Nifty Snaps Three-Week Losing Streak

Highlights 
• Nippon Life to consider buying minority stake in IndusInd Bank, says report
• SEBI issues insider trading warning to Nestle India over contra-trade violation
• Inox Wind surges on 153 MW order from leading renewable energy developer
• Supreme Court refuses to stay Adani's Dharavi redevelopment project
• Blackstone-backed trust files for India’s largest REIT IPO

Indian benchmark equity indices closed little changed as investors remained cautious over US President Donald Trump’s tariff policy. The Nifty 50 managed to break a three-week losing streak, gaining nearly 2% for the week, while the Nifty Midcap index outperformed, rising 3%, driven by strong momentum in select midcap stocks.

Among index heavyweights, Reliance Industries extended its gains for the second consecutive session, advancing 3% over two days, supported by favorable brokerage commentary. 

SECTORAL PERFORMANCE 
- Gainers: Capital Goods, Energy, Metal, and Media stocks rose between 0.5% and 2.0%.
- Losers: Consumer Durables, IT, Power, and Realty declined between 0.5% and 1.0%.

Tyre stocks attracted interest as a decline in crude oil prices eased cost pressures. Apollo Tyres surged nearly 3% Meanwhile, metal stocks extended their rally, buoyed by favourable global cues.

Top Gainers	% Change	Top Losers	% Change
NIFTY MEDIA	1.8%	NIFTY REALTY	-1.2%
NIFTY OIL & GAS	0.6%	NIFTY CONSUMER DURABLES	-1.0%
NIFTY METAL	0.4%	NIFTY IT	-0.9%
NIFTY AUTO	0.2%	NIFTY HEALTHCARE INDEX	-0.5%
		NIFTY BANK	-0.3%

 

Yields on most government bonds ended largely unchanged as market participants awaited US economic data for insights into the Federal Reserve’s interest rate trajectory. The much-anticipated US nonfarm payroll data for February, due after Indian market hours, is expected to provide clues on the Fed’s monetary easing path.

However, the yield on 10-year benchmark bond edged slightly higher after the RBI excluded a key security from next week’s bond purchase programme. The central bank is scheduled to conduct bond purchases worth ₹500 billion each on March 12 and March 18, followed by a $10 billion three-year dollar/rupee swap on March 24.

Tenure	Today	Previous
10-year Gilt	6.69%	6.68%
5-year gilt	6.61%	6.61%
5-year OIS	5.97%	5.96%

 

The Indian rupee appreciated 20 paise, tracking gains in other Asian currencies amid broad weakness in the US dollar. The rupee strengthened 0.7% for the week, marking its best weekly performance since February 2023.

The dollar index declined sharply as the euro rallied, driven by the European Central Bank’s hawkish stance despite an expected rate cut. Concerns over a slowing US economy and uncertainties around US tariff policies further weighed on the dollar, which has lost over 3.5% this week.

Unit	Today	Previous
Dollar/Rupee	86.92	87.11
Dollar Index	103.72	104.03
1-year Dollar/rupee premium (%)	2.11%	2.08%

 

OUTLOOK
Indian equities will continue to take cues from global markets, with US President Donald Trump’s tariff policies remaining a key driver across asset classes. The upcoming US nonfarm payroll data will also be closely watched, as it could provide insights into whether the US economy is heading toward a slowdown.

The rupee is expected to move in a range of 86.50 to 87.50, with any upticks likely to be sold as exporters look to cover year-end inflows.

Key Events & Data to Watch Next Week
Economic Data:
 - Wednesday: US CPI data, India CPI & IIP data, OPEC Monthly Oil Market Report
 - Thursday: India WPI data

Corporate Actions:
 - Hindustan Zinc board to discuss fundraising plans
 - Housing & Urban Development Corp board to consider dividend
 - Gensol Engineering board to review stock split and fundraising plans

Other Key Events:
 - Karnataka government to present the Budget for 2025-26