Asian share markets are trading lower today tracking a decline in US stocks overnight as concern over American regional banks outweighed better-than-expected technology earnings.

The Nikkei is trading lower by 0.1% while the Hang Seng is trading marginally higher. The Shanghai Composite is trading higher by 0.2%.

The tech-heavy Nasdaq closed slightly higher on Wednesday after strong Microsoft Corp results boosted technology shares, but the S&P 500 and the Dow fell on lingering concerns about a weakening US economy and the banking sector.

The Dow Jones Industrial Average fell 0.7% and the tech-heavy Nasdaq Composite ended 0.6% higher.

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

Source: Equitymaster

Back home, Indian share markets are trading on a flat note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 56 points. Meanwhile, the NSE Nifty is trading up by 15 points.

Bajaj Twins and Kotak Mahindra Bank are among the top gainers today.

TCS and Power Grid on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a mixed note. Stocks in the realty sector and telecom sector are witnessing buying.

On the other hand, stocks in the consumer durable sector and power sector witnessed selling.

Shares of Nestle and Siemens hit their 52-week high today.

The rupee is trading at Rs 81.71 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 254 at Rs 60,147 per 10 grams.

Meanwhile, silver prices are trading higher by 0.7% Rs 74,336 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...
 

Why Gujarat-linked PSUs share price is rising

Gujarat-based listed public sector undertakings (PSUs) were among the top performers on the bourses on Wednesday after the state government announced a policy defining a minimum threshold of dividend distribution.

The government was also notified about bonus shares, stock splits, and buybacks.

Shares of Gujarat State Fertilizers & Chemicals surged 20% and closed at a seven-month high of Rs 153.3.

Gujarat Mineral Development Corp also soared 20% with hefty volumes. However, in the past year GMDC share price fell by 22%.

Gujarat Alkalies and Chemicals jumped 17.2%. Gujarat Narmada Valley Fertilisers and Chemicals gained a little over 10%, and Gujarat State Petronet rose 7.2%.

All these stocks also witnessed a sizable increase in their trading volumes.
 

SBI Life Q4 results

Private sector insurance company, SBI Life Insurance on Wednesday reported a 15% year-on-year (YoY) jump in net profit at Rs 7.80 billion (bn) for the March 2023 quarter. In the corresponding quarter last year, the company posted a net profit of Rs 6.8 bn.

The net premium income for the reporting quarter jumped 14% to Rs 198.9 bn as against Rs 174.3 bn in the year-ago period.

SBI Life Insurance's value of a new business (VoNB) recorded a growth of 23% at Rs 14.4 bn for the March quarter. It was Rs 11.7 bn a year ago. The company said its VoNB margin expanded to 31.6%, up from 28.4% a year ago.

VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.

The company said it maintained its leadership position in individual rated premium of Rs 152.2 bn with 22.3% private market share in the financial year 2023.
 

Rail Vikas Nigam (RVNL) gains Navratna status

Union Finance Ministry on Wednesday gave its approval to upgrade Rail Vikas Nigam Limited (RVNL) to Navratna central public sector enterprise (CPSE) from category-I miniratna.

RVNL, a public sector undertaking under the Ministry of Railways, will be the 13th Navratna amongst CPSEs.

Now, the railway sector company will have more autonomy in terms of investment, setting up joint venture, and other financial decisions.

The discussions regarding the upgrade to Navratna status were initiated on the back of multiple orders that RVNL recently won from the National Highway Authority of India (NHAI) and the Railways.

As per the Navratna company criteria, the company must have Miniratna status, with 4 independent board directors.

Moreover, the company must get a score of 60 out of 100 in parameters like net worth, net profit, total production cost, manpower cost, service cost, capital employed, and PBDIT.

Speaking of RVNL, its share price witnessed a sharp spike in the past few days. To know why, check out our editorial: railway stock zooms 40% in four days.

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