Sensex Today Zooms 327 Points | Metal Stocks Shine | Tata Steel Rallies 6%

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After starting the session marginally higher, Indian share market continued its momentum as the session progressed and registered strong gains on the first trading session of 2023.

Most Asian indices remained closed for the holidays and the rally was mostly influenced by investors' faith in the Indian economy.

At the closing bell, the BSE Sensex stood higher by 327 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 92 points (up 0.5%).

Tata Steel, Hindalco, and ONGC were among the top gainers today.

Asian Paints, Titan, Divis Laboratories on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,264, up by 41 points, at the time writing.

Broader markets ended on a positive note. The BSE Midcap ended the day higher by 0.6% and the BSE SmallCap index ended 0.8% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector, telecom sector, and realty sector witnessing most of the buying.

On the other hand, stocks from the healthcare sector, and power sector witnessed selling pressure.

Shares of Solar Industries, Jindal Steel and Power, and REC hit their 52-week high today.

If stocks trading close to their all-time highs interest you, check out how to invest in multibagger stocks to get started.

The rupee is trading at 82.7 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.3% at Rs 55,160 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.3% at Rs 69,588 per kg.

Speaking of stocks markets, stock splits have been a rage in 2022 with the world's most valuable companies such as Amazon, Alphabet or Tesla announcing massive splits.

Will India's highest priced companies do the same with their stocks in 2023?

As the number of retail investors grows leaps and bounds, will the highest priced companies of India announce stock splits in 2023 to ensure maximum participation in their stocks?

Should these companies allow their shares to trade at such exorbitantly high prices or should they split shares?

Below is the list of 10 companies that should do a stock split in 2023 but probably won't! Watch the video to know more.

Bharat Forge to acquire Indo Shell Mould

In news from the auto ancillary sector, shares of Bharat Forge climbed 1% today.

Today, the company's step-down subsidiary JS Auto has entered into a business transfer agreement with Indo Shell Mould to acquire their special economic zone (SEZ) Unit in Tamil Nadu's SIPCOT.

This will further strengthen its presence in the casting sector and expand the product offering & client base.

It will also enhance JS Auto's footprint in the domestic manufacturing landscape. The acquisition will be EPS accretive from the 1st year itself.

Bharat Forge is the second-largest forging company in terms of volumes and revenue globally.

To reduce its exposure to the cyclical automotive industry, it has acquired several businesses to diversify into the defense, locomotive, power, and aerospace industries.

It is among the top defense stocks in India with big growth stories.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD) has set a target of doubling defense production to US$ 25 bn by 2025. To boost this, the Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

The increase in budgetary allocation, along with other factors, will ensure that India's top defense stocks remain in the limelight for the foreseeable future.

That is why we believe that the defence sector could produce the next set of multibagger stocks over the long run.

M&M reports 56,677 units in December

Moving on to news from the automobile sector, shares of Mahindra and Mahindra jumped over 1% today.

Mahindra & Mahindra, on Monday, announced that its overall auto sales for December 2022 stood at 56,677 vehicles, with a 45% growth.

In the utility vehicles segment, it sold 28,333 vehicles in December 2022, up by 62% from 17,469 for the same month in the last financial year.

The passenger vehicles segment, including UVs, cars, and vans, sold 28,445 vehicles in December 2022, with a 61% growth from the same period last year.

Exports for the month saw a 3% growth, with 3,100 vehicles sold in December. In the commercial vehicle segment, Mahindra sold 20,080 vehicles in December 2022.

There was a jump of 104% in the sales of three-wheelers, including the electric three-wheelers, with 5,052 units sold compared to 2,480 sold in December of the last financial year.

M&M is one of the most reputed brands in India for automobiles. It is planning to make the most of the opportunity offered by the development of electric vehicles (EVs)

M&M is raising funds for its EV subsidiary for a new four-wheel passenger EV company.

Despite being an early entrant in the EV segment with the e-Verito and e2o, M&M had lost out to rival Tata Motors. The company is now keen to regain that lost market share.

PTC India to pay final dividend

Moving on to news from the power sector, the share price of PTC India rallied over 4% today.

This rally came in after power trading solutions provider PTC India on Monday said its shareholders have approved a final dividend of Rs 5.80 per equity share for 2021-22.

This final dividend is in addition to the interim dividend of Rs 2 per equity share.

The shareholders during the annual general meeting (AGM) on 30 December 2022, approved the final dividend in addition to the interim dividend, making it the highest-ever dividend declared by the company.

PTC India is leading provider of power trading solutions in India. Its primary focus is to develop a commercially vibrant power market in the country.

For the financial year 2023, the company is also exploring opportunities in emerging areas of green hydrogen, Battery Energy Storage Systems through collaborations with global technology companies.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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