After opening the day lower, Indian share markets trimmed losses within the first hour of trade and recovered smartly as the session progressed.

Benchmark indices ended marginally higher on Wednesday as investors were back to bottom fishing in select heavyweights which lifted benchmark indices off lows, leading to a positive close for a third consecutive day.

Positive sentiment around Adani group stocks added to the sentiment.

At the closing bell, the BSE Sensex stood higher by 123 points (up 0.2%).

Meanwhile, the NSE Nifty closed up by 43 points (up 0.2%).

Adani Ports, Adani Enterprises, and Bajaj Auto were among the top gainers today.

Bajaj Finance, Hindalco, and Tech Mahindra were among the top losers today.

The SGX Nifty was trading at 17,785, down by 68 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index gained 0.6% and the BSE SmallCap index gained 0.3%.

Sectoral indices ended on a mixed note with stocks in the power sector, capital goods sector, and auto sector witnessing buying.

While stocks in the healthcare sector, metal sector, and realty sector witnessed selling.

Shares of Hindustan Aeronautics and Blue Star hit their 52-week highs today.

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

Asian share markets ended on a mixed note. The Hang Seng ended lower by 2.4% while the Shanghai Composite index fell by 1.9%. The Nikkei ended 0.5% higher.

US stock futures are trading on a positive note. Dow futures are trading higher by 0.1% while Nasdaq futures are trading flat.

The rupee is trading at 82.04 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 54,940 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.6% at Rs 61,846 per kg.

Speaking of the stock markets, believed to be the next big step in the evolution of computers, ChatGPT has the potential to upend many industries and put the fear of job security amongst many people working there.
 

Why HAL share price is rising

In news from the defense sector, shares of Hindustan Aeronautics Limited (HAL) surged 5% today after the company signed an agreement with India's defense ministry (MoD) to provide 70 HTT-40 Basic Trainer Aircraft for Rs 68 billion (bn).

It has also signed a contract with Larsen & Toubro (L&T) for the procurement of three Cadet Training Ships.

The contracts, inked in the presence of defense minister Rajnath Singh mark yet another milestone in the ministry's mission for self-reliance in the defense manufacturing sector.

The Indian Air Force (IAF) will receive a much-needed boost with the introduction of the new trainer aircraft, the Hindustan Turbo Trainer-40 (HTT-40).

This aircraft, which has been on the list of weapons and systems that India has imposed an import ban on for the past 30 months, will be supplied to IAF by HAL over six years.

HAL is among the top defense stocks in India having a monopoly in certain segments.

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.

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

Why Adani stocks are rallying and what lies ahead

Amid a spate of positive news flow in favor of the conglomerate, Adani group stocks on Wednesday rallied for the sixth consecutive day, with most group stocks ending in the green zone.

In early trade, Adani Green, Adani Total Gas, and Adani Transmission were locked in a 5% upper circuit limit.

Adani Power was up 4%, while the group's flagship entity, Adani Enterprises was trading 2% higher.

The combined market value of all Adani group stocks rose over Rs 170 bn to cross the Rs 9 trillion (tn) market capitalization.

The bounce back in Adani stocks comes after the announcement of prepayment of share-backed financing of Rs 73.7 bn ahead of its latest maturity in April 2025.

The group is also trying to soothe investor nerves by holding investor roadshows as well.

The biggest boost came from a Rs 150 bn investment by US-based GQG Partners, which bought stakes in 4 Adani firms from the promoters.
 

Aurobindo Pharma gets USFDA nod for cancer drug

Moving on to news from the pharma sector, Aurobindo Pharma, on Wednesday, received final approval from the US Food & Drug Administration (USFDA) for its wholly owned subsidiary, Eugia Pharma, to manufacture and market Lenalidomide Capsules.

The approved product is indicated for the treatment of adult patients with Multiple myeloma, in combination with Dexamethasone.

The product is expected to be launched in October 2023.

It is the 155th ANDA out of Eugia Pharma Speciality Group (EPSG) facilities, manufacturing oral and sterile specialty products.

Recently, we wrote about why Aurobindo Pharma's share price is falling.

The stock was on a downtrend throughout 2022.

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