Stock Market Live March 23: Sensex crashes 1,800 pts, Nifty slides below 22,550 amid sell-off

Nikhil Kamath, Quant MF & Bank of India back Swan Defence’s OFS; estimated ₹500 cr raised

Nikhil Kamath, Quant MF & Bank of India back Swan Defence’s OFS; estimated ₹500 cr raised

Nikhil Kamath and Bank of India back Swan Defence’s successful ₹500 crore OFS, showcasing strong investor confidence in the company.

Australian shares at 10-month low on Middle East war-driven inflation woes

Australian shares slid to a 10-month low on Monday as escalating threats between Washington and Tehran signalling ⁠the conflict could drag on for weeks pushed oil prices higher, stoking global inflation fears and keeping investors cautious.

The S&P/ASX 200 index fell 0.7% ‌to 8,365.9, its lowest level since late-May, 2025. The benchmark has lost more than 9% this month which is ‌on track to be the worst since May 2022, when ‌surging ⁠inflation and rate-hike fears shook markets after Russia’s invasion ⁠of Ukraine. – Reuters

Silver hits lower circuit in futures trade, plunges 9% to ₹2.06 lakh/kg amid weak global cues

Silver hits lower circuit in futures trade, plunges 9% to ₹2.06 lakh/kg amid weak global cues

Silver futures plunge 9% to ₹2.06 lakh/kg amid weak global cues and sustained selling pressure, hitting lower circuit limits.

Hindustan Zinc and Tata Steel partner on low-carbon zinc solutions; shares drop 4-5%

Hindustan Zinc and Tata Steel Partner to Scale Low-Carbon ZincSolutions with EcoZen

Hindustan Zinc traded 5% lower on the NSE at Rs 489.50. Tata Steel traded at Rs 188.49, down over 4%.

Gold futures plunge ₹8,089 to ₹1.36 lakh/10g on global selloff, inflation fears

Gold futures plunge ₹8,089 to ₹1.36 lakh/10g on global selloff, inflation fears

Gold prices plunged sharply by ₹8,089 to ₹1.36 lakh per 10 grams in futures trade on Monday, tracking a global selloff amid rising inflation fears and a firm US dollar.

Zinc futures: Outlook turns weak

Zinc futures: Outlook turns weak

Zinc futures outlook is bearish, with potential decline to ₹290; consider shorting at ₹305 with set targets.

Global market updates: Samsung Electronics shares fall over 5% as geopolitical tensions weigh on tech stocks

Shares of Samsung Electronics were trading 4.81 per cent lower at 189,800 won (USD 125.7) as of 9:12 a.m. on Monday, after dropping as much as 5.32 per cent earlier in the session.Shares of SK hynix Inc. also came under pressure, trading at 949,000 won (approximately USD 628) down 5.76 per cent. – ANI

India’s PMS assets double since 2022, topping ₹10.5 lakh crore amid rising demand for customised wealth solutions

The sharp expansion of India’s Portfolio Management Services (PMS) industry reflects a structural shift in how high-net-worth investors are approaching wealth creation, according to Dhanvesttor, a women-focused PMS platform.

Recent data from the Securities and Exchange Board of India (SEBI) shows that assets managed under PMS have expanded significantly over the past few years, rising to over ₹10.5 lakh crore, nearly doubling from the levels seen in 2022. The number of PMS investors has also increased steadily, reflecting growing interest in customised investment strategies among affluent investors and family offices.

Tata Capital slips 1% to ₹313.30 after ₹413 crore I-T reassessment order for FY18

Tata Capital shares down 1% on the NSE to Rs 313.30. Company had received a Rs 413 cr reassessment order from the I-T Department for FY18 due to a tax credit discrepancy

Gold price falls on West Asia tensions, stronger dollar; outlook positive but exports seen hit: Kama Jewelry MD

Colin Shah, MD, Kama Jewelry on Sharp drop in gold price.

The sharp dip in gold prices is a ripple effect of the ongoing tensions in West Asia and the impact has severely hit global economy. The disrupted oil supply has led to a rise in the price of crude, which is being perceived as a major inflationary trigger along which will drive cautiousness among the Central Banks. As a result, interest rates to see a rise and directly impact the domestic consumption. Parallelly, the strengthening of the USD is also pushing investors away from investing into the yellow metal.

While the long-term outlook of the yellow metal continues to remain positive, both international and domestic economies are going to see strong tremors due to the conflict and gems & jewellery exports will be impacted the most. We are hopeful that the tension will settle down and the economies will get back on track.

INOX India bets on diversification to offset LNG volatility, targets ₹1,600 crore in FY26

INOX India bets on diversification to offset LNG volatility, targets ₹1,600 crore in FY26

As West Asia tensions unsettle LNG markets, INOX India is taking a different tack, banking on diversification to sustain growth.

Transrail Lighting recalls share application money for UAE subsidiary amid war-like situation

Transrail Lighting has recalled the share application money remitted for allotment in share capital of Transrail Trading LLC, a Wholly Owned Subsidiary (“WOS”) of the Company incorporated in the United Arab Emirates (UAE), due to current war like situation

SBI shares fall 3.5% to ₹1,020 after ₹6,337 crore tax demand order

SBI shares traded 3.5% lower at Rs 1,020 on the NSE at 11.37 am, hitting a low of Rs 1,014.20.

Bank had received an order from Income Tax Dept for a tax demand of Rs 6337 crore.

Mangal Credit and Fincorp board approved allotment of NCDs aggregating to Rs 20 crore

Bank Nifty drops over 3%; Union Bank, PNB, Canara Bank among top losers

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Bank Nifty fell over 3%. Top losers: Union Bank (-4.73%), PNB (-4.48%), Canara Bank (-4.46%), AU Small Finance (-4.27%), Bank of Baroda (-4.07%)

HSBC on Financials

Investors are concerned about the prolonged impact of high oil prices on growth, inflation, interest rates, and asset quality

Key debates: PSU vs private banks; asset quality worsening; whether to position for rate normalisation or for high rates

Prefer AXSB, ICICI BK, SBI, Chola and Shriram Fin (All BUYS)

HSBC on HDFC BK

Buy, TP cut to Rs 990 from Rs 1070

To us, resignation of HDFCB’s Chairman seems a matter of difference of opinion rather than of any governance issues

However, this will likely cause a valuation multiple erosion

To offset this performance metrics need to improve

Value core bank at 2.2x FY27e BVPS (2.4x earlier)

DAM Capital on Premier Energies

Buy, TP Rs 1295

Plant visit takeaways

Reinforced strong conviction that Premier is steadily developing a strong competitive moat through its technological and execution capabilities which would be difficult for competitors to replicate.

