Stock Market Highlights March 25: Sensex climbs 1,205 pts, Nifty ends at 23,306 on ceasefire hopes in West Asia war

RBI scraps all treasury bill auctions to boost banking liquidity

RBI scraps all treasury bill auctions to boost banking liquidity

Step seen easing liquidity pressures before financial year-end on March 31

Sula Vineyards arm to acquire Domaine Chandon India assets for ₹20 crore

Sula Vineyards’ arm approved purchase of identified assets comprising the land, buildings, plant and machinery and related assets forming the estate of Domaine Chandon India, located in Dindori, Nashik, from Moët Hennessy India Private Limited, a wholly-owned subsidiary of Moët Hennessy for a consideration of Rs. 20 Crores

Bernstein warns rupee could breach 98/USD, cuts Nifty target on Iran conflict risks

Bernstein warns rupee could breach 98/USD, cuts Nifty target on Iran conflict risks

Bernstein warns the rupee may breach 98/USD due to Middle East conflict, impacting Indian stocks and economic growth.

Bain Capital to launch open offer for stake in Manappuram Finance on April 6

Bain Capital to launch open offer for stake in Manappuram Finance on April 6

Bain Capital plans to launch an open offer on April 6 to acquire a 26% stake in Manappuram Finance.

Bartronics India bags purchase order from IOB

Bartronics India has received a Purchase Order from Indian Overseas Bank for empanelment as a Corporate Business Correspondent Service Provider for engagement and management of Business Correspondent Agents (BCAs) under Financial Inclusion Technology.

Dredging Corporation appoints Capt.S.Divakar as MD & CEO

Dredging Corporation of India announced the appointment of Capt.S.Divakar as Managing Director & CEO of the company w.e.f. March 25, 2026.

Magellanic Cloud’s Provigil Surveillance, a wholly owned subsidiary, has received a purchase order from Indian Bank of Approx ₹10 Crore.

Gold ETFs outpace Nifty 50 TRI returns across horizons

Gold ETFs outpace Nifty 50 TRI returns across horizons

Gold ETFs outperformed Nifty 50 TRI returns, showing strong investor demand and attractive long-term growth amid market volatility.

Demat Accounts Opened By Women Surge 129% Since 2021, Preferring Discipline Over Risk: Axis Direct Data

Energy In Motion has entered into partnership with Transvolt Mobility Private Ltd for supply of 66 Nos of the EIMFoton 55-ton e-tractor “Ashwa”.

DC Infotech Extends Procurement Agreement with Tata Communications

DC Infotech and Communication announced the extension of its existing Procurement Agreement with Tata Communications. The renewed agreement will be effective for a period of three (3) years, commencing from March 05, 2026, through March 04, 2029.

Modified UDAN scheme gets Cabinet nod; Over ₹30,000 crore outlay approved

businessline was the first to report on revamped framework, funding structure.

Modified UDAN scheme gets Cabinet nod; Over ₹30,000 crore outlay approved

The Union Cabinet has approved the modified UDAN scheme with an outlay of ₹32,000 crore, marking a significant expansion of India’s regional connectivity programme, sources told businessline.

Urban Company releases report detailing how its ‘Udaan’ initiative helped women service professionals

Urban Company released its Ride to Rise report, showcasing how its mobility initiative, Udaan, has significantly improved earning opportunities, productivity and long-term financial security for women service professionals by enabling access to independent mobility across key urban markets including Mumbai, Delhi NCR, Bengaluru and Hyderabad. Udaan has supported approximately 1,800 women service professionals, with over 1,100 women trained to ride and 700+ women purchasing two-wheelers.

Sensex surges over 1,700 pts, Nifty tops 23,390 on US-Iran truce hopes, Kotak, Tech Mahindra dips

Sensex surges 1,700 points, Nifty above 23,390 on truce hopes; Kotak, Tech Mahindra lag

Sensex jumps 1,700 points on US-Iran truce hopes, while Kotak and Tech Mahindra see declines amid positive market sentiment.

REC board approves ₹1.6 lakh crore borrowing plan for FY27

REC board approves ₹1.6 lakh crore borrowing plan for FY27

State-owned REC Ltd on Wednesday said its board has approved market borrowings of ₹1.6 lakh crore for the fiscal 2026-27 at a meeting held on March 25.

India delays coal flexibility plan by one year as solar power curbs rise

India delays coal flexibility plan by one year as solar power curbs rise

India has pushed back by a year its plan for ​coal-fired power plants to lower output when solar generation is high, ⁠as regulators work out how to compensate for the higher costs of retrofitting entailed, documents reviewed by Reuters show.

LPG crisis poses significant operational challenge for food services sector, says Rassense CEO

Sanjay Kumar, CEO & MD, Rassense, on the impact of LPG crisis on Indian food services sector

“When it comes to preparing food at a large scale and serving over 325,00 meals a day, the LPG crisis is not a disruption – but a significant operational challenge. The volatility in fuel prices and supply constraints has inevitably put pressure on margins. Having said that, we are managing and mitigating through technical adaptations. 

For example, re-engineering menus to use steam from boilers for cooking, or using traditional logwood to prepare food at some of our central kitchens. Thankfully, Indian recipes can traditionally adapt to alternative fuels; it just takes a shift in mindset to accept that we’re in a crisis and must innovate. We sincerely hope that the countries at conflict arrive at an amicable solution and businesses go back to normal.”

Copper futures slip on subdued domestic demand

Copper prices fell Rs 17.95 to Rs 1,152.50 per kilogram in the futures trade on Wednesday, weighed down by muted demand in the domestic spot market.

On the Multi Commodity Exchange (MCX), copper for April delivery slipped Rs 17.95, or 1.58 per cent, to Rs 1,152.50 per kg in a business turnover of 2,375 lots. – PTI

Sai Parenterals IPO subscribed 7% by 12:18 pm on March 25

Sai Parenterals IPO subscribed 7% at 12.18 pm on March 25. QIBs: 0.02 times; NIIs: 0.18 times; retail: 0.04 times

Muthoot Exim opens 100th gold point centre in Mumbai, eyes expansion

Muthoot Exim opens 100th gold point centre in Mumbai, boosts recycling push

Muthoot Exim opens its 100th gold point centre in Mumbai, expanding gold recycling network to reduce import dependence and strengthen India’s gold supply chain.

