Asian share markets rose sharply today, tracking a relief rally on Wall Street and as US inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week.

The Nikkei is up 0.2% while the Hang Seng is trading higher by 1.3%. The Shanghai Composite is trading higher by 0.7%.

US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.

The Dow Jones Industrial Average ended 1.1% higher while the tech-heavy Nasdaq Composite rose 2.3%.

Here's a table showing how US stocks performed on Tuesday:

Data source: Equitymaster

Back home, Indian share markets are trading on a positive note following the SGX Nifty trend and tracking firm global cues.

At present, the BSE Sensex is trading higher by 377 points. Meanwhile, the NSE Nifty is trading up by 125 points.

L&T, Titan, and Asian Paints are among the top gainers today.

Bharti Airtel, HUL, and Nestle on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up 0.6% and the BSE Small Cap index trading higher by 0.7%.

Sectoral indices are trading on a positive note with the exception of the telecom sector. Stocks in the consumer durable sector, capital goods sector, and metal sector witnessed most of the buying.

Shares of Cummins India and Sonata Software hit their 52-week high today.

The rupee is trading at Rs 82.43 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 76 at Rs 57,407 per 10 grams.

Meanwhile, silver prices are trading lower by 0.5% at Rs 66,621 per 1 kg.

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...
 

Profit booking in Adani group stocks

The rally in Adani group stocks following a spate of positive news flow related to stake sales and prepayment of loans seems to be getting weaker now, with traders booking profits. All 10 Adani stocks were trading in the red zone yesterday.

Embattled billionaire Gautam Adani's flagship entity Adani Enterprises was among the worst affected in the selloff as the Nifty 50 stock tanked up to 6.8% during the day at Rs 1,746.1.

Other top losers in the pack included NDTV, Adani Total Gas, Adani Power, Adani Transmission, and Adani Wilmar, as they lost up to 5% each.

Mutual fund data for February shows that fund managers offloaded stakes in Adani Ports, Adani Enterprises, Adani Total Gas, and Ambuja Cements.
 

Cipla sells stake in Quality Chemical Industries

The Indian pharma company, Cipla on Tuesday said it has inked a pact with Africa Capitalworks to sell a 51.2% stake in Uganda-based Cipla Quality Chemical Industries.

The company and its wholly-owned subsidiaries, Cipla (EU) and Mauritius-based Meditab Holdings, entered into a share purchase agreement with Africa Capitalworks on 14 March.

Subsequent to the sale, Cipla Quality Chemical Industries (CQCIL) will cease to be a subsidiary of the company.

Consideration to be received by Cipla (EU) and Meditab Holdings shall be in the range of US $ 25-30 million (m) (about Rs 2,058.9-2,470.8 m).

The proposed sale is expected to be completed by 31 May 2023.

Africa Capitalworks is a wholly owned subsidiary of Africa Capitalworks Holdings (ACW), an investment management company incorporated in Mauritius.

ACW is engaged in providing permanent equity capital and complementary skills to mid-market companies across Sub-Saharan Africa.

Following the news, Cipla's share price is rising today. This news comes as a big relief for investors because as of late Cipla's share price was under pressure.

NBCC (India) bags a new order

NBCC (India) said it secured a contract worth Rs 5 billion (bn) (about Rs 500 crore) for the construction of the Government Medical College and Hospital at Karaikal in Puducherry.

The nature of the contract is project management consultant (PMC) on a deposit work basis.

NBCC (India) provides civil engineering construction services. As on 30 September 2022, the Government of India held a 61.8% stake in the company.

The company's consolidated net profit declined 16.3% to Rs 690.9 m despite of 8.1% rise in net sales to Rs 201.2 bn in Q3 of the current financial year over Q3 of the previous financial year.
 

Why RailTel Corporation's share price is rising

RailTel Corporation of India is on the rise after the company received a work order from the Centre for Development of Advanced Computing (C-DAC) amounting to Rs 2.875.7 m.

Order from C-DAC includes supply, installation, integration, testing & commissioning of IT infrastructure in green field data centers at New Delhi and Bengaluru along with training & support.

The contract will be executed within 300 days from the date of a work order.

RailTel is a Mini Ratna (Category-I) public sector unit. It is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network on the exclusive right of way (ROW) along the railway track.

As on 31 December 2022, the Government of India holds a 72.84% stake in the company.

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