Co.’s superior positioning is on the back of its ability to

1) achieve best-in-class cell efficiency,

2) commission and stabilize cell plant without any tech tie-up,

3) ramp-up solar cell lines within 4-6months (vs 12-18months for peers)

4) drive product innovation through its in-house R&D (G12R cells, zero busbar cells, etc)

Jefferies on Star Health

Buy, TP Rs 660

Roadshow feedback

Loss ratio was of key interest, with Star indicating improvement until FY28 (JEFe: 200bps over FY25-28e) to be led by annual price hikes, which have resumed, and selective underwriting. Other levers, not factored in est., include

(i) claim automation,

(ii) hospital partnership,

(iii) Public Insurance Registry.

Stock trades at 18x FY27e P/E, not reflecting IFRS EPS CAGR of 21% over FY26-28e.

Nuvama on Allied Blenders

Buy, TP Rs 670

Management meet Key insights

i) Q3 weakness was regulatory-led (Telangana destocking, Maharashtra policy impact) with Q4 to rebound.

ii) Premiumisation continues and to reach ~50% of mix by FY28 (47% in 9MFY26).

iii) ABD Maestro (80%/20% JV of ABD/Ranveer Singh) gaining traction with new launches (Rangeela, Yello) and luxury positioning (The Collective).

iv) Favourable RM basket, India-UK FTA and backward integration to expand EBITDA margin to 17–18% by FY28 (13.2% in 9MFY26)

MOSL on Kalyan Jewellers

Buy, TP Rs 550

Demand in India remains resilient despite a spike in gold prices

Geopolitical issues may hit MENA business in near-term

India store expansion drive to continue

Candere turns profitable; growth momentum remains strong

EBITDA margin expansion led by mix and operating leverage

Deleveraging and lower finance costs to support profitability

CLSA on ASK Auto

O-P, TP Rs 640

Honda Motorcycle & Scooter India (HMSI) is set to expand its capacity by 28%, jumping from 6.25mn to 8mn units annually, powered by a Rs15bn expansion at its Tapukara plant

Move cements Honda’s push to offer compelling products and services.

For ASK Automotive (ASK), which derives c.35% revenue from HMSI, this expansion is a structural tailwind.

And with HMSI yet to fully unleash its electric 2W portfolio—where content per vehicle is 30–50% higher than ICE—ASK stands perfectly positioned for next wave of growth

Investec on Adani Ports

Recommendation Buy; Target ₹1,850

Expanding Vizhinjam capacity by >3x to 5.7m TEUs by Dec-28, entailing a capex of >Rs 10,000 crore

Aims to capture a significant portion of India’s transshipment volumes

Signed a MoU with BPCL to offer LNG bunkering service at Vizhinjam

Should raise the port’s value proposition and attract transshipment volumes from competing ports

Other than Vizhinjam, also expanding capacities at Mundra, Dhamra, Kattupalli, Kandla, Colombo

Brokerages on Oil & Gas sector

Morgan Stanley on oil & gas

See Indian fuel retailers tracking $1.5 billion in monthly losses at $107/bbl Brent

India’s OMCs are buying most oil at Brent-linked pricing (with $5-10+ premiums), including higher Russian crude volumes

Retailers earned EBITDA/bbl above $8/bbl over the past two years, which gives them balance sheet room to absorb losses for another 45 days

Think government will need to cut excise duty, raise fuel prices, or some of both after that

With 5 state/UT elections in April-May, see the potential for fuel price adjustments after the polls, consistent with the pattern of the past five years

See each month of $107/bbl Brent reducing OMCs’ FY27 book value by 3-5%

Refiners have raised premium gasoline and diesel prices by Rs 2.35/litre while IOCL has lifted industrial diesel prices by Rs 22/litre, covering 12-15% of national consumption

Citi on oil & gas 

Gas vs. oil value chains: Diverging disruption paths, diverging risks

Believe investors should differentiate between the two when assessing the timeline for normalisation

Damage to Qatari LNG facility reinforces view that the gas value chain could face deeper and more prolonged disruption than oil

Citi’s commodities team now expects JKM LNG prices to average $27/mmbtu in Q2CY26E, $16-17/mmbtu through H2CY26E, and $13/mmbtu in CY27E

Extended LNG tightness is a clear, albeit under-appreciated, overhang for Petronet, where we see further downside risk

GAIL appears comparatively better positioned

Brent prices could remain elevated at $110-120/bbl in the very near term

Citi anticipates de-escalation within 3-5 weeks, with prices moderating to $70-80/bbl by year-end

OMCs therefore appear near peak stress, with valuations having corrected to 0.9-1.1x P/B

BPCL’s & IOCL’s book value would be relatively more resilient than HPCL’s

Morgan Stanley on India energy & chemicals

ONGC – Maintain Overweight; Hike target price to Rs 363 from Rs 299

Oil India – Maintain Overweight; Hike target price to Rs 563 from Rs 455

GAIL – Downgrade to Equal-weight from Overweight; Cut target price to Rs 150 from Rs 236

Petronet – Downgrade to Equal-weight from Overweight; Cut target price to Rs 276 from Rs 342

LNG infrastructure damage in Qatar shifts LNG markets from glut to balanced

Makes alternative fuel demand (coal and diesel) move higher against prior estimates

Coal equipment, upstream oil, refiners, fertilisers and specific power producers benefit, while gas producers see consumption slow

Considering the demand sensitivity to gas prices, downgrade GAIL and Petronet as demand growth remains tepid

Get more constructive on upstream oil producers with integrated refining capacity, as global gas prices remain high along with higher oil prices supporting FCF yields

