Investors will monitor the FOMC meeting minutes, set for release later tonight, as they could shape market expectations regarding U.S. interest rates.

IT, Pharma and auto shares declined while Realty, media and PSU Bank shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, shed 28.21 points or 0.04% to 75,939.18. The Nifty 50 index declined 12.40 points or 0.05% to 22,932.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.30% and the S&P BSE Small-Cap index gained 2.41%.

The market breadth was strong. On the BSE, 2,811 shares rose and 1,147 shares fell. A total of 116 shares were unchanged.

Economy:

The unemployment rate in India for people aged 15 years and above in urban areas dropped to 6.4% in the October-December quarter of 2024, according to the National Sample Survey Survey (NSSO). This was unchanged on a quarterly basis. Among males, the unemployment rate in urban areas was flat at 5.8% in October-December 2024 as compared to the rate of the same quarter a year ago.

The rate was 5.7% in July–September 2024. The unemployment rate among females (aged 15 years and above) in urban areas dropped to 8.1% in October-December 2024 from 8.6% in the same quarter a year ago. The rate was 8.4% in July–September 2024.

New Listing:

Shares of Hexaware Technologies were ended at Rs 763.85 on the BSE, representing a premium of 7.89% as compared with the issue price of Rs 708.

The scrip was listed at Rs 731, exhibiting a premium of 3.25% to the issue price.

The stock has hit a high of 787.80 and a low of 724.40. On the BSE, over 11.85lakh shares of the company were traded in the counter

Stocks in Spotlight:

Ashok Leyland rose 1.33%. The company announced that it has received an order to supply 320 BS VI Diesel Fuel Type 12-meter low-floor fully built buses to the Tamil Nadu State Transport Corporation, valued at Rs 297.85 crore.

Tata Consultancy Services (TCS) declined 2.28%. The company announced that it has collaborated with MassRobotics, an independent robotics hub dedicated to advancing robotics and connected devices.

Veefin Solutions declined 4.10%. The company announced the signing of an agreement with UAE-based Invest Bank for digitizing the latter’s Supply Chain Finance (SCF) offerings.

Container Corporation of India (CONCOR) added 2.33% after the company announced that it has awarded an Rs 689.76 crore contract to Braithwaite & Co. for the manufacture and supply of 30 BLSS (spine car) rakes on a turnkey basis.

JBM Auto surged 14.08% after the company’s subsidiary, JBM Ecolife Mobility, received an order worth Rs 5,500 crore from Convergence Energy Services (CESL) under the PM-eBus Sewa Scheme (Tender-II).

Cello World slipped 1.97% after the company reported a fire incident at its wholly owned subsidiary, Cello Industries (CIPL), located in Daman and Diu.

Mahindra Lifespace Developers rose 0.65%. The company has announced a partnership with Livingstone Infra (LS) for a cluster redevelopment project in Mahalaxmi, featuring a gross development value (GDV) of Rs 1,650 crore.

Arkade Developers advanced 3.34% after the company announced that it has registered a development agreement for a project in Malad West, Mumbai, with a gross development value (GDV) of approximately Rs 740 crore.

Apollo Micro Systems jumped 11.38% after the company announced that it has received orders worth Rs. 12.07 crores from a private company.

Transformers and Rectifiers India was locked in an upper circuit of 5% after the company announced that it had bagged an order worth Rs 166.45 crore from Hyosung T&D India.

Netweb Technologies India was locked in an upper circuit of 10% after the company launched Skylus.ai to optimize GPU resource management for AI, including GenAI workloads.

Global Markets:

European markets traded mixed on Wednesday as investors assessed numerous earnings releases and a hotter-than-expected U.K. inflation print.

Europe’s largest lender, HSBC, earlier on Wednesday reported an annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates, as the bank’s net interest income declined by $3.1 billion from a year earlier.

The U.K.’s inflation rate rose to 3% in January, above the 2.8%, according to data released by the Office for National Statistics (ONS) on Wednesday. Core inflation, excluding energy, food, alcohol, and tobacco prices, hit 3.7%, up from 3.2% in the previous month and the highest rate since April 2024.

Most Asian stocks ended lower as Japan reported a larger-than-expected trade deficit of 2.76 trillion yen ($1.8 billion) for the latest period, reversing a prior surplus and exceeding forecasts of a 2.10 trillion yen deficit. Improving domestic demand and a stronger yen sparked an outsized surge in imports, while export growth was also slightly underwhelmed.

Early Asian trading hours were marked by reports of potential 25% U.S. tariffs on automobile, semiconductor, and pharmaceutical imports, with a possible announcement in the coming as soon as April 2.

Investors are awaiting U.S. purchasing managers index (PMI) data for February, seeking further clarity on the U.S. economy's resilience amidst persistent inflation and trade-related uncertainties.

U.S. equities reached record highs on Tuesday, though gains were moderate ahead of Federal Reserve policy signals. The S&P 500 closed at a record high of 6,129.62, representing a 0.24% increase. The NASDAQ Composite rose marginally by 0.07% to 20,041.26. The Dow Jones Industrial Average remained relatively unchanged at 44,556.16.

In Saudi Arabia, the U.S. and Russia engaged in preliminary talks, with the U.S. seeking to gauge Russia's sincerity regarding a peace settlement in Ukraine.

The Federal Reserve is scheduled to release the minutes of its recent policy meeting, which will be closely scrutinized for insights into the central bank's interest rate strategy, particularly following signals of a prolonged pause in rate reductions. Investor focus is on what the feds minutes may reveal about rate intentions.