As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 363.20 points or 0.49% to 74,014.55. The Nifty 50 index added 135.10 points or 0.61% to 22,462. Both the indices advanced over 2% in three trading sessions.

The Sensex and Nifty clocked an all-time high of 74,254.62 and 22,529.95, respectively in morning trade.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 1.64% and the S&P BSE Small-Cap index gained 2.98%.

The market breadth was strong. On the BSE, 3,230 shares rose and 674 shares fell. A total of 154 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 5.84% to 12.08.

Economy:

India’s forex reserves rose $140 million during the week ended March 22 to touch its all-time high of $642.631 billion, according to the latest RBI data. This is the fifth consecutive week of a jump in the overall reserves.

For the week ended March 22, the foreign currency assets decreased by $123 million to $568.264 billion. Gold reserves rose $347 million to $51.487 billion during the week. The special drawing rights (SDRs) were down by $57 million to $18.219 billion, the RBI said.

India’s reserve position with the IMF was also down by $27 million to $4.662 billion in the reporting week, the RBI data showed.

Meanwhile, the combined Index of Eight Core Industries (ICI) increased by 6.7% (provisional) in February 2024 as compared to the Index of February 2023. The final growth rate of Index of Eight Core Industries for November 2023 is revised to 7.9%. The cumulative growth rate of ICI during April to February, 2023-24 is 7.7% (provisional) as compared to the corresponding period of last year.

Buzzing Index:

The Nifty Realty index jumped 4.21% to 938.60. The index surged 13.19% in the seven trading sessions.

Sunteck Realty (up 9.35%), Prestige Estates Projects (up 7.08%), Sobha (up 6.41%), Mahindra Lifespace Developers (up 6.32%), DLF (up 5.64%), Godrej Properties (up 4.06%), Macrotech Developers (up 3%), Brigade Enterprises (up 2.26%), Oberoi Realty (up 2.02%) and Phoenix Mills (up 1.98%) advanced.

March auto sales impact:

Tata Motors shed 0.09%. The auto major's total domestic sales rose 2% to 90,822 units sold in March 2024 as against 89,351 units sold in March 2023. Total passenger vehicle (PV) sales increased 14% to 50,297 units sold in March 2024 as compared to 44,225 units sold in March 2023.

Mahindra & Mahindra (M&M) shed 0.29%. The company announced that its overall auto sales for the month of March 2024 stood at 68,413 vehicles, registering a growth of 3.51% as against 66,091 vehicles sold in March 2023.

Eicher Motors shed 1.95%. The auto maker's unlisted subsidiary, VE Commercial Vehicles (VECV) reported 5.6% year on year decrease in commercial vehicles (CV) sales to 11,242 units in March 2024.

Escorts Kubota added 2.61% after said that the company’s Agri Machinery Business has sold 8,587 tractors in March 2024, which is lower by 16.7% as compared with sales of 10,305 tractors recorded in March 2023.

Maruti Suzuki India shed 0.22%. The company announced that its total sales grew by 10.06% to 1,87,196 units in March 2024 as against 1,70,071 units sold in March 2023.

Steel Strips Wheels (SSWL) jumped 5.38% after the company achieved net turnover of Rs 340.72 crore in March 2024 as compared with Rs 367.69 crore in March 2023, recording de-growth of 7.34% YoY.

Stocks in Spotlight:

Infosys shed 0.20%. The company said that it is expecting a refund of Rs 6,329 crore from the Income Tax Department, Government of India for assessment years 2007-08 to 15-16, 17-18 & 18-19 during the quarter.

Adani Total Gas (ATGL) jumped 4.81% after the company’s wholly owned subsidiary, Adani TotalEnergies Biomass said that it has commissioned operations at phase 1 of Barsana Biogas Plant, located in the Mathura, Uttar Pradesh.

NCC rallied 4.43% to Rs 244.95 after the company said that it has received new orders worth Rs 3,086 crore in the month of March, 2024.

G.M. Breweries zoomed 13.23% after said that the company’s board will meet Thursday, 04 April 2024, to consider a proposal for issue of bonus shares by way of capitalization of reserves, subject to approval from members of the company.

Man Industries (India) was locked in an upper circuit of 5% after the firm said that its board has appointed Sanjay Kumar Agrawal as the chief financial officer (CFO) and key managerial personnel of the company effective from 1 April 2024.

Prestige Estates Projects surged 7.68% after the company through its subsidiaries, has entered into landmark deal with (Abu Dhabi Investment Authority) ADIA and Kotak AIF for Rs 2,001 crore ($240 Million).

Confidence Petroleum India surged 8.21% after the company commissioned three new CNG stations in Bangalore.

Global Markets:

The US Dow Jones index futures were currently up by 111 points, signaling a positive opening for US stocks today.

European stocks advanced while Asian stocks ended mixed on Monday as US inflation figures reaffirmed bets for the Federal Reserve to ease policy this year and China’s economic recovery gained momentum. Australian and Hong Kong markets are closed for Easter Monday.

China’s National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to February’s reading of 49.1.

U.S. markets remained closed on Friday in observance of Good Friday. The core personal consumption expenditures price index rose 0.3% in February after climbing in the previous month, marking its biggest back-to-back gain in a year. The measure is up 2.8% from a year earlier.

Fed Chair Jerome Powell said Friday the central bank’s preferred gauge of inflation was “pretty much in line with our expectations.” Powell added that it wouldn’t be appropriate to lower rates until officials are sure inflation is in check. Investors are betting the US central bank will make that first cut in June, as per reports.