Maruti Suzuki, Hero MotoCorp, UPL, Apollo Hospitals, and Titan were the top gainers in the Nifty 50. While LTIMindtree, Infosys, Wipro, HCL Technologies, and Tech Mahindra were the major losers in the Nifty 50 on March 22.

Indus Tower, Prestige Estate, Vodafone Idea, Mankind Pharma, and IRFC were the top gainers in the Nifty Midcap 100 on March 22.

Courtesy: NSE

Courtesy: NSE

Hero MotoCorp, Maruti Suzuki, Sun Pharma, UPL, and Apollo Hospitals were the top gainers in the Nifty 50. While LTIMindtree, Infosys, Wipro, HCL Technologies, and TCS were the key laggards in the Nifty 50 on March 22.

Courtesy: NSE

USDINR CMP- 83.3450 (spot)

Commenting on te USD INR outlook Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said that, Indian Rupee depreciated by 0.26% on Friday on strong US Dollar and weak Asian currencies. FII outflows also put downside pressure. However, weak crude oil prices and positive domestic markets cushioned the downside. US Dollar strengthened on weak Euro and Pound. Euro declined as Swiss National Bank (SNB) surprised the markets as it cut interest rates by 25 bps to 1.5% which raised odds of a rate cut by ECB in June 2024. SNB is the first major central bank to cut interest rates. Pound also fell after Bank of England kept interest rates unchanged at 5.25%. Two hawkish committee members who voted for a rate hike in the previous meeting, also voted for a no rate hike. Robust economic data from US also favoured the US Dollar.

“We expect Rupee to trade with a negative bias on strong US Dollar and expectations of bounce back in crude oil prices. However, positive tone in the domestic markets may support Rupee at lower levels. Any selling of Dollars by the RBI may also support Rupee. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.60,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

IRFC, Prestige Estate, Vodafone Idea, Indus Tower, and Laurus Lab were the Nifty Midcap 100’s top gainers on March 22.

Maruti Suzuki, Hero MotoCorp, UPL, Bajaj Auto, and Sun Pharma were the top gainers in the Nifty 50. LTIMindtree, Wipro, Infosys, HCL Technologies, and TCS were major losers in the Nifty 50 on March 22.

Indian IT companies have slumped 3-5% on Friday after the global IT major Accenture reduced its revenue growth guidance for 2024 on concerns about global uncertainty and weak client spending on consulting services.

HCL Tech emerges as the top loser within this group, witnessing a decline of over 5%, marking its most significant single-day drop in 15 months as per the data.

Accenture’s revised forecast now anticipates its full-year revenue to grow between 1% to 3%, down from the earlier projection of 2% to 5%. 

Also Read: Tech stocks like Infosys, HCL Tech, Wipro slide over 5% after Accenture cuts revenue guidance

Courtesy: BSE

The NSE Nifty 50 was up 87 points or 0.39% at 22,098.80, while the 30-stock BSE Sensex was up 225 points or 0.31% at 72,866.67.

Crompton Greaves Consumer Electricals has received a notice from the income tax department for a tax demand of Rs 68 crore for the assessment year 2023. Shares trade marginally higher at Rs 269.90

Mazagon Dock Shipbuilders share gains up to 3% to intra-day high of Rs 1948 on the following news that Mazagon Dock Shipbuilders has accepted the Mumbai Port Authority’s offer for the allotment of land and building, encompassing Workshop land and Clark Basin, measuring 14.55 acres. The total cost of this allotment stands at around Rs 354 crore.

Courtesy: NSE

The stocks of Infosys, TCS, HCL Tech, Wipro, Tech Mahindra, and LTI Mindtree, all six components of the Nifty 50 index, are witnessing losses ranging from 3% to 5%. This decline follows Accenture’s reduction in its revenue growth guidance for the financial year 2024, announced on Thursday.

Courtesy: NSE

“The Bank Nifty remained volatile following a gap-up start. Sentiment improved as the index broke out above the recent consolidation. On the daily chart, the index formed a slightly higher bottom, suggesting diminishing bearishness. Over the short term, the index could move towards 47,000; a decisive move beyond 47,000 might propel it towards 47,700. Support is situated at 46,300 on the lower end,” said Rupak De, Senior Technical Analyst at LKP Securities.

BPCL, Apollo Hospitals, Cipla, Bajaj Auto, and ITC were the top gainers in the Nifty 50. While HCLTechnologies, LTIMindtree, Wipro, Infosys, and Tech Mahindra were the key losers in the Nifty 50 on March 22.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty rallied following a Doji candlestick pattern on the daily chart, indicating a robust bullish reversal. Additionally, the index has successfully reclaimed the crucial 50-day Simple Moving Average (SMA). Looking ahead, the Nifty could potentially extend its gains towards the range of 22250-25300. Moreover, a breakthrough above 22300 may initiate a rally towards 22500 and beyond. The buy-on-dips strategy is expected to remain viable as long as the Nifty maintains levels above 21840.

The NSE has added Balrampur Chini Mills, Biocon, Indus Tower, Piramal Enterprise, SAIL, Tata Chemicals, and Zee Entertainment Enterprise in F&O on March 22, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 1,826.9 crore, while domestic institutional investors (DII) bought shares worth net Rs 3,208.9 crore on March 21, 2024, according to the provisional data available on the NSE.

The NSE Nifty 50 opens down by 0.36% at 21,932.20, while the BSE Sensex drops 0.56% to 72,231.66 in the opening trade.

WTI crude prices are currently trading at $80.89, reflecting a decrease of 0.22%, whereas Brent crude prices stand at $85.64, showing a decline of 0.17% on Friday morning.

The US Dollar Index (DXY), gauging the dollar’s strength against six major foreign currencies, saw a 0.51% increase, reaching 103.94 in trading.

According to a report from Bloomberg, the relentless surge in U.S. stocks continued fueled by optimism surrounding the Federal Reserve’s potential ability to orchestrate a smooth economic transition, thereby enhancing prospects for corporate earnings. The tech-heavy Nasdaq Composite closed up by 32.43 points or 0.20% at 16,401.84. Meanwhile, the S&P 500 saw a gain of 16.91 points or 0.32% at 5,241.53, and the Dow Jones Industrial Average concluded the day higher by 269.24 points or 0.68% at 39,781.37.

Conversely, on Thursday, March 21, the American Depository Receipt (ADR) shares of prominent Indian IT giants Infosys and Wipro witnessed a decline of 2-4% on Wall Street. This downward movement followed Accenture’s decision to revise down its revenue growth guidance for FY24, prompted by an uncertain economic climate that has compelled clients to scale back spending on consulting services.