Rupee breaches 94/$ for first time, hits fresh record low

One Point One Solutions announced the award of Rs 60 crore customer experience (CX) operations contract from Piramal Finance Limited for a period of three years

PVR Inox announced the opening of 3-screen Multiplex at DLF Midtown Plaza, Moti Nagar, New Delhi

Bank liquidity sees first big deficit of 2026 on tax outflow, lack of RBI support

Wipro expands Presence in South Korea, launches Innovation Lab in Seoul

Stock Market Closing Bell: Sensex crashed 1836.57 pts or 2.46% to close at 72,696.39 on Monday, and Nifty 50 fell 601.85 pts or 2.60% to 22,512.65

IndusInd Bank informed Siddharth Banerjee, Head of Global Markets Group and Senior Management Personnel of the Bank, has tendered his resignation

IndusInd Bank informed Siddharth Banerjee, Head of Global Markets Group and Senior Management Personnel of the Bank, has tendered his resignation from the services of the Bank on March 23, 2026, due to personal reasons. Further, Mr. Vasudeva Konda has been appointed as Head of Global Markets Group and designated as Senior Management Personnel of the Bank, with effect from March 23, 2026.

Gartner Predicts AI Applications Will Drive 50% of Cybersecurity Incident Response Efforts by 2028

ifty percent of all enterprise cybersecurity incident response efforts will focus on incidents involving custom-built AI-driven applications by 2028, according to Gartner, Inc., a business and technology insights company.

Mr. Pranay Aggarwal, Director and CEO of Stoxkart on Global Risk-Off Mood Hits Dalal Street as Oil Shock Intensifies

The sharp sell-off in Indian equity markets is driven by the escalating US-Iran geopolitical conflict, with threats to the Strait of Hormuz, a critical artery for over 20% of global oil supplies, intensifying after President Trump’s 48-hour ultimatum and Iran’s warnings of retaliatory strikes on energy infrastructure, pushing Brent crude prices firmly above $110-113 per barrel. This surge exacerbates imported inflation for oil-dependent India, eroding corporate profitability, pressuring the rupee to record lows around 93.84-93.86 against the dollar, and amplifying sustained foreign institutional investor outflows amid global risk aversion, leading to broad-based erosion of investor confidence and substantial market capitalization losses in the near term.

Vikas Gupta, CEO & Chief investment Strategist at OmniScience Capital

“The Strait of Hormuz and the Middle East has become analogous to the central four squares of a chess board. The efforts of both sides to gain control and maintain or stop Oil & Gas flows through it are making the global markets jittery. Oil prices are now at levels which can make the global economy struggle. Many economies would falter if the prices sustain at these levels. Even worse is the issue of supplies. Countries might be willing to pay the price but without the fuel supplies, the situation becomes very grim. Stock markets are crashing, bond yields are rising, gold and silver are crashing, indicating global uncertainty. Global economy is likely to slowdown significantly, while inflation is likely to rise. The previous view where most Central Banks across the globe, from the Fed to the RBI, were likely to cut interest rates in 2026 is completely negated due to this war. The Fed rate hike prospects have made the FIIs turn to a risk-off mode and thus driving sales in all equity markets across the globe. Overall market segment is negative. Remember what Prem Watsa (Warren Buffett of Canada) said: Buy when you hear the sound of canons. Sell when you hear the sound of trumpets.”

Sula Vineyards Promoter Buys 1.7 Lakh Shares, Raises Stake to 24.6%

Rajeev Samant, Founder and CEO of Sula Vineyards, has increased his stake in the company by acquiring a cumulative ~1.7 lakh shares through open market purchases between 12 February 2026 and 9 March 2026, as per disclosures available under the “insider trading” section on stock exchanges.

Consequent to these transactions, promoter shareholding has increased to 24.6% from 24.3% as of 31 December 2025. This marks the first increase in promoter shareholding since the company’s listing in December 2022.

HUDCO board declared interim dividend of Rs 1.25 per share and fixed March 28, 2026 as record date.

Its board approved annual borrowing plan / programme of amount upto Rs.70,000 Crore for the Financial Year 2026-27 through various sources/ modes which would include long-term and short-term loans/ lines of credit, bonds/ debentures of various nomenclature / types including 54EC Capital Gain Tax Exemption bonds, Subordinated bonds and / or Perpetual Tier-I Capital and/or Tier-II Capital bonds, Commercial/ structured paper(s), FCNR(B) loans, borrowings from Banks in equivalent foreign currency, ECBs, borrowings from multilateral institutions/ international agencies, Refinance assistance, loans against FD, Overdraft facility, Working Capital Demand Loans, etc.

Shares traded at Rs 166.40 on the NSE, down 3.5%.

Investors brace for turbulent India equity derivatives expiry as Trump ultimatum looms

Bosch, Tata AutoComp form equal-share JV to make eAxle systems in India

RITES bags ₹105.69 crore railway maintenance contract from RDSO

Highway Infrastructure secures contract for LOA operations at Katiyara Fee Plaza, Bihar

Highway Infrastructure has entered into a contract agreement for LOA operations at Katiyara Fee Plaza in the State of Bihar.

Alkem Labs down 2% at ₹5,151.50 after Daman unit gets EU GMP certification

Alkem Laboratories traded at Rs 5,151.50 on the NSE, down 2%.

The company had received an EU GMP compliance certificate from the Malta Medicines Authority for its Daman unit

Commodities: Iron ore rises on high freight rates, energy prices

Asgard Alcobev appoints Rohit Jain as Chairman Emeritus

Midday Updates: Sensex sinks 1,945 points, Nifty near 22,500 as geopolitical fears deepen

MCX gold drops below 9-week EMA, silver extends losing streak

Bosch, Tata AutoComp form equal JV for e-mobility; shares down 3.5% at ₹29,325

Navigated to New Chat

Bosch and Tata AutoComp Systems announced a joint venture to unlock growth opportunities in India’s e-mobility segment. The partners plan to hold equal shares in the joint venture, which aims to start its operations by mid-2026, subject to receiving all regulatory approvals.

Shares traded at Rs 29,325 on the NSE, down 3.5%

Nifty hits 11-month low, down over 14% from peak as geopolitical tensions escalate and oil surges; key support seen at 22,000–21,700

Bajaj Broking Research

Nifty has seen a sharp decline of more than 14% from the all-time high tracking weak global market cues amid escalating geopolitical tensions surrounding the US–Israel conflict with Iran. The fall got accelerated in today’s session with Nifty declining almost 600 points as the standoff over the Strait of Hormuz has sharply escalated, with US President Donald Trump issuing a 48-hour deadline to Iran over the weekend and warning of direct strikes on its power infrastructure if the key shipping route is not reopened.

Geo-political tension has pushed Brent crude oil prices sharply higher, with prices currently hovering around $112 per barrel, raising concerns for oil-importing economies like India. Adding to the negative sentiment, the Indian rupee slipped to a fresh low against the US dollar, further weighing on investor confidence due to fears of higher import costs and rising inflationary pressures. Elevated crude oil prices pose a major macroeconomic challenge for India due to its strong reliance on energy imports. A prolonged rise in oil prices can increase inflationary pressures, expand the current account deficit, and put further pressure on the domestic currency.

