Bulls caught off guard

Nifty50: 17,117 ▼ 169 (-0.9%)
Sensex: 57,292 ▼ 571 (-0.9%)

• Despite favourable cues from the international indices, Indian markets witnessed profit booking. Nifty50 rose over 6% in the last two weeks.  
• 40 stocks from the Nifty50 pack closed in the red. 
• On charts, most sectoral indices showed a bearish engulfing pattern, which is a bearish reversal pattern.  

Among the Nifty sectoral indices, Metal (+1.5%) and Media (+0.4%) were the top gainers, while FMCG (-1.7%) and PSU Bank (-1.2%) were the top losers.  

• For more updates on F&O, click here.

Here are the top stories of the day.

Maruti kick-starts EV drive

Maruti Suzuki’s parent company, Suzuki Motor, announced its plan to invest ₹10,440 crore for manufacturing of electric vehicles (EVs) and batteries locally. This is the first major announcement by the industry leader in the EV space. 

It will reportedly invest ₹3,100 crore to ramp up the production capacity of EVs. A sum of ₹7,300 crore will be invested in the battery plant. The expected commissioning is from 2025-26. Meanwhile, the total number of four-wheeler EVs sold in India was just about 16,000 units in 2021. 

IT stocks rise as Accenture raises guidance

Post its recent quarterly results, the global IT services and consulting giant raised its full year (ending August) revenue growth guidance to 24%-26% from 19%-22% . Accenture’s performance is considered to be an indicator for the sector’s performance. 

Accenture’s revenue growth guidance comes as good news for the Indian IT industry. The Nifty IT index gained nearly 1% initially. However, IT stocks witnessed some profit booking, which was in line with the correction in the broader markets. 

Glenmark shares rise on USFDA nod

Shares of Glenmark Pharma surged nearly 5% intraday as the company received a nod from the USFDA for its treatment to prevent and control seizures.  

As per IQVIA, this drug’s branded version, Vimpat, had annual sales of about $1.7 billion (about ₹12,750 crore). Glenmark plans to quickly launch the product in the US market. 

IPO corner

Shares of diversified fast moving consumer goods company Ruchi Soya declined by 9%. This comes after the Patanjali-owned company announced the price band for its ₹4,300 crore follow-on offer (FPO). The price band for the FPO is ₹615-₹650 per share, which is around 30% lower than its closing price today. The FPO will open for subscription from 24 March 2022.   

Good to know

What is a bearish engulfing pattern?

The bearing engulfing pattern is a two-candlestick pattern. The first candle in the pattern is an up candle (white/green colour), which is followed by a down candle (black/red). A bearish engulfing pattern, appearing after a rally, indicates trend reversal. It is a situation where the bulls could not pull the rally up further and bears may be getting stronger. The opposite of the bearish engulfing pattern is the bullish engulfing pattern.

Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.

Yay 👍 or Nay 👎?

We'd love your thoughts on this market recap.

Haven't tried out Upstox yet? Click here to open your account now!