As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 539.50 points or 0.75% to 72,641.19. The Nifty 50 index added 172.85 points or 0.79% to 22,011.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 2.36% and the S&P BSE Small-Cap index gained 2.01%.

The market breadth was strong. On the BSE, 2,757 shares rose and 1,064 shares fell. A total of 105 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 7.12% to 12.15.

New listing:

Shares of Krystal Integrated Services were ended at Rs 713 on the BSE, representing a premium of 0.28% as compared with the issue price of Rs 715.

The scrip was listed at Rs 795, exhibiting a premium of 11.19% to the issue price.

The stock has hit a high of 795 and a low of 703.05. On the BSE, over 5.38 lakh shares of the company were traded in the counter.

Economy:

The HSBC Flash India composite PMI rose to 61.3 in March as compared with 60.6 in February. It indicated a sharp rate of expansion that was the strongest since July 2023.

The data showed the strongest increase in private sector output for eight months during March, amid a pick-up in growth at goods producers. Buoyant demand conditions fuelled growth, with aggregate sales rising at a sharp and accelerated pace. The manufacturing industry led the upturn with the fastest expansions in factory orders and production in nearly three-and-a-half years.

Pranjul Bhandari, Chief India Economist at HSBC, said, “Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly. New orders rose at a faster pace than in the previous month, and within that both domestic and export orders showed improved vigour. Input prices grew at a faster pace in March, and all the increase was not passed on to output prices, leading to some softening in composite margins.”

Buzzing Index:

The Nifty Realty index advanced 3% to 11,049.55. The index rallied 3.64% in the two trading session.

Sobha (up 11.8%), Swan Energy (up 5.62%), Godrej Properties (up 3.97%), DLF (up 3.84%) and Brigade Enterprises (up 3.48%) were the top gainers.

Among the other gainers were Oberoi Realty (up 2.94%), Macrotech Developers (up 2.52%), Mahindra Lifespace Developers (up 1.75%), Prestige Estates Projects (up 1.63%) advanced.

Stocks in Spotlight:

NMDC added 1.34%. The state-owned iron ore miner informed that it has decreased prices of lump ore and fines, effective from 21 March 2024.

Rail Vikas Nigam (RVNL) advanced 2.22% after it emerged as the lowest bidder (L1) for a project awarded by South Eastern Railway to upgrade electric traction system for Rs 167.28 crore.

Power Finance Corporation surged 7.03% after it sold its wholly owned subsidiary, Solarpur Transmission, to Torrent Power for Rs 6.54 crore.

Amber Enterprises India rallied 4.48% after the company signed a definitive agreement to acquire a 50% stake in a joint venture, Resojet Private, to carry on the business of manufacturing washing machines.

SEPC was locked in upper circuit of 5% after its wholly owned subsidiary, Shriram EPC FZE bagged a work order for artificial intelligence (AI) centre in Dubai worth AED 20.05 million.

NHPC added 1.44% after the meeting of the board of directors of the company is scheduled on 27 March 2024 to consider the proposal for raising of debt during financial years 2023-24 and 2024-25.

GE Power India gained 5.15% after the company announced that it has received a purchase order from Bharat Aluminium Company (BALCO) and Nuclear Power Corporation of India (NPCIL), Tarapur, Maharashtra.

Jupiter Wagons advanced 3.40% after the company announced acquisition of Bonatrans India Private (BIPL) for a sum of Rs 271 crore. BIPL, situated in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra, stands as a distinguished manufacturer of rolling stock wheelsets.

Prince Pipes & Fittings added 2.75% after the company has entered into asset purchase agreement with Klaus Waren Fixtures and NM Shah for the purchase of certain assets in two tranches. Total cost of acquisition is Rs 55 crore, funded through internal accruals.

Wockhardt rose 0.89%. The company’s board of directors has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 544.02 per share.

Lloyds Metals and Energy rallied 2.87% after the iron ore miner announced that its board has approved raising of funds through qualified institutional placement (QIP) upto Rs 5,000 crore.

Global Markets:

Most of the European shares advanced while its Asian peers ended higher on Thursday as the Federal Reserve signaled it remains on track for three interest-rate cuts this year despite a recent uptick in inflation.

Wall Street's main stock indexes closed higher on Wednesday after the Federal Reserve eased investor jitters by keeping borrowing costs unchanged.

Following its two-day policy meeting, the central bank’s rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25% - 5.5%. Along with the decision, Fed officials penciled in three quarter-percentage point cuts by the end of 2024. However, Fed's outlook for rate cuts in 2025 has come down to three times, than earlier four. Chair Jerome Powell said the Fed also did not elaborate on timing but said he still expects the cuts to come, as long as the data cooperate.