Stock Market News Today Highlights: Nifty, Sensex Extend Rally For Third Day; Rupee Hits Record Low

The rupee closed at a record low of 92.63 against the US dollar.

• Indian equity benchmarks ended higher for the third consecutive trading session.
• The Sensex closed more than 600 points higher above 76,700, while the Nifty 50 settled 0.8% higher at 23,777.
• In intraday trade, the Sensex rose as much as 929 points, or 1.2%, and the Nifty gained as much as 1.2%.

• Dow futures added 218 points, or 0.46%.
• S&P 500 futures rose 0.39%, while Nasdaq 100 futures gained 0.51%.

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The rupee fell to a record low of 92.59 against the US dollar.

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• The Nifty rose as much as 1.2% to 23,862.
• The Sensex gained as much as 930 points, or 1.2%, to 77,000.

• The Stoxx Europe 600 was up 0.39% at 604.77 shortly after the open.
• France’s CAC 40 gained 0.59%, while Germany’s DAX rose 0.45%.
• The UK’s FTSE 100 was also in positive territory, up 0.18%.

• Angel One and Waaree Energies are seeing long build-up.
• Tata Technologies and Premier Energies are witnessing short covering.
• Coal India and Oil India are seeing long unwinding.
• Solar Industries India and Multi Commodity Exchange of India are witnessing short build-up.

• GSP Crop Science IPO was subscribed 1.05 times as of 12:30 pm on the final day.
• The qualified institutional buyers portion was booked 1.3 times, while the non-institutional investors segment was subscribed 2.6 times.
• The retail individual investors portion was subscribed 28%.

• ICICI Securities has upgraded Vedanta to Buy from Add and set a target price of Rs 850.
• The brokerage said the supply gap may widen if the conflict affects GCC production. It added that aluminium prices could rise to $3,500-3,600 per tonne.
• ICICI Securities has also upgraded Hindalco and NALCO to Hold from Reduce.

• An arm of Technvision Ventures has signed a memorandum of understanding for new drug development and drug repurposing.
• The arm has entered into the agreement with SCEI and SMCW Colleges, according to an exchange filing.

• Goldman Sachs expects the rupee to weaken to 95 against the US dollar over the next year, citing pressure from the Iran conflict and a widening current account deficit.
• The brokerage said higher oil prices and a weaker rupee could push up inflation and may later put pressure on the RBI to tighten policy. On Wednesday, the rupee traded at 92.4375 against the dollar, near a record low close of 92.4575 on Friday.
• Goldman last week cut India’s growth forecast for this year to 6.5% from 7% and raised its inflation estimate by 30 basis points. It also expects the current account deficit to widen to 1.2% of GDP.

• Paisalo Digital’s board has approved the issue of 51,000 non-convertible debentures.
• The face value of each NCD is Rs 10,000, according to an exchange filing.

• The Government of India will hold an inter-ministerial press conference at 3 PM today.
• Senior officers from the Ministries of Petroleum and Natural Gas, External Affairs, Information and Broadcasting, and Shipping will attend.
• The briefing will cover recent developments in West Asia.

• Axis Bank’s board has approved an infusion of Rs 1,500 crore into Axis Finance through a rights issue.
• The investment will be made in one or more tranches by March 2027, according to an exchange filing.
• Axis Finance, the bank’s consumer lending subsidiary, had assets under management of Rs 41,583 crore as of 31 March 2025.

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• NSE has set advisory fees at about 0.65% of the issue size for its planned IPO, according to a report by Bloomberg. Based on an expected deal size of about $2.5 billion, the total fee pool could be about $16.25 million, the report said.
• Bloomberg had earlier reported that the IPO could raise about $2.5 billion through a sale of 4% to 4.5% equity.
• The fee level is below the 1.86% average paid by issuers last year and 1.67% in 2024, according to LSEG data cited by Bloomberg.

• Japan’s Nikkei 225 rose 2.75%, South Korea’s Kospi gained 4.77%, and Taiwan was up 1.51%.
• Hong Kong’s Hang Seng advanced 0.53%, while Australia’s ASX 200 added 0.31%.
• China’s Shanghai Composite was the outlier, down 0.24%.