CLSA on UltraTech Cement

Maintains high conviction outperform

Ongoing Middle East conflict raised cost inflation concerns

More concerns on crude-linked products availability and profitability impact

Estimate cement price increase of 4-5% for $40/T rise in petcoke and 30% risk in packaging cost

Near-term earnings could be at risk

In medium term, when war risk subsides, companies can retain part of price increase

Stock already at trough valuations on EV/T

Goldman Sachs on Indigo

Maintains Buy rating with a revised target price of ₹5,200 (cut from ₹6,000)

Estimates cut sharply due to higher fuel costs

Middle East traffic weakness impacting near term outlook

FY26 EBITDAR estimated at ₹137bn

FY27 EBITDAR estimated at ₹159bn

FY28 EBITDAR estimated at ₹244bn

Industry consolidation likely amid supply constraints

Net cash balance sheet seen key strength

Market share gains likely as weaker players exit

Elara Capital on consumer durables

Production impacted by LPG supply constraints

Some manufacturers operating at 40% to 75% capacity

Companies with alternate fuels operating near full capacity

Component inventory at 7 to 10 days

Compressor segment may see revenue decline in Q4

OEMs may see double digit growth in Q4

Margins may decline 50 to 150 bps YoY

RAC market expected low to mid double digit growth

Prefer Voltas and LG Electronics

Macquarie on L&T

O-P, TP Rs 4910

Update on project execution

None of the project sites have been hit in the conflict so far.

95% of the sites continue to operate with 5% sites stalled by the company or client due to risk factors such as proximity to a military base, etc

Stalled 5% sites currently did not contribute significantly to revenue.

However, Deputy MD has flagged logistics and supply chain as key challenges and highlighted revenue risk including deferment, if the situation does not get resolved in 3 months as co generally keeps three-month supplies at site

STK having corrected over 22% over the last month, we see significant value at the current level

Brokerages on Pharma sector

CLSA on Pharma

Upon expiry of Semaglutide patent in India on 20 March 2026, several Indian pharma cos have announced the launch of generic versions of the drug, priced c.90% lower

This sharp decline in price improves the affordability of drug, & estimate the size of total addressable market could expand 6x from Rs14bn (annually) currently to Rs83bn (US$900m) with further potential to reach Rs285bn (US$3.1bn)

While all pharma cos that have launched drug in first wave are likely to benefit, believe players such as Sun Pharma & Torrent Pharma could capture relatively higher share of market

Macquarie on Pharma

Generic GLP-1s have arrived

Steep discounts & incremental innovations

Generics yet to offer full portfolio of semaglutide SKUs

Torrent gains first mover advantage in oral semaglutide

Differentiated device strategies among larger players; Zydus stands out

Believe Torrent Pharma, Sun Pharma, Lupin & Eris are best positioned to capture incremental demand and gain share.

GS on Pharma

Following loss of exclusivity (LoE), several India pharma firms have launched Semaglutide Generics on March 21st.

On pricing, Natco Pharma (Not Covered) is launching multi dose vials at the retail monthly price of Rs1,290 (US$14) for starting dose of 2mg/1.5ml, at c. 90% discount to prevailing brand prices although for Pen form (which view to be more prevalent) Sun’s pricing for T2DM dose is at Rs3,000 (US$33) at a c.65% discount.

These discounts are largely inline with earlier analysis of India GLP-1 market opportunity which size at US$1.5bn by FY31E, as expect significant volume uptick (c. 40x) following genericization

JPMorgan on Pharma

GLP-1 not an imminent near-term disruption

Anticipate

Could affect consumption habits and product preferences

Global staples have de-rated in recent years due to low volumes, competition and modern trends

Indian consumer companies should adapt product portfolios

Preferences to shift towards healthier, lower-calorie, protein and fiber-rich foods

Nestle, Britannia, VBL, United Breweries, United Spirits, Jubilant Foodworks to see more debates

Jefferies on Payment Flatforms

Paytm – Buy, TP cut to Rs 1350 from Rs 1400

Pine Labs – Buy, TP cut to Rs 260 from Rs 300

interactions with payments platforms (Paytm & Pine Labs) indicate they are targeting +20% revenue growth & expansion in Ebitda margins aided by op. leverage

They are expanding network, growing faster in loan origination & expanding into new areas

Stocks are down 20-30% YTD amid new-listing & risk aversion

Sensitivity to lower contribution is higher – 9/6% impact on adj Ebitda.

UBS on CG Power

Buy. TP raised to Rs 900 from Rs 840

Think CG Power is at an inflection point, with worst of industrial weakness across orders, margins and rail execution largely behind.

CG is well positioned in power segment, with timely capacity expansion and improving export visibility.

A strong cash position (post-QIP) supports product portfolio expansion, while OSAT, although backended, remains scalable over time

While scaling up industrial exports may remain challenging, domestic cycle, led by rail/industrial motors, increasingly looking better over next 12 months.

Brokerages on Coforge

UBS on Coforge

Initiate Neutral, TP Rs 1240

Coforge has consistently delivered strong growth driven by execution, with organic growth of c13-15% over FY24-25 (overall growth of c15-30%)

Estimate revenue CAGR of 15% over FY26-28E

Stock has corrected 35% YTD, with PEG ratio of 0.8x seeming attractive

However, have some concerns –

1) acquisitive nature of co (concerns persist around dilution and integration)

2) relatively weaker positioning for GenAI as per VECTOR framework

Therefore, believe risk reward seems balanced now

MOSL on Coforge

Buy, TP Rs 1880

Since US–Iran conflict broke out, STK has decline of 9-10% (45% from its peak) & underperformed some of its mid-cap peers by 2-9%

Coforge seems to have two disadvantages vs peers: (1) relatively higher exposure to the travel vertical vs peers, & (2) Middle East exposure.

Even so, believe the stock is currently pricing in an extreme bear-case scenario

At current levels, valuations appear attractive (19x/15x FY27/28E P/E)

HSBC on Max Healthcare

Upgrade to Buy, TP raised to Rs 1125 from Rs 1060

Think Max has ample growth drivers to support earnings growth

Bake in EPS CAGR of 28.5% over FY26-28e

Robust growth outlook and execution outweigh short-term issues (e.g. loss of top doctors, MVT disruptions)

Positive on:

a) net addition of 2,240 beds (43% capacity addition) between now & FY28e, of which 60% will be brownfield beds,

b) economies of scale benefit from brownfield additions,

c) scale-up of recent large format hospitals at Noida and Dwarka,

d) access to a large pool of CGHS patients which has been helping it to quickly fill occupancy and cover fixed costs at new hospitals

MS in ITC

EW, TP Rs 346

Sharp tax increases are unprecedented & lead to uncertainty.

