Tuesday, March 10
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Thursday, with both indices hitting fresh lifetime highs in intraday trade. While Nifty50 went above 26,300, BSE Sensex crossed the 86,000 mark.
The IMF has reclassified India's exchange rate regime to a "crawl-like arrangement," indicating increased flexibility after previously labeling it "stabilised." This shift follows a review and suggests the Reserve Bank of India, under Governor Sanjay Malhotra, is tolerating more rupee volatility. The move aims to help India absorb external shocks and reduce reserve accumulation.
India is set to commence Free Trade Agreement negotiations with the Eurasian Economic Union this Wednesday, aiming to boost exports, especially for MSMEs, farmers, and fishermen. This move follows recent challenges with US tariffs.
Stock market recommendations: Anand Rathi's Mehul Kothari identifies Swiggy and Bajaj Auto as top buys, citing bullish technical indicators like engulfing patterns and RSI divergences. Conversely, Vedanta is flagged for a 'sell' recommendation due to bearish RSI divergence and a trendline breakdown, suggesting potential downside.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Wednesday. While Nifty50 was near 26,100, BSE Sensex was up 650 points.
Asian markets surged Wednesday, fueled by weaker US data bolstering hopes for a Federal Reserve rate cut next month. Crude prices stabilized after a dip. Investors are keenly watching for signals of cooling US growth and potential shifts in Fed leadership, which could further influence market sentiment and oil prices.
Jefferies initiated coverage of LG Electronics India with a buy rating, citing its strong position in discretionary spending. JP Morgan maintained an overweight rating on Reliance Industries, increasing its target price due to attractive valuations and expected earnings growth.
The Indian government has approved two major railway projects totaling Rs 2,781 crore, adding 224 km of track in Maharashtra and Gujarat. These initiatives aim to boost connectivity, ease congestion, and support economic growth, aligning with the PM Gati Shakti vision. The projects will enhance mobility for millions and significantly improve freight movement, contributing to climate goals.
India's UIDAI has deactivated over 2 crore Aadhaar numbers of deceased individuals, a significant step in cleaning its database. This initiative, drawing data from various government sources, aims to prevent identity fraud and misuse of welfare benefits. Family members can now report deaths online, streamlining the deactivation process and enhancing security.
