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Informist, Monday, Mar. 10, 2025

By Akshita Kumar

MUMBAI - Benchmark equity indices in the domestic market are likely to be range-bound and may consolidate on Tuesday, analysts said. The market sentiment will be largely decided by developments on the US trade tariffs. Any negative news about impostion of tariffs by the US President Donald Trump could affect the market adversely, they said. 

"The Street is largely confused and there is lack of clarity on the tariff front, which is weighing on our market," Alok Churiwala, managing director of Churiwala Securities, said. The valuations are attractive but people are still not buying, he said. There are so many stocks which have nothing to do with tariffs, yet people are not buying, Churiwala said.

When asked about foreign institutional investors selling Indian equities, Churiwala said FIIs are going to China which is more technologically advanced. Further, there is promise of growth in China, Churiwala said. When asked about the Reserve Bank of India's measures to boost liquidity in the banking system, Churiwala said this will start getting reflected in the banks' corporate earnings during the September and December quarters.

Monday, the Nifty 50 ended at 22460.30 points, down 0.4%, and the BSE Sensex ended at 74115.17 points, down 0.3%. The support for the 50-stock index is seen at 22250 points and resistance is seen at 22693 points and 23050 points in the near term, Jay Vora, market research (technical) analyst at Indiacharts, said.

If the benchmark Nifty 50 index corrects, then all other sectoral indices will also correct, Vora said. He expects the Nifty IT index to underperform as compared to other sectoral indices due to its weak technical chart structure. The support for Nifty IT is seen at 36797 points and the resistance at 38381 points, Vora said. Monday, the Nifty IT index ended at 37644.40 points, down 0.5%. 

Many analysts feel India has a very strong automobile market with big players such as Mahindra & Mahindra, Maruti Suzuki India, and Tata Motors. So the imposition of tariffs by the US on automobiles may not have a very big impact on companies in India, they said. 

February witnessed a marginal month-on-month hike in cement prices, particularly in the central and western regions, brokerage Nuvama Institutional Equities said in a research report. Prices were broadly flat on month in the north and east, whereas companies in the south posted a marginal decrease in realisations, Nuvama said. Demand improved further in February and the momentum is likely to continue in March with capital expenditure by the central or state governments gaining traction, Nuvama said.

The brokerage firm believes that prices of cement have bottomed out, however chances of any substantial hike in prices in the near term remain bleak due to intense competitive intensity and focus on volumes in the March quarter. The brokerage maintained its 'neutral' stance on the cement sector.  End

Edited by Vandana Hingorani

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