ITC shares are down 25% YTD (vs. BSE Sensex – 10%)

Think incremental pricing actions & impact on volumes and EBIT growth in 1QF27 could be key catalyst.

MS on Grasim

OW, TP Rs 3865

Management meet takeaways

Paints – Clear execution roadmap with Rs100bn revenue target in 3 years of full commercial launch (by 2028); currently on track with strong supply-side build-out.

B2B e-commerce • Asset-light B2B digital platform addressing inefficiencies in building materials procurement (pricing, availability, fragmentation)

Cellulose • Increasingly focus is on high-margin, value-added products like Lyocell – 110kt capacity expansion is underway & should be commissioned in two phases with first phase of 55kt starting F2028.

Chemicals • Strategy has been to shift from commodity-caustic to higher-value derivatives and specialty epoxy

Citi on financials

CGSSMF 2.0 – Liquidity boost for small/medium MFIs; limited direct uplift for large MFIs

70-80% sovereign guarantee reduces expected losses/capital consumption, reopening credit lines

Rs 20,000 crore envelope equals over 20% of NBFC-MFI borrowings

Mandatory allocations addresses Q3FY26 borrowings shortfall against disbursements

AUM-linked caps democratize access while curbing concentration

For listed MFIs, Rs 300 cr per-entity ceiling limits direct uplift

Treat this as sector-positive; maximum utilization could generate Rs 8,000 crore in borrowings as sector-positive

Key clarification: Are borrowing limits per lender or aggregate?

MS on MFIs

Govt. has announced a Credit Guarantee Scheme for MFIs, effective 20 March 2026

This applies to loans sanctioned by lending institutions (banks, FIs, etc.) to NBFC MFIs/MFIs for on-lending to small borrowers

This is applicable up to 30 June 2026 or until guarantees for amount Rs200bn are issued, whichever is earlier.

Prima facie, this appears to be positive for MFIs as they recover from an asset quality cycle and rebuild their loan books.

However, need clarity on

* Does MFI include diversified NBFCs lending in the MFI segment?

* Is lending rate capped at the lower or upper of EBLR/MCLR + 2ppt?

* Is the Rs3bn cap per lending institution or across all lenders?

Info Edge to invest ₹15 crore in subsidiary Startup Investments; shares down 1.22% at ₹966.30

Info Edge (India) has agreed to invest an amount of about Rs. 15 Crores in Startup Investments (Holding) Limited, a wholly-owned subsidiary of the Company. 

Shares traded at Rs 966.30 on the NSE, down 1.22%.

Sensex today: At 11:15 am, BSE market breadth weak; only 582 stocks advance, 3,530 decline

At around 11.15 am, 4,277 stocks were trading on the BSE, of which only 582 advanced, 3,530 declined and 165 remained unchanged. Nearly 54 stocks hit 52-week high, and 827 hit 52-week low. In addition, 128 hit the upper circuit and 253 hit the lower circuit.

All sectoral indices in red; consumer durables, metals, realty, banking and financial stocks fall 4-5%

All sectoral indices traded in red,consumer durables, metals, realty, banking and financial stocks were major laggards dragging 4-5%.

Nifty Bank Prediction Today – March 23, 2026: Nifty Bank futures: More decline on the cards

Nifty Bank Prediction Today – March 23, 2026: Nifty Bank futures: More decline on the cards

Nifty Bank index began today’s session with a huge gap-down at 52,576 versus Friday’s close of 53,427. It dropped further after opening and is now trading at 51,750, down 3.1 per cent.

India cracks down on unapproved FDC drugs over safety concerns

DCGI orders nationwide crackdown on 90 unapproved FDC drugs

DCGI flags 90 unapproved FDC drugs, directs states to take action against manufacturers to ensure safety and compliance with drug regulations.

Shalby inaugurates oncology and radiotherapy facilities at Krishna Shalby Hospital; shares drop 5.55% to ₹132.30

Shalby has informed the exchange regarding ‘Inauguration of Oncology Department along with advanced Radiotherapy facilities at Krishna Shalby Hospital’.

Shares traded at Rs 132.30 on the NSE, down 5.55%.

Stock Market Live Updates: Silver breaks down as risk-off wave drags metals lower

Silver breaks down as risk-off wave drags metals lower

Silver prices extended their decline on Monday, with both COMEX and MCX contracts opening sharply lower, deepening a corrective phase that has now wiped out a significant portion of the metal’s earlier gains amid a broad global risk-off selloff.

Stock Market Live Updates: At 10.34 am, Sensex plunged 1797.70 pts or 2.41% to 72,735.26, and Nifty 50 shed 577.30 pts or 2.5% to 22,537.20

Stock Market Live Updates: Innovision shares list at sharp 10% discount, extend losses after market debut

Innovision shares list at sharp 10% discount, extend losses after market debut

Innovision shares debut at a 10% discount, falling further as market pressure intensifies post-IPO listing.

Gold price slump drags shares of Manappuram, Muthoot Finance; jewellery stocks slide

Gold price slump drags shares of Manappuram, Muthoot Finance; jewellery stocks slide

Shares of gold loan financiers came under pressure on Monday, March 23, as a sharp decline in bullion prices dampened investor sentiment across the sector.

South Indian Bank appoints Jose Joseph Kattoor as non-executive part-time chairman for three years

South Indian Bank has appointed Mr. Jose Joseph Kattoor as the Non-Executive Part-Time Chairman (Independent Director) of the Bank, effective March 23, 2026, for a term of three years. The appointment follows the sanction accorded by the Reserve Bank of India on February 3, 2026.

Vintage Coffee commissions additional 4,500 MT capacity under brownfield expansion; shares down 1.65% at ₹129.67

Vintage Coffee and Beverages announced the commissioning of an additional 4,500 metric tons per annum capacity with effect from 23rd March, 2026, under its brownfield expansion project for soluble coffee.