M & B Engineering and subsidiary secure Rs 73.18 crore order for pre-engineered building and structural steel supply

M & B Engineering, along with subsidiary secured order for design, manufacturing and supply of Pre-Engineered Building/ Structural Steel for Rs 73.18 crore

Brigade Group launches Brigade Belvedere with revenue potential over Rs 1,100 crore; shares rise 2% on NSE

Brigade Group Launches Brigade Belvedere with a Revenue Potential of over Rs. 1,100 Crore

Brigade Enterprises stock rose 2% on the NSE to Rs 658

MM Forgings board approves Rs 600 crore fundraise and hike in authorised share capital; shares surge 3% on NSE

MM Forgings board approved raising of funds through QIP or any other permissible mode, aggregating to Rs 600 crore; and increase authorised share capital from Rs 51 crore to Rs 61 crore.

Shares surged 3% on the NSE to Rs 428.50

Pilani Investment and Industries Corporation board approved NCDs aggregating to Rs 500 crore.

Copper futures: Ongoing rally can temporary

Copper futures: Ongoing rally can temporary  

Copper futures witnessed considerable volatility over the past few sessions and is now trading at ₹1,134 (per kg). 

Indian Hume Pipe Company’s pledged shares released by SBICAP Trustee

Indian Hume Pipe Company’s shares pledged in favour of SBICAP Trustee Company Limited (Pledgee) by IHP Finvest Limited (Promoter/ Holding Company) for securing working capital facilities advanced to The Indian Hume Pipe Company Limited as a borrower has been released

Goldiam International opens 20th ORIGEM lab-grown diamond jewellery store in Hyderabad

Goldiam International has opened its 20th retail store for lab-grown diamond jewellery under the brand name “ORIGEM” situated at Nexus Mall Kukatpally, Hyderabad.

Arkade Developers launches luxury project Arkade Evoke in Goregaon West; shares rise 4% on NSE

Arkade Developers has announced the launch of Arkade Evoke, located in Goregaon West a project appealing to the luxury buyer with GDV of 230 crores. 

Shares traded 4% higher at Rs 105.95 on the NSE.

M Financial invests USD 3.59 million in overseas arm; shares surge 3.65% on NSE

JM Financial has subscribed to 24,25,000 ordinary shares of USD 1 each of JM Financial Overseas Holdings Private Limited, a wholly owned subsidiary of the Company. The aforesaid subscription is at a premium of USD 0.48 per ordinary share at an aggregate consideration of USD 3.59 million (~Rs. 33.70 Crore).

Shares surged 3.65% to Rs 124.84 on the NSE.

Gold rebounds as safe-haven demand returns amid geopolitical tensions; investors urged to stay cautious

Colin Shah, MD, Kama Jewelry, on the current gold price trends amid the geopolitical tension

The recovery in gold prices today, breaking a brief phase of sharp correction, reflects the resilience of the yellow metal as a safe-haven asset. After witnessing a sharp decline primarily influenced by the currently ongoing tensions, the rebound in yellow metal signals renewed investors’ confidence amid the ongoing global uncertainty. 

The recovery in gold prices is largely driven by the cautious buying from the investors’ community as a hedge against geopolitical conditions triggering economic instability. While rising interest rates and a stronger USD had a temporary impact, the underlying affinity and dominance of the yellow metal remain intact. Many use such opportunities and follow the “buy the dip” pattern to book profits. 

Overall, the metal is expected to remain range-bound with intermittent spikes in the mid-to-long-term range. Having said that, one needs to be watchful of the developments in West Asia and take decisions in accordance, as we are sailing through troubled waters.

TVS Holdings declares interim dividend of Rs 86 per share; record date set for April 2

TVS Holdings declared an interim dividend of Rs. 86 per share for the financial year ending 31st March 2026. 

Record date is April 2, 2026.

Reliance Jio woos investors to sell 8% of individual stakes in IPO

Reliance Jio woos investors to sell 8% of individual stakes in IPO

Mukesh Ambani’s Reliance Jio Platforms ‌has held talks with 13 marquee foreign ​investors to sell down ⁠8% of individual stakes in an upcoming Mumbai listing of the telecoms-to-AI company, sources familiar with ‌the matter said.

BPCL says India has ample fuel reserves and supply chains are normal; rejects rumours of petrol and diesel shortages

BPCL: CO SAYS, “RUMOURS OF PETROL AND DIESEL SHORTAGES ARE COMPLETELY UNFOUNDED. INDIA HAS AMPLE FUEL RESERVES, AND SUPPLY CHAINS ARE RUNNING NORMALLY|| BPCL IS FULLY OPERATIONAL AND COMMITTED TO UNINTERRUPTED FUEL SUPPLY.”

Avio Smart Market Stack Collaborates with US-based Aquasafra and Waterfield Farms for Aquaculture Ecosystem

Nifty Bank Prediction Today – March 25, 2026: Nifty Bank futures: Intraday outlook is bullish

Nifty Bank Prediction Today – March 25, 2026: Nifty Bank futures: Intraday outlook is bullish

Nifty Bank futures (March) can rally to 55,500 over the next couple of sessions 

Gujarat fuel sales surge 4-5 times amid panic buying, government assures no shortage

Gujarat fuel sales surge amid panic buying, government assures adequate supply

Fuel sales in Gujarat surge 4-5 times due to panic buying, but government assures no shortage, with adequate LNG stocks and full PNG, CNG supply for consumers.

BPCL, HPCL, IOC, IndiGo & paint stocks gain as crude prices slide below $100 per barrel

BPCL, HPCL, IOC, IndiGo & paint stocks gain as crude prices slide below $100 per barrel

Oil marketing, paint, and aviation stocks rise as crude prices drop below $100 per barrel, boosting market sentiment.