• Oil prices fell on Wednesday even as attacks on the UAE’s energy infrastructure increased.
• Brent crude was down 1.17% at $102.19 a barrel.
• US crude fell 1.81% to $94.56 a barrel.
• Higher US crude inventories offset the impact of geopolitical risk on prices.

• Indian equity benchmarks traded higher for a third straight session.
• The Nifty 50 rose as much as 0.9% to 23,800.15.
• The Sensex gained as much as 733 points, or 1%, to 76,804.

• Angel One and Oracle Financial Services are seeing long build-up in the BSE F&O segment.
• KPIT Tech and Tata Tech are witnessing short covering.
• Jindal Steel and JSW Steel are seeing long unwinding.
• Hindustan Zinc and Vedanta are witnessing short build-up.

• The government will review the IDBI Bank stake sale process in a meeting chaired by the Cabinet Secretary early next week, according to sources. DIPAM and key ministries are expected to attend.
• Officials will consider whether to restart the sale process with a fresh bid or defer it amid market volatility linked to the Iran conflict.
• Financial bids received were below the government’s reserve price. A decision is likely next week.
• The government holds 45.48% in IDBI Bank, while LIC owns 49.24%. The Centre remains committed to divesting its stake in FY27.

Akshay Chinchalkar of The Wealth Company said the 24,655 level remains an upside hurdle. He sees the next resistance zone at 23,700-23,845 and support in the 23,325-23,512 range.

• Edward Yardeni said a likely fertiliser shortage could raise inflation concerns.
• He said gold could reach $6,000 an ounce by the end of this year and $10,000 an ounce by the end of the decade.
• Yardeni said the US economy continues to perform well, while markets are down 4-5% as valuations adjust to higher oil prices.
• He added that tankers are likely to be allowed through the Strait of Hormuz and said markets have remained steady during the conflict.

• MMTC rose as much as 14.3% to Rs 60.77, extending gains for a second trading session.
• Trading volume was nearly 60 times the 20-day average, according to Bloomberg data.

• Jaiprakash Power Ventures rose as much as 11.9% to Rs 15.64, extending gains for a second straight session.
• The stock moved higher after the NCLT approved the takeover of Jaiprakash Associates.
• Jaiprakash Power Ventures is a subsidiary of Jaiprakash Associates, a flagship company of Jaypee Group.
• Trading volume was more than 10 times the 20-day average, according to Bloomberg data.

• DEE Development Engineers fell as much as 10% to Rs 282.50, ending a two-day gaining streak.
• The company said the conflict in West Asia has disrupted export orders and domestic supply commitments after the closure of the Strait of Hormuz.
• DEE invoked force majeure for shipments to West Asia that may face delays.
• The company said its manufacturing operations remain intact and its order book is healthy, while management expects limited impact on overall performance.

• Urban Company rose as much as 11.3% to Rs 122.6 on Wednesday.
• Trading volume was nearly 16 times the 20-day average, according to Bloomberg data.
• The stock is up 6% over the past five days and down 2% over the past 30 days.
• On Tuesday, the shares had fallen as much as 5.3% after about 3.5 crore shares changed hands on the NSE.

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• The Sensex rose up to 0.6% or 472 points to 76,545.
• The Nifty 50 gained 0.6% to reach 23,726 at the open.

• Nifty is above 23,600 in early pre-market trade.
• Sensex is higher by more than 200 points before the opening bell.

The rupee began the session at 92.42, compared with Tuesday’s close of 92.37.

• Jefferies has maintained its Buy rating on HDB Financial but reduced the target price to Rs 900 from Rs 920.
• The brokerage expects gradual improvement in growth, with demand in Q4 remaining firm and AUM growth seen at 16–18% in FY27.
• It expects steady NIMs despite a slight increase in funding costs.
• Collections have improved, and credit cost may ease to 2.4% in the near term and decline further.
• Management expects ROA to rise to 2.5% by FY28, and Jefferies views valuations as reasonable after the recent pullback.

