Maruti Faces Tax Jolt & Federal Bank Expands Footprint

Key Headlines

Maruti Suzuki: Maruti Suzuki has received a draft tax assessment for FY 2021-22, raising concerns due to its potential financial implications for the auto giant.

Federal Bank: Federal Bank is set to acquire a 4% stake in Ageas Federal Life for ₹97.44 crore, signaling its continued push in the insurance sector.

FII & DII Activity: FIIs were net buyers, injecting ₹5,371.57 crore, while Domestic Institutional Investors (DIIs) booked profits with net sales of ₹2,768.87 crore in equities.

Also Read: Things You Need To Know About Mutual Fund NAV

Indian Market Outlook

Gift Nifty Update

Gift Nifty suggests a positive opening for Indian markets and is expected to trade in a broad range of 23,400 - 23,850.

Previous Session Recap

Indian indices closed largely unchanged on March 25th, as gains in technology stocks offset weaknesses in banking, metals, and pharma sectors.

Following a six-session rally, markets took a breather as investors weighed the impact of upcoming U.S. import tariffs. Market volatility is expected to persist as uncertainty surrounding trade measures continues.

Also Read: Interim Dividends

• Sensex inched up 32.80 points (0.04%) to 78,017.19

• Nifty 50 added 10.30 points (0.04%) to 23,668.65

Global Trade Developments

U.S. President Donald Trump indicated that not all proposed levies would be imposed on April 2nd, and some countries may receive exemptions. Meanwhile, India is open to cutting tariffs on more than half of U.S. imports worth $23 billion as part of a new trade deal.

Nifty Short-Term Outlook

Nifty traded within a range and ended slightly higher on Tuesday. The index formed a small bearish candle, indicating profit booking at higher levels after a sharp rally.

• Opened on a positive note, testing the 23,800 level mid-session

• Profit booking led to a partial retracement, closing marginally lower

• Sustained strength above 23,869 could drive the index higher toward 24,100 - 24,200 in the coming sessions

• Failure to break above 23,869 may result in consolidation within 23,850 - 23,200

Also Read: Shelf Prospectus

Intraday Levels for Nifty

• Resistance: 23,750 & 23,870

• Support: 23,540 & 23,400

Intraday Levels for Bank Nifty

• Resistance: 51,950 & 52,300

• Support: 51,310 & 51,030

Global & Asian Markets Update

U.S. Markets

U.S. benchmark equity indices closed slightly higher on Tuesday, largely shrugging off weaker consumer confidence data.

• Nasdaq Composite rose 0.5% to 18,271.9

• S&P 500 gained 0.2% to 5,776.7

• Dow Jones remained flat at 42,587.5

Sectoral Performance:

• Utilities saw the steepest decline

• Communication Services led the gainers

U.S. new-home sales rose less than expected in February, despite declining prices, according to government data.

Also Read: Assessment Year and Financial Year

Asian Markets

Asian stocks increased in early Wednesday trading as investors sought direction amid declining U.S. consumer confidence and a late rally in U.S. equities.

• Japan’s Nikkei 225 Index climbed 0.7%, surpassing 38,000

• Topix Index added 0.6% to 2,814

• Australia’s S&P/ASX 200 Index climbed 0.7% toward the 8,000 level, marking its fifth consecutive session of gains

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