Opening Bell:
Gift Nifty is up by 35.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets saw gains today, following a surge on Wall Street fueled by the US Fed’s monetary policy announcement. The Nikkei 225 in Japan soared by 1.57%, reaching a fresh all-time high, with the Topix also hitting a new record, rising by 1.41%. South Korea’s Kospi climbed 1.52% to its highest point since April 2022, while the Kosdaq rose by 1.48%. Hong Kong’s Hang Seng index futures pointed to a stronger opening.
On Wednesday, the primary stock indices on Wall Street concluded higher following the Federal Reserve’s decision to maintain borrowing costs, alleviating investor concerns and reinforcing the possibility of multiple rate cuts throughout the year. The Fed’s policy statement noted that inflation remained “elevated” while revising its economic growth projections upward and lowering its forecast for the unemployment rate compared to December estimates. The Dow Jones Industrial surged by 1.03%. The S&P 500 rose by 0.89%, while the Nasdaq Composite climbed by 1.25%.
Stocks News:
👉 Wipro: Anne-Marie (Annie) Rowland has been appointed as the Chief Executive Officer of Capco, a technology services and consulting company, effective April 1, 2024. Rowland currently serves as the managing partner of Capco’s business in the United Kingdom and Ireland, and she is a member of Capco’s Global Leadership Team. In her new role as CEO of Capco, Rowland will join Wipro’s Executive Committee (WEC).
👉 Rail Vikas Nigam: Rail Vikas Nigam has emerged as the lowest bidder for a project worth Rs 167.28 crore concerning the electric traction system of SER HQ-Electrical/South Eastern Railway. The project involves the design, supply, erection, testing, and commissioning for the upgrade of the electric traction system for the Rajkharsawan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway to meet the 3,000 MT loading target.
👉 TVS Motor: TVS Motor, a leading manufacturer of two and three-wheelers, announced plans to distribute four cumulative non-convertible redeemable preference shares (NCRPS), each valued at ₹10, for every single share held as of the record date. These NCRPS will carry an annual coupon rate of 6% and are scheduled to be redeemed 12 months after the allotment date.
👉 Crompton Greaves Consumer Electricals: The company has secured an order for a solar water pumping system under the PM-KUSUM scheme for the state of Haryana. The order, sanctioned by Haryana’s New and Renewable Energy Department and HAREDA, entails the provision, installation, and commissioning of solar photovoltaic water pumping systems valued at over ₹9 crore. The cumulative orders received from HAREDA to date total ₹65.6 crore.
👉 Foreign institutional investors (FIIs) net sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs) bought Rs 2,667.52 crore worth of stocks on March 20, provisional data from the NSE showed.
Domestic and International Events
- In February, India’s import of Russian oil slightly increased compared to January, marking a reversal from declines observed in the previous two months, according to industry sources. Refiners received certain shipments of Russian light sweet Sokol grade, contributing to this uptick. As the world’s third-largest oil importer and consumer, India has significantly increased its intake of Russian oil since Western sanctions were imposed on Moscow following its invasion of Ukraine in February 2022. In 2023, India emerged as the top buyer of Russian oil after some entities and nations scaled back their purchases in December 2022.
- Federal Reserve officials upheld their expectation of three quarter-point rate cuts for the current year. However, they adjusted their forecast for 2025, anticipating fewer cuts than previously projected due to a recent increase in inflation. In a unanimous decision, officials opted to maintain the benchmark federal funds rate within a range of 5.25 percent to 5.5 percent, marking its highest level since 2001 for the fifth consecutive meeting. Policymakers indicated their intention to proceed with rate reductions this year, marking the first time since March 2020. Nonetheless, they now anticipate only three reductions in 2025, down from the four forecasted in December, according to the median projection.
- Gold prices reached a historic peak on Thursday following the decision by the US Fed. Spot gold rose by 0.5% to $2,196.69 per ounce after hitting an all-time high of $2,222.39 earlier in the session. US gold futures surged by 1.8% to $2,198.90 per ounce.
- Crude oil prices advanced following a decline in US stockpiles. Brent oil, the global benchmark, increased by 0.55% to reach $86.42 per barrel, marking its third rise in four sessions, while West Texas Intermediate hovered near $82.
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,543 | 0.1 % |
| Shanghai Composite | 3,080 | 0.6 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,512 | 1.0 % |
| DAX | 18,015 | 0.2 % |
| FTSE 100 | 7,737 | (0.0) % |
| Nikkei | 40,004 | 0.7 % |
| Straits Times | 3,177 | 0.1 % |