Nifty has retraced more than 78.6% of the previous major rally of April 2025 and January 2026 (21744-26373) and has slipped to a 11-month low forming lower high and lower low in the short- and medium-term time frame indicating continuation of the ongoing corrective phase. Market volatility is expected to remain elevated in the near term amid uncertain global cues, rising crude oil prices, and escalating geopolitical tensions.

The recent sharp decline has driven daily oscillators into oversold territory, with the 14-period RSI dropping below 30. However, there is still no price confirmation indicating a pause in the ongoing correction. For signs of stabilization, the index must begin forming a consistent pattern of higher highs and higher lows on the daily chart and secure a close above the immediate resistance level of 23,862, which aligns with the previous week’s high.

On the downside, the key support zone lies in the 22,000–21,700 range, which marks the lows of last year. Since the COVID-led decline in CY20, Nifty has consistently held above its previous yearly lows, making this a critical area to monitor in the near term. Going forward, geopolitical developments and movements in Brent crude prices are likely to play a decisive role in shaping the direction of the equity markets.

FPIs have sold 1 lakh crore so far in 2026, what should be your stock market strategy ahead?

Abhinav Tiwari, Research Analyst at Bonanza

FPIs have sold more than Rs. 1 lakh Cr in Indian equities so far in 2026, but this should be seen more as a cyclical risk-off phase rather than a structural negative on India’s equity market. Foreign investors usually react quickly to global macro factors such as higher US bond yields, crude oil movement, rupee weakness, and valuation gaps across emerging markets. In the current phase, selling is mainly linked to concerns around rupee depreciation, relatively expensive valuations, and lower near-term earnings visibility.

Historically, FPI flows have moved in cycles. After strong buying in FY24, where net inflows were very high, some reversal was expected once valuations moved above long-term averages. This means current selling is not necessarily a signal that foreign investors have turned permanently negative on India; rather, they are adjusting exposure because global capital has become more selective.

For domestic investors, the key point is that market corrections often push valuations back toward their long-term mean. That process is now visible, especially in large-cap stocks. Large caps should therefore be treated as the leading indicator for market direction because foreign ownership is highest there, and institutional money usually returns first to quality large names.

Stock market strategy ahead should focus on gradual accumulation instead of aggressive deployment. The premium valuations India enjoyed historically may not fully return in the next few years because macro conditions such as higher global rates, slower earnings upgrades, and tighter liquidity can keep valuation multiples moderate. That means investors should prefer quality businesses with earnings visibility, strong balance sheets, and reasonable valuations rather than chasing momentum.

A practical strategy is to keep cash available, accumulate large caps during corrections, stay selective in midcaps, and focus on sectors where earnings remain durable.

Gold, silver correct as macro factors outweigh safe haven demand; long-term outlook remains supported amid West Asia conflict: VT Markets

Ross Maxwell, Global Strategy Operations Lead, VT Markets

The recent correction in gold and silver can be linked to the ongoing Middle East conflict. Geopolitical risk typically drives safe-haven demand, supporting gold in particular. However, the war has heightened concerns about energy supply disruptions, pushing oil prices higher and reinforcing inflation pressures. This has led to increasing expectations that central banks will keep interest rates elevated for longer, strengthening the USD and raising real yields. These factors tend to weigh on precious metals. As a result, even with rising geopolitical tension, prices can pull back as macro factors take over from safe haven demand. In the short term, further escalation such as regional countries being dragged into to war or further supply shocks will keep short term volatility high and spikes in both directions are likely.

Over the longer term, a prolonged conflict would likely become more supportive for both metals. Persistent inflation, fiscal strain, and heightened global uncertainty typically reinforce gold’s role as a store of value. Silver may lag initially if economic growth weakens, but could benefit later from both inflation hedging and structural industrial demand. Overall, the correction still appears more like a pause within a broader supportive environment rather than the start of a sustained downtrend, however, we need to keep a close eye on the ever changing geopolitical landscape.

Remsons Industries to sell entire 35.86% stake in Astro Motors for ₹10 crore;

Remsons Industries: Board approved sale of entire stake held in Astro Motors Private Limited (“AMPL”), Associate Company, being 62,500 (35.86%) equity shares held therein for a lump sum consideration of Rs. 10 crore.

It also approved acquisition of remaining 73,500 (49%) equity shares of Remsons Edge Technologies Private Limited at a consideration of Rs. 7 lakh from the existing shareholders of the RETPL by entering into a Share Purchase Agreement.

Dalal Street rout: Sensex, Nifty down 2.5% as banking, metal, realty stocks drag

Indian government bond yields rise as oil prices surge and rupee hits record low

Vintage Coffee doubles capacity with 4,500 MTPA brownfield expansion

Apollo Hospitals to acquire 30.58% stake in subsidiary AHLL from IFC, IFC EAF for ₹1,254 crore

Apollo Hospitals Enterprise approved the acquisition of 41,650,638 equity shares aggregating to a 30.58% equity stake held jointly by International Finance Corporation, Washington (IFC) and IFC EAF Apollo Investment Company (IFC EAF) in its subsidiary, Apollo Health and Lifestyle Limited (AHLL), for a total purchase consideration of Rs. 12,540.68 million.

PNGS Reva shares hit 52-week low; Gudhi Padwa revenue surges 2.5x

UAE equities decline on Iran’s retaliation warning on Gulf energy, water infrastructure

Stock markets in the United Arab Emirates declined on Monday after Iran warned it would strike energy and water infrastructure across the ‌Gulf if U.S. President Donald Trump follows through on his threat to attack its electricity ⁠grid.

Dubai’s main share index tumbled ‌2.7% in early trade, dragged down by a 4.6% drop in blue-chip developer Emaar properties and a 2.9% fall in top ⁠lender Emirates NBD Bank. – Reuters

Global markets update: South Korean shares tumble, won hits 17-year low on Mideast conflict

South Korean shares dropped more than 6% on Monday to close ‌at their lowest level in two weeks, while the won weakened to a 17-year low, as heightened Middle East tensions dampened appetite ⁠for riskier assets.

The benchmark KOSPI closed down 375.45 points, or 6.49%, at 5,405.75, marking its ‌lowest level since March 9 and the biggest daily percentage loss since ‌March ⁠4. – Reuters

Adani Green Energy commissions 510 MW capacity power projects in Gujarat

Paytm’s merchant platform to be largest in India across online, offline channels, says Jefferies

Global markets: Asian shares decline as hopes dim for resolution in Iran

Asian shares dipped Monday, as oil prices continued to climb after US President Donald Trump’s latest comments dashed hopes for an early end to the war in Iran.

