On March 28, 2025, Indian stock markets are set to open cautiously as investors brace for mixed global and domestic cues, with looming concerns over US tariffs weighing heavily on market sentiment. The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance, showed a slight decline, down 5 points or 0.2 percent at 23,752 as of 07:50 AM. This follows a day where most stocks across the Asia-Pacific region experienced declines, influenced by a lower closing on Wall Street.
Japan's Nikkei index fell by 2.13 percent, while South Korea's Kospi dropped by 1.4 percent. The downturn in US stocks continued on Thursday, with the S&P 500 index and Nasdaq 100 declining by 0.33 percent and 0.53 percent, respectively. The Dow Jones Industrial Average also fell, down 0.37 percent. Despite these concerns, the BSE Sensex settled 318 points or 0.41 percent higher at 77,606, and the Nifty50 rose 105 points or 0.45 percent to end at 23,592.
As the financial year draws to a close, Foreign Institutional Investors (FIIs) made significant purchases, acquiring shares worth ₹11,111.25 crore, while Domestic Institutional Investors (DIIs) net sold shares worth ₹2,517.70 crore. This mixed activity indicates a complex market sentiment as investors navigate the volatility.
In terms of stock recommendations, Bajaj Broking Research has identified Larsen and Toubro and Indian Energy Exchange as top picks for today. According to their analysis, the Nifty has undergone a significant rally of 1,900 points over the last 15 sessions, entering a phase of sideways consolidation. The index recently tested a resistance level around 23,800, coinciding with the high from February 2025, and is expected to consolidate within a range of 23,800-23,200. This consolidation is viewed as a healthy retracement that could pave the way for further upside towards 24,100-24,200 levels in the coming weeks.
On the downside, support for the Nifty is anticipated at 23,200-23,000, which is seen as a critical area in the wake of recent market movements. The current pullback of 1,900 points is the largest since the all-time high in September 2024, suggesting a structural turnaround in market sentiment.
For the Bank Nifty, which has also seen a rally of 4,200 points in just nine sessions, consolidation is expected to occur within the range of 52,000-50,500. Analysts believe this breather should be utilized to accumulate quality banking stocks, with expectations that the index could gradually head towards 53,000 levels in the coming weeks, based on the implications of the last ten weeks’ range breakout.
Specific stock recommendations include:
- Larsen and Toubro: Recommended to buy in the range of ₹3,450-₹3,520, with a target of ₹3,780. The stock has shown a strong rebound and generated a breakout above the falling channel that had contained its decline since December 2024.
- Indian Energy Exchange: Suggested to buy in the range of ₹176-₹180, with a target of ₹196. The stock is on the verge of breaking above a falling supply line and is sustaining above the 200-day EMA, indicating a positive bias.
In addition to these recommendations, several other stocks are expected to be in the spotlight today:
- BSE: The rival of India's oldest stock exchange, the National Stock Exchange (NSE), has deferred its plan to change the expiration day of its contracts from Thursday to Monday following a consultation paper from the Securities and Exchange Board of India (SEBI).
- Max Financial Services: On Thursday, eight entities, including ICICI Prudential Mutual Fund, Morgan Stanley, and Societe Generale, collectively purchased a 1.6 percent stake in the company for ₹611.60 crore through open market transactions.
- UltraTech Cement: The company has commissioned a brownfield clinker capacity of 3.35 million tonnes per annum at its unit in Maihar, Madhya Pradesh, along with an expansion of its grinding unit at Dhule, Maharashtra, which has a capacity of 1.2 million tonnes per annum.
- Bharat Electronics: The aerospace and defense company has secured additional orders worth ₹1,385 crore since March 12, bringing its total order value for the current financial year to ₹18,415 crore.
- Infosys: The IT giant announced a collaboration with LKQ Europe to implement an advanced analytics-enabled Human Capital Management solution aimed at improving HR operations and driving productivity.
- Asian Paints: The company's subsidiary will establish a manufacturing facility in Gujarat for ₹2,560 crores, along with a capex cost of ₹690 crores for pre-operative expenses and project cost escalations.
- BEML: The company has won orders worth ₹405 crore from Bengaluru Metro Rail Corporation Limited for the design, manufacture, supply, installation, testing, and commissioning of metro cars.
- Jindal Steel & Power: The company has emerged as the successful bidder for the Saradhapur Jalatap East coal block, which has a total geological resource of 3,257 million tonnes.
- Zaggle Prepaid Ocean Services: The company has approved the acquisition of a 45.33 percent stake in Effiasoft Private Limited to enhance its financial technology ecosystem.
- Adani Green: This company has operationalized 396.7 MW power projects in Khavda, Gujarat, increasing its total operational renewable generation capacity to 13,487.8 megawatts.
- Force Motors: The company has signed a contract to supply 2,978 Force Gurkha light vehicles to the Indian Defence Forces.
- HCL Technologies: Selected as a Design Solution Partner under the Samsung Advanced Foundry Ecosystem program to accelerate semiconductor innovation.
As the market navigates these developments, investors are advised to remain vigilant and consider the implications of the ongoing global economic landscape.
