Sensex Today Rallies 526 Points; Angel One Surges 9%

After opening the day on a positive note, Indian share markets gained momentum as the session progressed and ended on firm footing.

Indian equity benchmark indices exhibited a positive trend in Wednesday's intra-day trade backed by strong gains in index heavyweight Reliance Industries and auto stocks.

At the closing bell, the BSE Sensex stood higher by 526 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 143 points (up 0.6%).

Reliance Industries, Bajaj Auto, and Titan were among the top gainers today.

Wipro, Apollo Hospital, and Hero MotoCorp on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,191, up by 102 points, at the time of writing.

The BSE MidCap index ended flat and the BSE SmallCap index ended 0.7% higher.

Sectoral indices are trading mixed, with sTocks in the banking sector, power sector and realty sector witnessing the most buying. Meanwhile, stocks in the metal sector, IT sector, and media sector witnessed selling pressure.

Shares of Maruti Suzuki, Bosch, and ABB India hit their respective 52-week highs today.

The rupee is trading at 83.37 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 66,900 per 10 grams.

Meanwhile, silver prices were trading flat at Rs 74,549 per 1 kg.

Here are three reasons why Indian Markets are rising today

#1 FII Flow

India attracted the highest foreign investment inflows in the Asian market, excluding Japan, in March. Overseas investors have invested $3.63 billion in the Indian markets during the month so far. Apart from this, investments from domestic investors hit a four-year high in March.

#2 Upbeat Global Markets

Asian shares bounced while Japan's Nikkei jumped 0.9% on Wednesday after the US Federal Reserve indicated it would stick with plans for cutting interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was trading marginally higher.

#3 Buying in Heavyweights

Strong gains were seen in index heavyweight Reliance Industries and auto stocks. Reliance was the top mover among the Sensex 30 pack, up 2%. It was followed by Maruti, Bajaj Finance, Tata Motors, Axis Bank and Larsen & Toubro. On the other hand, Wpro, Nestle India, and HDFC Bank were marginally in red.

Why Adani Power Share Price is Rising

In news from the power sector, Shares of Adani Power traded more than 4% higher in the early trade on 27 March after the fair trade regulator Competition Commission of India (CCI) approved the company's proposed acquisition of Lanco Amarkantak Power.

Adani Power proposes to acquire 100% share capital and control of Lanco Amarkantak Power, under the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC). Lanco Amarkantak Power is into thermal power generation.

Adani Power announced on 5 March it got approval from the creditors for the resolution plan to acquire Lanco Amarkantak Power.

CCI said the transaction would not have a significant adverse impact on competition in any plausible relevant market in India.

On 26 March, the company disclosed a new litigation involving a petition filed by the Maharashtra State Electricity Distribution Company (MSEDCL) with the Maharashtra Electricity Regulatory Commission (MERC). The petition pertains to the calculation of domestic coal transportation costs.


Coal India Trades in Red. Here's why.

Moving on to news from the mining sector, shares of Coal India traded in the red intraday after making some early gains on 27 March. The movement in the share price of the coal miner was seen hours after a large containership crashed into the Baltimore bridge, shutting down the second largest exit point for coal shipments from the US for now.

The 1.6-mile Baltimore bridge caved in when the large containership rammed into it on 26 March US time.

The coal that is shipped out of Baltimore includes a large portion of thermal coal imported by India for electricity generation. In 2023, India imported 7.27 million tonnes (MT) of coal from the US.

According to market reports, coal exports from the port could be blocked for around six weeks, with 2.5 million tonnes of coal held back from shipping. The closure of this hub could lead to disruption in the global supply chain.

According to ship-tracking data, traders exported around 22.9 million tonnes of coal in 2023 from the Baltimore port to India, China, and Europe. This represented around 27% of all seaborne coal exports from the US.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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