₹117 crore fraud case: Court rejects bail plea of Pune businessman Amit Thepade

Mumbai court denies bail to Pune businessman in ₹117 crore money laundering case

Mumbai PMLA court denies bail to Pune businessman Amit Thepade in ₹117 crore case, citing serious economic offence and evidence of fraudulent bank loan practices.

STL Tech launches India’s first hollow core fibre cable for data centres; shares jump 7% on NSE

STL Tech redefines Optical Connectivity with India’s first Hollow Core fibre cable for Data Centre networks

Shares zoomed 7% on the NSE to Rs 192.03.

REC Ltd board considered and approved the Market Borrowing Programme of the Company for the financial year 2026-27 aggregating to Rs 1,60,000 crore.

United Spirits trades flat after ₹16,660 crore RCB stake sale; Sun TV and RPSG Ventures rally

United Spirits trades flat after ₹16,660 crore RCB stake sale, Sun TV and RPSG Ventures rally

United Spirits shares traded flat on the NSE at ₹1,318.50 at 9:55 am after opening positively at ₹1,337.90 compared with the previous close of ₹1,328, even as the company announced a major strategic divestment.

TVS Supply Chain on track for $2 billion goal as disruptions reshape growth path

TVS Supply Chain targets $2 billion as global disruptions reshape growth

TVS Supply Chain targets $2 billion revenue by 2029, driven by global supply chain shifts, China+1 trend and strong pipeline, amid geopolitical and currency risks.

China targets 4.5–5% GDP growth for 2026 with record fiscal support as consumer sectors take lead; Trump-Xi summit looms amid trade tensions

China is turning to consumer experience — tourism, entertainment, dining, culture — as its primary engine of consumption growth, with Beijing’s 2026 Government Work Report setting a GDP target of 4.5–5%, backed by the most expansionary fiscal policy in years at nearly RMB 12 trillion in effective support. Industrial output grew 6.3% YoY in January–February, driven by the high-tech and advanced manufacturing sectors that are increasingly attracting FDI. However, the official manufacturing PMI contracted further to 49 in February, and private and foreign investment confidence remains cautious amid ongoing trade tensions. The upcoming Trump-Xi summit in Beijing (March 31–April 2) adds another dimension of uncertainty — China enters the talks with strengthened leverage after the US Supreme Court struck down Trump’s sweeping tariffs.

HDFC Mutual Fund acquires 35.08 lakh units of Raajmarg Infra Investment Trust for Rs 37.31 crore

Raajmarg Infra Investment Trust

-HDFC Mutual Fund acquired 35.08 lakh units in the infrastructure investment trust at Rs 106.35 per unit, amounting to Rs 37.31 crore

Jefferies on Bharat Forge

-Maintain Buy with TP of Rs 2150

-Defense Expansion and Exports Revival

-Significantly expanding its defense capabilities from guns to a wider range

-US truck orders are witnessing a sharp rebound

Nomura on Sagility

-Initiate Buy with TP of Rs 55

-Dual proposition: Value with growth

-Payer margin constraints fueling outsourcing demand and growth momentum

-Expect 20% EPS CAGR over FY26-28

Jefferies on LG India

-Maintain Buy with TP of Rs 1910

-Initial summer trends are good

-Price hikes of +7-9% in 3 & 5 Star ACs in Q4

-Further hikes of +5-10% likely in Apr26 due to weak INR, higher raw material cost

Tata Power completes EHV transmission lines under SEUPPTCL project; shares up 1.75% on NSE

Tata Power Completes All Extra High Voltage (EHV) Transmission Lines under South East UP Power Transmission Company Limited (SEUPPTCL) Project with Commissioning of 400 kV Tanda Gonda and Gonda Basti Double Circuit

Shares up 1.75% to Rs 391.50 on the NSE

L&T wins major water management order worth up to Rs 2,500 crore in Assam; shares surge 3% on NSE

L&T’s Water & Effluent Treatment (WET) business has won a significant design-build-operate order (worht Rs 1,000-2,500 cr) from Guwahati Metropolitan Drinking Water & Sewerage Board in Assam, for a water management project. 

Shares surged 3% on the NSE to Rs 3,619.80

Sharp drop in oil and gold eases pressure on India’s CAD and rupee, says Brickwork Ratings

Rajeev Sharan, Head of Research, Brickwork Ratings. 

“Commodity markets corrected sharply last week, with both oil and gold retreating from recent highs. Brent crude, which had touched levels near USD 101/bbl, fell more than 10% to around USD 91/bbl, easing immediate concerns over India’s oil import bill, current account deficit, and rupee pressures. International gold prices also dropped over 10%, marking the steepest weekly fall in decades, though they remain more than 40% higher year on year. For India, every USD 10/bbl swing in crude typically shifts the CAD by 0.3–0.5 percentage points of GDP and raises CPI inflation by 20–30 bps, depending on pass through. The recent moderation in both commodities offers temporary relief, trimming the worst case downside for the rupee after it briefly slipped past 93 per US dollar. However, with a wide trade gap and elevated gold imports, any renewed spike in crude or capital outflows could quickly reignite depreciation pressures.”

