Indian equity benchmarks started on a flat-to-positive note but turned volatile as traders assessed geopolitical tensions and awaited the Federal Reserve's interest rate decision. Currently, Sensex and Nifty are trading with marginal gains, supported by foreign fund inflows. After 17 consecutive sessions of net selling, foreign institutional investors (FIIs) purchased equities worth RS. 694.57 crore on March 18.

Further support came as the commerce ministry announced that India and Malaysia have agreed to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA) for a substantial conclusion by 2025. Additionally, the Reserve Bank of India (RBI) has planned an open market operation to purchase government securities worth RS. 50000 crore on March 25 to improve market liquidity.

Global Market Overview

Asian markets are trading mostly higher with muted gains, tracking mixed global cues. Investors remain cautious ahead of interest rate decisions from the US Federal Reserve and the Bank of Japan. Meanwhile, concerns persist over the economic impact of former US President Donald Trump's trade policies.

Sectoral & Stock Performance

Back home, sugar stocks are in focus as the Indian Sugar Mills Association (ISMA) confirmed stable sugar availability for the ongoing 2024-25 marketing season, dismissing concerns about supply shortages. In stock-specific action, GR Infraprojects surged after securing a Letter of Acceptance from the National Highways Authority of India for a project worth RS. 4,262.78 crore.

Currently, the BSE Sensex is trading at 75,405.34, up by 104.08 points or 0.14%, after moving in a range of 75,201.48 to 75,473.69. The broader indices are in the green, with the BSE Mid Cap index up 1.07% and the Small Cap index rising 1.27%.

Sectoral Gainers & Losers

• Top Gaining Sectors: Power (+1.22%), Utilities (+1.22%), Industrials (+1.17%), Telecom (+1.10%), PSU (+1.02%)
• Losing Sectors: IT (-1.36%), TECK (-0.87%), FMCG (-0.10%)

Top Gainers on Sensex:

• Zomato (+2.54%)
• IndusInd Bank (+1.75%)
• Tata Steel (+1.71%)
• Bajaj Finance (+1.56%)
• NTPC (+1.07%)

Top Losers on Sensex:

• TCS (-1.86%)
• Infosys (-1.71%)
• HCL Technologies (-1.64%)
• Tech Mahindra (-1.27%)
• Sun Pharma (-0.74%)

India-New Zealand Trade Talks Progress

Commerce Minister Piyush Goyal stated that India and New Zealand are working toward finalizing a Free Trade Agreement (FTA). Goyal highlighted the potential for a 10x growth in bilateral trade over the next decade, urging business leaders from both nations to collaborate. He emphasized that India’s $4 trillion economy is set to grow to $30-35 trillion in the next 22-25 years, creating significant opportunities.

New Zealand's Prime Minister acknowledged India's strategic importance, calling it a "game changer" in global trade. He noted that bilateral trade, currently at $3 billion, has substantial room for expansion.

Nifty & Global Market Performance

The CNX Nifty is trading at 22,867.55, up by 33.25 points or 0.15%, after moving between 22,807.95 and 22,888.30.

Top Gainers on Nifty:

• Tata Steel (+1.83%)
• IndusInd Bank (+1.61%)
• Bajaj Finance (+1.49%)
• Apollo Hospital (+1.38%)
• BPCL (+1.32%)

Top Losers on Nifty:

• TCS (-1.89%)
• Infosys (-1.80%)
• HCL Technologies (-1.71%)
• Tech Mahindra (-1.36%)
• Sun Pharma (-0.91%)

Asian Market Overview

Most Asian indices are trading in the green:

• Jakarta Composite (+1.08%)
• Nikkei 225 (+0.11%)
• Hang Seng (+0.15%)
• KOSPI (+0.87%)
• Straits Times (+0.5%)

On the other hand, the Taiwan Weighted index (-0.76%) and the Shanghai Composite (-0.06%) are trading lower.

Investors are closely watching the upcoming monetary policy decisions from the US Federal Reserve and the Bank of Japan, which could set the tone for global markets in the near term.