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Indian equity benchmarks started on a flat-to-positive note but turned volatile as traders assessed geopolitical tensions and awaited the Federal Reserve's interest rate decision. Currently, Sensex and Nifty are trading with marginal gains, supported by foreign fund inflows. After 17 consecutive sessions of net selling, foreign institutional investors (FIIs) purchased equities worth RS. 694.57 crore on March 18.

Further support came as the commerce ministry announced that India and Malaysia have agreed to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA) for a substantial conclusion by 2025. Additionally, the Reserve Bank of India (RBI) has planned an open market operation to purchase government securities worth RS. 50000 crore on March 25 to improve market liquidity.

Global Market Overview

Asian markets are trading mostly higher with muted gains, tracking mixed global cues. Investors remain cautious ahead of interest rate decisions from the US Federal Reserve and the Bank of Japan. Meanwhile, concerns persist over the economic impact of former US President Donald Trump's trade policies.

Sectoral & Stock Performance

Back home, sugar stocks are in focus as the Indian Sugar Mills Association (ISMA) confirmed stable sugar availability for the ongoing 2024-25 marketing season, dismissing concerns about supply shortages. In stock-specific action, GR Infraprojects surged after securing a Letter of Acceptance from the National Highways Authority of India for a project worth RS. 4,262.78 crore.

Currently, the BSE Sensex is trading at 75,405.34, up by 104.08 points or 0.14%, after moving in a range of 75,201.48 to 75,473.69. The broader indices are in the green, with the BSE Mid Cap index up 1.07% and the Small Cap index rising 1.27%.

Sectoral Gainers & Losers

• Top Gaining Sectors: Power (+1.22%), Utilities (+1.22%), Industrials (+1.17%), Telecom (+1.10%), PSU (+1.02%)
• Losing Sectors: IT (-1.36%), TECK (-0.87%), FMCG (-0.10%)

Top Gainers on Sensex:

• Zomato (+2.54%)
• IndusInd Bank (+1.75%)
• Tata Steel (+1.71%)
• Bajaj Finance (+1.56%)
• NTPC (+1.07%)

Top Losers on Sensex:

• TCS (-1.86%)
• Infosys (-1.71%)
• HCL Technologies (-1.64%)
• Tech Mahindra (-1.27%)
• Sun Pharma (-0.74%)

India-New Zealand Trade Talks Progress

Commerce Minister Piyush Goyal stated that India and New Zealand are working toward finalizing a Free Trade Agreement (FTA). Goyal highlighted the potential for a 10x growth in bilateral trade over the next decade, urging business leaders from both nations to collaborate. He emphasized that India’s $4 trillion economy is set to grow to $30-35 trillion in the next 22-25 years, creating significant opportunities.

New Zealand's Prime Minister acknowledged India's strategic importance, calling it a "game changer" in global trade. He noted that bilateral trade, currently at $3 billion, has substantial room for expansion.

Nifty & Global Market Performance

The CNX Nifty is trading at 22,867.55, up by 33.25 points or 0.15%, after moving between 22,807.95 and 22,888.30.

Top Gainers on Nifty:

• Tata Steel (+1.83%)
• IndusInd Bank (+1.61%)
• Bajaj Finance (+1.49%)
• Apollo Hospital (+1.38%)
• BPCL (+1.32%)

Top Losers on Nifty:

• TCS (-1.89%)
• Infosys (-1.80%)
• HCL Technologies (-1.71%)
• Tech Mahindra (-1.36%)
• Sun Pharma (-0.91%)

Asian Market Overview

Most Asian indices are trading in the green:

• Jakarta Composite (+1.08%)
• Nikkei 225 (+0.11%)
• Hang Seng (+0.15%)
• KOSPI (+0.87%)
• Straits Times (+0.5%)

On the other hand, the Taiwan Weighted index (-0.76%) and the Shanghai Composite (-0.06%) are trading lower.

Investors are closely watching the upcoming monetary policy decisions from the US Federal Reserve and the Bank of Japan, which could set the tone for global markets in the near term.

Indian equity benchmarks are expected to open cautiously on Wednesday as traders assess geopolitical tensions and await the Federal Reserve’s decision on interest rates. Investors will also monitor the Bank of Japan’s stance on interest rates.

Key Developments to Watch:

• RBI, Bank of Mauritius Sign MoU for Rupee Trade: The Reserve Bank of India and the Bank of Mauritius have signed an MoU to facilitate cross-border transactions using the Indian Rupee and Mauritian Rupee.

