Photo by Maxim Hopman on Unsplash
 

After starting the day on a flat note, Indian share markets traded in red for most of the trading session and recovered during closing hours to end in green.

Midcap and smallcap stocks witnessed fag-end buying which supported the overall market sentiment.

At the closing bell, the BSE Sensex closed 0.1% higher at 66,988.

Meanwhile, the NSE Nifty closed 0.2% higher at 20,133.

GAIL and Eicher Motors were among the top gainers today.

Reliance Industries and Adani Ports were among the top losers today.

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

The Gift Nifty was trading at 20,287, up by 166 points, at the time of writing.

Broader markets ended on a strong note. The BSE MidCap index closed 0.8% higher and the BSE SmallCap index ended 1% higher.

Sectoral indices ended positively with stocks in the pharma, oil and gas, and realty sector witnessing buying.

Meanwhile, stocks in the banking sector witnessed marginal selling.

Shares of Ultratech Cement, Bajaj Auto, and JK Cement hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a positive note. The Hang Seng and Shanghai Composite ended 0.3% in green, while the Nikkei rose 0.5%.

The rupee is trading at 83.37 against the US$.

Gold prices for the latest contract on MCX are trading down 0.2% at Rs 62,654 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.1% in red at Rs 77,154 per kg.
 

Gandhar Oil Refineries' Bumper Listing

Let's start today's news with the recent bumper IPO listings.

Two IPOs saw bumper listings among which Tata Technologies stock debuted with a 140% premium and second is the Gandhar Oil Refinery which got listed at a 75% premium.

Gandhar Oil, known for its Divyol brand, offers a range of products in personal care, healthcare, lubricants, and process insulating oils.

The company IPO had already witnessed strong demand, being subscribed 64 times on the final day of bidding.

The IPO included a fresh issue of Rs 3 billion (bn) shares by the company and an offer for sale of Rs 2 bn by promoters and investors.

Qualified institutional buyers subscribed 129 times their allotted shares, retail investors subscribed 29 times, and high net-worth individuals subscribed 62 times.

Gandhar Oil has established enduring relationships with both domestic and global clients, including major names like Procter & Gamble, Unilever, Marico, and more.

In the fiscal year 2022-23, the company experienced a 15.13% growth in revenue, reaching Rs 41 bn, and a 30.3% increase in profit after tax, amounting to Rs 2.1 bn.
 

Aurobindo Pharma Share Price is Rising. Here's Why...

Moving on with the news from the pharma sector, Aurobindo Pharma's share price rose around 2% today.

The reason behind this surge is that the company's subsidiary Eugia Pharma Specialities, has received final approval from the US Food and Drug Association to manufacture and market an asthma drug called Budesonide Inhalation Suspension.

This drug is equivalent to Pulmicort Respules by AstraZeneca Pharmaceuticals and is expected to be launched in the year 2025.

The estimated market size for this drug is US$ 226.4 million (m) for the twelve months ending September 2023. Going forward, the pharma player can secure a pie of this market size.

Additionally, Aurobindo Pharma recently received approval to market a generic medication for treating HIV-1 infection. The approved product, Darunavir tablets in strengths of 600 mg and 800 mg is suitable for adult and pediatric patients.

The estimated market size for this HIV medication is US$ 274.8 million for the 12 months ending October 2023.
 

Why HAL Share Price is Rising

From the defense space, Hindustan Aeronautics share price rose over 3% today and also marked the fifth consecutive day gain.

The reason behind this rally is that the defense acquisitions council (DAC) has given approval for a major defence deal worth Rs 1.4 trillion. The deal includes the purchase of 97 Tejas Aircraft, 156 Prachanda Helicopters, and one aircraft carrier.

The new aircraft carrier is capable of holding at least 28 fighter jets and helicopters.

The report also mentioned that India has a broader plan to strengthen its naval capabilities, aiming for 160 warships by 2030 and 175 by 2035, with an estimated cost of Rs 2 trillion. The decision comes amid increased patrols and vigilance in response to growing concerns over China's naval strength.

Amid this development, the shares of Cochin Shipyard also responded positively to the news and were trading more than 3% higher.

Note that HAL shares have gained more than 80% in the year 2023 so far.

The company touched its 52-week high recently and the momentum does not appear to be stopping anytime soon.

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