HSBC On Credit Cards

Average Spend Per Card Continues To Decline, Offsetting Stable Card Issuance Growth

February 2026 Spend Growth Slowed To 6.0% YoY From 8.1% In January

Mkt Share Loss To UPI, Lower High-value Spending & Card Devaluation May Keep Growth Muted

HSBC On Quick Commerce

Blinkit Prices Remain 6–8% Higher Than Competitors, Risking Near-term Market Share Loss

Rising Competition & Long-term AI Concerns May Weigh On Stocks

Valuations Appear Reasonable Despite Earnings Revisions

Buy Call On Eternal, Target Price Cut To ₹300/Sh From ₹350/Sh

Hold Call On Swiggy, Target Price Cut To ₹300/Sh From ₹380/Sh

BoFA On IT

Growth trend to hold this quarter; ample Fx cushion for FY27 expectations

Q4 to provide better exit growth rates than last year

Revenue guides: Expect a cushion for mid-east uncertainty

Ample Fx cushion for profitability and EPS expectations

Infosys could fare better than Wipro

Jefferies On Real Estate

Launch driven quarter

Industry data suggests improved sales velocity in the Top-7 city residential markets during Jan-Feb

Latter month likely the highest ever by volumes

Expect the listed property developers to report 10-15% sales growth during Q4

This will take FY26E sales growth to 20%+

Iran conflict driven sentiment damage could drive some toned down FY27 guidances

Valuations are now nearer to long term lows PNAV and with sub 20x reported PE’s

Jefferies On Housing Finance NBFCs

Housing Finance: Valuations reset lower

Risk/Reward Favourable For affordable housing finance companies

Housing disbursement growth has been soft, with slower growth at lower end

Momentum in Q4YTD has been good

Lower rates should stabilise demand

Large HFCs face spread compression that can dent earnings

At AHFCs, growth has moderated & valuation premia have normalised

Risk/reward seems favorable for select AHFCs as growth stabilizes & co. specific drags ease

Prefer Home First

Prime HFCs’ Asset Quality should be more resilient if Middle East conflict is prolonged

CLSA On Mphasis

Recommendation: Hold; Target: ₹2,219

Lacking consistency

Remains largely a one trick pony and highly dependent on US BFSI outlook

Lack of material diversification beyond and within BFSI

Deal wins have shown some promise but are offset by leakage in base business

Stable mid-teen EBIT margin operator with a lack of operating leverage

HDFC Securities On MCX

Maintains Buy rating with a target price of ₹2,950

Options premium ADTV rose to about ₹106bn in Q4

Bullion contribution about 57% notional and 30% premium ADTV

Options premium ADTV up from ₹71bn in Q3

Crude volatility at 3.7% in March highest in four years. Premium ADTV may normalize to about ₹75bn in FY27

Options volumes CAGR seen 56% FY25 to FY28

Premium CAGR seen 42% over FY25 to FY28

Active UCCs rose 62% YoY to 0.89mn

HDFC Securities On V Mart

Maintains Buy rating with a target price of ₹850

SSSG guidance mid to high single digit for FY26

Revenue CAGR seen about 16% FY26 to FY28

Margin expansion about 40 bps over FY26 to FY28

Unlimited store expansion gaining traction

New stores EBITDAM about 4% to 5%

Legacy store EBITDAM about 1% to 2%

Inventory per square foot declined despite revenue growth

Stock corrected about 30% in last six months

Valuation below 13x FY28 EV/EBITDA

CLSA on USL

Hold, TP Rs 1300

Announced sale of entire stake in Royal Challengers Sports Private Limited (RCSPL) to a consortium for Rs166.6bn (c$1.8bn)

RCSPL is owner of the Royal Challengers Bengaluru (RCB) franchise that participate in Men’s Indian Premier League (IPL) & Women’s Premier League (WPL) cricket tournaments

Value RCB at $1.2 bn, an equal weighted blend of PE valuation of Rs213/sh

JPM on USL

OW, TP Rs 1565

CO announced full divestiture of its stake in Royal Challengers Sports for Rs166.6bn (Rs 230/sh); adjusted for tax Rs195-200/sh vs JPMe Rs170/share)

This follows strategic review of entity announced on November 5, 2025, as UNSP aims to focus more sharply on its core alcoholic beverage business

Transaction is expected to be completed within 6 months, subject to the necessary approvals

CLSA on Coforge

High Conviction O-P, TP Rs 2278

Hosted CEO, Sudhir Singh, to discuss latest AI narrative along with Coforge’s positioning

Mentioned that AI is not going to be deflationary for service providers who have both domain and technical knowledge to build solutions around AI tools

Similar to hybrid cloud & SaaS managed services opportunities during last decade, there will be a significant managed services opportunity around managing frontier models and orchestrating AI agents

Proof of pudding in case of Coforge would be visible in strong growth in NTM executable orderbook, revenue per employee and Ebit margins

Reiterate HC O-PF on a mid-teens US dollar revenue growth service provider trading at a 20x one-year forward PE multiple, implying close to 1x PEG vs. historical (last seven-year) average of 1.8x.

Nomura on GAIL

Buy, TP Rs 185

Sharp drop in gas transmission volumes

Current run rate below 100 mmscmd; may improve once Qatar Energy force majeure is lifted

Gas marketing volumes to be impacted too; margins offset by lower HH prices

Petchem plant undergoing a turnaround due to non-availability of feedstock

GAIL trades at 9.9x FY27F P/E and 1.0x FY27F P/B.

Nomura on Sagility

Initiate Buy, TP Rs 55

A vertically integrated healthcare-focused tech player

Payer margin constraints fueling outsourcing demand and growth momentum

A key beneficiary of AI

Expect 20% EPS CAGR over FY26-28F

STK trades at 14x FY28F EPS

Key risks include a decline in US healthcare payer industry, a decline in outsourcing of operational work, disruption in business models, and newer entrants.

Nomura on Firstsource

Buy, TP cut to Rs 330 from Rs 415

Double-digit revenue growth to sustain in medium term

Margin expansion to continue given front-loading of investment

Lower FY26-28F EPS by 2-11%

Expect FSOL to report EBIT margins of 11.7-12.6% in FY26-28F

FSL had raised its margin band from 11.25-12% to 11.5-12% for FY26E

Find val extremely attractive given stock is trading at 13x FY28F EPS

Nomura on EClerx

Buy, TP cut to Rs 2200 from Rs 2800

ACV healthy; sales’ effectiveness visible in deal wins and robust pipeline

Aiming to reinvest margins while keeping guidance band intact

Lower FY26-28F EPS by 1-8%

STK trading at attractive val at 14.6x FY28F EPS

Jefferies on Bharat Forge

Buy, TP Rs 2150

BHFC is significantly expanding its defense capabilities from guns to a wide range of land, naval and aero equipment, as well as ammunition.