• India-Malaysia to Accelerate ASEAN FTA Review: India and Malaysia have agreed to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA), aiming for a substantial conclusion by 2025.

• India-New Zealand FTA Could Boost Trade Tenfold: Negotiations for a Free Trade Agreement (FTA) between India and New Zealand are ongoing, with Union Minister Piyush Goyal stating that the deal could increase bilateral trade tenfold in the next decade.

• RBI to Conduct OMO Worth RS. 50000 Crore: The Reserve Bank of India has announced an open market operation (OMO) to purchase government securities worth RS. 50000 crore on March 25 to enhance liquidity in the financial system.

• Sugar Stocks in Focus: The Indian Sugar Mills Association (ISMA) has assured stable sugar availability for the 2024-25 marketing season, easing concerns over supply shortages.

Global Market Overview:

• US Markets Decline: Wall Street closed lower on Tuesday amid concerns over President Donald Trump’s trade policies and economic uncertainty despite positive economic data.
• Asian Markets Trade Mixed: Geopolitical tensions escalated as Israeli airstrikes hit Gaza, leading to a mixed trend in Asian markets.

Domestic Market Performance:

On Tuesday, Indian equity markets witnessed strong gains, closing near the day's high. The BSE Sensex surged 1131.31 points (1.53%) to 75,301.26, while the Nifty 50 jumped 325.55 points (1.45%) to 22,834.30.

Key Economic Indicators:

• India to Remain Fastest-Growing Economy: The OECD has projected India’s GDP growth at 6.4% in 2025 and 6.6% in 2026, maintaining its position as the fastest-growing major economy.
• Rupee Gains Against US Dollar: The Indian Rupee appreciated for the third consecutive session on Tuesday, supported by strong domestic equity markets and a weaker US dollar.
• India Resolves 28,818 Insolvency Cases: Union Minister Harsh Malhotra announced that 28,818 out of 40,943 insolvency cases filed under the IBC have been resolved before admission, involving RS. 10 lakh crore. The 2016 IBC reform has improved India’s global ranking in resolving insolvency and enhanced ease of doing business.

Investors will closely watch global developments and domestic economic indicators for market direction.

Zydus Lifesciences is currently trading at RS. 907.55, up by 4.45 points or 0.49% from its previous closing of RS. 903.10 on the BSE.

The stock opened at RS. 930.60 and recorded a high of RS. 930.60 and a low of RS. 906.95. A total of 20,769 shares have been traded so far.

Zydus Lifesciences, a BSE group 'A' stock with a face value of RS. 1, reached a 52-week high of RS. 1323.90 on August 9, 2024, and a 52-week low of RS. 859.15 on March 4, 2025. Over the past week, the stock’s high and low were RS. 930.60 and RS. 880.00, respectively. The company's current market capitalization stands at RS. 90,872.99 crore.

The company's shareholding includes 74.98% held by promoters, 18.18% by institutions, and 6.84% by non-institutions.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture Apalutamide Tablets, 60 mg (Erleada Tablets, 60 mg). Apalutamide is an androgen receptor inhibitor used for treating metastatic castration-sensitive prostate cancer. The tablets will be produced at Zydus Lifesciences Ltd (SEZ) in Ahmedabad.

Apalutamide tablets had annual sales of $1,099.8 million in the United States, as per IQVIA MAT January 2025 data. With this, the company now has 420 USFDA approvals and has filed 483 Abbreviated New Drug Applications (ANDAs) since FY 2003-04.

Zydus Lifesciences, formerly known as Cadila Healthcare, is an integrated pharmaceutical company engaged in research, development, production, marketing, and distribution of pharmaceutical products across the value chain.

GR Infraprojects is currently trading at RS. 1040.20, up by 99.85 points or 10.62% from its previous closing of RS. 940.35 on the BSE.

The stock opened at RS. 980.05 and recorded a high of RS. 1040.20 and a low of RS. 971.15. A total of 35,186 shares have been traded so far.

A BSE group 'A' stock with a face value of RS. 5, GR Infraprojects hit a 52-week high of RS. 1859.95 on June 26, 2024, and a 52-week low of RS. 902.05 on March 17, 2025. In the last week, its high and low were RS. 1041.15 and RS. 902.05, respectively. The company's current market capitalization stands at RS. 9849.13 crore.

The company's shareholding structure includes 74.70% held by promoters, 22.33% by institutions, and 2.97% by non-institutions.

GR Infraprojects has secured a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) under the Ministry of Road Transport & Highways for the construction of the Agra-Gwalior Greenfield Road. The estimated project cost is RS. 4262.78 crore, with completion expected within 910 days from the appointed date.

