Asian share markets are trading lower today after a technology-driven rally on Wall Street failed to ease the malaise hanging over the banking sector.

The Nikkei is down 0.4% while the Hang Seng is trading lower by 0.2%. The Shanghai Composite is trading 0.5% lower.

All major Wall Street indices reversed an earlier rally, turning red before clawing their way back to positive territory in the final hour as Yellen resumed her congressional testimony.

The Dow Jones Industrial Average ended 0.2% higher while the tech-heavy Nasdaq Composite rose 1.3%.

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

Source: Equitymaster

Back home, Indian share markets are trading on a flat note tracking the trend of global markets and SGX Nifty.

At present, the BSE Sensex is trading higher by 18 points. Meanwhile, the NSE Nifty is trading up by 5 points.

Infosys and TCS are among the top gainers today.

Bajaj Finance and Tata Steel on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down 0.4% and the BSE Small Cap index is trading lower by 0.3%.

Sectoral indices are trading on a mixed note. Stocks in the IT sector and power sector witness buying.

Meanwhile, stocks in the metal sector and finance sector witnessed selling.

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

The rupee is trading at Rs 82.22 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 67 at Rs 59,498 per 10 grams.

Meanwhile, silver prices are trading higher by 0.1% at Rs 70,270 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...
 

Vedanta to announce a fifth interim dividend

Vedanta in a communication to stock exchanges on Thursday said its board will meet on 28 March 2023, to consider and approve the fifth interim dividend on equity shares, if any, for the financial year 2022-23.

The record date for the purpose of determining the entitlement of the equity shareholders for the dividend, if declared, is being fixed as 7 April 2023.

Vedanta had earlier announced an interim dividend of Rs 12.5 per share in February (ex-date), Rs 17.5 in November, Rs 19.5 in July and Rs 31.5 in April.

Reportedly, Anil Agarwal is weighing a stake sale in Vedanta and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it.

2023 started as a difficult year for Indian business giants. First, the Adani group was in trouble and then the Vedanta group was caught in the crosshairs as investors doubted this group's ability to repay its debt.

As a result, Vedanta's share price saw a sharp fall starting from February 2023. Vedanta shares have declined by more than 6% in the last month. So far in 2023, the stock is down more than 13%.

TPG Global to sell stake in Campus Activewear

American alternative asset management firm TPG Global plans to exit Campus Activewear by selling its entire 7.6% stake in the company through block deals on Friday, according to media reports.

The asset management firm has set the floor price for the stake sale at Rs 345 a share. This is at a discount of nearly 7% to the closing price as on Thursday.

In September 2017, TPG Growth, the growth equity platform of TPG Global, and QRG, the family office of the promoters of Havells group, acquired a 20% stake in Campus Activewear, valuing the company at Rs 15 billion (bn)

Listed in May 2022, the stock has net gained just 0.6% since its debut on the bourses. In the last 6 months, the stock has seen more than 38% erosion in value.

Campus Activewear is one of India's largest sports and athleisure footwear brands. According to reports, it was the largest sports and athleisure brand in India in terms of value and volume in 2021.
 

Bharat Electronics signs new contract with the defense ministry

The defense ministry on Thursday signed two contracts worth over Rs 37 bn with Bharat Electronics (BEL) for radars and receivers, which will enhance the operational capabilities of the Indian Air Force.

The first contract worth over Rs 28 bn pertains to the supply of medium power radars (MPR) Arudhra for the IAF, and the second, at an overall cost of around Rs 9.5 bn, relates to 129 DR-118 radar warning receivers (RWR).

Both projects are under the 'Buy Indian-IDMM (Indigenously Designed Developed and Manufactured)' category.

The projects are aimed at enhancing the surveillance, detection, tracking, and electronic warfare capabilities of the air force.

These essentially embody the spirit of Aatmanirbhar Bharat and will help facilitate the realization of the country's journey to achieve self-reliance in defense manufacturing, the Indian Air Force (IAF) said in a statement.

Lately, the defense sector is in focus because of the recent decision by the Defence Acquisition Council (DAC) to accord Acceptance of Necessity to projects worth Rs 705 bn.

This decision paves the way for major military modernization projects. This move is expected to further fuel the growth of Indian defense stocks, making it an exciting theme for investors to track.

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