Sensex Today Zooms 463 Points, Nifty Ends Above 18,000
After opening the day marginally lower, Indian share markets picked up steam as the session progressed and ended the day on a firm note.
Benchmark indices rose for the eighth straight session in a row buoyed by foreign inflows and healthy buying in heavyweight stocks like Reliance Industries, L&T, and ITC.
At the closing bell, the BSE Sensex stood higher by 463 points (up 0.7%).
Meanwhile, the NSE Nifty closed higher by 149.9 points (up 0.8%).
Adani Ports and Nestle were among the top gainers today.
Axis Bank and Titan, on the other hand, were among the top losers today.
The SGX Nifty was trading at 18,119, up by 126 points, at the time of writing.
The BSE Midcap index ended 1.3% higher. While the BSE SmallCap index ended 0.9% higher.
Barring consumer durables, all sectoral indices ended the day on a positive note, with stocks in the FMCG sector, IT sector, and power sector witnessing most of the buying.
Shares of Bajaj Auto and L&T hit their 52-week highs today.
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...
Asian share markets ended the day on a positive note. The Hang Seng rose 0.3%, while the Shanghai Composite index ended 1.1% higher. The Nikkei rose 1%.
The rupee is trading at 81.81 against the US$.
Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 59,757 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading down by 0.3% at Rs 75,094 per kg.
Speaking of stock markets, the chemical and specialty chemical stocks in the last year were on a downtrend.
Increases in raw material prices, rising fuel and freight costs, demand moderation especially in export markets due to geopolitical issues, and inventory build-ups are some of the reasons weighing over the specialty chemical stocks.
However, these may be short-term disruptions.
The chemical industry in India is one of the biggest beneficiaries of China plus one factor, and its long-term story, especially for niche market leaders, remains intact.
Why RVNL share price is rising
In news from the engineering sector, the share price of Rail Vikas Nigam jumped 8% today.
The rally was seen following Rs 1.2 billion (bn) order from the Indian Railways.
The order is for the construction of a railway line and associated works, including earthwork, bridges, and track linking, in the state of Madhya Pradesh. The project is expected to be completed within 18 months.
Rail Vikas Nigam Limited is an Indian public sector undertaking that works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development.
In the past few days, the stock is up over 40%. The stock hit its 52-week high of Rs 114.6 on 26 April 2023.
In the past six months, RVNL's share price has rallied 156.2%. In the past year, R'NL's share price is up by 204.2%.
Why IRB Infra shares rose over 4% today
Moving on to news from the real estate sector, shares of IRB Infrastructure Developers gained over 4% after the company bagged an order from Hyderabad Metropolitan Development Authority (HMDA).
The company has been selected for the tolling project, operation, maintenance, and transfer of Nehru Outer Ring Road in Hyderabad, Telangana.
IRB Infrastructure will have to pay an upfront concession fee of Rs 73.8 bn to HMDA for a revenue-linked concession period of 30 years.
With this acquisition, the company has made its entry into Telangana. IRB currently holds road and highway assets in 11 states and union territories.
After completing 13 concessions, and handing them over to the nodal agencies, IRB Group's project portfolio includes 24 road projects.
The company will make the upfront payment within 120 days of signing the concession agreement through its project special purpose vehicle (SPV).
With infrastructure development being the primary goal of India, IRB Infra is set to benefit from it, making among the 5 stocks benefiting from the 'India is Building' megatrend.
Glenmark Life Sciences hits a 52-week high today. Here's why...
Moving on to news from the pharma sector, shares of Glenmark Life Sciences surged over 9% intraday.
The rally came a day after the company posted robust earnings for the March 2023 quarter, reflecting growth across all parameters.
For the March 2023 quarter, the company recorded a 20.9% YoY growth in revenue to Rs 6.1 bn, backed by traction in the active pharmaceutical ingredients (API) and contract development and manufacturing organization (CDMO) segments.
Steady growth momentum across regulated and emerging markets supported growth in the API business, which was affected by inventory rationalization and aided the rise in CDMO revenues.
Drugmaker's net profit rose 48% YoY to Rs 1.5 bn. The EBITDA margin also expanded by 5% to 33.7%.
Aside from earnings, the company also updated stakeholders on its capacity expansion plans. The drugmaker has commissioned an intermediate manufacturing block at its Ankleshwar site with a capacity of 400 KL.
The block will be operational in the second half of the financial year 2024.
The company has also completed the brownfield expansion of generic API products and oncology products at its Dahej facility.
More By This Author:
Sensex Today Trades Marginally Lower; Hindustan Oil Exploration Zooms 7%
Sensex Today Ends 349 Points Higher, Nifty Above 17,900
Sensex Today Trades Flat; HUL Falls 1% Ahead Of Q4 Results
Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
more