The project involves developing a six-lane access-controlled Agra-Gwalior highway, covering a stretch from Deori village in Agra district to Susera village in Gwalior district, passing through Uttar Pradesh, Rajasthan, and Madhya Pradesh. It also includes strengthening and improvement work on the existing Agra-Gwalior section of NH-44 under the DBFOT (Toll) mode.

GR Infraprojects is an integrated road engineering, procurement, and construction (EPC) company with expertise in highway and road projects across India. The company has recently expanded into the railway sector.

Bharat Petroleum Corporation (BPCL) is currently trading at RS. 265.85, up by 3.70 points or 1.41% from its previous closing of RS. 262.15 on the BSE.

The stock opened at RS. 263.80 and recorded a high of RS. 266.35 and a low of RS. 263.00. A total of 50,229 shares have been traded so far.

BPCL, a BSE group 'A' stock with a face value of RS. 10, reached a 52-week high of RS. 376.00 on September 30, 2024, and a 52-week low of RS. 234.15 on March 3, 2025. Over the last week, the stock's high and low were RS. 266.95 and RS. 258.40, respectively. The company's current market capitalization stands at RS. 114882.66 crore.

The company's shareholding structure includes 52.98% held by promoters, 37.92% by institutions, and 9.10% by non-institutions.

BPCL has signed a quadripartite Memorandum of Understanding (MoU) with BluJ Aerospace, the Agency for New and Renewable Energy Research and Technology (ANERT), Government of Kerala, and Cochin International Airport (CIAL) to develop the world's first hydrogen-fueled Vertical Take-off and Landing (VTOL) aircraft ecosystem.

As part of the initiative, BPCL will establish hydrogen refueling infrastructure for VTOL aircraft developed by BluJ Aerospace at its upcoming Hydrogen Refueling Stations (HRS) in Kochi and Trivandrum. Additionally, BPCL will participate in research and development (R&D) efforts to design and develop an Indigenous Proton Exchange Membrane (PEM) Hydrogen Fuel Cell with high power density to enable vertical lift-off, bolstering India's hydrogen technology advancements.

This strategic agreement aligns with India's objective of achieving net zero emissions by 2070 and marks a significant advancement in aviation innovation. The project aims to revolutionize urban and regional air mobility by integrating green hydrogen-powered VTOL aircraft, offering enhanced speed, reduced noise, improved efficiency, and a substantial reduction in carbon emissions.

BPCL is engaged in exploration, production, and retailing of petroleum and related products. Its retail business unit focuses on the marketing of petrol, diesel, and kerosene.

Lupin is currently trading at RS. 2041.40, up by 6.10 points or 0.30% from its previous closing of RS. 2035.30 on the BSE.

The stock opened at RS. 2044.95 and recorded a high of RS. 2046.50 and a low of RS. 2025.10. A total of 2047 shares have been traded so far.

Lupin, a BSE group 'A' stock with a face value of RS. 2, reached a 52-week high of RS. 2403.45 on January 2, 2025, and a 52-week low of RS. 1493.75 on June 4, 2024. Over the last week, the stock's high and low were RS. 2046.50 and RS. 1950.85, respectively. The company's current market capitalization stands at RS. 93431.10 crore.

The company's shareholding structure includes 46.95% held by promoters, 46.79% by institutions, and 6.26% by non-institutions.

In a strategic move, Lupin has incorporated a wholly-owned subsidiary named ‘Lupinlife Consumer Healthcare’. The company received its certificate of incorporation from the Ministry of Corporate Affairs on March 18, 2025.

Previously, Lupin secured tentative approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amifampridine Tablets, 10 mg.

Lupin is a global pharmaceutical company focused on innovation, developing and marketing a broad range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs).

Salzer Electronics is trading at RS 899.70, up by 33.90 points or 3.92% from its previous close of RS 865.80 on the BSE. The stock opened at RS 850.00 and has touched a high of RS 943.75 and a low of RS 850.00. A total of 20,220 shares have been traded so far.

The BSE group 'B' stock, with a face value of RS 10, recorded a 52-week high of RS 1650.00 on 20-Dec-2024 and a 52-week low of RS 637.85 on 14-Mar-2024. Over the past week, the stock’s high and low stood at RS 971.95 and RS 834.00, respectively. The company's market capitalization is RS 1586.23 crore.

Promoters hold 37.54% of the company’s shares, while institutional investors own 4.36%, and non-institutional investors hold 58.10%.