South Korea’s Kospi dove 6.5 per cent to 5,404.77. Hong Kong’s Hang Seng slipped 4.0 per cent to 24,279.23, while the Shanghai Composite declined 3.7 per cent to 3,811.62. – AP-PTI

Gujarat State Petronet appoints Saarthak Gautam as General Manager and Head of Department

Gujarat State Petronet Limited has informed the Exchange regarding Appointment of Shri Saarthak Gautam as General Manager (D&E, Procurement and O&M) of the Company. He will function as Head of Department and also oversee the functions of HSE, GSPL

Airtel expands 5G coverage in Gujarat with 2,750+ new sites; shares down 3% at ₹1,796.70

Airtel brings faster speeds and wider 5G coverage to millions in Gujarat with 2,750+ new sites

Bharti Airtel shares traded at Rs 1,796.70 on the NSE, down nearly 3%

Nikhil Kamath, Quant MF & Bank of India back Swan Defence’s OFS; estimated ₹500 cr raised

Australian shares at 10-month low on Middle East war-driven inflation woes

Australian shares slid to a 10-month low on Monday as escalating threats between Washington and Tehran signalling ⁠the conflict could drag on for weeks pushed oil prices higher, stoking global inflation fears and keeping investors cautious.

The S&P/ASX 200 index fell 0.7% ‌to 8,365.9, its lowest level since late-May, 2025. The benchmark has lost more than 9% this month which is ‌on track to be the worst since May 2022, when ‌surging ⁠inflation and rate-hike fears shook markets after Russia’s invasion ⁠of Ukraine. – Reuters

Silver hits lower circuit in futures trade, plunges 9% to ₹2.06 lakh/kg amid weak global cues

Hindustan Zinc and Tata Steel partner on low-carbon zinc solutions; shares drop 4-5%

Hindustan Zinc and Tata Steel Partner to Scale Low-Carbon ZincSolutions with EcoZen

Hindustan Zinc traded 5% lower on the NSE at Rs 489.50. Tata Steel traded at Rs 188.49, down over 4%.

Gold futures plunge ₹8,089 to ₹1.36 lakh/10g on global selloff, inflation fears

Zinc futures: Outlook turns weak

Global market updates: Samsung Electronics shares fall over 5% as geopolitical tensions weigh on tech stocks

Shares of Samsung Electronics were trading 4.81 per cent lower at 189,800 won (USD 125.7) as of 9:12 a.m. on Monday, after dropping as much as 5.32 per cent earlier in the session.Shares of SK hynix Inc. also came under pressure, trading at 949,000 won (approximately USD 628) down 5.76 per cent. – ANI

India’s PMS assets double since 2022, topping ₹10.5 lakh crore amid rising demand for customised wealth solutions

The sharp expansion of India’s Portfolio Management Services (PMS) industry reflects a structural shift in how high-net-worth investors are approaching wealth creation, according to Dhanvesttor, a women-focused PMS platform.

Recent data from the Securities and Exchange Board of India (SEBI) shows that assets managed under PMS have expanded significantly over the past few years, rising to over ₹10.5 lakh crore, nearly doubling from the levels seen in 2022. The number of PMS investors has also increased steadily, reflecting growing interest in customised investment strategies among affluent investors and family offices.

Tata Capital slips 1% to ₹313.30 after ₹413 crore I-T reassessment order for FY18

Tata Capital shares down 1% on the NSE to Rs 313.30. Company had received a Rs 413 cr reassessment order from the I-T Department for FY18 due to a tax credit discrepancy

Gold price falls on West Asia tensions, stronger dollar; outlook positive but exports seen hit: Kama Jewelry MD

Colin Shah, MD, Kama Jewelry on Sharp drop in gold price.

The sharp dip in gold prices is a ripple effect of the ongoing tensions in West Asia and the impact has severely hit global economy. The disrupted oil supply has led to a rise in the price of crude, which is being perceived as a major inflationary trigger along which will drive cautiousness among the Central Banks. As a result, interest rates to see a rise and directly impact the domestic consumption. Parallelly, the strengthening of the USD is also pushing investors away from investing into the yellow metal.

While the long-term outlook of the yellow metal continues to remain positive, both international and domestic economies are going to see strong tremors due to the conflict and gems & jewellery exports will be impacted the most. We are hopeful that the tension will settle down and the economies will get back on track.

INOX India bets on diversification to offset LNG volatility, targets ₹1,600 crore in FY26

Transrail Lighting recalls share application money for UAE subsidiary amid war-like situation

Transrail Lighting has recalled the share application money remitted for allotment in share capital of Transrail Trading LLC, a Wholly Owned Subsidiary (“WOS”) of the Company incorporated in the United Arab Emirates (UAE), due to current war like situation

SBI shares fall 3.5% to ₹1,020 after ₹6,337 crore tax demand order

SBI shares traded 3.5% lower at Rs 1,020 on the NSE at 11.37 am, hitting a low of Rs 1,014.20.

Bank had received an order from Income Tax Dept for a tax demand of Rs 6337 crore.

Mangal Credit and Fincorp board approved allotment of NCDs aggregating to Rs 20 crore

Bank Nifty drops over 3%; Union Bank, PNB, Canara Bank among top losers

Navigated to New Chat

Bank Nifty fell over 3%. Top losers: Union Bank (-4.73%), PNB (-4.48%), Canara Bank (-4.46%), AU Small Finance (-4.27%), Bank of Baroda (-4.07%)

HSBC on Financials

Investors are concerned about the prolonged impact of high oil prices on growth, inflation, interest rates, and asset quality

Key debates: PSU vs private banks; asset quality worsening; whether to position for rate normalisation or for high rates

Prefer AXSB, ICICI BK, SBI, Chola and Shriram Fin (All BUYS)

HSBC on HDFC BK

Buy, TP cut to Rs 990 from Rs 1070

To us, resignation of HDFCB’s Chairman seems a matter of difference of opinion rather than of any governance issues

However, this will likely cause a valuation multiple erosion

To offset this performance metrics need to improve

Value core bank at 2.2x FY27e BVPS (2.4x earlier)

DAM Capital on Premier Energies

Buy, TP Rs 1295

Plant visit takeaways

Reinforced strong conviction that Premier is steadily developing a strong competitive moat through its technological and execution capabilities which would be difficult for competitors to replicate.

Co.’s superior positioning is on the back of its ability to

1) achieve best-in-class cell efficiency,

2) commission and stabilize cell plant without any tech tie-up,

3) ramp-up solar cell lines within 4-6months (vs 12-18months for peers)

4) drive product innovation through its in-house R&D (G12R cells, zero busbar cells, etc)

Jefferies on Star Health

Buy, TP Rs 660

Roadshow feedback

Loss ratio was of key interest, with Star indicating improvement until FY28 (JEFe: 200bps over FY25-28e) to be led by annual price hikes, which have resumed, and selective underwriting. Other levers, not factored in est., include

(i) claim automation,

(ii) hospital partnership,

(iii) Public Insurance Registry.

Stock trades at 18x FY27e P/E, not reflecting IFRS EPS CAGR of 21% over FY26-28e.

