Stock Market Highlights | Dovish Fed and positive cues lead to broad-based buying, Nifty 50 holds 22,000

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“Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target. The broader market outperformed the frontline index also taking advantage from the HSBC composite PMI data, which rose to 61.3 percent in March as compared to 60.6 in February, indicating that the economic condition is supportive. Short-term traders are taking advantage of the oversold territory from the recent sell-off,” says Vinod Nair, Head of Research, Geojit Financial Services.

BSE-listed Companies Gain Market Cap Of `5 Lakh Crore On Thursday

Midcap Index Snaps 4-day Losing Streak & Regains Losses Of Last 4 Sessions

Midcap Outperformance Turns Market Breadth In Favour Of Advances

Midcap Index Rises More Than 2% Against A Gain Of 1% For Sensex & Nifty

Sensex Rises 540 Points To 72,641 & Nifty 173 Points To 22,012

Nifty Bank Gains 374 Points To 46,685 & Midcap Index 1,114 Points To 47,034

Buying In PSUs Returns With Nifty PSE Gaining 4% & CPSE 3%

164 Stocks On NSE Hit Upper Circuit & 17 Hit Record Highs

Except ONGC, All Components Of PSE Index Close Higher

PFC, REC, Nalco, BHEL & BEL Are Top PSU Gainers

Oil Marketing Cos Too See A Move Higher, All 3 Stocks Up 4% Each

Midcap IT Surges On Fed’s Dovish Tone, LTTS & Intellect Top Gainers

Dollar Surging To Record Lifts Muthoot Finance & Manappuram

BSE Has Risen 10% On Positive Brokerage Note

NSE Advance-Decline Ratio Is At 5:1

On Thursday, the Engineers India stock rallied 13% to hit a day’s high of ₹198.30. At 3 pm, the scrip was trading 12.30% higher at ₹195.90 apiece on the NSE.

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TCS signs 7-year multimillion-dollar deal to transform global IT infrastructure for Ramboll

The board of Lloyds Metals and Energy Ltd. has considered and approve raising funds worth up to ₹5,000 crore through a Qualified Institutional Placement (QIP), it said in an exchange filing.

A QIP is a fund raising method through which a company raising funds by issuing shares to eligible institutional bidders.

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PFC shares are in the green after four days, up 6.43%.

The stock has gained 212.07% in the past year.

State-run hydropower projects developer and operator SJVN Ltd. aims to add ₹4,000 crore in revenue over the next two financial years, its Chairman & Managing Director Geeta Kapur told CNBC-TV18 in an interaction.

The company aims to add ₹2,700 crore in revenue in financial year 2025 and another ₹1,000 crore to ₹1,500 crore in revenue in financial year 2026.

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Shares of IRB Infrastructure Developers Ltd rallied up to 10% on Thursday to the day’s high of ₹59.25 on NSE after domestic brokerage house Kotak Institutional Equities upgraded the stock saying it has declined 22% since the downgrade to ‘Sell’.

Kotak expects another 20% upside in the infrastructure player. With an ‘Add’ rating on the counter, it said, “We increase our fair value to ₹65 from ₹60 driven by adjustments to our traffic estimate for Private InvIT assets.”

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Domestic brokerage house Emkay Global has initiated a ‘Buy’ rating on Motilal Oswal Financial Services Ltd (MOFSL) as it believes that the company is well-positioned to benefit from India’s growing wealth.

Emkay recommends purchasing shares of MOFSL with a target price of ₹2,000 apiece, which implies a potential upside of over 26% from Wednesday’s closing levels.

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State-run NMDC Ltd. may have cut lumps and fines prices by ₹250 per tonne, sources privy to the matter told CNBC-TV18.

While the prices of lumps are cut to ₹5,750 per tonne, the price of fines is cut to ₹,5060 per tonne, according to the sources.

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Reliance Industries (RIL) shares were in focus in the trading session of March 21 as the heavyweight stock rose almost a percent in early trade.

Brokerage firm Motilal Oswal, with a buy call, has set a target price of ₹3,210 on the stock as it sees the Mukesh Ambani-led conglomerate turning its new energy vision into action. This implies it sees over 11% upside in the stock from the closing price on March 20.

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Shares of Manappuram Finance gained over 3%, while those of Muthoot Finance gained as much as 5% on Thursday, after spot gold prices hit an all-time high of ₹2,220 per ounce.

Spot Gold prices are up 3% this week and are up 10% over the last month.

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Here are a few stock recommendations by Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services:

– Buy Maruti Suzuki at a target of Rs 12,500 with a stop loss of Rs 11,700
– Buy Cummins India at a target of Rs 2,840 with a stop loss of Rs 2,730
– Buy SBI at a target of Rs 760 to Rs 765 with a stop loss of Rs 722

The shares of Krystal Integrated Services made its debut on the exchanges with a premium of 11% against the issue price on Thursday, March 21. The stock began the trade at ₹795, a gain of 11% on the BSE. At the NSE, shares of the company listed at ₹785, up 9.79% from the issue price of ₹715.

Ahead of the listing, the shares of the company were commanding a premium of ₹35 in the unlisted market.

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