HDFC Bank, LTIMindtree, TCS, Maruti Suzuki, and Infosys were the top gainers in the Nifty 50. While Adani Enterprises, Cipla, Grasim Industries, Adani Ports, and SBI were the major laggards in the Nifty 50 on March 12.

USDINR CMP- 82.75 (spot) “Indian Rupee declined marginally by 0.01% on Tuesday on positive US Dollar and recovery in crude oil prices. However, positive domestic markets and FII inflows over the past three sessions supported Rupee at lower levels. US Dollar gained ahead of inflation data from US,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

Choudhary also added, We expect Rupee to trade with a slight negative bias on recovery in the greenback and concerns over elevated crude oil prices. However, positive tone in domestic markets may support Rupee at lower levels. Traders may take cues from India’s CPI and IIP data. Market participants may remain cautious ahead of inflation and budget deficit data from US. USDINR spot price is expected to trade in a range of Rs 82.50 to Rs 83.

Commenting on the Nifty technical Anand James, Chief Market Strategist at Geojit Financial Services said that Having challenged 22410 at the start of the week itself, downsides have gained upper hand with 22260 in sight as pencilled in yesterday. Yesterday’s turn of events has exposed 21860 but an outright fall is less expected. For the day, multiple swings within the 22200-22410 region is favoured.

Shares of SpiceJet fell to an intraday low of 10% to Rs 54.60 from its previous close of Rs 60.58 on the media reports that the company’s two senior executives resigned.

As per a Mint report, the company’s two senior executives resigned after an airline with the name of their spouses got highlighted in the news. Sirius India Airlines was a buzzword in the news in October 2023, which was operated by SpiceJet’s chief operating officer Arun Kashyap’s and chief commercial officer Shilpa Bhatia’s spouses. 

“As part of SpiceJet’s strategic restructuring, several members of the commercial team including the Chief Commercial Officer have left the company with immediate effect. The Company continues to see significant growth in revenue and load factor. With the recent fundraise, SpiceJet has speeded up the process of resolution of all past disputes. The Company looks forward to adding capacity, growing rapidly, and continuing to play a large role in the Indian aviation sector,” SpiceJet said in a statement. 

Also Read: SpiceJet shares fall 10% as two top executives resign; Read to know more details

Shares of Grasim Industries fell 3% to an intraday low of Rs 2,172.85. The stock was among the major laggards in the Nifty 50. The stock touched its 52-week-low of Rs1,527.05, which it touched on March 16, 2023. It has a lower band of Rs 2,013.15.

Commenting on the derivative outlook Anand James, Chief Market Strategist at Geojit Financial Services said that, Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 23000 for Calls and 21800 for Puts in weekly and at 22500 for Calls and 21600 for Puts in monthly contracts.

“FIIs decreased their future index long position holdings by 3.43%, decreased future index shorts by 1.49% and in index options by 32.00% increase in Call longs, 19.80% increase in Call short, 48.03% increase in Put longs and 29.70% increase in Put shorts,” added James.

HSBC’s latest report on Zomato presents an optimistic outlook for the company, featuring significant adjustments to order growth rates and revenue projections. The revised target price of Rs 200, as indicated in the report, implies a noteworthy 25% upside from the previous target of Rs 163.

The report specifically raises the order growth rates for Blinkit to 25.4%, up from the earlier projection of 21.4%, covering the fiscal years 2024 to 2027. Furthermore, adjustments are made to the gross order value (GOV) growth, now projected at 27.3%, compared to the previous estimate of 23.2% for the same period.

Looking ahead, HSBC foresees a parallel growth trajectory for total advertising spend in India over the next three years, aligning with the nominal GDP growth rate. The projection anticipates an increase in total advertising expenditure from the present USD 13 billion to approximately USD 18 billion by the fiscal year 2027.

Also Read: HSBC maintains ‘Buy’ on Zomato, raises target by 29%, says ad revenue to be the cornerstone

HDFC Bank TCS, LTI Mindtree, Maruti Suzuki, Eicher Motors, are the top gainers on NSE Nifty 50 whereas the laggards include Cipla, Grasim, Adani Enterprises, Bajaj Auto and State Bank of India.

The sectoral index Nifty PSU Bank was among the top losers.

Courtesy: NSE

The stocks of SpiceJet fell to an intraday low of 10% from its previous close of Rs 60.58 and were quoting as low as Rs 54.60 on the media reports that the company’s two senior executives resigned.

