Sensex Zooms 500 Points, Nifty Near 17,500; Power & Auto Stocks Rally
Asian share markets traded mixed at open today, as traders looked to claw some gains after a steep sell-off in the previous session, whereas fears of inflation curbed the gains.
The Nikkei rose by 0.8% while the Hang Seng was down by 1.8%. The Shanghai Composite is trading lower by 0.4%.
US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.
The Dow Jones fell by 0.6% while the tech-heavy Nasdaq ended lower by 1%.
Back home, Indian share markets are trading on a strong note.
Benchmark indices opened on a firm note today following the trend on SGX Nifty. And as the session progressed, gains were extended.
At present, the BSE Sensex is trading higher by 512 points. Meanwhile, the NSE Nifty is trading up by 157 points.
Bajaj Finserv and Bajaj Finance are among the top gainers today.
Bharti Airtel and Reliance Industries are among the top losers today.
Broader markets are trading on a positive note. The BSE Mid Cap index is up by 1.2% while the BSE Small Cap index is trading higher by 1.2%.
Sectoral indices are trading on a positive note, with stocks in the power and auto sector witnessing most of the buying.
The auto sector stands under the roof of revolution because of electric vehicles (EVs). Even public transport mode is changing.
All FMCG stocks in India are trading in the green today.
Page Industries and SKF India hit their 52-week high today.
In the commodity markets, gold prices fall. Gold prices are trading lower by Rs 129. Currently, gold prices are trading at Rs 51,121 per 10 grams.
Note that gold prices have fallen and have taken quite a knock in recent weeks.
Meanwhile, silver prices are trading lower at Rs 54,051 per kg. Silver prices have fallen a lot in recent days.
The rupee is trading at 79.8 against the US dollar
In news from the power sector, Adani Power's share price has been falling lately.
Owing to reports of elevated leverage and stock being put under the ASM, the stock is battered down. Take a look at the chart below:
In news from the pharma sector, Lupin has good news for its investors.
On Monday, Lupin received tentative approval from the US health regulator to market Dasatinib tablets, used to treat certain types of cancer, in America.
The company in partnership with Pharmascience Inc. has received approval from the US Food and Drug Administration (FDA) for Dasatinib tablets in strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg.
The Mumbai-based drug maker's product is a generic version of Bristol-Myers Squibb Company's Sprycel tablets.
As per IQVIA MAT data, Dasatinib tablets had an estimated annual sale of USD 1,569 million in the US.
In news from the healthcare sector, Fundsmith Emerging Equities Trust Plc has sold shares of Thyrocare Technologies.
The entity on Monday offloaded 5.88 lakh shares of diagnostic chain Thyrocare Technologies for Rs 360 m through an open market transaction.
Fundsmith Emerging Equities Trust Plc sold 3,20,000 shares on BSE and 2,68,707 shares on NSE, amounting to a 1.1% stake in the company, as per the bulk deal data available with the NSE and BSE.
The shares were disposed of at an average price of Rs 615.1 apiece on BSE and Rs 614.8 on NSE, taking the combined transaction value to Rs 362 m.
However, the buyer(s) of the shares could not be ascertained.
As of June 2022 quarter, Fundsmith held a 1.2% stake in the company.
Following the news, the share price is trading in the red. This news is an insult to injury because of late, Thyrocare Technologies' share price was falling.
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...
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