After opening the day lower, Indian share markets picked up pace during closing hours and reversed all the losses.

Benchmark indices see-sawed between gains and losses as investors tracked tepid global cues, along with robust March quarter results back home.

At the closing bell, the BSE Sensex stood higher by 179 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 45 points (up 0.3%).

HDFC Life Insurance and BPCL were among the top gainers today.

UPL and Infosys on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,264, up by 45 points, at the time of writing.

Broader markets ended on a positive note with both the BSE Midcap index and the BSE Smallcap index ending 0.3% higher.

Sectoral indices ended on a mixed note with stocks in the auto sector, realty sector, and energy sector witnessing buying.

On the other hand, stocks from the metal sector and telecom sector witnessed selling pressure.

Shares of Tata Motors and ONGC hit their 52-week highs today.

Asian stock markets ended on a negative note. The Nikkei index today ended lower by 0.4%, while the Hang Seng fell 0.5%. The Shanghai Composite ended 1.2% lower.

The rupee is trading at 82.01 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.3% at Rs 61,236 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.2% at Rs 77,271 per kg.

Speaking of stock markets, the electrification of vehicles is not just a narrative anymore, but a megatrend that has taken over in the country. The major trigger has been a decline in the battery cost.

Then we have policy tailwinds - PLI schemes, carbon commitments, subsidies, and investment in EVs by corporates.

It's like little pieces coming together to make this vision a reality, especially in the two-wheeler segment.
 

Why Shipping Corporation shares jumped 8% today

In news from the shipping sector, the share price of Shipping Corporation of India jumped 8% today after the company reported a stellar performance during the March 2023 quarter.

For the March 2023 quarter, the company reported an 8.3% YoY rise in revenue to Rs 14.2 bn, against a revenue of Rs 13.1 bn a year back.

Net profit for the quarter came in at Rs 3.8 bn, up 154% YoY from Rs 1.5 bn a year back.

On the operating front, the company's earnings before interest and tax, depreciation, and amortization (EBITDA) declined 42.2% YoY to Rs 4.6 bn against Rs 3.3 bn a year back, while EBITDA margins expanded sharply to 32.8% from 25%.

Besides, the Board has recommended a dividend of Rs 0.44 per equity share of the face value of Rs 10 each, i.e., 4.4% per share.

The Shipping Corporation of India is a government corporation that operates and manages vessels servicing both national and international lines.

In April 2023, shares of Shipping Corporation fell 25.2%.

GAIL plans Rs 400 billion ethane cracker

Moving on to news from the energy sector, GAIL, the country's top gas supplier, plans to build a Rs 400 bn (US$ 4.89 bn) ethane cracker near its liquefied natural gas (LNG) import plant in Western India.

Further, GAIL is looking for land in the coastal region of Dabhol in Maharashtra state for the 1.5 million tonnes a year (mtpa) cracker project. It already operates a 5 mtpa LNG plant at Dabhol.

Additionally, it also plans to import ethane from the United States for the project.

Indian companies are boosting their petrochemical production capacity as, according to estimates by top refiner Indian Oil, demand for petrochemicals could nearly triple by 2040.

GAIL is also exploring the possibility of acquiring land in Madhya Pradesh, which neighbors Maharashtra if a deal in Dabhol doesn't materialize.

The proposed dual-feed cracker will also have the capability to crack up to 40% liquefied petroleum gas (LPG), enabling the option to switch to less expensive feedstock to maximize margins.

According to estimates by top refiner Indian Oil, demand for petrochemicals could nearly triple by 2040, forcing companies to make big investments to set up new facilities across the country.

In 2023 between 1 January to 10 March, the stock has already rallied 16%, making it among the top performing large cap stocks of 2023.

JSW Steel's crude steel production jumps 7%

Moving on to news from the steel sector, JSW Steel today reported standalone crude steel production of 1.7 million tons for the month of April 2023, up 7% YoY.

This was against steel production which stood at 1.66 million tons in the corresponding period last year.

Flat steel production was at 1.39 million tons, indicating a 16% YoY growth from 1.2 million tons a year ago, while long steel production witnessed a decline at 0.3 million tons, which is 9% lower than last year.

JSW Steel is part of the US$ 22 bn JSW Group, which also has interests in energy, infrastructure, cement, paints, sports, and venture capital.

With its aim to increase its capacity to 37 MTPA by 2025, it is among the high-growth stocks in India.

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