Shares traded at Rs 129.67 on the NSE, down 1.65%

Time Technoplast subsidiary secures CPRI certification for OPzS stationary batteries; shares fall 3% to ₹157.51

Navigated to New Chat

Time Technoplast Limited has informed the Exchange that Power Build Batteries Private Limited, Subsidiary of the Company receives Central Power Research Institute (CPRI) Certification of Successful Test Completion for OPzS Stationary Batteries

Shares traded at Rs 157.51 on the NSE, down 3%

War Technology: A web of sensors: How the US spots missiles and drones from Iran

A web of sensors: How the US spots missiles and drones from Iran

When a missile is fired, it creates a strong enough heat signal to be seen in space. The satellites detect this heat using sensitive, infrared sensors and send an alert within seconds

Two co-founders of crypto exchange CoinDCX held on charges of fraud

Two co-founders of crypto exchange CoinDCX held on charges of fraud

Two CoinDCX co-founders arrested for ₹71.6 lakh fraud allegations involving false investment promises and misappropriation of funds.

Fertiliser imports at risk ahead of sowing season, 26% sourced from current hotspot West Asia: CareEdge Report

Fertiliser imports at risk ahead of sowing season, 26% sourced from current hotspot West Asia: CareEdge Report

India’s fertiliser imports are threatened by West Asia conflicts, risking agricultural output ahead of the Kharif sowing season, warns CareEdge.

Nifty Today: Top gainers, losers at this hour of trade

Top gainers of Nifty 50: ONGC (+1.09%), HCL Tech (+1.03%), TCS (+0.29%) – Only three gainers as at 9.45 am

Top losers: Tata Steel (-4.23%), Shriram Finance (-3.47%), JSW Steel (-3.44%), Hindalco (-3.23%), Bajaj Finance (-3.18%)

Bitcoin holds $68,000 support amid macro headwinds; ETF flows turn cautious, altcoins echo subdued sentiment

Market analysis by Vikram Subburaj, CEO, Giottus.com

As of March 23, Bitcoin was trading around $68,000-$68,200 after a volatile week in which it had briefly traded above $74,000. In the near term, the market appears to be trading within a narrow tactical band. $68,000 remains the first support to watch, while the $70,000-$72,000 zone is the first meaningful resistance area. That matters because Bitcoin is no longer trading solely on crypto-native sentiment. It is reacting almost tick-for-tick to a broader global repricing of risk.

On-chain data offers a more nuanced picture than price action alone. Glassnode data indicates that the $72K–$82 K band is a low-supply zone. So, if Bitcoin reclaims it, overhead resistance may be limited even if current prices are below that range.

At the same time, its Percent Supply in Profit had recovered only to around 60%. This is an improvement from stress conditions but still below the 75%+ zone that would more convincingly signal a durable bull-market reset. 

The ETF tape also argues for caution rather than euphoria. On March 20, U.S. spot Bitcoin ETFs recorded a net outflow of about $52.1 million, with BlackRock’s IBIT accounting for the largest single-day withdrawal. March 21 and 22 were a weekend, so there were no regular U.S. ETF trading-session flow prints on those dates. Even so, the broader March picture had not completely broken down. Reports still described the month’s aggregate ETF flow trend as positive despite late-week softness. That is a useful distinction. One weak day is not the same as a regime change. But it does show that institutional money has become more selective at higher prices.

The bigger driver on March 23 was macro. Reuters reported Brent crude at around $111.90 a barrel. This is up sharply amid the escalating Gulf conflict. Bond yields climbed and the dollar firmed as markets priced out aggressive rate cuts. That combination is not friendly to crypto. High oil prices raise inflation anxiety and inflation anxiety reduces the room for the Federal Reserve to turn dovish. The Fed has already held rates at 3.5%-3.75% and signaled only one cut in 2026. This reinforces the higher-for-longer backdrop. For crypto, that means liquidity remains constrained and rallies must work harder to sustain themselves.

Among large-cap altcoins, the picture was softer rather than exuberant on the March 23 snapshot. Desks showed Ethereum near $2,056.82, down 1.36% in 24 hours; BNB around $627.53, down 0.61%; XRP at about $1.39, down 1.64%; and Solana near $86.46, down 1.05%. For TRON, there was a daily gain of roughly 2%-3%, depending on the currency pair snapshot. The broad takeaway is that altcoins were not staging a decisive independent breakout; they were mostly echoing Bitcoin’s macro-led hesitation. 

Bitcoin remains structurally better placed than it looked a few weeks ago. However, this is a market still being shaped more by oil, rates, and geopolitics than by internal crypto momentum. Unless Bitcoin reclaims $70,000-$72,000 with stronger participation and steadier ETF demand, traders should treat the current bounce as a test of resilience.

DMR Engineering wins ₹1.25 crore DPR and consultancy contract for Sainachatti Kuthnaur hydro project in Uttarakhand

DMR Engineering has received a work order for the preparation of Detailed Project Report (DPR) and providing Design and Engineering Consultancy Services in respect of the Sainachatti Kuthnaur Hydroelectric Project (24 MW) located in the state of Uttarakhand, India. The contract is to be executed over a period of 24 months for a total consideration of Rs 1.25 crore.

New Zealand permits fuel imports meeting Australian standards amid supply shock

New Zealand will temporarily permit fuel meeting Australian standards ‌to be imported for up to 12 months, the government said ⁠on Monday, as it seeks to mitigate supply risks linked to the Middle East conflict ‌and soaring prices.

Associate Energy Minister Shane Jones said the alignment of fuel ‌standards would give importers access ‌to ⁠more options and reduce the risk ⁠of disruptions.

“This is a sensible, time-limited step that gives importers access to a broader range of fuel shipments, including ‌those already in our region,” Jones said in a statement.

But the country would not follow Australia in relaxing its own ‌standards to allow access to higher sulphur fuel, he added.

