Bajaj Auto, Bajaj Finance, Bharti Airtel, Kotak Bank, and Eicher Motors were the top gainers in the Nifty 50. While BPCL, TCS, Cipla, Tata Consumer Products, and Dr Reddy’s Laboratories were the key laggards in the Nifty 50 on March 19.

Courtesy: NSE

Shares of Patanjali Foods declined over 5.2% to an intraday low of Rs1,341.45, compared to its previous close of Rs 1,415.20, after the company’s promoter, Ramdev, was summoned by the Supreme Court to present physically in the court.

Courtesy: NSE

USDINR CMP- 82.9850 (spot)

“Indian Rupee depreciated by 0.09% on Tuesday on strong US Dollar and weak domestic markets. Firm crude oil prices and FII outflows also weighed on the domestic unit. The US Dollar strengthened on weak Yen after the Bank of Japan raised interest rates for the first time since 2017 ending its negative interest rate regime and scrapped its yield curve control (YCC). Market expectations of a pushback in rate cut by the US Federal Reserve also supported the Dollar,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

Choudhary also added that the expectation of the Rupee to trade with a negative bias on risk aversion in the global markets amid strong Dollar and expectations of an unchanged US monetary policy later this week. Firm crude oil prices amid renewed geopolitical tensions between Ukraine and Russia also deteriorated global risk sentiments. However, any selling on Dollars by RBI may support Rupee at lower levels. Traders may take cues from housing starts and building permits from the US. Investors may remain cautious ahead of the US FOMC meeting this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.20.

Courtesy: NSE

Bajaj Finance, Bajaj Auto, Kotak Bank, Hindalco, and Bharti Airtel were the top gainers in the Nifty 50. While BPCL, Tata consumer, TCS, Nestle India, and Britannia were the major losers in the Nifty 50 on March 19.

Courtesy: NSE

JBM Auto surged 10% to an intraday high of Rs 2,065.45 after the company got an order for 1,390 electric buses. The stock has an upper band of Rs 2,250.80. It has a 52-week-high of Rs 2,428.35, which it touched on February 19.

Courtesy: NSE

Courtesy: NSE

Commenting on the Jewellery Export & Import February 2024 Data, Colin Shah, MD, Kama Jewelry said, The Indian gems and jewellery exports has been on a continuous downtrend for almost a year now. While the major influence of this remains to the global political unrest, the ripple effect of this can be seen through other triggers including the rise in export duties, rising prices of precious metals and on the contrary, a low-end demand in the overall international markets due to weak purchasing power.

Shah also added While the mainstream industry goes through a sluggish phase, it is notable to see that even lab-grown-diamonds have not grown as expected and have shown a small rise of 2.90% in exports.

“Parallelly, it is interesting to see the rise in overall imports in gems & jewellery witnessing a rise, showcasing a robust demand in the domestic market. This demand is here to stay and will remain unimpacted in the long run as well. We owe it to the economic stability in the country leading to higher disposable incomes and purchasing power along with the sentimental value towards precious metals,” shah further said.

Shah added that, Overall, with the plans of US Fed for a potential rate cut, the exports are expected to witness a gradual but steady rise as we will enter in H2 2024,

Bajaj Finance, Bharti Airtel, Bajaj Auto, Hindalco, and Kotak Bank were the top gainers in the Nifty 50. While Nestle India, BPCL, TCS, Cipla, and Tata Consumer were the major losers in the Nifty 50 on March 19.

On March 19, Tata Consultancy Services (TCS) saw a decline exceeding 3%, resulting in shares dropping to an intra-day low of Rs 4022. Approximately 2.2 crore shares, equivalent to 0.6% of equity, were traded at an average price of Rs 4,043 per share during the trading session.

It’s speculated that Tata Sons, the likely seller, offered to sell 2.34 crore shares in India’s largest IT service firm.

At 9:27 am, TCS shares were trading nearly 3% lower at Rs 4,032.50 on the National Stock Exchange (NSE). In the preceding session, TCS shares concluded 1.78% lower at Rs 4,219.25 on the NSE.

Courtesy: BSE

“Bank Nifty slipped lower initially due to selling pressure in the first hour. However, selling was absorbed around 46,000 as buyers stepped in at lower levels. Sentiment may improve in the near term, given that the index closed above the resistance of 46,500. Looking ahead, if the index surpasses 46,750, it could potentially move towards 47,000 and beyond in the short term. On the downside, support is situated in the 46,500-46,300 zone,” said  Rupak De, Senior Technical Analyst, LKP Securities.

The Bank of Japan ended the negative interest rate after 17 years and hiked the main interest rate. “The Bank will encourage the uncollateralised overnight call rate to remain at around 0 to 0.1 percent,” the Bank of Japan said.

Adani Enterprises, Bajaj Auto, Bajaj Finance, UPL, and Sun Pharma were the top gainers in the Nifty 50. While TCS, BPCL, Apollo Hospitals, Wipro, and Bajaj Finserv were the major losers in the Nifty 50 on March 19.

Regarding the Technical outlook of Nifty, Rupak De, Senior Technical Analyst at LKP Securities, commented that Nifty exhibited volatility throughout the day, fluctuating between 21,900 and 22,100. Bulls have effectively defended the 21,900 level so far. However, a drop below 21,900 could bolster the bears’ stance, though currently, any downturn is met with buying interest. On the upside, a consistent upward movement past 22,100 may push the index towards 22,250 and beyond. The support level is established at 21,900, below which the index might decline towards 21,700.

The NSE Nifty 50 opens down by 0.50% at 21,946.45, while the BSE Sensex drops 0.39% to 72,462.94 in the opening trade.

The NSE has added Aditya Birla Fashion, Balrampur Chini Mills, Bharat Heavy Electricals, Biocon, Hindustan Copper, Manappuram Finance, National Aluminium, Piramal Enterprise, RBL Bank, Sail, Tata Chemical, and Zee Entertainment Enterprise in F&O on March 19, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 2,051.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,260.8 crore on March 18, 2024, according to the provisional data available on the NSE.

Stocks in the Asia-Pacific region are seeing declines in trading on Tuesday morning. The Asia Dow is showing a modest increase of 0.83%, but Japan’s Nikkei 225 is down by 0.70%. Similarly, Hong Kong’s Hang Seng index is experiencing a decline of 1.39%, while the Shanghai Composite, China’s benchmark index, is trading lower by 0.31%.

On Tuesday morning, WTI crude prices are trading at $82.82, reflecting a 0.12% increase, while Brent crude prices are at $86.97, showing a 0.09% rise.

The US Dollar Index (DXY), gauging the dollar’s worth against a selection of six major foreign currencies, edged higher by 0.15% to reach 103.58.

According to Bloomberg, American technology behemoths spearheaded the surge in stock prices as the week commenced, amidst anticipation of significant central bank decisions spanning from the United States to England and Japan. The Nasdaq Composite, heavily weighted with tech stocks, closed the session up by 130.28 points, marking a 0.82% increase to reach 16,103.45. Meanwhile, the S&P 500 saw a gain of 32.33 points, representing a 0.63% rise to settle at 5,149.42, and the Dow Jones Industrial Average concluded the day with an increase of 75.66 points or 0.20%, reaching 38,790.43.