The last trading day was no less than a big shock for those investing in the Indian stock market. The heavy selling seen in the market on March 23 put a deep red color in the portfolios of investors. The Sensex took a huge dive of 1,836.57 points and fell to the level of 72,696.39. At the same time, Nifty also suffered a huge fall of 601.85 points and stood at 22,512.65. Amidst this huge turmoil, common investors were frightened and suffered huge losses. But, the nature of the market is change. A development has taken place in the global scenario overnight, which has turned the entire picture upside down for the trading day of March 24. As soon as the market opens today, huge fluctuations and recovery can be seen in many stocks.
When Indian markets were closed, there was despair all around. But late night a news from America made the global sentiment completely positive. US President Donald Trump has taken a major decision to postpone his proposed military attack on Iran's power plants for five days. The effect of this geopolitical relief was immediately visible on the global markets. By 10 pm, vigorous buying returned in the American markets and the Dow Jones Industrial Average closed with a massive gain of 777 points. Apart from this, a strong rise of 1.5 percent was recorded in S&P 500 and 1.4 percent in Nasdaq. This wave of foreign enthusiasm reached GIFT Nifty, which was seen trading with a bumper jump of about 712 points. This is a clear indication that the Indian markets are off to a very strong start today.
In today's business, the most disruption can be seen in the banking and energy sectors. The news of the resignation of Atanu Chakraborty, Chairman of the country's leading private bank, HDFC Bank, is on the market's radar. In this matter, the statement of SEBI chief Tuhin Kant Pandey becomes very important, in which he has emphasized on transparency at the board level and strict adherence to prescribed procedures. Due to this corporate activity, there may be volatility in banking stocks today. Apart from this, Trump's decision to postpone the attack on Iran is sure to have a direct impact on crude oil prices. With the war clouds clearing, crude oil prices may fall, which will directly benefit oil marketing companies and entire energy stocks.
Apart from macro economy, individual positive news related to some companies can also bring life to their shares today. Balkrishna Industries has approved a plan to raise about Rs 750 crore by issuing 75,000 non-convertible debentures (NCDs). This plan to raise funds can attract the attention of investors. At the same time, infrastructure sector company GR Infraprojects has achieved a big success. The company has received a huge highway project worth Rs 2,440.87 crore from the National Highway Authority of India (NHAI). Such a strong order book can cause a great rise in the company's shares today.
GOCL Corporation is also going to be in the focus of investors today. The company has taken a big step to monetize its 38 acres of land in Yelahanka area of Bengaluru. This development work will be done in joint development with Hinduja Realty. With this, there is every hope of revealing the hidden value of the company, which can prove to be a profitable deal for the shareholders. Finally, it is also important to keep an eye on the construction company NBCC India. The company has received a new work order worth Rs 58.61 crore from a university in Odisha. Continuous orders are further strengthening the position of this company in the market.