Nuvama on Allied Blenders

Buy, TP Rs 670

Management meet Key insights

i) Q3 weakness was regulatory-led (Telangana destocking, Maharashtra policy impact) with Q4 to rebound.

ii) Premiumisation continues and to reach ~50% of mix by FY28 (47% in 9MFY26).

iii) ABD Maestro (80%/20% JV of ABD/Ranveer Singh) gaining traction with new launches (Rangeela, Yello) and luxury positioning (The Collective).

iv) Favourable RM basket, India-UK FTA and backward integration to expand EBITDA margin to 17–18% by FY28 (13.2% in 9MFY26)

MOSL on Kalyan Jewellers

Buy, TP Rs 550

Demand in India remains resilient despite a spike in gold prices

Geopolitical issues may hit MENA business in near-term

India store expansion drive to continue

Candere turns profitable; growth momentum remains strong

EBITDA margin expansion led by mix and operating leverage

Deleveraging and lower finance costs to support profitability

CLSA on ASK Auto

O-P, TP Rs 640

Honda Motorcycle & Scooter India (HMSI) is set to expand its capacity by 28%, jumping from 6.25mn to 8mn units annually, powered by a Rs15bn expansion at its Tapukara plant

Move cements Honda’s push to offer compelling products and services.

For ASK Automotive (ASK), which derives c.35% revenue from HMSI, this expansion is a structural tailwind.

And with HMSI yet to fully unleash its electric 2W portfolio—where content per vehicle is 30–50% higher than ICE—ASK stands perfectly positioned for next wave of growth

Investec on Adani Ports

Recommendation Buy; Target ₹1,850

Expanding Vizhinjam capacity by >3x to 5.7m TEUs by Dec-28, entailing a capex of >Rs 10,000 crore

Aims to capture a significant portion of India’s transshipment volumes

Signed a MoU with BPCL to offer LNG bunkering service at Vizhinjam

Should raise the port’s value proposition and attract transshipment volumes from competing ports

Other than Vizhinjam, also expanding capacities at Mundra, Dhamra, Kattupalli, Kandla, Colombo

Brokerages on Oil & Gas sector

Morgan Stanley on oil & gas

See Indian fuel retailers tracking $1.5 billion in monthly losses at $107/bbl Brent

India’s OMCs are buying most oil at Brent-linked pricing (with $5-10+ premiums), including higher Russian crude volumes

Retailers earned EBITDA/bbl above $8/bbl over the past two years, which gives them balance sheet room to absorb losses for another 45 days

Think government will need to cut excise duty, raise fuel prices, or some of both after that

With 5 state/UT elections in April-May, see the potential for fuel price adjustments after the polls, consistent with the pattern of the past five years

See each month of $107/bbl Brent reducing OMCs’ FY27 book value by 3-5%

Refiners have raised premium gasoline and diesel prices by Rs 2.35/litre while IOCL has lifted industrial diesel prices by Rs 22/litre, covering 12-15% of national consumption

Citi on oil & gas

Gas vs. oil value chains: Diverging disruption paths, diverging risks

Believe investors should differentiate between the two when assessing the timeline for normalisation

Damage to Qatari LNG facility reinforces view that the gas value chain could face deeper and more prolonged disruption than oil

Citi’s commodities team now expects JKM LNG prices to average $27/mmbtu in Q2CY26E, $16-17/mmbtu through H2CY26E, and $13/mmbtu in CY27E

Extended LNG tightness is a clear, albeit under-appreciated, overhang for Petronet, where we see further downside risk

GAIL appears comparatively better positioned

Brent prices could remain elevated at $110-120/bbl in the very near term

Citi anticipates de-escalation within 3-5 weeks, with prices moderating to $70-80/bbl by year-end

OMCs therefore appear near peak stress, with valuations having corrected to 0.9-1.1x P/B

BPCL’s & IOCL’s book value would be relatively more resilient than HPCL’s

Morgan Stanley on India energy & chemicals

ONGC – Maintain Overweight; Hike target price to Rs 363 from Rs 299

Oil India – Maintain Overweight; Hike target price to Rs 563 from Rs 455

GAIL – Downgrade to Equal-weight from Overweight; Cut target price to Rs 150 from Rs 236

Petronet – Downgrade to Equal-weight from Overweight; Cut target price to Rs 276 from Rs 342

LNG infrastructure damage in Qatar shifts LNG markets from glut to balanced

Makes alternative fuel demand (coal and diesel) move higher against prior estimates

Coal equipment, upstream oil, refiners, fertilisers and specific power producers benefit, while gas producers see consumption slow

Considering the demand sensitivity to gas prices, downgrade GAIL and Petronet as demand growth remains tepid

Get more constructive on upstream oil producers with integrated refining capacity, as global gas prices remain high along with higher oil prices supporting FCF yields

CLSA on UltraTech Cement

Maintains high conviction outperform

Ongoing Middle East conflict raised cost inflation concerns

More concerns on crude-linked products availability and profitability impact

Estimate cement price increase of 4-5% for $40/T rise in petcoke and 30% risk in packaging cost

Near-term earnings could be at risk

In medium term, when war risk subsides, companies can retain part of price increase

Stock already at trough valuations on EV/T

Goldman Sachs on Indigo

Maintains Buy rating with a revised target price of ₹5,200 (cut from ₹6,000)

Estimates cut sharply due to higher fuel costs

Middle East traffic weakness impacting near term outlook

FY26 EBITDAR estimated at ₹137bn

FY27 EBITDAR estimated at ₹159bn

FY28 EBITDAR estimated at ₹244bn

Industry consolidation likely amid supply constraints

Net cash balance sheet seen key strength

Market share gains likely as weaker players exit

Elara Capital on consumer durables

Production impacted by LPG supply constraints

Some manufacturers operating at 40% to 75% capacity

Companies with alternate fuels operating near full capacity

Component inventory at 7 to 10 days

Compressor segment may see revenue decline in Q4

OEMs may see double digit growth in Q4

Margins may decline 50 to 150 bps YoY

RAC market expected low to mid double digit growth

Prefer Voltas and LG Electronics

Macquarie on L&T

O-P, TP Rs 4910

Update on project execution

None of the project sites have been hit in the conflict so far.

95% of the sites continue to operate with 5% sites stalled by the company or client due to risk factors such as proximity to a military base, etc

Stalled 5% sites currently did not contribute significantly to revenue.

However, Deputy MD has flagged logistics and supply chain as key challenges and highlighted revenue risk including deferment, if the situation does not get resolved in 3 months as co generally keeps three-month supplies at site

STK having corrected over 22% over the last month, we see significant value at the current level

Brokerages on Pharma sector

CLSA on Pharma

Upon expiry of Semaglutide patent in India on 20 March 2026, several Indian pharma cos have announced the launch of generic versions of the drug, priced c.90% lower

This sharp decline in price improves the affordability of drug, & estimate the size of total addressable market could expand 6x from Rs14bn (annually) currently to Rs83bn (US$900m) with further potential to reach Rs285bn (US$3.1bn)

While all pharma cos that have launched drug in first wave are likely to benefit, believe players such as Sun Pharma & Torrent Pharma could capture relatively higher share of market

Macquarie on Pharma

Generic GLP-1s have arrived

Steep discounts & incremental innovations

Generics yet to offer full portfolio of semaglutide SKUs

Torrent gains first mover advantage in oral semaglutide

Differentiated device strategies among larger players; Zydus stands out

Believe Torrent Pharma, Sun Pharma, Lupin & Eris are best positioned to capture incremental demand and gain share.

GS on Pharma

Following loss of exclusivity (LoE), several India pharma firms have launched Semaglutide Generics on March 21st.