Increasing geopolitical uncertainty and rising focus of Indian govt on domestic defense procurement provide strong tailwinds for BHFC’s defense business in coming years.

US truck orders are witnessing a sharp rebound while acceleration in US industrial activity could revive BHFC’s industrial exports too.

Jefferies on LG India

Buy. TP Rs 1910

Initial summer trends are good

Price hikes of +7-9% in 3 & 5 Star ACs in Q4

Further hikes of +5-10% likely in Apr26 due to weak INR, higher raw material cost

While LPG shortage is key industry risk, players are evaluating other fuel sources

Exports at 6% of sales, of which Middle East is a smaller part

Elara Capital On Solar Industries

Initiates coverage with a Buy rating and a target price of ₹15,450

Revenue CAGR expected about 25% FY25 to FY28

Earnings CAGR expected about 28%

Defense revenue CAGR about 66% FY25 to FY28

Defense share rising to about 42% by FY28

International revenue about 38% of FY25 sales

Exports CAGR expected about 19%

Capex plan about Rs22bn over FY26 to FY28

MoU signed for Rs127bn defence project

MOSL On Bajaj Finserv

Initiates coverage with a Neutral rating and a target price of ₹1,900

In lending, company provides the scale, profitability and ~110m customer base

Company remains the core value contributor, providing predictable earnings, strong ROE and sustained compounding

Expect the PAT from the established businesses, BAF and BGen and VNB of BLife to steadily grow at a FY26–28 CAGR of 28%/16%/19%

Revenue/PAT is expected to clock a CAGR of 15%/17% in FY26–28, with RoE in the range of 13–14%

Bernstein on Power Sector

Adani Power – Initiate O-P, TP Rs 177

JSW Energy – Initiate O-P, TP Rs 575

Tata Power – Initiate O-P, TP Rs 443

NTPC Green – Initiate U-P, TP Rs 80

India’s energy security has been tested twice in quick succession

First by disruptions around Russian oil, and now by the Iran war

Like China, India is resource-poor in oil and gas, but resource-rich in coal and solar

This makes electrification the real structural answer

The policy imperative is clear: accelerate thermal and nuclear capacity, while also strengthening renewables, storage, and the grid

The best opportunities sit in thermal, nuclear, storage, and grid-linked names, rather than pure-play renewables alone

UBS On Sun Pharma

Recommendation: Buy; Target: ₹2,200, Earlier Target: ₹2,450

Shift in sales mix to drive growth and margin expansion

Rising specialty mix to underpin growth and margins

Specialty sales growth led by Ilumya, Leqselvi and Unloxcyt

Well positioned in Indian market; growth catalyst from semaglutide launch

UBS On Aurobindo Pharma

Recommendation: Neutral; Target: ₹1,400, Earlier Target: ₹1,200

Risk/reward balanced

Diversification likely to be gradual given a high base

US sales base moderated; Eugia III facility recently inspected

Business diversification efforts to contribute meaningfully from FY28-29E

UBS On Cipla

Recommendation: Neutral; Target: ₹1,400, Earlier Target: ₹1,750

Growth drivers intact, but supply headwinds weigh on near-term outlook

Healthy product pipeline to drive FY28 earnings; lack of catalysts near term

Healthy product pipeline to drive medium-term growth

Near-term headwinds with key product Lanreotide facing supply issues

UBS on Pharma

Generic GLP-1 likely a highly competitive market; assume sector coverage

Sun Pharma – (Buy) – Looks well-positioned, with innovative medicines and a robust pipeline to support earnings

Cipla – (Neutral) – To face near-term lanreotide supply disruptions, but product launches from late FY27E are healthy

Aurobindo – (Neutral) – Diversification is progressing steadily, with 2027/28 critical for execution

Dr Reddy’s – (Sell) – is highly reliant on generic GLP-1 with limited other catalysts

Lupin (Sell) and Zydus (Sell) rely on one-off drivers, despite relief from Mirabegron settlements.

Sensex, Nifty rise as crude oil slumps, ceasefire hopes lift markets

Sensex, Nifty rise as crude oil slumps, ceasefire hopes lift markets

Equity benchmarks Sensex and Nifty rise as crude oil prices drop and ceasefire hopes boost market sentiment.

Corporate Actions

Aptus Pharma has approved issue of Bonus Shares in the ratio of 3:2 i.e., 3 new bonus equity shares for every 2 existing equity share held, subject to necessary approvals.

Dividend

25-Mar-26

GUJINTRX: Interim Dividend – Rs. – 7.50

27-Mar-26

VEDL: Interim Dividend – Rs. – 11.00

HUDCO: Interim Dividend – Rs. – 1.25

MOTHERSON: Interim Dividend – Rs. – 0.35

ANGELONE: Interim Dividend – Rs. – 1.75

IPO

Amir Chand Jagdish Kumar (Exports): Open: 24-Mar-26; Close: 27-Mar-26

Powerica: Open: 24-Mar-26; Close: 27-Mar-26

Sai Parenteral’s: Open: 24-Mar-26; Close: 27-Mar-26

Buyback

Puretrop Fruits: Ex-Date: 10-Apr-26

Bonus Issue

Hind Rectifiers: Bonus Issue 1:1; Ex-Date: 27-Mar-26

RM Drip and Sprinklers System: Bonus Issue 5:7; Ex-Date: 10-Apr-26

Stock Split

Manbro Industries: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 25-Mar-26

V2 Retail: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 25-Mar-26

Avax Apparels And Ornaments: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 27-Mar-26

