markets by addressing regulatory uncertainties and expanding bond offerings, and ultimately positioning China as a more reliable investment alternative compared to the perceived instability of the U.S.
Investors will be closely monitoring Japanese markets as the Bank of Japan begins its two-day monetary policy meeting on Tuesday. The central bank is widely anticipated to keep interest rates unchanged at 0.5% when the meeting concludes on Wednesday.
In the United States, major indices closed higher on Monday, continuing their recent recovery for a second consecutive session. This positive trend followed the release of favorable economic data that helped to diminish fears of a recession. The S&P 500 rose 0.6% to 5,675.13 points on Monday, while the NASDAQ Composite rose 0.3% to 17,808.66 points. The Dow Jones Industrial Average rose 0.9% to 41,841.70 points. This upward movement was also supported by bargain buying, following Wall Street's recent dip into correction territory last week.
Nvidia fell nearly 2% at the start of the week, just ahead of its annual GTC conference on March 18th. Tesla Inc. also saw a drop of more than 4% after Mizuho lowered its price target for the stock to $415 from $430, citing a less optimistic outlook for electric vehicle sales.
On the economic data front, U.S. retail sales rose by 0.2% last month, following a revised 1.2% decline in January. This growth, however, was weaker than the previously predicted 0.6% increase.
Additionally, the Atlanta Fed's gross domestic product (GDP) forecast for the first quarter indicated a 2.1% decline, which is slightly better than the previous estimate of a 2.4% decrease.
Investors are now closely monitoring the two-day Federal Reserve meeting, which begins on Tuesday, for further insights into the economy and future interest rate decisions. It is widely anticipated that the central bank will maintain current interest rates.
Powered by Capital Market - Live News