DAILY MARKET UPDATE – (28/03/2024)

Indian Stock Market Outlook for March 28

➢ The domestic equity indices, Sensex and Nifty 50,
INDICES CLOSE CHANGE %
are expected to open on a flat note Thursday tracking
SENSEX 72,996.31 +0.73%
mixed global market cues.
NIFTY 50 22,123.65 +0.54%
➢ Gift Nifty was trading around the 22,173 level, a
premium of nearly 6 points from the Nifty futures’ BANKNIFTY 46,785.95 +0.40%

previous close. S&P 500 5,248.49 +0.86%

➢ The Sensex rallied 526.01 points, or 0.73%, to end NASDAQ 16,399.52 +0.51%

at 72,996.31, while the Nifty 50 settled 118.95 NIKKEI 225 40,268.08 -1.21%
points, or 0.54%, higher at 22,123.65.
HANG SENG 16,418.00 +0.15%

Key Market Developments Overnight

➢ US Stock Market: On Wednesday, the US stock market indices closed higher, with the S&P 500

reaching a new record high, anticipating the release of inflation data and commentary from the US

Federal Reserve that would provide insights into its future interest rate decisions.

➢ Asian Markets: On Thursday, Asian markets experienced a downturn, although Australian stocks

reached an all-time high. Japan's Nikkei 225 dropped by 0.98%, and the Topix saw a significant decline

of 1.08%. South Korea's Kospi decreased by 0.19%, while futures for Hong Kong's Hang Seng index

suggested a weaker opening.

➢ Indian Stock Market On Wednesday, the Indian stock market indices ended with decent gains led by

a rally in index heavyweights, with the benchmark Nifty 50 closing above the 22,100 level.

➢ Gift Nifty: Gift Nifty was hovering around the 22,173 mark, maintaining a premium of approximately

6 points compared to the previous close of Nifty futures. This suggests a neutral opening for the Indian

stock market indices.

➢ T+0 Settlement Cycle: The BSE and NSE stock exchanges have unveiled the roster of 25 stocks

qualifying for the abbreviated T+0 settlement cycle, effective from today, March 28th. This T+0

settlement option will be voluntary for these 25 stocks and will apply solely to trades conducted

between 9:15 am and 1:30 pm.

➢ Oil Prices: Crude oil prices climbed, poised for a robust quarterly increase driven by anticipations of

OPEC reducing supplies. West Texas Intermediate increased by 0.49% to $81.75 per barrel following

a slight decline over two days, while Brent crude rose by 0.31% to $86.36.

Stocks to Watch: March 28

➢ Dr Reddy’s Laboratories: Dr. Reddy's Laboratories has forged a distribution alliance with Sanofi

Healthcare India Private Limited. Through this partnership, Dr. Reddy's will market and distribute

Sanofi's vaccine brands in India, encompassing established pediatric and adult vaccines, thereby

enhancing healthcare provisions in the nation.

➢ Zydus Lifesciences: Zydus Lifesciences underwent a cGMP inspection by the USFDA at its

manufacturing facility in Ahmedabad from March 18 to March 27, 2024. The inspection resulted in

four observations, underscoring the company's dedication to quality compliance.

➢ Exide Industries: Exide Industries has infused Rs 34.99 crore through subscription into the equity

share capital of its wholly-owned subsidiary, Exide Energy Solutions (EESL), on a rights basis. With

this addition, the Company's total investment in EESL amounts to Rs. 2,000 crore. The acquisition does

not alter the Company's shareholding percentage in EESL.

➢ Bajaj Finance: According to sources familiar with the matter speaking to NDTV Profit, the non-

banking financial company is considering an initial public offering (IPO) with a potential size of $1

billion. Bajaj Finance is reportedly aiming for a valuation of $10 billion. However, discussions are still

in the early stages, and nothing has been finalized yet.

*******************************