R&B Denims: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 03-Apr-26

Right Issue

Regal Entertainment & Consultants: Ex-Date: 25-Mar-26

Healthcare Global Enterprises: Open: 11-Mar-26; Close: 25-Mar-26

Enbee Trade & Finance: Open: 12-Mar-26; Close: 27-Mar-26

BCC Fuba India: Open: 19-Mar-26; Close: 27-Mar-26

Prabha Energy: Open: 20-Mar-26; Close: 27-Mar-26

Supra Pacific Financial Services: Open: 20-Mar-26; Close: 27-Mar-26

5paisa Capital: Open: 27-Mar-26; Close: 10-Apr-26

Open Offer

ADC India Communications: Open: 02-Apr-26; Close: 17-Apr-26

Nifty trades at 22,958 with highest OI at 24,000 call and 22,000 put; Nifty PE at 20.1, FII futures long down to 14%

Morning Updates : 

Nifty Highest OI

(30th March Expiry)

Call:24000/Put: 22000 

Nifty 50 EMA – 24692

Nifty 200 EMA- 25078

Nifty Spot – 22958 

Nifty 100 PE – 19.6

Nifty 50 PE – 20.1

Nifty PCR – 1.05

NiftyCash Market Volume – 102k Cr 

FII Index Long Futures decreased to 14% from 15%

S&P 500 : -0.37%

Brent Futures : 95.6

Dollar Index : 99.3

USD INR. : 93.8

Headline in normal case: United Spirits trades flat after selling Royal Challengers Sports stake for Rs 16,660 cr

United Spirits traded flat on the NSE at Rs 1,321.70, following the sale of 14,690 equity shares of Royal Challengers Sports Private Limited (“RCSPL”), a wholly owned subsidiary of USL for an aggregate consideration of Rs 166.6 bn

Infrastructure Developers executes TOT-18 project agreement; shares rise 2% on NSE

IRB Infrastructure Developers executed the Project Implementation Agreement for the TOT-18 Project

Shares up 2% on the NSE to Rs 41.48

Mangalam Worldwide completes maiden ₹50 crore NCD issue on private placement basis

Mangalam Worldwide Limited (MWL) has announced the issuance and successful completion of its maiden non-convertible debentures (NCDs), aggregating to ₹50 crore, on a private placement basis. The issuance comprised rated, listed, senior, secured, transferable, and redeemable NCDs

Fino Payments Bank shares rise 6% as court dismisses CEO’s writ petition; legal options to be pursued

Fino Payments Bank acknowledges the order passed by the High Court of Telangana dismissing the Writ petition filed by Mr. Rishi Gupta, MD & CEO of the Bank challenging his arrest. An appropriate legal recourse(s) will be taken in this regard. As previously stated, the ongoing investigation concerns to certain program managers associated with multiple banks including the Bank and does not relate to the Bank’s GST compliance. 

“Separately, the Bail application for Mr. Rishi Gupta has been filed before the Special Judge for Economic Offences, Namapally, Hyderabad which will be dealt with in accordance with the due legal process. “

Shares traded 6% positive at Rs 119.40 on the NSE.

Kajaria Ceramics acquires full ownership of Kajaria Surfaces; shares soar 4% on NSE

Kajaria Ceramics acquired 10% equity shares of Kajaria Surfaces. Consequently, Kajaria Surfaces has become a wholly-owned subsidiary of the Company. 

Shares soared 4% on the NSE to Rs 937.50

RKEC Projects secures Rs 40.5 crore NHAI contract; shares jump 7% on NSE

RKEC Projects secured work contract from NHAI for Rs 40.50 cr

Shares traded 7% higher on the NSE at Rs 33.

Avantel wins Rs 459.9 crore satellite communication equipment order; shares surge 13% on NSE

Avantel secured a contract for Rs 459.90 crore for Supply and Annual Maintenance Contract (AMC) of Satellite Communication Equipment’s from M/s. Zetwerk Manufacturing Businesses Limited

Shares zoomed 13% on the NSE to Rs 136.55.

Kotak Mahindra Bank restructures KMIL, shifts operations within bank

Kotak Mahindra Bank to absorb KMIL operations, align with RBI norms from April 2026

Kotak Mahindra Bank will absorb KMIL operations from April 2026, stop new loans and align with RBI norms, aiming to simplify group structure and improve efficiency.

PG Electroplast resolves LPG supply issues, normalizes AC production; shares jump over 6% on NSE

PG Electroplast: “To ensure continued production/supplies to its customers, PGEL was able to identify and install at its production facilities alternative solution to LPG and post which the current Room AC production is almost normalized and with the current solution company has been able to address the LPG challenges to large extent for the time being, it said in a exchange filing.

Shares zoomed over 6% on the NSE to Rs 532.50

Lupin receives tentative US FDA approval for Pitolisant tablets; shares flat on NSE

Lupin Receives Tentative Approval from U.S. FDA for Pitolisant Tablets

Shares flat on the NSE at Rs 2,344.30

Crude oil futures fall on reports of US efforts to end war with Iran

Crude oil futures fall on reports of US efforts to end war with Iran

Crude oil futures decline as US seeks diplomatic solutions to the Iran conflict, impacting prices on MCX and global markets.

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

Top gainers of Nifty 50:

Shriram Finance (+4.13%), UltraTech (+2.93%), Grasim (+2.91%), JSW Steel (+2.88%), Adani Ports (+2.83%)

Top losers:

Tech Mahindra (-2.18%), Infosys (-0.69%), HCL Tech (-0.69%)

Sammaan Capital gets RBI nod for Rs 8,850 crore Avenir Investment deal with change of control; shares hit upper circuit

SAMMAAN CAPITAL: CO HAS RECEIVED RBI APPROVAL FOR THE PROPOSED ACQUISITION OF A CONTROLLING STAKE BY AVENIR INVESTMENT, INCLUDING INDIRECT CHANGE OF CONTROL OF ITS UNIT, THE TRANSACTION INVOLVES A RS. 8,850 CR PREFERENTIAL INVESTMENT

Shares hit upper circuit on the NSE at Rs 152.36, higher by 10%.