New Zealand has 49.9 days of ⁠petrol, 45.5 days of diesel and 44.7 days of jet fuel in reserve, according ‌to figures from the Ministry of Business, Innovation and Employment. – Reuters

China’s yuan weakens against dollar as Iran war threatens growth

China’s yuan softened to the weakest level in two weeks on Monday, as the escalating Middle East war boosted the dollar’s appeal and brought ‌uncertainty to the Chinese economy. But some analysts believe the yuan remains in an upward trend ⁠underpinned by improving economic health, with the global oil shock potentially benefiting China’s green energy exports. The onshore yuan changed hands at ‌6.9098 per dollar around midday, 0.1% weaker than Friday’s close. – ANI

Kotak Mahindra Bank to buy Deutsche’s India retail business in Rs 4,500 crore deal: report

Kotak Mahindra Bank is set to acquire Deutsche Bank’s India retail business ‌in a deal estimated at about 45 billion rupees ($480.3 ⁠million), the Economic Times reported on Monday, citing multiple people familiar with ‌the matter.

Kotak was chosen as the preferred bidder ‌over Federal Bank, the newspaper ‌said, ⁠adding that the ⁠deal could be announced as early as next week and that the final price may be ‌adjusted at closing. – Reuters

Iron ore rises on high freight rates, energy prices

Iron ore futures rose on Monday, supported by high freight rates, while other steelmaking ingredients such as coking coal and ‌coke also gained as countries booked coal cargoes for their energy use due to ⁠a spike in global oil and gas prices. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded ‌0.86% higher at 818.5 yuan ($118.46) a metric ton, as of 0324 GMT. The benchmark April ‌iron ore on the Singapore Exchange was 0.26% ‌lower ⁠at $107.95 a tonne. – Reuters

P N Gadgil Jewellers opens two new stores in Maharashtra; shares fall 2.5% to ₹555.80

P N Gadgil Jewellers has opened two new stores in Maharashtra.

Shares traded at Rs 555.80 on the NSE, down 2.5%.

Adani Green operationalises 510.1 MW at Khavda; shares slip 2% to ₹842.55

Adani Green Energy, through its subsidiaries, has operationalised an aggregate 510.1 MW power projects at Khavda, Gujarat. 

Shares traded at Rs 842.55 on the NSE, down 2%.

Euro Pratik Sales to acquire 51% stake in Chawla Brothers for ₹33.2 crore; shares steady at ₹214.10

Euro Pratik Sales announced the acquisition of a 51% stake in Chawla Brothers, valued at ₹33.2 crore (including capital infusion of ₹4.1 crore), is expected to be completed by March 31, 2026, and will be funded through internal accruals. The business is expected to generate a projected revenue of ₹ 80 crore in FY27. 

Shares flat on the NSE at Rs 214.10.

Bitcoin outperforms equities amid global volatility; investors urged to stay disciplined and focus on fundamentals

The ongoing oil shock and geopolitical tensions have triggered volatility across global markets, yet digital assets are showing relative resilience. Bitcoin has corrected in recent sessions but continues to hold up better than equities and some traditional assets, reflecting sustained structural demand and improving liquidity dynamics.

At the same time, Ethereum is approaching a decisive technical phase, with the $1,800 zone emerging as a crucial level that could define near term direction if broader market sentiment weakens further. Meanwhile, XRP’s sharp rallies and pullbacks highlight its high sensitivity to sentiment shifts, with price action largely influenced by positioning and renewed institutional narratives around the token. 

In this environment, investors should focus on disciplined accumulation strategies, staggered entries and maintaining adequate liquidity to navigate sudden market swings. It is important to prioritise fundamentally strong assets, track macro cues such as energy prices and interest rate expectations, and avoid overexposure to short term momentum driven trades. A balanced allocation approach combined with long term conviction can help market participants stay positioned for the next structural upcycle while managing near term uncertainty in global financial conditions.

Avinash Shekhar, Co-Founder & CEO, Pi42

IFGL Refractories resumes full operations at Kandla plant; shares steady at ₹143.37

IFGL Refractories informed that operations at the Company’s Kandla manufacturing facility at Plot Nos. 638-644, Kandla Special Economic Zone, P.O. Gandhidham 370 230, Dist. Kutch, Gujarat, requiring Liquified Petroleum Gas (LPG) have now been resumed. With this all product lines at Kandla works are now functional.

Shares flat on the NSE at Rs 143.37

India rupee hits record low on escalating Middle East conflict

The ‌rupee fell to 93.84 against the U.S. ‌dollar, eclipsing its previous low ‌of ⁠93.7350 hit on Friday.

OPENING BELL: Sensex plunges 1,417 pts; Nifty drops 402 pts in early trade

Equity benchmarks declined nearly 2% in early trade. Sensex dragged by 1417.00 pts or 1.90% to 73,115.96 at 9.19 am and Nifty 50 fell 401.75 pts or 1.74% to 22,712.75.

On Friday, Sensex settled with 325.72 pts or 0.44% gains at 74,532.96, and Nifty 50 was up by 112.35 pts or 0.49% to 23,114.50.

Japan considers cutting inflation-linked bond buybacks as demand rises, sources say

Japan considers cutting inflation-linked bond buybacks as demand rises, sources say

Japan considers reducing inflation-linked bond buybacks as demand rises, with inflation expectations exceeding 1.9% for the first time.

Nifty seen opening sharply lower amid global selloff; critical support at 22,800

Gaurav Udani, Founder – ThinCredBlu Securities Pvt. Ltd, “Nifty is expected to open sharply lower around the 22,750 mark, down nearly 350 points, as global markets remain under pressure amid escalating geopolitical tensions and risk-off sentiment.

Weakness across international equities, coupled with elevated crude oil prices and uncertainty around global growth, continues to weigh on investor confidence. This has led to sustained selling pressure in emerging markets, including India.

From a technical perspective, 22,800 is a critical weekly support level. A sustained close below this zone could open room for a deeper correction toward the 22,000 levels in the near term.

Given the fragile global backdrop, traders should remain extremely cautious, avoid attempting to buy into falling markets, and focus on capital preservation as volatility is likely to remain elevated.”

Stock recommendation: CLSA on ASK Auto

O-P, TP Rs 640

Honda Motorcycle & Scooter India (HMSI) is set to expand its capacity by 28%, jumping from 6.25mn to 8mn units annually, powered by a Rs15bn expansion at its Tapukara plant

Move cements Honda’s push to offer compelling products and services.

