DAILY MARKET UPDATE – (27/03/2024)

Indian Stock Market Outlook for March 27

➢ The Indian stock market benchmark indices, Sensex
INDICES CLOSE CHANGE %
and Nifty 50 are likely to open lower on Wednesday
SENSEX 72,470.30 -0.50%
tracking mixed global market cues.
NIFTY 50 22,004.74 -0.42%
➢ The Gift Nifty was trading around 22,050 level, a
discount of nearly 40 points from the Nifty futures’ BANKNIFTY 46,600.20 -0.56%

previous close. S&P 500 5,203.58 -0.28%

➢ The Sensex declined 361.64 points to close at NASDAQ 16,315.70 -0.42%

72,470.30, while the Nifty 50 settled 92.05 points, or NIKKEI 225 40,781.46 +0.95%
0.42%, lower at 22,004.70.
HANG SENG 16,597.17 -0.13%
Key Market Developments Overnight

➢ US Stock Market: US stock market indices ended lower on Tuesday, with the Dow and S&P 500

falling for the third straight session.

➢ Asian Markets: On Wednesday, most Asian markets experienced upward movement. The Nikkei 225

in Japan increased by 0.24%, and the Topix saw a gain of 0.4%. Meanwhile, South Korea's Kospi

slightly declined by 0.1%, and the Kosdaq remained unchanged. Futures for Hong Kong's Hang Seng

index suggested a weaker start to trading.

➢ Indian Stock Market: On Tuesday, the benchmark indices of the Indian stock market concluded with

a half-percent decrease, marking the end of their three-day winning streak, influenced by subdued

global signals..

➢ Gift Nifty: Gift Nifty was trading around the 22,050 level, a discount of nearly 40 points from the Nifty

futures’ previous close, indicating a weak start for the Indian stock market indices.

➢ Oil Prices: Crude oil continued its downward trend following data indicating a significant increase in

US inventories. Brent crude dropped by 0.58% to $85.75 per barrel following a 0.6% decline on

Tuesday, while West Texas Intermediate fell by 0.50% to $81.21.

Stocks to Watch: March 27

➢ Wipro: Peter J. Arduini, President and CEO of GE HealthCare, announced that the company's India

unit will bolster its position in the global supply chain with an investment of ₹8,000 crore over the next

five years, starting from the upcoming financial year. Operating a joint venture with Wipro Ltd known

as Wipro GE Healthcare, where it holds a 51% stake, GE HealthCare sees India as a key player in its

supply chain, currently ranking among the top four countries. Arduini expressed confidence in India's

potential to climb even higher in importance in the future.

➢ Cipla: Sanofi India and Sanofi Healthcare India have formed an exclusive partnership with Cipla for

distributing and promoting six central nervous system (CNS) products in India, including the popular

anti-epileptic medication Frisium. Additionally, Cipla has received approval from the US regulatory

authority to merge Cipla Technologies LLC into Cipla USA Inc, effective March 31, 2024. Both entities

are fully owned indirect subsidiaries of Cipla in the USA.

➢ Titan Company: The company has completed the liquidation of its subsidiary TCL Watches

Switzerland AG (earlier known as Favre Leuba AG, (FLAG). With this, TCL Watches Switzerland AG

ceasedto be a wholly-owned subsidiary of the company with effect from March 21, 2024.

➢ Indian Hotels Company: The company has infused $6.5 million in its wholly owned subsidiary

IHOCO BV in Netherlands. The subsidiary will use for repaying debt and other operational purposes

of its subsidiary United Overseas Holding Inc in USA.

➢ Hinduja Group: The Hinduja Group has started the process of rebranding Reliance Capital (RCap)

and its operating companies, following the successful bid of the debt-laden firm, as it awaits final

regulatory approvals.

➢ Piramal Enterprises: Piramal Enterprisesinvested Rs 2,000 crore in Piramal Capital & Housing

Finance (PCHFL), a wholly-owned subsidiary of the company by way of subscription to a rights issue.

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