On pricing, Natco Pharma (Not Covered) is launching multi dose vials at the retail monthly price of Rs1,290 (US$14) for starting dose of 2mg/1.5ml, at c. 90% discount to prevailing brand prices although for Pen form (which view to be more prevalent) Sun’s pricing for T2DM dose is at Rs3,000 (US$33) at a c.65% discount.

These discounts are largely inline with earlier analysis of India GLP-1 market opportunity which size at US$1.5bn by FY31E, as expect significant volume uptick (c. 40x) following genericization

JPMorgan on Pharma

GLP-1 not an imminent near-term disruption

Anticipate <1% revenue impact in FY28-30 for F&B companies

Could affect consumption habits and product preferences

Global staples have de-rated in recent years due to low volumes, competition and modern trends

Indian consumer companies should adapt product portfolios

Preferences to shift towards healthier, lower-calorie, protein and fiber-rich foods

Nestle, Britannia, VBL, United Breweries, United Spirits, Jubilant Foodworks to see more debates

Jefferies on Payment Flatforms

Paytm – Buy, TP cut to Rs 1350 from Rs 1400

Pine Labs – Buy, TP cut to Rs 260 from Rs 300

interactions with payments platforms (Paytm & Pine Labs) indicate they are targeting +20% revenue growth & expansion in Ebitda margins aided by op. leverage

They are expanding network, growing faster in loan origination & expanding into new areas

Stocks are down 20-30% YTD amid new-listing & risk aversion

Sensitivity to lower contribution is higher – 9/6% impact on adj Ebitda.

UBS on CG Power

Buy. TP raised to Rs 900 from Rs 840

Think CG Power is at an inflection point, with worst of industrial weakness across orders, margins and rail execution largely behind.

CG is well positioned in power segment, with timely capacity expansion and improving export visibility.

A strong cash position (post-QIP) supports product portfolio expansion, while OSAT, although backended, remains scalable over time

While scaling up industrial exports may remain challenging, domestic cycle, led by rail/industrial motors, increasingly looking better over next 12 months.

Brokerages on Coforge

UBS on Coforge

Initiate Neutral, TP Rs 1240

Coforge has consistently delivered strong growth driven by execution, with organic growth of c13-15% over FY24-25 (overall growth of c15-30%)

Estimate revenue CAGR of 15% over FY26-28E

Stock has corrected 35% YTD, with PEG ratio of 0.8x seeming attractive

However, have some concerns –

1) acquisitive nature of co (concerns persist around dilution and integration)

2) relatively weaker positioning for GenAI as per VECTOR framework

Therefore, believe risk reward seems balanced now

MOSL on Coforge

Buy, TP Rs 1880

Since US–Iran conflict broke out, STK has decline of 9-10% (45% from its peak) & underperformed some of its mid-cap peers by 2-9%

Coforge seems to have two disadvantages vs peers: (1) relatively higher exposure to the travel vertical vs peers, & (2) Middle East exposure.

Even so, believe the stock is currently pricing in an extreme bear-case scenario

At current levels, valuations appear attractive (19x/15x FY27/28E P/E)

HSBC on Max Healthcare

Upgrade to Buy, TP raised to Rs 1125 from Rs 1060

Think Max has ample growth drivers to support earnings growth

Bake in EPS CAGR of 28.5% over FY26-28e

Robust growth outlook and execution outweigh short-term issues (e.g. loss of top doctors, MVT disruptions)

Positive on:

a) net addition of 2,240 beds (43% capacity addition) between now & FY28e, of which 60% will be brownfield beds,

b) economies of scale benefit from brownfield additions,

c) scale-up of recent large format hospitals at Noida and Dwarka,

d) access to a large pool of CGHS patients which has been helping it to quickly fill occupancy and cover fixed costs at new hospitals

MS in ITC

EW, TP Rs 346

Sharp tax increases are unprecedented & lead to uncertainty.

ITC shares are down 25% YTD (vs. BSE Sensex – 10%)

Think incremental pricing actions & impact on volumes and EBIT growth in 1QF27 could be key catalyst.

MS on Grasim

OW, TP Rs 3865

Management meet takeaways

Paints – Clear execution roadmap with Rs100bn revenue target in 3 years of full commercial launch (by 2028); currently on track with strong supply-side build-out.

B2B e-commerce • Asset-light B2B digital platform addressing inefficiencies in building materials procurement (pricing, availability, fragmentation)

Cellulose • Increasingly focus is on high-margin, value-added products like Lyocell – 110kt capacity expansion is underway & should be commissioned in two phases with first phase of 55kt starting F2028.

Chemicals • Strategy has been to shift from commodity-caustic to higher-value derivatives and specialty epoxy

Citi on financials

CGSSMF 2.0 – Liquidity boost for small/medium MFIs; limited direct uplift for large MFIs

70-80% sovereign guarantee reduces expected losses/capital consumption, reopening credit lines

Rs 20,000 crore envelope equals over 20% of NBFC-MFI borrowings

Mandatory allocations addresses Q3FY26 borrowings shortfall against disbursements

AUM-linked caps democratize access while curbing concentration

For listed MFIs, Rs 300 cr per-entity ceiling limits direct uplift

Treat this as sector-positive; maximum utilization could generate Rs 8,000 crore in borrowings as sector-positive

Key clarification: Are borrowing limits per lender or aggregate?

MS on MFIs

Govt. has announced a Credit Guarantee Scheme for MFIs, effective 20 March 2026

This applies to loans sanctioned by lending institutions (banks, FIs, etc.) to NBFC MFIs/MFIs for on-lending to small borrowers

This is applicable up to 30 June 2026 or until guarantees for amount Rs200bn are issued, whichever is earlier.

Prima facie, this appears to be positive for MFIs as they recover from an asset quality cycle and rebuild their loan books.

However, need clarity on

* Does MFI include diversified NBFCs lending in the MFI segment?

* Is lending rate capped at the lower or upper of EBLR/MCLR + 2ppt?

* Is the Rs3bn cap per lending institution or across all lenders?

Info Edge to invest ₹15 crore in subsidiary Startup Investments; shares down 1.22% at ₹966.30

Info Edge (India) has agreed to invest an amount of about Rs. 15 Crores in Startup Investments (Holding) Limited, a wholly-owned subsidiary of the Company.

Shares traded at Rs 966.30 on the NSE, down 1.22%.

Sensex today: At 11:15 am, BSE market breadth weak; only 582 stocks advance, 3,530 decline

At around 11.15 am, 4,277 stocks were trading on the BSE, of which only 582 advanced, 3,530 declined and 165 remained unchanged. Nearly 54 stocks hit 52-week high, and 827 hit 52-week low. In addition, 128 hit the upper circuit and 253 hit the lower circuit.

All sectoral indices in red; consumer durables, metals, realty, banking and financial stocks fall 4-5%

All sectoral indices traded in red,consumer durables, metals, realty, banking and financial stocks were major laggards dragging 4-5%.

