Will Sensex, Nifty extend rally for 8th session? ONGC, DLF, NCC, Tata Steel, FirstCry shares in focus

Indian share market is set to open higher for the eighth straight session on Wednesday, mirroring positive trends in global equities. The markets have taken some comfort amid hopes that U.S. tariffs would be narrower than expected after President Donald Trump said he “may give a lot of countries breaks” on reciprocal tariffs. The positive trend in GIFT Nifty Futures also indicated a solid start for equity benchmarks Sensex and Nifty50. As of 8:10 AM, GIFT Nifty Futures were up 82 points, 0.34%, at 23,760.

On Tuesday, benchmark indices Sensex and Nifty ended marginally higher in a highly volatile trade as investors booked profit after recent rally. The BSE Sensex closed 32.81 points, or 0.04%, higher at 78,017.19, and the NSE Nifty settled up by 10.30 points, or 0.04%, at 23,668.65. Among sectors, the IT index was the top performer with nearly 1% gain, while defence and PSU bank indices emerged as top laggards, both of which lost nearly 2%.

"After a six-day recovery rally, the broader market witnessed some profit booking, particularly in small and mid-cap stocks, where premium valuations still exist. On the other hand, the IT sector posted gains, driven by positive global cues stemming from expectations of softer tariffs and a recent correction in valuations,” said Vinod Nair, Head of Research, Geojit Investments Limited.

“In the near-term, investor sentiment is expected to be cautious as they await clarity on trade policy between U.S.-India. Meanwhile, attention is shifting towards the quarterly results, which is anticipated to shed light on the recovery in earnings growth. Favourable indicators, such as expected rate cuts and rupee movements, continue to support the market sentiment," he added.

U.S. stocks extend gain for 3rd session

Continuing its upward move for the third straight session, U.S. stocks ended on positive note on Tuesday, albeit with marginal gains. The sentiment was largely driven by hopes that U.S. tariffs would be narrower than expected after President Donald Trump said that he “may give a lot of countries breaks” on reciprocal tariffs. Investors remain on edge ahead of Trump’s reciprocal tariffs announcements on April 2 as experts believe that it could lead to higher inflation and slowdown economic growth. At the close, the S&P 500 was up 0.16%, while the Nasdaq Composite rose 0.46%. The Dow Jones Industrial Average settled a tad higher by 0.01%.

Asian stocks rise as easing tariff outlook

In the Asia-Pacific region, equity markets witnessed modest gain in early trade today, tracking overnight trend in U.S. stocks. While market sentiment has been lifted by U.S. President Donald Trump’s recent comments about the “reciprocal” tariffs, investors remained concerned about growth in the world’s largest economy. Indonesia’s Jakarta Composite was the top performer in the region with a strong rally of 2.6%, while South Korea’s KOSPI was second on the chart with a 0.55% gain. This was followed by Hong Kong’s Hang Sang, which was up 0.5%, while Japan’s Nikkei 225 and Singapore’s Straits Times were up 0.25% each. Among others, Taiwan’s Weighted stock index and China’s Shanghai Composite were trading flat with marginal gains. Australia’s ASX 200 ended 0.8% higher.

Market Outlook

The fundamental support to the market comes from India’s improving macros and the FIIs turning buyers, says Vijayakumar of Geojit Investments. “The total FII buy figure of ₹19136 crores in the last four trading days indicate that this positive trend is likely to continue. Consequently fairly valued high quality financials will continue to be resilient. If the reciprocal tariffs are not as severe as feared, pharmaceutical stocks will rebound smartly," he added.

Technically, 23,600-23,500 and 77,800-77,500 would be the key support zone for Nifty and Sensex today. Above this level, the market could retest the range of 23,850/78,800 to 24,000/79,200, says Shrikant Chouhan, Head Equity Research, Kotak Securities.

“A close above 23,800/78,800, would help the market in the long run. On the other hand, a call below 23,500/77,800 levels may change the market sentiment as the market may gradually slip towards 23,400-23,300/77,500-77,200,” he said.

Stocks to watch

Oil and Natural Gas Corporation: The PSU company has proposed to invest ₹3,300 crore in its subsidiary ONGC Green via rights issue. The subsidiary will utilise the proceeds for the acquisition of a 100% equity stake in Ayana Renewable Power through ONGC NTPC Green (ONGPL).

NCC: The company has secured work orders worth ₹10,804.6 crore from Bharat Sanchar Nigam for the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network of BharatNet in Uttarakhand Telecom Circle and Madhya Pradesh, DNH, and DD telecom circles.

DLF: The realty major has acquired remaining 50% stake in its arm, DLF Urban Private Limited, for ₹497 crore from Singapore's Reco Greens.

Waaree Renewable Technologies: The renewable energy company has secured a project worth ₹232.3 crore.

Tata Steel: The steel arm of Tata Group has hired three South Wales contractors to deliver key parts of its 1.25 billion pound green steel-making investment at Port Talbot.

Minda Corporation: The board of the company will meet on March 28 to consider raising funds via the issue of one or more instruments/securities.

Siemens India: The company has received nod from the National Company Law Tribunal (NCLT) Mumbai to demerge its energy business into Siemens Energy India.

Brainbees Solutions: The parent of FirstCry has received its board approval to infuse funds up to ₹146 crore in Globalbees Brands via subscription to Compulsory Convertible Preference Shares, and AED 9 million (approximately ₹20.98 crore) in Firstcry Management DWC LLC, UAE, via equity shares. Both are the company's subsidiaries.

TVS Motor: The company’s subsidiary, TVS Motor (Singapore) Pte, will acquire an additional 8.26% stake in GO Corporation, Switzerland, from its existing shareholder for CHF 500,000.

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