All the sectoral indices on the NSE ended in green, with media, realty, and consumer durables gaining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, surged 1,131.31 points or 1.53% to 75,301.26. The Nifty 50 index rallied 325.55 points or 1.45% to 22,834.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 2.10% and the S&P BSE Small-Cap index jumped 2.73%.

The market breadth was strong. On the BSE, 2,828 shares rose and 1,207 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.52% to 13.21.

Economy:

India's merchandise exports during February 2025 were $36.91 billion as compared to $41.41 billion in February 2024, recording a slide of around 11%. Merchandise imports during February 2025 were $50.96 billion as compared to $60.92 billion in February 2024, down 16.34%. Merchandise exports during April-February 2024-25 were $395.63 billion as compared to $395.38 billion during April-February 2023-24.

Merchandise imports during April-February 2024-25 were $656.68 billion as compared to $621.19 billion during April-February 2023-24. Merchandise trade deficit during April-February 2024-25 was $261.06 billion as compared to $225.81 billion during April-February 2023-24.

Stocks in Spotlight:

Bajaj Finserv declined 1.43%. The company has signed Share Purchase Agreements (SPAs) to acquire Allianz SE's 26% stake in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC), gaining full ownership. The 24-year joint venture agreements between the Bajaj Group and Allianz SE will terminate upon completion of the first acquisition tranche (at least 6.1%) and Allianz's reclassification from promoter to investor. The agreed consideration for the 26% stake is Rs 13,780 crore for BAGIC and Rs 10,400 crore for BALIC.

The acquisition will be divided between Bajaj Finserv (approximately 1.01%), Bajaj Holdings and Investment (approximately 19.95%), and Jamnalal Sons (approximately 5.04%). Post-acquisition, Bajaj Finserv's stake will be 75.01% in both companies.

IRCON International jumped 5.53% after the firm said it has secured an EPC contract by the Government of Meghalaya, in a joint venture with Badri Rai and Company (BRC).The project is to be executed within 36 months. The total contract value is Rs 1,096.17 crore, with IRCON's share being Rs 285 crore. The project is a joint venture with BRC, with IRCON holding a 26% share and BRC holding a 74% share.

Morepen Laboratories surged 12.52% after the company launched Empamore, an affordable treatment for type 2 diabetes, heart failure, and chronic kidney disease in India.

Shilpa Medicare soared 6.63% after the company's wholly owned subsidiary, Shilpa Biologicals, inked a strategic partnership with Switzerland-based mAbTree Biologics AG to co-develop and manufacture a novel immuno-oncology therapy.

Indian Renewable Energy Development Agency (IREDA) jumped 6.59% after the company's board approved the enhancement of the borrowing programme for FY25 by Rs 5,000 crore, raising the limit from Rs 24,200 crore to Rs 29,200 crore.

Rites advanced 4.21% after the company announced that it had received an addendum to its contract agreement with Ntokoto Rail Holdings Pty, awarding the company additional work for the supply of new Cape Gauge Bogies.

The value of the order has been revised from $5.40 million (CIF) to $10.80 million (CIF). The order is expected to be executed within six months from the receipt of advance payment for the additional work.

Engineers India rose 0.53%. The company announced that it had secured an order worth Rs 252.95 crore from Numaligarh Refinery (NRL) for EPCM services for the Polypropylene Unit (PPU) project.

Sun Pharmaceutical Industries rose 2.46% after its subsidiary, TARO Pharmaceuticals Inc., completed the 100% acquisition of Antibe Therapeutics Inc. of Canada for a total consideration of $4.5 million.

Taneja Aerospace & Aviation advanced 1.52% after the company announced that it had received an order from Bharat Electronics, Hyderabad, for the installation of the Vihang ESM system on the Kv-28, valued at Rs 1.25 crore.

Tarc added 1.30% after the company announced that its board had approved the issuance of a new series of non-convertible debentures (NCDs) on a private placement basis, up to an aggregate principal amount of Rs 409 crore.

Global Market:

The US Dow Jones index futures were currently down by 112 points, signalling a negative opening for US stocks today.

European markets advanced on Tuesday as lawmakers in Berlin vote on reforms to Germany's so-called debt brake rule, enabling a rise in public borrowing to fund an increase in defense spending.

Asian stocks ended higher, fueled by increasing optimism regarding China's economic outlook and encouraging U.S. economic data that alleviated concerns of a recession.

China has introduced a new Special Action Plan aimed at stimulating domestic consumption and attracting foreign investment. This plan focuses on several key areas: boosting consumer confidence through income increases and reduced financial burdens, stabilizing financial markets by addressing regulatory uncertainties and expanding bond offerings, and ultimately positioning China as a more reliable investment alternative compared to the perceived instability of the U.S.

Investors will be closely monitoring Japanese markets as the Bank of Japan begins its two-day monetary policy meeting on Tuesday. The central bank is widely anticipated to keep interest rates unchanged at 0.5% when the meeting concludes on Wednesday.

In the United States, major indices closed higher on Monday, continuing their recent recovery for a second consecutive session. This positive trend followed the release of favorable economic data that helped to diminish fears of a recession. The S&P 500 rose 0.6% to 5,675.13 points on Monday, while the NASDAQ Composite rose 0.3% to 17,808.66 points. The Dow Jones Industrial Average rose 0.9% to 41,841.70 points. This upward movement was also supported by bargain buying, following Wall Street's recent dip into correction territory last week.

Nvidia fell nearly 2% at the start of the week, just ahead of its annual GTC conference on March 18th. Tesla Inc. also saw a drop of more than 4% after Mizuho lowered its price target for the stock to $415 from $430, citing a less optimistic outlook for electric vehicle sales.

On the economic data front, U.S. retail sales rose by 0.2% last month, following a revised 1.2% decline in January. This growth, however, was weaker than the previously predicted 0.6% increase.

Additionally, the Atlanta Fed's gross domestic product (GDP) forecast for the first quarter indicated a 2.1% decline, which is slightly better than the previous estimate of a 2.4% decrease.

Investors are now closely monitoring the two-day Federal Reserve meeting, which begins on Tuesday, for further insights into the economy and future interest rate decisions. It is widely anticipated that the central bank will maintain current interest rates.

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