Nifty Bank Prediction Today – March 23, 2026: Nifty Bank futures: More decline on the cards

India cracks down on unapproved FDC drugs over safety concerns

Shalby inaugurates oncology and radiotherapy facilities at Krishna Shalby Hospital; shares drop 5.55% to ₹132.30

Shalby has informed the exchange regarding ‘Inauguration of Oncology Department along with advanced Radiotherapy facilities at Krishna Shalby Hospital’.

Shares traded at Rs 132.30 on the NSE, down 5.55%.

Stock Market Live Updates: Silver breaks down as risk-off wave drags metals lower

Stock Market Live Updates: At 10.34 am, Sensex plunged 1797.70 pts or 2.41% to 72,735.26, and Nifty 50 shed 577.30 pts or 2.5% to 22,537.20

Stock Market Live Updates: Innovision shares list at sharp 10% discount, extend losses after market debut

Gold price slump drags shares of Manappuram, Muthoot Finance; jewellery stocks slide

South Indian Bank appoints Jose Joseph Kattoor as non-executive part-time chairman for three years

South Indian Bank has appointed Mr. Jose Joseph Kattoor as the Non-Executive Part-Time Chairman (Independent Director) of the Bank, effective March 23, 2026, for a term of three years. The appointment follows the sanction accorded by the Reserve Bank of India on February 3, 2026.

Vintage Coffee commissions additional 4,500 MT capacity under brownfield expansion; shares down 1.65% at ₹129.67

Vintage Coffee and Beverages announced the commissioning of an additional 4,500 metric tons per annum capacity with effect from 23rd March, 2026, under its brownfield expansion project for soluble coffee.

Shares traded at Rs 129.67 on the NSE, down 1.65%

Time Technoplast subsidiary secures CPRI certification for OPzS stationary batteries; shares fall 3% to ₹157.51

Navigated to New Chat

Time Technoplast Limited has informed the Exchange that Power Build Batteries Private Limited, Subsidiary of the Company receives Central Power Research Institute (CPRI) Certification of Successful Test Completion for OPzS Stationary Batteries

Shares traded at Rs 157.51 on the NSE, down 3%

War Technology: A web of sensors: How the US spots missiles and drones from Iran

Two co-founders of crypto exchange CoinDCX held on charges of fraud

Fertiliser imports at risk ahead of sowing season, 26% sourced from current hotspot West Asia: CareEdge Report

Nifty Today: Top gainers, losers at this hour of trade

Top gainers of Nifty 50: ONGC (+1.09%), HCL Tech (+1.03%), TCS (+0.29%) – Only three gainers as at 9.45 am

Top losers: Tata Steel (-4.23%), Shriram Finance (-3.47%), JSW Steel (-3.44%), Hindalco (-3.23%), Bajaj Finance (-3.18%)

Bitcoin holds $68,000 support amid macro headwinds; ETF flows turn cautious, altcoins echo subdued sentiment

Market analysis by Vikram Subburaj, CEO, Giottus.com

As of March 23, Bitcoin was trading around $68,000-$68,200 after a volatile week in which it had briefly traded above $74,000. In the near term, the market appears to be trading within a narrow tactical band. $68,000 remains the first support to watch, while the $70,000-$72,000 zone is the first meaningful resistance area. That matters because Bitcoin is no longer trading solely on crypto-native sentiment. It is reacting almost tick-for-tick to a broader global repricing of risk.

On-chain data offers a more nuanced picture than price action alone. Glassnode data indicates that the $72K–$82 K band is a low-supply zone. So, if Bitcoin reclaims it, overhead resistance may be limited even if current prices are below that range.

At the same time, its Percent Supply in Profit had recovered only to around 60%. This is an improvement from stress conditions but still below the 75%+ zone that would more convincingly signal a durable bull-market reset.

The ETF tape also argues for caution rather than euphoria. On March 20, U.S. spot Bitcoin ETFs recorded a net outflow of about $52.1 million, with BlackRock’s IBIT accounting for the largest single-day withdrawal. March 21 and 22 were a weekend, so there were no regular U.S. ETF trading-session flow prints on those dates. Even so, the broader March picture had not completely broken down. Reports still described the month’s aggregate ETF flow trend as positive despite late-week softness. That is a useful distinction. One weak day is not the same as a regime change. But it does show that institutional money has become more selective at higher prices.

The bigger driver on March 23 was macro. Reuters reported Brent crude at around $111.90 a barrel. This is up sharply amid the escalating Gulf conflict. Bond yields climbed and the dollar firmed as markets priced out aggressive rate cuts. That combination is not friendly to crypto. High oil prices raise inflation anxiety and inflation anxiety reduces the room for the Federal Reserve to turn dovish. The Fed has already held rates at 3.5%-3.75% and signaled only one cut in 2026. This reinforces the higher-for-longer backdrop. For crypto, that means liquidity remains constrained and rallies must work harder to sustain themselves.

Among large-cap altcoins, the picture was softer rather than exuberant on the March 23 snapshot. Desks showed Ethereum near $2,056.82, down 1.36% in 24 hours; BNB around $627.53, down 0.61%; XRP at about $1.39, down 1.64%; and Solana near $86.46, down 1.05%. For TRON, there was a daily gain of roughly 2%-3%, depending on the currency pair snapshot. The broad takeaway is that altcoins were not staging a decisive independent breakout; they were mostly echoing Bitcoin’s macro-led hesitation.

Bitcoin remains structurally better placed than it looked a few weeks ago. However, this is a market still being shaped more by oil, rates, and geopolitics than by internal crypto momentum. Unless Bitcoin reclaims $70,000-$72,000 with stronger participation and steadier ETF demand, traders should treat the current bounce as a test of resilience.

DMR Engineering wins ₹1.25 crore DPR and consultancy contract for Sainachatti Kuthnaur hydro project in Uttarakhand

DMR Engineering has received a work order for the preparation of Detailed Project Report (DPR) and providing Design and Engineering Consultancy Services in respect of the Sainachatti Kuthnaur Hydroelectric Project (24 MW) located in the state of Uttarakhand, India. The contract is to be executed over a period of 24 months for a total consideration of Rs 1.25 crore.

New Zealand permits fuel imports meeting Australian standards amid supply shock

New Zealand will temporarily permit fuel meeting Australian standards ‌to be imported for up to 12 months, the government said ⁠on Monday, as it seeks to mitigate supply risks linked to the Middle East conflict ‌and soaring prices.

Associate Energy Minister Shane Jones said the alignment of fuel ‌standards would give importers access ‌to ⁠more options and reduce the risk ⁠of disruptions.

“This is a sensible, time-limited step that gives importers access to a broader range of fuel shipments, including ‌those already in our region,” Jones said in a statement.

But the country would not follow Australia in relaxing its own ‌standards to allow access to higher sulphur fuel, he added.