OPENING BELL: Sensex jumps 750 points, Nifty rises over 230 points in early trade

Sensex soared 749.93 pts or 1.01% to 74,818.38 at 9.17 am after opening at 74,652.01 from the previous close of 74,068.45. Nifty 50 gained 237.80 pts or 1.04% to 23,150.20.

Crude oil futures fall over 4% as US pushes diplomatic efforts to end Iran war

Crude oil futures traded lower on Wednesday morning following reports that the US is pushing for diplomatic efforts to end the war with Iran. At 9.13 am on Wednesday, June Brent oil futures were at $96.11, down by 4.11 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $89.10, down by 3.52 per cent. April crude oil futures were trading at ₹8377 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8736, down by 4.11 per cent, and May futures were trading at ₹8176 against the previous close of ₹8514, down by 3.97 per cent.

Bitcoin holds above $70,000 as optimism over US–Iran de-escalation supports crypto market recovery

“Bitcoin is trading above the $70,000 level, with recent price action reflecting a shift in market sentiment as optimism around potential U.S.–Iran de-escalation supports crypto market. The rebound in broader crypto markets, alongside strength in altcoins, indicates that buyers are gradually regaining control after recent volatility.

While macro factors such as rising yields and oil-driven inflation have capped aggressive upside in the near term, Bitcoin’s ability to hold key support levels suggests underlying resilience. The market is transitioning from a reactive phase driven by geopolitical uncertainty to a more balanced environment where positive triggers are beginning to outweigh downside risks.

If this momentum sustains, the current structure points toward a continuation of the recovery, with Bitcoin likely to attempt a move higher as confidence improves across the crypto market. The recent pickup in buying interest signals that dips are being utilised as accumulation opportunities, reinforcing the broader bullish undertone.” – Avinash Shekhar, Co-Founder & CEO, Pi42

S&P Global raises India growth forecast to 7.1% for FY27, flags risks

S&P Global raises India growth forecast to 7.1% for FY27, flags oil and geopolitical risks

S&P Global raises India FY27 growth forecast to 7.1%, but flags risks from oil prices, geopolitics and inflation as growth is seen moderating.

US stocks end lower on Middle East, rate worries; Indian markets rebound as ceasefire hopes lift sentiment

US stocks closed lower as worries over Middle East stability and interest rates showed up again. Dow fell 0.28%, S&P fell 0.37%, Nasdaq dropped 0.84% and the Small cap Russell 2000 outperformed with gains of 0.45%. 

USD index moved a bit higher at 99.21, 10 year bonds held steady at 4.36% and cboe vix remained in the accelerated zone of close to 27. 

Crude futures traded mildly lower amidst volatility as worries over Middle East persisted. WTI traded near 88.30, Brent in and out of 100.

Indian markets recovered some lost ground on hopes of a ceasefire in the Middle East. Sensex gained 1372 points and Nifty added almost 400 points to close above 22900. Most sectors gained on Tuesday as markets build hopes of a resolution in Iran US war. 

*Weak Wall Street cues, mixed macros, truncated trading over next 5 days and year-end concerns may dominate trade set up on Dalal Street over next few sessions. Though participants may keenly watch developments in the Middle East and its impact on crude and global trades, pockets of valuation comfort may set some floor on individual names that may start looking at opportunities beyond Q4 results. Continue to build portfolio of quality names and once the cloud over Middle East settles a strong recovery in stock prices may be expected.

EQUITY PREVIEW

HDFC Life (HDFCLIFE): Gets 1.26B Rupees Income Tax Demand

Infosys (INFO): Says Extend Collaboration with University of Nottingham

TVS Motor (TVSL): Approves INR12/Share Dividend

WAAREE Energies (WAAREEEN): Approves Capex of INR39B for Glassmaking Plant

WPIL Ltd ()WPI): Approves Sale/Disposal of Holding in Australian Unit

Merck nears $6 billion all-cash deal to buy Terns Pharma, FT reports

Merck is nearing a ‌roughly $6 billion all-cash ⁠deal to buy biotech firm ‌Terns Pharma , the ‌Financial ‌Times ⁠reported on ⁠Tuesday, citing people familiar with the matter.

Talks ‌between Merck and Terns were at ‌an advanced stage and a deal could ⁠be reached in ‌the coming days, the report added. – Reuters

Australian shares rise 2% on mining boost; core inflation slows slightly in February

Australian shares rose 2% on Wednesday and were on course for their biggest daily gain in nearly a year, with miners and banks leading ‌the charge, while investors digested data that showed February core inflation came in a little ⁠slower than forecast.

The S&P/ASX 200 index climbed 2% to 8,544.80 by 0041 GMT, heading for its best day since April ‌10, 2025. The index had closed 0.2% higher on Tuesday. – Reuters

South Korean shares rise 3% on hopes around US-Iran talks

South Korean shares rose 3% on Wednesday, after U.S. President Donald Trump ⁠said the U.S. was making progress in its efforts to negotiate an end to the war ‌with Iran.

The benchmark KOSPI was up 170.27 points, or 3.07%, at 5,724.19 ‌as of 0135 GMT. – Reuters

Japan’s Nikkei surges as optimism for Iran peace plan lifts sentiment

Japan’s Nikkei share average climbed roughly 3% on Wednesday, supported by cautious optimism that the Middle East crisis ‌could move toward a potential settlement after recent volatility.

The benchmark Nikkei 225 ⁠Index advanced 2.93% to 53,784.43. The broader Topix climbed 2.5% to 3,648.78. – Reuters

Gold climbs more than 2% on softer dollar, easing fears of higher interest rates

Gold rose ‌more than 2% on Wednesday, buoyed by a softer dollar, while a drop in oil prices eased concerns ⁠about elevated inflation and higher global interest rates, amid reports of a U.S. plan to end the Middle East war.

Spot gold rose 2.5% to $4,587.09 ‌per ounce as of 0218 GMT. U.S. gold futures for April delivery gained 4.2% to $4,586.10.

