Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in positive territory on March 21. The NSE Nifty 50 closed 172.85 points or 0.79% higher to settle at 22,011.95, while the BSE Sensex advanced 539.50 points or 0.75% to finish at 72,641. Nifty Midcap 100 gained more than 1,100 points or 2.4% to close at 47,033.55.
The NSE Nifty 50 closed 0.80% higher at 22,014.80, while the BSE Sensex closed 0.82% higher at 72,692.29.
Federal Reserve’s March policy was on expected lines. Fed chair Jerome Powell reiterated that inflation remains above the comfort zone and rate cuts will be delayed. Though he indicated that three cuts will happen this year, I do not think the quantum of rate cuts will be more than 75 bps. Gold has always been a good hedge against inflation and prices will continue to remain strong throughout 2024. Whenever rate cuts start, easy money will result in prices rallying further. Sluggish economic growth, geopolitical uncertainty, and elections in 50+ countries mean investors will keep looking at safe investment avenues such as gold. Gold has given 12% CAGR over the last 20 years; 10.3% CAGR in the last 15 years and 7.5% CAGR in the last 10 years. So, it is always good to have gold in your portfolio. Whether physical gold, Sovereign Gold Bond, or ETF, that will be a personal choice based on socioeconomic background and evolution as an investor. In India, people prefer physical gold because they look at the asset as a ‘storage of wealth’, ‘passing on to the next generation’, or ‘emergency recourse’ rather than an investment. Only in the last 10-15 years, the mindset has changed in semi-urban and urban populations, said Shashank Pal, Chief Business Officer of PL Wealth Management at Prabhudas Lilladher.
Shares of TCS advanced 0.9% to an intraday high of Rs 4,008.40 after the company signed a seven-year deal to transform global IT infrastructure for Ramboll.
Courtesy: NSE
Courtesy: NSE
NTPC, BPCL, Tata Steel, Power Grid, and IndusInd Bank were the top gainers in the Nifty 50. While Bharti Airtel, HDFC Life Insurance, Axis Bank, Maruti Suzuki, and ICICI Bank were the key laggards in the Nifty 50 on March 21.
Courtesy: NSE
Gold rallies to an all-time high and trades close to $2,225 per ounce, while in the Indian markets prices are up close to Rs 67,000 per 10gm, supported by a sell-off in the U.S. dollar after Federal Reserve officials maintained their view of three rate cuts this year at the conclusion of the two-day meeting yesterday.
“Technically, although we still maintain a positive in Gold, some profit-booking is expected, which can give us an opportunity to enter at a lower level,” said Pranav Mer, Vice President of Research (Commodity & Currency) BlinkX and JM Financial.
Support levels are around Rs. 66,000 and next at Rs. 65,180, while prices do have some upside potential and can hit Rs. 67,450-67,900.
Shares of NTPC rose 4% to an intraday high of Rs 326.35. The stock was the top gainer in the Nifty 50. The stock has an upper band of Rs 345. It has a 52-week-high of Rs 359.95, which it touched on March 5.
Courtesy: NSE
The NSE Nifty was up 168 points or 0.77% at 22,007.30, while the 30-stock BSE Sensex was up 540 points or 0.75% at 72,641.83.
Courtesy: NSE
Krystal Integrated Services lists at Rs 785 on the National Stock Exchange, a premium of 10% to the issue price of Rs 715. The company opened its retail bidding on March 14 and closed on March 18. The company offered 4.2 million shares at a value of Rs 300.13 crore via a combination of a fresh issue and an offer for sale.
In the unofficial market, the company’s stocks were fetching a premium of over 8% to its issue price, giving investors a cue on how the stock would perform during its debut in the secondary market.
BPCL, Hindalco, Tata Steel, NTPC, and Coal India were the top gainers in the Nifty 50. While Apollo Hospital, Hero MotoCorp, Maruti Suzuki, Britannia, and Nestle India were the major losers in the Nifty 50 on March 21.
The NSE Nifty 50 opens up by 0.69% at 21,989.90, while the BSE Sensex gains 0.56% to 72,507.36 in the opening trade.
Shares in the Asia-Pacific region are trading in positive territory on Thursday morning. The Asia Dow is trading up by 0.38%, where as the Japan’s Nikkei 225 is trading in green, up by 1.45% to new all time high, Hong Kong’s Hang Seng index is ended higher by 0.08% and the benchmark Chinese index Shanghai Composite is ended up by 0.55%.
Foreign institutional investors (FII) offloaded shares worth net Rs 2,599.2 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,667.5 crore on March 20, 2024, according to the provisional data available on the NSE.
On Thursday morning, WTI crude prices are up by 0.53% at $81.70, while Brent crude prices are trading higher by 0.57% at $86.44.
The US Dollar Index (DXY), tracking the dollar’s performance against a basket of six major foreign currencies, experienced a 0.55% decline, settling at 103.27.
According to Bloomberg, Wall Street traders exercised caution ahead of the Federal Reserve decision, awaiting Jerome Powell’s stance on potential rate cuts. The Nasdaq Composite, dominated by tech stocks, closed up 1.25% or 202.62 points, reaching 16,369.41. The S&P 500 also saw gains, rising 0.89% or 46.11 points to 5,224.62, while the Dow Jones Industrial Average climbed 1.03% or 401.37 points to close at 39,512.13.
