After opening the day on a negative note, Indian share markets continued their downtrend and ended the day 0.5% lower.

Benchmark indices fell on Friday tracking Wall Street after a fresh slate of US economic data underscored bets that the Federal Reserve would keep interest rates higher for longer.

At the closing bell, the BSE Sensex stood lower by 317 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 92 points (down 0.5%).

L&T, BPCL, and Asian Paints were among the top gainers today.

Adani Enterprises, Nestle India, and SBI Life Insurance on the other hand were among the top losers today.

The SGX Nifty was trading at 17,949.5, down by 119 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index fell 0.7% and the BSE SmallCap index ended 0.2% lower.

Sectoral indices ended on a mixed note with stocks in the energy sector, capital goods sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the banking sector, and the realty sector witnessed selling pressure.

Shares of Supreme Industries and Finolex Cables hit their 52-week high today.

To get the latest news and which stocks moved the market, check out the stocks to watch today section on our website.

Outside the home ground, Asian share markets ended on a negative note.

At the close in Tokyo, the Nikkei ended lower by 0.7%, while the Hang Seng fell 1.3%. The Shanghai Composite ended lower by 0.8%.

The rupee is trading at 82.84 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.7% at Rs 55,850 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1.7% at Rs 64,541 per kg.

Speaking of stock markets, everyone is focused on looking for alternatives to crude oil and petroleum lately. As a result, people are now actively using ethanol and focusing more on electronic vehicles.

However, an important alternative is being missed out.

Green hydrogen is not a fuel everyone talks about. Hydrogen is not just another fuel. Hydrogen is expected to serve as a primary industrial fuel in the 21st century, just as coal drove the 19th century and oil drove the 20th century.
 

Why Adani Green Energy's share price is rising

Shares of Adani Green Energy rose 4% in Friday's trade, snapping a 12-day losing run.

Today's buying interest in the stock comes after Adani Group told bondholders that it would disclose its refinancing plan after the fiscal year ends.

Also, a subsidiary of Adani Green Energy Restricted Group will refinance existing bonds through a 15-year amortizing private placement.

Adani group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.

Not only Adani Green Energy but shares of most Adani stocks were trading with a positive bias today, with NDTV and Adani Power locked in their respective 5% upper circuits.

Barring Adani Total Gas, Adani Transmission, and Adani Enterprises, the other seven stocks from the conglomerate were trading in the green zone.

The conglomerate has been trying to soothe investors' nerves worried over the allegations made in the report.
 

Glenmark Pharma gets USFDA nod for generic drug

In news from the pharma sector, shares of Glenmark Pharma were among the top buzzing stocks today.

Drug firm Glenmark Pharma on Friday received approval from the US health regulator to market a generic medication to treat diabetes in the US market.

Glenmark Pharmaceuticals Inc, USA, a unit of the company, has received tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin Tablets in strengths of 2.5 mg and 5 mg.

Its product is the generic version of AstraZeneca AB's Onglyza tablets (2.5 mg and 5 mg).

According to IQVIA sales data for the 12 months ending December 2022, the Onglyza tablets (2.5 mg and 5 mg) achieved annual sales of around USD 122.3 million (m).

The company also announced that its current portfolio consists of 179 products authorized for distribution in the US marketplace.

The drug firm has 46 abbreviated new drug applications (ANDAs) pending approval with the USFDA.

Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.

Glenmark occupies a leadership position in the Indian market for the discovery of new molecules.

The company has operations in more than 80 countries around the globe.

In 2023 so far, shares of Glenmark are down by 16.1%. While in the past five years, the stock has experienced a fall of 22.3%.

It is amongst the top 4 pharma stocks in India.
 

BEML signs multiple MOUs

Moving on to news from the defense sector, shares of BEML rose 1% today

The stock rose after the company signed multiple Memorandum of Understandings (MoUs) at Aero India 2023, a four-day show held between 13-17 February 2023.

During the event, BEML signed MoUs with companies such as Bharat Electronics, the Indian Navy, and R&DEE - a DRDO organization for Hexagon Technologies.

The MoU with Bharat Electronics is for the joint development and production of missile modules, airframes, and other mechanical systems for an upcoming missile program.

The agreement with the Indian Navy is for the development of a customized storage and handling system for various types of ammunition.

This isn't the first time that BEML has gained attention for its products. The company had also secured a Rs 378 crore order for the supply of defense equipment earlier this week.

With its expertise in defense and aerospace coupled with the government's push for Make In India, it is poised to reap the benefits of the initiatives to improve prospects for the sector.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling defense production to US$ 25 bn by 2025.

To boost this the Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

We believe the defense sector could produce the next set of multibagger stocks over the long run.

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