Nifty regains 23000 mark as US Fed Eases Tariff Concerns 

Highlights 
•    Automotive Axles surges on MoU with Meritor HVS India
•    KEI Industries, Polycab shares slips after Adani Group forays into wires and cables
•    NCC share rallies on ₹21.30 billion Amaravati infrastructure contract win
•    Marksans Pharma gains on Australian regulator’s nod for Goa facility
•    Bain Capital-Manappuram Finance deal likely to be announced soon
•    Hindustan Copper shares jump 4% as copper prices hit record high

The benchmark indices-- Nifty and Sensex closed sharply higher today, extending their winning streak for the fourth consecutive session, marking the longest rally in nearly two months.

Equities rallied globally after the US Federal Reserve signalled it still sees room to cut interest rates by 50 basis point in 2025. Federal Reserve Chair Jerome Powell's comments also eased investor concerns over tariffs. Powell highlighted that while some inflation expectations have risen due to trade policy uncertainties, longer-term expectations remain anchored near the Fed's 2% target.

SECTORAL PERFORMANCE 
The rally was broad-based today, with all sectoral indices gained over 1%. IT stocks led the gains, surging after global markets cheered the Federal Reserve’s rate cut outlook. Heavyweights TCS, Infosys, and Tech Mahindra drove the rebound. The Auto index extended its strong run, rising 1.47%, while Nifty Realty, Oil & Gas, and FMCG gained between 1.2-1.4%. Nifty Pharma, Metal Energy, and Bank also rose over a percent.

Top Gainers	% Change	Top Losers	% Change
NIFTY OIL & GAS	1.59%	--	--
NIFTY AUTO	1.42%	--	--
NIFTY FMCG	1.29%	--	--
NIFTY IT	1.25%	--	--
NIFTY MEDIA	1.22%	--	--

Yields on 10-year government bonds ended lower as the US FOMC’s policy decision and the rupee’s recovery in this week boosted bets of a rate cut from the Reserve Bank of India in April.

Further, the RBI’s announcement on Tuesday of an open market bond purchase auction also supported the demand for bonds.  The RBI said it will buy bonds worth ₹500 billion on March 25.

Tenure	Today	Previous
10-year Gilt	6.64%	6.66%
5-year gilt	6.53%	6.57%
5-year OIS	5.87%	5.93%

The Indian Rupee ended higher, but gave up most gains due to dollar buying from importers, oil companies and state-owned bank. Fall in Asian currencies and European currencies also weighed on the domestic unit.

Earlier this week, the rupee appreciated as banks cut long dollar positions some selling by exporters. Reports also said RBI had asked banks to cut arbitrage positions thus resulting in cutting of longs positions.  Inflows related to repatriation of corporate profits are usual in March, also aided the rupee over recent trading sessions.

Unit	Today	Previous
Dollar/Rupee	86.37	86.44
Dollar Index	103.57	103.09
1-year Dollar/rupee premium (%)	2.15%	2.14%

OUTLOOK
Indian equity markets are expected take cues from Wall Street.  Investor sentiment remains upbeat as US FOMC forecasted two rate cuts this year amid US President Donald Trump’s tariff policy which are seen as inflationary.
The rupee is likely to stay supported on year-end dollar sales by exporters. The expected trading range for Thursday is 86.20–86.60. 

Key Events & Data Due Friday
Economic Data:
 - Japan February CPI Data
 - India Weekly FX Reserves Data
 - US Oil Rig Data

Corporate Actions:
 -Authum Investment & Infrastructure board to consider dividend
 -Bombay Burmah Trading Corporation board to consider dividend
 -ESAF Small Finance Bank board to discuss fundraising plans
 -IndiGrid Infrastructure Trust board to discuss fundraising plans
 -Interise Trust board to consider dividend
 -Larsen & Toubro board to discuss fundraising plans
 -Motherson Sumi Wiring India board to consider dividend
 -Samvardhana Motherson International board to consider dividend
 -Sundaram Clayton board to consider dividend
 -Welspun Corp  board to discuss Voluntary Delisting

Policy:
- European Union Leaders Summit
- FOMC Member Williams Speaks