For ASK Automotive (ASK), which derives c.35% revenue from HMSI, this expansion is a structural tailwind.

And with HMSI yet to fully unleash its electric 2W portfolio—where content per vehicle is 30–50% higher than ICE—ASK stands perfectly positioned for next wave of growth

Global markets reprice for higher rates amid inflation and geopolitical risks

Global bits

United States: Markets sharply repriced for higher-for-longer interest rates with rising Fed hike bets, higher bond yields, and falling stocks amid inflation risks from the Iran war.

Canada: Money markets raised odds of a Bank of Canada rate hike this year as elevated oil prices stoke persistent inflation concerns.

Euro zone: ECB held rates but flagged inflation risks from energy and markets are now pricing possible rate increases as early as April.

United Kingdom: PM Starmer convened an emergency economic meeting as inflation risks rise toward ~5%, with the Bank of England prepared to act though no decision yet.

Greece: Banking sector growth constrained as much private credit remains outside the formal banking system despite post-crisis recovery.

Japan: Equities slumped sharply as Middle East conflict and oil volatility hit risk sentiment.

South Korea: Markets fell steeply alongside regional peers amid rising geopolitical risk and energy price shock.

Australia: Strong fuel supply continues; government examines windfall tax on LNG profits ahead of the May budget.

New Zealand: Economic recovery remains weak with housing down ~20% from peak; war-linked inflation risks complicate RBNZ policy and prompted a Fitch negative outlook.

Source: Reuters

Kirloskar Ferrous resumes high-pressure moulding line at Solapur plant from March 21

⁠KIRLOSKAR FERROUS ‌INDUSTRIES LTD – ‌RESUMES ‌OPERATIONS ⁠OF HIGH ⁠PRESSURE MOULDING LINE ‌AT SOLAPUR PLANT FROM ‌21 MARCH 2026 – Reuters

Corporate moves: EX-DIVIDEND Today 

CASTROL INDIA – Rs 5.25

INDIA GLYCOLS – Rs 7.50

PFC – Rs 3.25

EX-DATE #Today 

TIL LTD – Rights Issue of Equity Shares

GOA CARBON: PARADEEP UNIT TEMPORARILY SHUT FOR SCHEDULED MAINTENANCE

Kirloskar Industries resumes high-pressure moulding line at Solapur plant after LPG supply disruption

KIRLOSKAR INDUSTRIES: CO UNIT, HAS RESUMED OPERATIONS OF ONE HIGH PRESSURE MOULDING LINE AT ITS SOLAPUR PLANT FROM MARCH 21, WHICH WAS EARLIER IMPACTED DUE TO LPG SUPPLY DISRUPTIONS LINKED TO MIDDLE EAST GEOPOLITICAL ISSUES

RITES wins ₹105.69 crore rail maintenance contract from RDSO

RITES: CO SECURES RUPESS 105.69 CR RAIL MAINTENANCE CONTRACT FROM RDSO

Adani Green adds 510 MW at Khavda; total capacity nears 18 GW

ADANI GREEN ENERGY: OPERATIONALIZES 510 MW CAPACITY AT KHAVDA, TOTAL CAPACITY NEARS 18 GW

Saudi Aramco cuts oil supply to Asia for second month in April

Saudi Aramco cuts oil supply to Asia for second month in April

Saudi Aramco reduces April oil supply to Asia for the second month, aiming to boost exports amid Strait of Hormuz disruptions.

US destroys Iran drone engine plant as conflict escalates

US destroys Iran drone plant as Macron calls for restraint in escalating conflict

US strikes Iran’s drone engine plant as conflict intensifies, while Macron urges restraint and calls for secure navigation in the Strait of Hormuz.

Gold slides over 2% as West Asia tensions stoke inflation fears

Gold slides over 2% as West Asia tensions stoke inflation fears

Gold prices drop over 2% amid escalating West Asia tensions and rising inflation fears, reaching a four-month low.

Israel launches fresh strikes on Iran as conflict intensifies

Israel launches fresh strikes on Iran as West Asia conflict escalates

Israel targets Iran infrastructure in fresh strikes as missile attacks intensify, with tensions spilling into Saudi Arabia and UAE amid fears of wider conflict.

Crude rallies past $110 as West Asia tensions hit energy supply

Oil prices surge amid Strait of Hormuz disruption, supply shock

Brent crude jumps over 60% amid Middle East conflict, disrupting oil and LNG supply, raising concerns for India and other import-dependent economies.

Japan’s Nikkei, bonds hit multi-month lows on war-driven inflation fears

– Japan’s stocks and bonds sank to multi-months lows on Monday as an escalation in the Middle East war stoked ‌inflation fears and concerns over an economic slowdown.

The Nikkei slumped as much as 5% earlier in the session, wiping ⁠out all its gains for the year. The Nikkei had surged to a record high of 59,332.43 last month and was on track to breach ‌the 60,000 mark, fuelled by expectations that Prime Minister Sanae Takaichi’s stimulus plan would accelerate corporate growth.

The index traded more ‌than 14% lower from the record high on Monday, as ‌the ⁠Strait of Hormuz, a vital link to Japan’s ⁠oil supply, remains closed. The country gets around 90% of its oil shipments via the passage. – Reuters

South Korean shares fall 5%, won hits 17-year low on Mideast conflict
Body

– South Korean shares tumbled on Monday on heightening geopolitical conflict in ‌the Middle East, with the won hitting 17-year lows.

U.S. President Donald Trump and Iran threatened to escalate their ⁠war by attacking energy facilities in the Gulf, a potential widening of hostilities which could deepen a regional crisis and add to concerns in global ‌markets.

