Latest Stock Market News

The Nifty IT index closed 0.65 per cent down at 37400.1.

IndusInd Bank crash: Devina Mehra reiterated her cautious stance on banking stocks after IndusInd Bank shares crashed 27% due to forex derivative miscalculations. The Rs 1,577 crore post-tax impact raised concerns over internal controls, prompting brokerages to downgrade the stock amid trust and valuation concerns.

US policy uncertainty could slow global growth, but other regions may be better positioned. India’s market has lagged but may have endured most of its sell-off. Strong policy measures are needed to attract investors and restore confidence.

Macquarie initiated coverage on Adani Ports (ADSEZ) with an ‘Outperform’ rating and Rs 1,500 target, citing strong growth potential, logistics expansion, and high cash flow. The brokerage highlighted ADSEZ’s Rs 800 billion capex plan and robust financials, expecting 11% CAGR in cargo volume by 2030. Key catalysts include logistics growth and port expansion.

The last three quarters saw weak earnings, with single-digit growth in revenue and PAT. Q4 may also face challenges due to a high base from last year. However, quarter-on-quarter earnings should show some improvement.

Ben Powell, Chief Investment Strategist at BlackRock, reiterates their confidence in India s long-term growth story, driven by favorable demographics and productivity gains through digitalisation. Despite recent market volatility, Powell believes India is on the path to becoming a standalone investment destination. He acknowledges that India and China are treated as key standalone opportunities in global portfolios.

Zomato shares fell below Rs 200 for the first time since June 2024, marking a 5% drop and a 27% decline this year. The stock has lost 34% from its 52-week high. Weak market sentiment, disappointing quarterly results, and a change in its parent company s name to "Eternal Ltd" have put pressure on Zomato s stock.

The Indian stock market will remain closed on March 14 for Holi, with trading resuming on March 17. The closure impacts all major segments. The market remains under pressure, with Nifty down 15% from its peak amid global economic concerns and FIIs selling.

Markets regulator Sebi has issued a warning to IIFL Capital Services regarding due diligence in debt issues handled by the company s merchant banking division.