In a key development, Salzer Electronics has secured a second order worth RS 50 crore for smart energy meters from a leading Advanced Metering Infrastructure Service Provider (AMISP) in India. This follows an earlier order of RS 5 crore in the previous quarter from the same client, highlighting strong customer trust in its products and manufacturing capabilities.

With an annual production capacity of 4 million smart meters, the company’s new manufacturing facility is well-positioned to cater to India's growing energy infrastructure needs. This aligns with Salzer Electronics' strategic vision to contribute to the nation’s smart metering initiatives and enhance energy management systems.

Salzer Electronics initially entered the electrical industry to design, develop, and manufacture CAM-operated rotary switches, selector switches, wiring ducts, voltmeter switches, and related products.

Gujarat State Petronet is currently trading at RS 273.20, up by 0.70 points or 0.26% from its previous closing of RS 272.50 on the BSE.

The stock opened at RS 279.80 and recorded a high of RS 281.00 and a low of RS 272.25. So far, 56,451 shares have been traded. The company's 52-week high stands at RS 469.60 (achieved on 2nd September 2024), while the 52-week low is RS 260.15 (recorded on 4th June 2024).

Over the last week, the stock has traded between RS 294.20 and RS 271.00. The company’s current market capitalization is RS 15,414.25 crore. The promoters hold 37.63% of the company’s shares, while institutional and non-institutional investors own 42.48% and 19.89%, respectively.

Gujarat State Petronet (GSPL) has secured approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) for expanding the capacity of its High-Pressure Gujarat Gas Grid through the construction of the Anjar-Palanpur Pipeline.

The 274-km-long pipeline will have a capacity of 12 MMSCMD (Million Metric Standard Cubic Meters per Day) and will connect Anjar to Palanpur in Gujarat. The estimated capital expenditure for this expansion is RS 2,051.18 crore, with a completion timeline of three years.

Gujarat State Petronet is a natural gas infrastructure and transmission company engaged in the transportation of natural gas through pipelines on an open-access basis from supply points to demand centers.

Kranti Industries is currently trading at RS 101.90, marking an increase of 2.10 points or 2.10% from its previous close of RS 99.80 on the BSE.

The stock opened at RS 99.80 and recorded a high of RS 103.40 and a low of RS 99.00. A total of 3,589 shares have been traded so far.

The BSE group 'T' stock, with a face value of RS 10, reached a 52-week high of RS 110.00 on December 27, 2024, and a 52-week low of RS 59.00 on October 28, 2024. Over the past week, the stock has fluctuated between RS 103.89 and RS 96.00. The company's current market capitalization stands at RS 123.85 crore.

Promoters hold a 69.18% stake in the company, while non-institutional investors own 30.82%.

Kranti Industries has secured a new export part development order, along with a purchase order, from Canadian company CGL Manufacturing Inc. (Arrow Machine and Fabrication Group). The order, valued at approximately $49,718.00, involves the development and supply of new industrial machinery parts (Alternator Housing) and is set for execution by June 30, 2025.

Kranti Industries specializes in manufacturing and supplying precision-machined components. With over two decades of experience, it is known for its range of automotive and non-automotive (off-highway) components.

Ajmera Realty & Infra India is currently trading at RS. 786.25, marking an increase of 1.95 points or 0.25% from its previous close of RS. 784.30 on the BSE.

The stock opened at RS. 801.00 and recorded an intraday high of RS. 804.00 and a low of RS. 777.00. A total of 3,973 shares have been traded so far.

Ajmera Realty, a BSE group 'B' stock with a face value of RS. 10, hit a 52-week high of RS. 1225.80 on 07-Jan-2025 and a 52-week low of RS. 566.05 on 04-Jun-2024. Over the past week, the stock has ranged between RS. 844.50 and RS. 763.85. The company currently has a market capitalization of RS. 3,094.61 crore.

Promoters hold 68.23% of the company's shares, while Institutions and Non-Institutions hold 2.69% and 29.07%, respectively.

Ajmera Realty has been appointed for the redevelopment of Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, Mumbai. The project, spanning 2,319 square meters, will be developed in a single phase and is expected to generate estimated sales revenue of RS. 320 crore, with a total carpet area of approximately 71,300 square feet.

Shastri Nagar holds historical significance for the Ajmera Group, having been initially developed by the company. This redevelopment project aligns with Ajmera Realty’s strategy to expand through asset-light acquisitions, with a growing focus on redevelopment initiatives. The company has recently added four new projects, contributing to a total GDV (Gross Development Value) of about RS. 2,770 crore, reinforcing its fiscal growth strategy.

Ajmera Realty & Infra India continues to be recognized as one of India's leading real estate companies.