Daily market review India

Indian stock markets rebounded on Monday, ending a two-day losing streak in a volatile trading session, as global authorities took measures to contain banking turmoil and alleviate contagion fears. The markets gained momentum throughout the day, supported by Prime Minister Narendra Modi's statement that India will become a developed nation by 2047 with the collective efforts of every individual. The influx of foreign funds, particularly in Adani Group companies by the US-based GQG Partners, also aided domestic sentiment. The S&P Global Ratings maintained its forecast of 6% economic growth in India for the fiscal year starting on April 1, and India's forex kitty rose to $572.801 billion in the week ended March 17, as reported by the Reserve Bank. The BSE Sensex rose by 126.76 points, or 0.22%, to close at 57,653.86, while the CNX Nifty was up by 40.65 points or 0.24% to end at 16,985.70. However, markets turned cautious in the fag-end selling as the government proposed hiking securities transaction tax on Futures & Options contracts to curb excessive trades. European markets traded higher, while Asian markets settled mostly lower on Monday.

The BSE Mid cap index and Small cap index declined by 0.37% and 1.50% respectively, while the Healthcare, Metal, FMCG, TECK, and Bankex sectors on the BSE recorded gains. However, the Utilities, Power, Telecom, Realty, and Industrials sectors on BSE showed losses. The top gainers on the Sensex were Reliance Industries, Sun Pharma, SBI, Kotak Mahindra Bank, and UltraTech Cement. On the other hand, Mahindra & Mahindra, Tata Motors, Power Grid Corporation, Bajaj Finance, and Axis Bank were the top losers. Union road, transport and highway minister Nitin Gadkari suggested that if India uses the 5.9-million tonne reserve of lithium discovered in Jammu and Kashmir, it could become the world's top automobile manufacturing country. The CNX Nifty traded between 17,091.00 and 16,918.55, and the top gainers on Nifty were Grasim Industries, Reliance Industries, Cipla, Divi's Laboratories, and Maruti Suzuki, while Adani Ports & SEZ, SBI Life Insurance, Power Grid Corp, Adani Enterprises, and Mahindra & Mahindra were the top losers. European markets traded higher, but most Asian markets were down amid concerns over the global financial system's health.