• Nomura has maintained its Buy rating on Indian Hotels but reduced the target price to Rs 800 from Rs 830.
• The brokerage expects limited impact from the ongoing conflict on Q4 performance.
• It sees 13–14% EBITDA CAGR for FY26–FY28 as reasonable and notes the stock’s valuations remain attractive.

Positive

• Adani Enterprises: NCLT approves takeover of Jaiprakash Associates.
• Varun Beverages: To acquire Crickley Dairy for Rs 131 crore.
• Clean Max Enviro: Reports strong Q3 performance.
• HCL Tech, Religare: Promoter purchases reported.
• Urban Co: SBI MF acquires 4% stake.
• Ceigall, AB Infrabuild, CESC: Win new orders.
• Strides Pharma: Subsidiary acquires multiple generic brands from Sandoz.
• Shree Cement: Selected as preferred bidder for limestone block in Andhra Pradesh.
• Tata Steel: Board approves merger of Neelachal Ispat Nigam.
• Thomas Cook: Board to meet on 20 March for restructuring proposal.
• Godrej Properties: Buys land parcel in Whitefield, Bengaluru.
• Wipro, Hexaware: Announce AI partnerships.
• ACME Solar: Subsidiary commissions Gujarat power project.
• CARE Ratings: Approves JV with Vestian Global Workplace Services.
• IRCON: Patna High Court’s previous tax-related orders stayed.
• Indiqube Spaces: Promoters buy 1.14 lakh shares over the past month.
• Redtape, Westlife Foodworld, Jindal Stainless: Promoter buying reported.
• Knowledge Marine & Engineering Works: Borowing limit increased.

Negative

• Aurobindo Pharma: Subsidiary receives nine USFDA observations for Bhiwadi plant.
• Kirloskar Ferrous, Kirloskar Brothers, Dee Development Engineers: Operations affected by LPG disruption and export impact.
• Swan Defence: Promoter to sell 5% stake via OFS.
• Anand Rathi Share and Stock Brokers: Fraud reported involving off‑market transfer of shares.
• JK Cement: Subsidiary receives notice from J&K Legal Metrology Department.
• HMA Agro Industries: Company warns against fraudulent website copying its identity.

• Goldman Sachs has maintained its Buy rating on L&T but lowered the target price to Rs 4,420 from Rs 4,950.
• The brokerage factors in near-term uncertainty and expects revenue and margin impact.
• It sees medium-term prospects as unchanged, though some project deferrals are likely due to the ongoing conflict.

• Japan’s exports increased 4.2% year-on-year in February.
• Shipments to China fell 10.9%, and exports to the US declined 8%.
• The value of auto exports to the US, Japan’s largest export category, dropped 14.8%.

• The price band is set at Rs 372–392 per share.
• The IPO will run from 24 March to 27 March.
• The issue size is Rs 409 crore, including a fresh issue of Rs 285 crore and an offer for sale of Rs 124 crore.
• Listing is scheduled on BSE and NSE on April 2.

• Saurabh Mukherjea said recent market correction has created value in large-caps, including Asian Paints.
• He noted interest in export-focused sectors such as pharma, intermediates, and textiles due to currency advantages and supply shifts away from China.
• He added that domestic themes like diagnostics and hospitals remain resilient.
• Mukherjea also cautioned about asset quality pressure in banks and NBFCs, saying one large private bank may need support this year.

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• Hong Kong’s Hang Seng Index is at 25,951.66, up 83.12 points.
• Shanghai Composite is at 4,055.016, higher by 5.109 points.

• Brent is down $1.15, or 1.11%, at $102.27 a barrel.
• WTI has dropped $1.54, or 1.6%, to $94.67.
• US crude stocks increased by 6.56 million barrels for the week ended 13 March, Reuters reported on Wednesday quoting market sources.

• South Korea’s Kospi is up 2.8%, and the Kosdaq has risen 1.66%.
• Japan’s Nikkei 225 is higher by 1.38%, and the Topix is up 0.95% after February exports rose 4.2% year-on-year.
• Australia’s S&P/ASX 200 is flat in early trade.

• GIFT Nifty is at 23,639 in early trade.
• This is above Tuesday’s Nifty 50 close of 23,581.15.
• The futures level indicates a possible gap-up start for the index.