New Zealand has 49.9 days of ⁠petrol, 45.5 days of diesel and 44.7 days of jet fuel in reserve, according ‌to figures from the Ministry of Business, Innovation and Employment. – Reuters

China’s yuan weakens against dollar as Iran war threatens growth

China’s yuan softened to the weakest level in two weeks on Monday, as the escalating Middle East war boosted the dollar’s appeal and brought ‌uncertainty to the Chinese economy. But some analysts believe the yuan remains in an upward trend ⁠underpinned by improving economic health, with the global oil shock potentially benefiting China’s green energy exports. The onshore yuan changed hands at ‌6.9098 per dollar around midday, 0.1% weaker than Friday’s close. – ANI

Kotak Mahindra Bank to buy Deutsche’s India retail business in Rs 4,500 crore deal: report

Kotak Mahindra Bank is set to acquire Deutsche Bank’s India retail business ‌in a deal estimated at about 45 billion rupees ($480.3 ⁠million), the Economic Times reported on Monday, citing multiple people familiar with ‌the matter.

Kotak was chosen as the preferred bidder ‌over Federal Bank, the newspaper ‌said, ⁠adding that the ⁠deal could be announced as early as next week and that the final price may be ‌adjusted at closing. – Reuters

Iron ore rises on high freight rates, energy prices

Iron ore futures rose on Monday, supported by high freight rates, while other steelmaking ingredients such as coking coal and ‌coke also gained as countries booked coal cargoes for their energy use due to ⁠a spike in global oil and gas prices. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded ‌0.86% higher at 818.5 yuan ($118.46) a metric ton, as of 0324 GMT. The benchmark April ‌iron ore on the Singapore Exchange was 0.26% ‌lower ⁠at $107.95 a tonne. – Reuters

P N Gadgil Jewellers opens two new stores in Maharashtra; shares fall 2.5% to ₹555.80

P N Gadgil Jewellers has opened two new stores in Maharashtra.

Shares traded at Rs 555.80 on the NSE, down 2.5%.

Adani Green operationalises 510.1 MW at Khavda; shares slip 2% to ₹842.55

Adani Green Energy, through its subsidiaries, has operationalised an aggregate 510.1 MW power projects at Khavda, Gujarat.

Shares traded at Rs 842.55 on the NSE, down 2%.

Euro Pratik Sales to acquire 51% stake in Chawla Brothers for ₹33.2 crore; shares steady at ₹214.10

Euro Pratik Sales announced the acquisition of a 51% stake in Chawla Brothers, valued at ₹33.2 crore (including capital infusion of ₹4.1 crore), is expected to be completed by March 31, 2026, and will be funded through internal accruals. The business is expected to generate a projected revenue of ₹ 80 crore in FY27.

Shares flat on the NSE at Rs 214.10.

Bitcoin outperforms equities amid global volatility; investors urged to stay disciplined and focus on fundamentals

The ongoing oil shock and geopolitical tensions have triggered volatility across global markets, yet digital assets are showing relative resilience. Bitcoin has corrected in recent sessions but continues to hold up better than equities and some traditional assets, reflecting sustained structural demand and improving liquidity dynamics.

At the same time, Ethereum is approaching a decisive technical phase, with the $1,800 zone emerging as a crucial level that could define near term direction if broader market sentiment weakens further. Meanwhile, XRP’s sharp rallies and pullbacks highlight its high sensitivity to sentiment shifts, with price action largely influenced by positioning and renewed institutional narratives around the token.

In this environment, investors should focus on disciplined accumulation strategies, staggered entries and maintaining adequate liquidity to navigate sudden market swings. It is important to prioritise fundamentally strong assets, track macro cues such as energy prices and interest rate expectations, and avoid overexposure to short term momentum driven trades. A balanced allocation approach combined with long term conviction can help market participants stay positioned for the next structural upcycle while managing near term uncertainty in global financial conditions.

Avinash Shekhar, Co-Founder & CEO, Pi42

IFGL Refractories resumes full operations at Kandla plant; shares steady at ₹143.37

IFGL Refractories informed that operations at the Company’s Kandla manufacturing facility at Plot Nos. 638-644, Kandla Special Economic Zone, P.O. Gandhidham 370 230, Dist. Kutch, Gujarat, requiring Liquified Petroleum Gas (LPG) have now been resumed. With this all product lines at Kandla works are now functional.

Shares flat on the NSE at Rs 143.37

India rupee hits record low on escalating Middle East conflict

The ‌rupee fell to 93.84 against the U.S. ‌dollar, eclipsing its previous low ‌of ⁠93.7350 hit on Friday.

OPENING BELL: Sensex plunges 1,417 pts; Nifty drops 402 pts in early trade

Equity benchmarks declined nearly 2% in early trade. Sensex dragged by 1417.00 pts or 1.90% to 73,115.96 at 9.19 am and Nifty 50 fell 401.75 pts or 1.74% to 22,712.75.

On Friday, Sensex settled with 325.72 pts or 0.44% gains at 74,532.96, and Nifty 50 was up by 112.35 pts or 0.49% to 23,114.50.

Japan considers cutting inflation-linked bond buybacks as demand rises, sources say

Nifty seen opening sharply lower amid global selloff; critical support at 22,800

Gaurav Udani, Founder – ThinCredBlu Securities Pvt. Ltd, “Nifty is expected to open sharply lower around the 22,750 mark, down nearly 350 points, as global markets remain under pressure amid escalating geopolitical tensions and risk-off sentiment.

Weakness across international equities, coupled with elevated crude oil prices and uncertainty around global growth, continues to weigh on investor confidence. This has led to sustained selling pressure in emerging markets, including India.

From a technical perspective, 22,800 is a critical weekly support level. A sustained close below this zone could open room for a deeper correction toward the 22,000 levels in the near term.

Given the fragile global backdrop, traders should remain extremely cautious, avoid attempting to buy into falling markets, and focus on capital preservation as volatility is likely to remain elevated.”

Stock recommendation: CLSA on ASK Auto

O-P, TP Rs 640

Honda Motorcycle & Scooter India (HMSI) is set to expand its capacity by 28%, jumping from 6.25mn to 8mn units annually, powered by a Rs15bn expansion at its Tapukara plant

Move cements Honda’s push to offer compelling products and services.

For ASK Automotive (ASK), which derives c.35% revenue from HMSI, this expansion is a structural tailwind.

And with HMSI yet to fully unleash its electric 2W portfolio—where content per vehicle is 30–50% higher than ICE—ASK stands perfectly positioned for next wave of growth

Global markets reprice for higher rates amid inflation and geopolitical risks

Global bits

United States: Markets sharply repriced for higher-for-longer interest rates with rising Fed hike bets, higher bond yields, and falling stocks amid inflation risks from the Iran war.

Canada: Money markets raised odds of a Bank of Canada rate hike this year as elevated oil prices stoke persistent inflation concerns.

Euro zone: ECB held rates but flagged inflation risks from energy and markets are now pricing possible rate increases as early as April.

United Kingdom: PM Starmer convened an emergency economic meeting as inflation risks rise toward ~5%, with the Bank of England prepared to act though no decision yet.

Greece: Banking sector growth constrained as much private credit remains outside the formal banking system despite post-crisis recovery.

Japan: Equities slumped sharply as Middle East conflict and oil volatility hit risk sentiment.

South Korea: Markets fell steeply alongside regional peers amid rising geopolitical risk and energy price shock.

Australia: Strong fuel supply continues; government examines windfall tax on LNG profits ahead of the May budget.

New Zealand: Economic recovery remains weak with housing down ~20% from peak; war-linked inflation risks complicate RBNZ policy and prompted a Fitch negative outlook.

