Nifty50: 17,557 ▲ 159 (+0.9%)
Sensex: 59,689 ▲ 582 (+0.9%)
Hello dear reader,
Break-ups are hard, but one man in China took it to the next level. To win back his ex-girlfriend, he spent 21 hours on his knees in the pouring rain outside her office. Armed with a bouquet of roses and a heart full of hope, he refused to leave until his love took him back.
The only problem? She never showed up. Despite pleas from onlookers and even the police, the hopeless romantic stayed put. Talk about kneeling down for love! Now, let's see if today's markets were as resilient as this man.
- The markets continued their upward march.
- Out of the Nifty50 stocks, 37 stocks closed in green.
- Investors await outcome of RBI policy tomorrow.
Among the Nifty sectoral indices, FMCG (+1.3%) and IT (+1.2%) were the top gainers, while PSU Bank (-0.7%) and Auto (-0.5%) were the top losers.
| Top gainers | Today's change |
| L&T | 2,259 ▲ 88 (+4.0%) |
| HDFC | 2,707 ▲ 78 (+2.9%) |
| HDFC Bank | 1,654 ▲ 43 (+2.7%) |
| Top losers | Today's change |
| Eicher Motors | 2,940 ▼ 64 (-2.1%) |
| M&M | 1,154 ▼ 15 (-1.3%) |
| IndusInd Bank | 1,066 ▼ 12 (-1.1%) |
What’s trending
⭐ HDFC Bank reports robust growth
Shares of the private lender (+2.7%) rose intraday. This comes after the bank reported double-digit growth in advances and deposits. Its total advances grew by 16.9% YoY, while deposits grew by 20.8% compared to last year. The robust growth was mainly driven by higher demand for loans from the retail and commercial segments.
⭐ L&T wins large orders
The infrastructure company (+4.0%) secured multiple contracts in the Middle East worth over ₹7,000 crore. The project involves setting up of new offshore facilities and integration with existing installations.
⭐ PNC Infratech wins NHAI projects
The construction firm (+0.9%) won three new highway projects worth ₹3,264 crore from the NHAI. The projects are located in Bihar and involve the construction of six-lane Greenfield highways. All three projects are expected to be completed within 24-months. This new order represents over 51% of FY22 revenues.
⭐ Gold rally continues
Gold prices in the domestic markets surpassed ₹61,000 per 10 grams today. This comes after international gold prices hit an all-time high. The rally in the precious metal is due to the weakening of the US dollar after the country reported lower manufacturing activity and job market data for February. Weakness in the US dollar allows gold to leap higher.
In Focus
India’s growth likely to moderate in FY24: World Bank
India’s GDP growth is expected to moderate to 6.3% in FY24. The latest forecast comes from the World Bank, which had earlier predicted that the country's Gross Domestic Product (GDP) would grow by 6.6% in FY24. What are the key factors behind this and how have markets reacted to the revised outlook? Let’s find out.
Key challenges
A slowdown in household spending on goods and services could pull down growth, according to the World Bank. The bank projects private consumption to decline to 6.9% from 8.7% in the current fiscal year, weighed down by rising borrowing costs and slower income growth. Besides this, slower government consumption could also lower GDP growth.
Outlook on inflation
Meanwhile, the World Bank sees India’s inflation easing to 5.2% in FY24, helped by lower commodity prices and moderating domestic demand. However, the challenge between growth and inflation for the central bank is likely to persist.
Market reacted positively
Despite the revised growth outlook, the market remained positive throughout the day, with Nifty50 closing above 17,500, gaining nearly 1%. The World Bank said that even at this growth rate, India is likely to remain the fastest growing economy in the world. The Indian economy continues to show strong resilience to global shocks. The bank also expects the country's current account deficit to narrow to 2.1% of GDP in FY24.
Powerful buying made simple!
Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.
Benefits of MTF:
🔹Get 2X leverage on equity delivery orders
🔹Borrow up to ₹25,00,000 at a time
🔹Hold stocks bought via MTF for up to 365 days.
Phrase of the day
Going Long
When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’. When should you go long, find out from this chapter What does going Long mean?
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.