The benchmark KOSPI fell 289.24 points, or 5%, to 5,491.96 as of 0131 GMT, extending losses even ‌after a trading curb was activated on the index earlier ‌in ⁠the session. – Reuters

Nifty forms inverted hammer, faces resistance near 23,350

Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company

Over to stocks, and the nifty closed 0.5% up at 23114, but not before giving up a reasonable amount of intraday gains. The India VIX finished flat. Mid- and small caps rose more than the nifty. Nearly three stocks rose for every stock that fell on the Nifty 500. Seven of the 12 NSE sectors advanced, with IT stocks rising 2.2% and becoming the day’s best performers. Realty stocks fell the most, dropping 0.9%. Speaking nifty stocks, JSW Steel was the day’s best stock with a 3.4% gain while Hindalco was the worst as it fell 2.5%. Technically speaking, Friday’s candle became an “inverted hammer” with a long upper shadow which means sellers remain active near 23350. Unless the market is able to break through this area, the trend will remain weak. 

Immediate resistance lies in the 23345 – 23379 zone, while support lies between 22680 and 22923. 

Talking flows, based on provisional data, foreigners withdrew over 5500 cr while domestic players invested around 5700 cr. FIIs have now withdrawn money for 16 straight days through Friday.

WATCH: Nifty & Bank Nifty this week

Maanaveeya sanctions ₹20 crore term loan to Akme Fintrade

Fund infusion

Maanaveeya Development & Finance Private Limited has sanctioned Term Loan of Rs. 20 crore to Akme Fintrade (India) Ltd.

Opening Bid: Nifty may open 350 points lower amid global risk-off mood

Markets seen opening weak amid global sell-off, rising oil, FII selling

Indian markets may open sharply lower as global sell-off deepens, crude prices rise and FII outflows persist, keeping volatility high and sentiment weak.

US, Iran threaten critical infrastructure as war escalates into fourth week

US-Iran tensions escalate as Strait of Hormuz threat rattles global oil markets

US and Iran threaten key infrastructure as war intensifies, raising fears over Strait of Hormuz disruption, oil supply shocks and escalating Middle East conflict.

West Asia conflict, crude oil prices to steer stock markets in holiday-shortened week: Analysts

West Asia conflict, crude oil prices to steer stock markets in holiday-shortened week: Analysts

Developments related to the ongoing conflict in West Asia and its impact on crude oil prices will continue to rule investors’ sentiment in a holiday-shortened week ahead, analysts said.

Broker’s call: Aequs (Buy)

Broker’s call: Aequs (Buy)

JM Financial recommends buying Aequs with a target price of ₹145 due to strong aerospace growth potential and favorable risk-reward.

Broker’s Call: Hindustan Zinc (Buy)

Broker’s Call: Hindustan Zinc (Buy)

Additionally, sentiment has been impacted by concerns around gas availability affecting downstream zinc demand, particularly in the galvanising segment,

22 stocks to watch: Pharma majors, Tata group, SBI, Kotak Mahindra Bank, Varroc, Thomas Cook, Vikram Solar

22 stocks to watch: Pharma majors, Tata group, SBI, Kotak Mahindra Bank, Varroc, Thomas Cook, Vikram Solar

Discover key updates on 22 notable stocks, including pharma launches, tax demands, and strategic expansions across various industries.

Short-term rate futures signal likely Fed hike in December

FOREX MARKET UPDATE: SHORT-TERM INTEREST-RATE FUTURES PRICED FOR A LIKELY FED RATE HIKE IN DEC

Fund Flow Activity: 20 March 2026 

(Rs. In Crs.)

Turnover : (NSE + BSE)

F&O Volume: 241188.43 + 2406660 Total: 2647848.4

Provisional Cash: Only NSE

FII/FPI: NET SELL: -5339.62

(27824.26 – 33163.88) 

DII: NET BUY: +5333.56

(21658.23 – 16324.67)

Important Financial Year-End Deadlines (FY 2025-26)

March 30 (Mon): Last working day of FY 2025-26.

🛑 Market Holidays & Closures:

March 26 (Thu): Ram Navami (Market Holiday)

March 31 (Tue): Mahavir Jayanti (Market Holiday)

April 1 (Wed): Debt & Liquid Markets Closed (Bank Holiday)

April 3 (Fri): Good Friday (Market Holiday)

🚀 New Financial Year:

April 2 (Thu): The First and Only working day for the start of FY 2026-27.

OMCS, HPCL hike power petrol prices by ₹2/litre; regular rates unchanged

OMCS ; HPCL Increases Power Petrol Prices By ₹2/Litre 

Note

Regular petrol prices remain unchanged. – NDTV

Movers & Shakers: Stocks that will see action this week

Movers & Shakers: Stocks That Will See Action This Week

Discover the latest stock insights on Akums Drugs, Ather Energy, and Jindal Steel for potential investment opportunities this week.

Tech Query: Reliance Industries (RIL), Indian Energy Exchange (IEX), Tata Consultancy Services (TCS), Tarsons Products – what is the outlook? Where are these stocks headed? 

Tech Query: Infosys, Reliance Industries (RIL), Indian Energy Exchange (IEX), Tata Consultancy Services (TCS), Tarsons Products – What Is The Outlook? Where Are These Stocks Headed? 

Get expert insights on the stock outlook for Reliance Industries, IEX, TCS, and Tarsons Products in this analysis.

Index Outlook: Failed attempt

Index Outlook: Failed Attempt

Benchmark indices face potential declines, with key support levels to watch as FPIs continue selling.

US Market Outlook: More room to fall

US Market Outlook: More Room To Fall

US market indices face continued declines; analysis predicts potential support levels and future trends for Dow, S&P 500, and NASDAQ.

F&O Tracker: Resistance holds in Nifty futures & Nifty Bank futures

F&O Tracker: Resistance Holds

F&O Tracker: Nifty and Nifty Bank show bearish trends; resistance persists, suggesting further declines ahead.

Insights: Why SEBI’s latest mutual fund move matters for redemptions

SEBI formalises same-day borrowing for mutual funds; AMC to bear cost

SEBI’s March 13, 2026 circular allows tightly regulated same-day borrowing by mutual funds to meet redemption and payout obligations, while making AMCs bear the cost and risk.

F&O Strategy: Buy BEL futures

F&O Strategy Buy BEL Futures

Explore a bullish F&O strategy for Bharat Electronics Limited (BEL) futures, targeting gains with managed risk.

Stock to buy today: Lupin (₹2,322.45)

Stock to buy today: Lupin (₹2,322.45)

Buy Lupin stock at ₹2,322; potential dip to ₹2,270 before a projected rise to ₹2,500.