SSPL WEALTH PVT LTD

End - Session

Detailed review of the post market session of the day.

Indices sprint at open but jog to the finish; Nifty holds above 23,650

25-Mar-25 17:22 Hrs IST

The domestic benchmark indices closed slightly higher on Tuesday, trimming early gains after a strong opening. The Nifty settled above the 23,660 mark, extending its winning streak for the seventh consecutive session. While strength in HDFC Bank and IT stocks provided support, losses in Reliance Industries and ICICI Bank capped the market's upside.

Buoyed by positive global cues, the market opened on a strong note, with the Nifty briefly surging past 23,800 in early trade. However, profit booking in the mid-session erased most of the gains, leading to a subdued close with marginal changes.

The S&P BSE Sensex added 32.81 points or 0.04% to 78,017.19. The Nifty 50 index rose 10.30 points or 0.04% to 23,668.65. In seven consecutive sessions, the Sensex and the Nifty have risen 5.67% and 5.68%, respectively.

Bajaj Finserv (up 2.71%), Infosys (up 2.48%) and HDFC Bank (up 1.13%) supported the indices.

Adani Enterprises (down 2.11%), Reliance Industries (down 1.23%) and ICICI Bank (down 1.02%) were major drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.13% and the S&P BSE Small-Cap index declined 1.63%.

The market breadth was weak. On the BSE, 1085 shares rose and 2983 shares fell. A total of 109 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.47% to 13.64.

Politics:

The Lok Sabha on Monday passed the Finance Bill 2025, incorporating 35 government amendments, including a significant one that abolishes the 6% digital tax on online advertisements. The passage of the bill marks the completion of the lower house's role in the Budget approval process for the fiscal year 2025-26. The Finance Bill will now move to the Rajya Sabha for consideration. Once approved by the upper house, the Budget process for the next financial year will be finalized.

Numbers to Track:

The yield on India's 10-year benchmark federal paper grew 1.75% to 6.774 as compared with the previous close of 6.735.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.7500 compared with its close of 85.6100 during the previous trading session.

MCX Gold futures for the 4 April 2025 settlement rose 0.54% to Rs 87,753.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.21% to 104.10.

The United States 10-year bond yield rose 0.76% to 4.364.

In the commodities market, Brent crude for May 2025 settlement added 1.27 cents or 1.76% to $73.43 a barrel.

Global Markets:

European shares advanced on Tuesday as British oil major shell announced plans to increase shareholder returns and cut spend as it doubles down on its liquefied natural gas (LNG) push.

Asian stocks ended mixed as investors assessed U.S. President Donald Trump's tariff threats.

In China, the central bank announced changes to the way it sells medium-term loans, a move that market participants believe could further diminish the role of such instruments in guiding monetary policy. The People's Bank of China (PBOC) stated it will issue 450 billion yuan ($62.03 billion) in one-year medium-term lending facility (MLF) loans on Tuesday. Starting this month, MLF operations will be conducted using a fixed-quantity, interest-rate bidding, and multiple-price bidding method, the PBOC added.

On Wall Street, U.S. indices surged on Monday amid reports that Trump's April 2 tariffs will be less harsh than previously feared. The Dow Jones Industrial Average jumped 1.42%, the S&P 500 climbed 1.76%, and the tech-heavy Nasdaq Composite soared 2.27%.

Tesla shares, which had been declining for nine consecutive weeks, rebounded nearly 12%, building on their Friday gains. Meta Platforms and Nvidia also saw gains of more than 3%.

Meanwhile, 23AndMe Holding Co plummeted 59% after filing for Chapter 11 bankruptcy protection.

The economic activity in the US' private sector expanded at an accelerating pace in March, with the S&P Global Composite PMI rising to 53.5 (preliminary) from 51.6 in February. The Services PMI climbed to 54.3 in March from 51 in February, while the manufacturing PMI declined to 49.8 in March from 52.7 in February.

Wall Street has been under pressure in recent weeks amid concerns that Trump's tariffs could drive up inflation, disrupt global trade, and slow economic growth. Earlier this month, major indices slumped to six-month lows on such fears.

While Trump has repeatedly described April 2 as 'liberation day' for the U.S., investors found some relief in signs that the tariffs' scope may be narrower than initially expected, potentially limiting their economic impact.

Stocks in Spotlight:

SG Finserve surged 14.15% to Rs 411.55 after well-known investor Madhu Kela purchased stake via bulk deal on 24 March 2025. As per the bulk deal data on the BSE, Madhusudan Murlidhar Kela bought 9,51,773 shares (1.7%) at Rs 350.01 per share. On the other hand, Dinesh Pareekh sold 3 lakh shares (0.54%) at Rs 350 per share.

UltraTech Cement jumped 3.41% to Rs 11428.05 after a foreign brokerage upgraded its rating on the stock to buy, citing a positive outlook for the cement sector. The firm raised its target price to Rs 13,000 from Rs 9,000, expecting a strong demand rebound in the next fiscal year.

Britannia Industries added 1.03%. The company said that its plant located in Jhagadia, Gujarat has been partially affected due to a workers' strike.

Larsen & Toubro (L&T) shed 0.33%. The company announced that its division, L&T-Cloudfiniti, has partnered with Hanooman AI, CoRover, and Pidima. The collaborations will focus on groundbreaking developments in healthcare, life sciences, vertical AI, and conversational technologies in India and globally.

Kalpataru Projects International rallied 4.07% after the company and its international subsidiaries secured new orders worth Rs 2,366 crore.

Seamec jumped 2.79% after the company said that its charter party with Asian Energy Services has been extended, with an option for further extension. The addendum revises the charter hire rate to $42,000 per day, plus GST. The total value for the revised firm period is $630,000.

Further, it announced that its consortium with Posh India Offshore has been awarded a letter of award (LoA) by Larsen & Toubro's (L&T) Energy Hydrocarbon Division. Separately, Seamec informed that it has entered into a subcontract agreement with Posh India Offshore. This agreement covers the installation of riser clamps, bow strings, and other related works for ONGC's Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project (DUDP), with payment based on unit rates. The maximum potential value of this subcontract, based on the indicated scope of work, is approximately $5.61 million, excluding GST.

Adani Enterprises declined 2.11%. The company has announced that its wholly owned subsidiary, Adani New Industries (ANIL), has incorporated a wholly owned subsidiary, Adani New Industries One (ANIOL).

Mahindra & Mahindra Financial Services declined 1.06%. The company announced that its board has approved the appointment of Ramganesh Iyer as the chief operating officer (COO) of the company, effective from 10 April 2025.

Brigade Enterprises lost 1.98%. The company announced the acquisition of a 4.4-acre land parcel in Whitefield, East Bengaluru, for the development of a premium residential project. The project is expected to have a gross development value (GDV) approximately Rs 950 crore.