As per a Mint report, the company’s two senior executives resigned after an airline with the name of their spouses got highlighted in the news. Sirius India Airlines was a buzzword in the news in October 2023, which was operated by SpiceJet’s chief operating officer Arun Kashyap’s and chief commercial officer Shilpa Bhatia’s spouses.

Courtesy: NSE

Shares of HDFC Bank advanced 2.5% to an intraday high of Rs1,464. The stock was the top gainer in the Nifty 50. It touched its 52-week-high of Rs 1,757.50 on July 3, 2023 and has an upper band of Rs 1,570.55.

HDFC Bank, TCS, Eicher Motors, LTIMindtree, and Infosys were the top gainers in the Nifty 50. Cipla, Adani Enterprises, ITC, SBI, and Grasim Industries were the major losers in the Nifty 50 on March 12.

Courtesy: NSE

Bharat Highways InvIT saw a subdued listing at Rs 101.10 against the issue price of Rs 100. It raised Rs 2,500 crore from the investors by offering them a fresh issue of 25 million shares, which means the full amount will go into the company’s account. 

It was fetching a lukewarm response in the grey market, with a premium of Rs 2 per equity share to the issue price before listing. In the grey market, shares are traded illegally before listing.

TCS, ICICI Bank, HDFC Bank, Axis Bank, and SBI Life Insurance were the top gainers in the Nifty 50. While ITC, Cipla, Hindustan Unilever, Nestle India, and Ultratech Cements were the major losers in the Nifty 50 on March 12.

The NSE Nifty 50 opened 0.01% lower at 22,330.80, while the BSE Sensex opened 0.01% lower at 73,492.81.

In recent market action, the Nifty saw a modest uptick, gaining 27 points to close at 22440, after a previous session marked by broad-based selling. Investors are treading cautiously, particularly as the last bear of Dalal Street signals caution amid excessive optimism. With key inflation reports from the US and India poised to influence market sentiment, all eyes are on the CPI and PPI data for directional cues. Technical analysis suggests Nifty finding immediate support at 22224 with resistance at 22530, indicating a potential trading range between 21500 and 23000. Amidst this, the primary IPO market is vibrant with several listings expected, and trading strategies for Nifty and Bank Nifty focus on capturing gains within defined zones, Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note on March 11 and as the day progressed the Nifty drifted lower to close the day in the red down – 160 points.

“On the daily charts, we can observe that Nifty has not witnessed follow-through buying interest after a decisive breakout. It is witnessing selling pressure at higher levels. This could result in Nifty slipping back into the consolidation zone 22100 – 22600. The daily Bollinger bands are contracting indicating a range contraction and is likely to result in a range-bound price action going ahead. The expectation of trending moves on the upside is fading away in the absence of strength from the key heavyweights of the index. In terms of levels, 22224 – 22167 is the crucial support zone while 22530 – 22600 is the immediate hurdle zone from a short-term perspective,” Gedia said.

Aditya Birla Fashion, Hindustan Copper, Manappuram Finance, Mahanagar Gas, Sail, Tata Chemical, and Zee Entertainment Enterprises were kept in the ban list on March 12.

Foreign institutional investors (FII) bought shares net worth Rs 4,212.76 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 3,238.39 crore on March 11, 2024, according to the provisional data available on the NSE.

Asian equity indices concluded with a varied performance. Japan’s Nikkei 225 witnessed a 1.16% decline, closing at 38,371.83, while the Asia Dow experienced a 1.81% downturn to reach 3,238.48. Conversely, Hong Kong’s Hang Seng index saw a 1.43% increase, settling at 16,587.57. The benchmark Chinese index, Shanghai Composite, closed 0.74% higher at 3,068.46.

On Tuesday morning, WTI crude prices were at $78.08, experiencing a 0.19% decline, whereas Brent crude prices were trading at $82.41, showing a 0.24% increase.

The US Dollar Index (DXY), gauging the dollar’s strength against a basket of six foreign currencies, saw a slight decrease of 0.04%, trading at 102.83.

US equity indices ended the day predominantly in the red. The Nasdaq Composite, with a tech focus, declined by 0.41%, closing at 16,019.27. The S&P 500 also experienced a slide of 0.11%, settling at 5,117.94. In contrast, the Dow Jones Industrial Average showed resilience, gaining 46.97 points or 0.12% to reach 38,769.66.