The dollar eased, ‌making greenback-priced bullion cheaper for holders of other currencies. – Reuters

5 reasons why gold & silver may lose their glitter this year

5 reasons why gold & silver may lose their glitter this year

If oil prices remain elevated long enough to seep into inflation expectations, the Federal is likely to keep the interest rates higher for longer to curb inflation while seeking to ensure economic growth

Global markets: OpenAI drops Sora video tool, $1 billion Disney deal collapses

OpenAI drops Sora, $1 billion Disney deal collapses amid shift to enterprise AI

OpenAI scraps Sora video tool, ending a $1 billion Disney deal as it pivots to enterprise and coding AI amid rising competition and IPO plans.

TRAI drops 1% turnover penalty proposal, introduces graded fines for telcos

TRAI drops 1% turnover penalty plan, introduces graded fines for telecom operators

TRAI withdraws 1% turnover penalty proposal for telcos, introduces graded fines with caps under revised tariff and accounting rules to ensure balanced regulation.

RKEC Projects secures Rs 40.5 crore NHAI bridge project in Bihar

WATCH: Today’s Stock Recommendation: March 25, 2026

Gift Nifty signals strong start as Trump’s Iran talks boost global sentiment

Gift Nifty signals strong market opening as US-Iran talks optimism lifts global sentiment

Gift Nifty signals a strong market start amid Trump’s Iran talks, but caution remains due to geopolitical uncertainties and FII flows.

18 stocks to watch today: Bharat Electronics Limited, United Spirits, Tata Steel, Jindal Steel and Power in focus

18 stocks in focus today: BEL, United Spirits, Tata Steel, Jindal Steel, HDFC Life in focus

Explore today’s top 18 stocks, featuring key developments in Bharat Electronics, United Spirits, Tata Steel, and renewable energy sectors.

India appoints Kompella Venkata Ramana Murty as SEBI whole-time member for 3-year term

INDIA APPOINTS KOMPELLA VENKATA RAMANA MURTY AS SEBI WHOLE-TIME MEMBER FOR 3-YEAR TERM – GOVT NOTICE

Upcoming Market settlement Holidays

26 Mar – Ram Navmi

31 Mar – Mahavir Jayanti

3 April – Good Friday

14 April – Dr Ambedkar Jayanti

Nomura: Sagility India

Dual proposition: Value with growth

Expect ~12% revenue and ~20% EPS CAGRs over FY26-28F; Cnitiate Coverage at Buy with TP of INR55

MNCL Research: Godawari Power & Ispat Ltd. (GPIL): Approves setting up of 1mntpa Integrated Steel Plant

Mcap: Rs177bn; CMP: Rs263; TP: Rs310; Rating: BUY

What happened: GPIL’s Board has approved the setting up of a 1mntpa integrated steel plant to manufacture iron & steel finished products (heavy & medium structural steel and wire rods). The plant will be located at Sarora, Tilda (Raipur, Chhattisgarh) with an estimated capex of ~Rs70bn, to be funded through a 1:1 debt–equity mix (including internal accruals). The project is expected to be completed in ~3.5 years i.e. 2HFY30. 

Our view:

\u00091. The proposed steel plant marks a significant forward integration step for GPIL, moving further up the value chain from pellets/DRI to finished steel (structurals & wire rods). This should enhance value addition and reduce dependency on pellets which can be an over supplied market. GPIL already is approved by Power Grid Corp for use of its structural steel products in transmission projects. 

\u00092. We expect an annual Cash flow from operation of Rs16-18bn on meaningful scale up of BESS and CRM business which should be sufficient to cater to the internal requirement of the capex, and should aid debt repayment post commissioning. 

\u00093. While the BESS and CRM will take ~3years for complete scaleup, the Steel plant (starting FY30) will continue the growth momentum post the BESS/ CRM project. Remain positive on GPIL’s thesis of long term growth and value addition. 

Fund Flow Activity: 24 March 2026 

(Rs. In Crs.)

Turnover: (NSE + BSE)

F&O Volume: 499266.16 + 6190609.22 Total: 6689875.38

Provisional Cash: Rs in Cr

FII/FPI: NET SELL: -8,009.56

(12,406.90 – 20,416.46) 

DII: NET BUY: +5,867.15

(21,126.99 – 15,259.84)

Technicals: Rupee remains vulnerable to further fall

Rupee remains vulnerable to further fall

The Indian rupee faces potential further decline, with limited recovery prospects amid rising crude oil prices and foreign outflows.

US says talks underway with Iran even as missile strikes intensify in West Asia war

US says Iran talks underway as Middle East war intensifies with missile strikes and troop deployment

US signals Iran talks as missile attacks intensify in Middle East war, with troop deployment, Strait of Hormuz tensions and global calls for ceasefire.

US crude futures fall 4% as ceasefire hopes ease oil supply concerns

U.S. crude futures fell about 4% in early trade on Wednesday on the ‌prospect of a possible ceasefire easing disruption to global ⁠oil supply, following reports that Washington had sent Tehran a 15-point plan to end ‌the war in the Middle East.

U.S. West Texas ‌Intermediate (WTI) crude futures dropped to ‌as ⁠low as $87.80 a barrel ⁠at the open and were down $3.49, or 3.8%, at $88.86 a barrel.

WTI climbed 4.8% on Tuesday, before paring gains in volatile post-settlement trading.

Wall Street indexes fall on worries about Middle East war, interest rates

Indexes fall: Dow 0.18%, S&P 500 0.37%, Nasdaq down 0.84%

Trading Guide for March 25, 2026: Intraday supports, resistances for Nifty50 stocks

Day Trading Guide for March 25, 2026: Intraday supports, resistances for Nifty50 stocks

Stay updated with intraday support and resistance levels for Nifty50 stocks with our comprehensive day trading guide.

Stock to buy today: Tech Mahindra (₹1,433) – BUY

Stock to buy today: Tech Mahindra (₹1,433) – BUY

Buy Tech Mahindra stock at ₹1,433; potential rise to ₹1,520-₹1,530 with bullish short-term outlook and key supports identified.