Nifty trades above 23,350; European mkt decline

The key equity benchmarks traded with major gains in the afternoon trade. The Nifty traded above the 23,350 mark. Media, auto, and pharma stocks declined while metal, consumer durables, and FMCG shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 637.58 points or 0.84% to 76,985.64. The Nifty 50 index rallied 192.35 points or 0.83% to 23,383.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.97% and the S&P BSE Small-Cap index jumped 1.52%.

The market breadth was strong. On the BSE, 2,767 shares rose and 1,157 shares fell. A total of 150 shares were unchanged.

Gainers & Losers:

Bajaj Finance (up 3.23%), Coal India (up 3.08%), NTPC (up 2.97%), Larsen and Toubro (up 2.94%) and Oil and Natural Gas Corporation (ONGC) (up 2.85%) were the major Nifty gainers.

Indusind Bank (down 1.36%), Infosys (down 1.25%), Hindalco Industries (down 1.00%), Bajaj Finserv (down 0.81%), and Bharat Electronics (down 0.77%) were the major Nifty losers.

IndusInd Bank fell 1.36%. The bank said that its board has decided to appoint an independent professional firm to conduct a comprehensive investigation to identify the root cause of the discrepancies observed in its derivative portfolio.

The independent professional firm will also assess the correctness and impact of the accounting treatment of the derivative contracts with regard to the prevailing accounting standards/guidance, identify any lapses, and establish accountability in relation to the discrepancies identified in the banks derivative portfolio.

Stocks in Spotlight:

Tejas Networks soared 12.46%. This sharp rise follows the company's recent announcement of receiving Rs 123.45 crore under the Production Linked Incentive (PLI) Scheme. The company announced on 13 March 2025, that it had received the incentive from the Ministry of Communications, Department of Telecommunications, New Delhi, for the financial year 2023-24. This payment is part of the PLI scheme designed to boost domestic manufacturing of telecom and networking products.

Hindustan Unilever (HUL) rose 0.21%. The company announced that its board of directors has approved an investment to acquire a 14.3% stake in Lucro Plastecycle, a key player in recycled flexible plastics.

Mamata Machinery soared 13.08% after the company announced that it has been granted a US patent for an invention entitled Cross Sealing Device by the United States Patent and Trademark Office for the term of 20 years.

Bharat Heavy Electricals (BHEL) advanced 2.80% after the company announced that it had received a letter of intent (LOI) from Gujarat State Electricity Corporation (GSECL) for the EPC package for the 1x800 MW Ukai Extension Unit-7.

Rail Vikas Nigam added 1.44% after the company announced that it had received a letter of acceptance (LoA) from the National Highway Authority of India for a project worth Rs 554.64 crore.

Tamilnad Mercantile Bank rose 1.22% after the bank announced the appointment of Sanjoy Kumar Goel as chief financial officer (CFO), effective from 20 March 2025, on a contractual basis.

Texmaco Rail & Engineering jumped 4.21% after the company announced that it has invested in a wholly-owned subsidiary, Texmaco Middle East DMCC (Texmaco MED). The paid-up share capital of Texmaco MED is AED 50,000, with Texmaco Rail & Engineering holding 100% ownership of the subsidiary. The company also clarified that the promoter and promoter group have no other interest in the newly incorporated entity.

Axiscades Technologies jumped 4.48% after the company's subsidiary Mistral Solutions unveiled the DCP1000 Module, a compact radar data capture and playback device for mmWave radar applications.

Global Markets:

European shares declined as investors are digesting monetary policy updates that came from multiple central banks in the region, as well as the U.S. Federal Reserve

Asian stocks tumbled on Friday as investors remained cautious about prolonged high-interest rates and the potential for increased trade tariffs under President Donald Trump.

Earlier this week, Trump announced that broad reciprocal tariffs, along with sector-specific duties, would take effect on April 2, fueling uncertainty in global markets.

Japanese consumer price index inflation grew slightly more than expected in February, with a rise in underlying inflation fueling bets that the Bank of Japan will keep raising interest rates this year. The national CPI rose 3.7% year-on-year, slightly cooling from Januarys 4.0%. Core CPI, which excludes fresh food prices, increased 3.0%, compared to 3.2% in January. A more refined core measure, excluding both fresh food and energy, climbed 2.6%, up from 2.5% the previous month. Inflation is still well above the BOJs 2% target.

The Bank of England kept interest rates unchanged on Thursday, maintaining the benchmark rate at 4.5%. This decision comes as the U.K. economy grapples with global trade uncertainties and the potential for stagnation domestically.

U.S. stock indices reversed early gains to close lower on Thursday, hovering near six-month lows as investor sentiment remained fragile. The S&P 500 fell 0.2% on Friday. The NASDAQ Composite fell 0.3%, while the Dow Jones Industrial Average closed flat.

Microchip Technology Inc. tumbled 6.5% after announcing plans to raise $1.35 billion through convertible stock to repay debt and enter a capped call transaction. Darden Restaurants surged 5% after reporting strong Q3 fiscal 2025 earnings.

Trumps tariff strategy remains a major market concern, especially as he wavers on measures against Canada and Mexico. Meanwhile, China, the eurozone, and other affected regions have outlined retaliatory tariffs, heightening fears of a full-blown trade war.

The US Labor Department data showed that first-time unemployment claims inched up last week. Initial jobless claims rose to 223,000 for the week ending March 15, up from a revised 221,000 in the previous week.

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