Stock Market LIVE Updates: Gift Nifty suggests a flat start; US, Asian markets gain

The Reserve Bank of India (RBI) has approved re-appointment of Sumant Kathpalia as Managing Director & CEO of IndusInd Bank for one year effective March 24, 2025.

Sun Pharmaceutical Industries and Checkpoint Therapeutics, Inc. entered into an agreement by which Sun Pharma will acquire Checkpoint, an immunotherapy and targeted oncology company.

Checkpoint is a Nasdaq-listed commercial-stage company focused on developing novel treatments for patients with solid tumor cancers.

Checkpoint has received approval from the US Food & Drug Administration (FDA) for UNLOXCYT (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation.

Amid mixed global cues, the Indian indices opened marginally lower on March 10.

The Sensex was up 4.13 points or 0.01 percent at 74,336.71, and the Nifty was up 2.00 points or 0.01 percent at 22,554.50. About 1900 shares advanced, 697 shares declined, and 198 shares unchanged.

Sun Pharma, Bharat Electronics, Bajaj Finance, Adani Enterprises, JSW Steel were among major gainers on the Nifty, while losers were IndusInd Bank, M&M, L&T, Bajaj Auto, ITC.

The important question which investors have in mind when the new trading week begins is: will Nifty’s outperformance last week continue? The declining intensity of FII selling witnessed last week is a positive. But the market momentum witnessed last week is unlikely to continue beyond a point since the element of uncertainty is high. The threat of reciprocal tariffs on India starting early April is a major negative which the market cannot shrug off. There is no clarity on which all sectors will be impacted by the tariffs. This uncertainty will keep the market range bound.

Investors can play it safe by focusing on domestic consumption themes which will not be impacted by the potential tariffs. Export oriented segments like IT and pharma will be volatile responding to news flows surrounding US actions.

Fair valuation of largecaps is ideal for calibrated systematic buying in them.

Stocks to Watch, Mar 10: Stocks like India Pesticides, HFCL, NDR Auto Components, JSW Steel, GR Infraprojects, Biocon, Oil and Natural Gas Corporation, Container Corporation of India, Thangamayil Jewellery, Hinduja Global Solutions, IRB Infrastructure Developers, and AstraZeneca Pharma will be in focus on March 10….Read More

Gift Nifty remains cautious despite positive signals from Federal Reserve Chairman Jerome Powell, who emphasized confidence in declining inflation and a stable US economy. Investor sentiment is still dampened by concerns over Trump’s tariff policies, with FIIs selling Rs 413,907 crore this fiscal year.

Reliance Industries surged 3.05%, while Zomato tumbled 4% on competition concerns. NTPC, NALCO, and HINDALCO are bullish on early declines, with a positive outlook for the week.

Nifty’s key support lies at 22,209, with a significant sell-off likely below this level. Today’s strategy includes buying Nifty on dips and selling Bank Nifty at current levels.

The market ended on a muted note at 22,553, with Nifty50 weekly chart suggesting near completion of an advanced AB=CD harmonic pattern, which could signal a potential trend reversal. The resistance zone is expected to be between 22,620 and 22,730, while support is seen at 22,430. BankNifty remains in the range between 47,900 and 48,900, awaiting a breakout in either direction to establish a clear trend.

In the Auto sector, Tata Motors has shown a reversal indication after bouncing back from its long-term trendline support, while Force Motors has broken out from a Falling Channel formation, supported by a positive MACD crossover.

The Energy sector has broken out from a Falling Wedge formation, signaling a trend reversal, with Reliance showing a Bullish Shark pattern accompanied by positive RSI divergence.

The IT sector continues to face bearish pressure, with expectations that it may test its long-term trendline before any potential reversal.

Conversely, the Metal sector has shifted momentum to the positive after completing its rangebound activity, supported by a dual pattern breakout, which includes both Consolidation and Falling Channel formations. Stocks like JSL and Tata Steel have confirmed bullish movement through Symmetrical Triangle and Falling Channel breakouts, respectively, along with positive MACD crossovers.

Overall, while there are signals of a potential trend reversal across various sectors, confirmation of breakouts and trend shifts will be crucial for determining the next market moves.

Indian rupee opened 38 paise lower at 87.26 per dollar on Monday versus Friday’s close of 86.88.

Benchmark indices are trading mixed in the pre-opening session.

The Sensex was up 439.45 points or 0.59 percent at 74,772.03, and the Nifty was down 19.15 points or 0.08 percent at 22,533.35.

Glenmark Therapeutics Inc., USA (Glenmark) launched Polyethylene Glycol 3350, Powder for Solution, 17 grams/capful (OTC);

compare to the active ingredient in MiraLAX Powder for Solution, 17 grams of Bayer HealthCare LLC.

Financial services firm Tata Capital is likely to file preliminary papers with markets regulator SEBI to raise USD 2 billion (over Rs 17,000 crore) through an initial public offering (IPO) only after getting final approval from the NCLT for Tata Motors Finance’s merger with the company, according to sources.

At this size, the company is expected to be valued at around USD 11 billion, they said. The final order is awaited from the National Company Law Tribunal (NCLT), which is expected to be closed by the end of this financial year (FY25), sources said.