Source: Reuters

Kirloskar Ferrous resumes high-pressure moulding line at Solapur plant from March 21

⁠KIRLOSKAR FERROUS ‌INDUSTRIES LTD – ‌RESUMES ‌OPERATIONS ⁠OF HIGH ⁠PRESSURE MOULDING LINE ‌AT SOLAPUR PLANT FROM ‌21 MARCH 2026 – Reuters

Corporate moves: EX-DIVIDEND Today 

CASTROL INDIA – Rs 5.25

INDIA GLYCOLS – Rs 7.50

PFC – Rs 3.25

EX-DATE #Today

TIL LTD – Rights Issue of Equity Shares

GOA CARBON: PARADEEP UNIT TEMPORARILY SHUT FOR SCHEDULED MAINTENANCE

Kirloskar Industries resumes high-pressure moulding line at Solapur plant after LPG supply disruption

KIRLOSKAR INDUSTRIES: CO UNIT, HAS RESUMED OPERATIONS OF ONE HIGH PRESSURE MOULDING LINE AT ITS SOLAPUR PLANT FROM MARCH 21, WHICH WAS EARLIER IMPACTED DUE TO LPG SUPPLY DISRUPTIONS LINKED TO MIDDLE EAST GEOPOLITICAL ISSUES

RITES wins ₹105.69 crore rail maintenance contract from RDSO

RITES: CO SECURES RUPESS 105.69 CR RAIL MAINTENANCE CONTRACT FROM RDSO

Adani Green adds 510 MW at Khavda; total capacity nears 18 GW

ADANI GREEN ENERGY: OPERATIONALIZES 510 MW CAPACITY AT KHAVDA, TOTAL CAPACITY NEARS 18 GW

Saudi Aramco cuts oil supply to Asia for second month in April

US destroys Iran drone engine plant as conflict escalates

Gold slides over 2% as West Asia tensions stoke inflation fears

Israel launches fresh strikes on Iran as conflict intensifies

Crude rallies past $110 as West Asia tensions hit energy supply

Japan’s Nikkei, bonds hit multi-month lows on war-driven inflation fears

– Japan’s stocks and bonds sank to multi-months lows on Monday as an escalation in the Middle East war stoked ‌inflation fears and concerns over an economic slowdown.

The Nikkei slumped as much as 5% earlier in the session, wiping ⁠out all its gains for the year. The Nikkei had surged to a record high of 59,332.43 last month and was on track to breach ‌the 60,000 mark, fuelled by expectations that Prime Minister Sanae Takaichi’s stimulus plan would accelerate corporate growth.

The index traded more ‌than 14% lower from the record high on Monday, as ‌the ⁠Strait of Hormuz, a vital link to Japan’s ⁠oil supply, remains closed. The country gets around 90% of its oil shipments via the passage. – Reuters

South Korean shares fall 5%, won hits 17-year low on Mideast conflict
Body

– South Korean shares tumbled on Monday on heightening geopolitical conflict in ‌the Middle East, with the won hitting 17-year lows.

U.S. President Donald Trump and Iran threatened to escalate their ⁠war by attacking energy facilities in the Gulf, a potential widening of hostilities which could deepen a regional crisis and add to concerns in global ‌markets.

The benchmark KOSPI fell 289.24 points, or 5%, to 5,491.96 as of 0131 GMT, extending losses even ‌after a trading curb was activated on the index earlier ‌in ⁠the session. – Reuters

Nifty forms inverted hammer, faces resistance near 23,350

Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company

Over to stocks, and the nifty closed 0.5% up at 23114, but not before giving up a reasonable amount of intraday gains. The India VIX finished flat. Mid- and small caps rose more than the nifty. Nearly three stocks rose for every stock that fell on the Nifty 500. Seven of the 12 NSE sectors advanced, with IT stocks rising 2.2% and becoming the day’s best performers. Realty stocks fell the most, dropping 0.9%. Speaking nifty stocks, JSW Steel was the day’s best stock with a 3.4% gain while Hindalco was the worst as it fell 2.5%. Technically speaking, Friday’s candle became an “inverted hammer” with a long upper shadow which means sellers remain active near 23350. Unless the market is able to break through this area, the trend will remain weak.

Immediate resistance lies in the 23345 – 23379 zone, while support lies between 22680 and 22923.

Talking flows, based on provisional data, foreigners withdrew over 5500 cr while domestic players invested around 5700 cr. FIIs have now withdrawn money for 16 straight days through Friday.

WATCH: Nifty & Bank Nifty this week

Maanaveeya sanctions ₹20 crore term loan to Akme Fintrade

Fund infusion

Maanaveeya Development & Finance Private Limited has sanctioned Term Loan of Rs. 20 crore to Akme Fintrade (India) Ltd.

Opening Bid: Nifty may open 350 points lower amid global risk-off mood

US, Iran threaten critical infrastructure as war escalates into fourth week

West Asia conflict, crude oil prices to steer stock markets in holiday-shortened week: Analysts

Broker’s call: Aequs (Buy)

Broker’s Call: Hindustan Zinc (Buy)

22 stocks to watch: Pharma majors, Tata group, SBI, Kotak Mahindra Bank, Varroc, Thomas Cook, Vikram Solar

Short-term rate futures signal likely Fed hike in December

FOREX MARKET UPDATE: SHORT-TERM INTEREST-RATE FUTURES PRICED FOR A LIKELY FED RATE HIKE IN DEC

Fund Flow Activity: 20 March 2026 

(Rs. In Crs.)

Turnover : (NSE + BSE)

F&O Volume: 241188.43 + 2406660 Total: 2647848.4

Provisional Cash: Only NSE

FII/FPI: NET SELL: -5339.62

(27824.26 – 33163.88)

DII: NET BUY: +5333.56

(21658.23 – 16324.67)

Important Financial Year-End Deadlines (FY 2025-26)

March 30 (Mon): Last working day of FY 2025-26.

🛑 Market Holidays & Closures:

March 26 (Thu): Ram Navami (Market Holiday)

March 31 (Tue): Mahavir Jayanti (Market Holiday)

April 1 (Wed): Debt & Liquid Markets Closed (Bank Holiday)

April 3 (Fri): Good Friday (Market Holiday)

🚀 New Financial Year:

April 2 (Thu): The First and Only working day for the start of FY 2026-27.

OMCS, HPCL hike power petrol prices by ₹2/litre; regular rates unchanged

OMCS ; HPCL Increases Power Petrol Prices By ₹2/Litre

Note

Regular petrol prices remain unchanged. – NDTV

Movers & Shakers: Stocks that will see action this week

Tech Query: Reliance Industries (RIL), Indian Energy Exchange (IEX), Tata Consultancy Services (TCS), Tarsons Products – what is the outlook? Where are these stocks headed? 

Index Outlook: Failed attempt

US Market Outlook: More room to fall

F&O Tracker: Resistance holds in Nifty futures & Nifty Bank futures

Insights: Why SEBI’s latest mutual fund move matters for redemptions

F&O Strategy: Buy BEL futures

Stock to buy today: Lupin (₹2,322.45)