Sensex Today Rallies 563 Points | Nifty Ends Above 18,000 | L&T Share Price Jumps 3%

Tue, 17 Jan Closing

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After opening the day on a positive note, Indian share markets continued their momentum as the session progressed and ended on a firm note.

Despite a tepid global mood, domestic markets edged higher after wholesale inflation dropped to a 2-year low of 4.9% in December and oil refiners rose in trade after the government slashed windfall tax on crude and aviation fuel.

FIIs have continued to move out of India for the 17th day in a row till Monday and data would reveal later if the trend continued on Tuesday.

At the closing bell, the BSE Sensex stood lower by 563 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.9%).

L&T, HUL, and HDFC were among the top gainers today.

SBI, Bajaj Finserv, and Wipro on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,083, up by 138 points, at the time of writing.

Broader markets settled on a negative note. The BSE Midcap and BSE SmallCap index ended 0.1% lower.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term.

Sectoral indices ended on mixed note with stocks in the healthcare sector and consumer durables sector witnessing heavy selling pressure.

While stocks in energy sector, power sector, and realty sector witnessed buying.

Shares of L&T, IDFC, and Jindal Stainless hit their 52-week highs today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended the day on a mixed note.

The Hang Seng ended lower by 0.8%, while the Shanghai Composite index ended 0.1% lower. The Nikkei edged 1.2% higher.

US stock futures are trading on a negative note. Dow futures are trading lower by 0.2% while Nasdaq futures are trading low by 0.5% .

The rupee is trading at 81.78 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 56,372 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.5% at Rs 69,434 per kg.

Speaking of stock markets, Yazad Pavri talks about a corporate business group set to grow by leaps and bounds, in his latest video.

This business group seems to be in a much better position than ever before and is now at an inflection point. In a way, one could compare it to where the Tata group was in 2017 when Chandrasekaran took over the reins to head the conglomerate.

Tune in to the below video to know more.

Glenmark Pharma launches drug

In news from the pharma sector, shares of Glenmark Pharma was among the top buzzing stocks today.

Glenmark Pharmaceuticals today launched the generic version of Novartis heart failure drug.

The company's sacubitril + valsartan tablets for the treatment of heart failure will be marketed under the brand name Sacu V.

It has an established role in treating patients with heart failure with reduced ejection fraction and has been endorsed by the latest heart failure treatment guidelines in Europe and the US.

According to IQVIA sales data for the 12 months ending 31 December 2022, the total cardiology market is estimated to be Rs 207.3 bn. The ARNI market (sacubitril + valsartan) size is estimated to be Rs 5.1 bn, with an annual growth of 37.2%.

Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.

Glenmark occupies a leadership position in the Indian market for the discovery of new molecules.

The company has operations in more than 80 countries around the globe.

In 2022 so far,?shares of Glenmark?are down by 16.1%. While in the past five years, the stock has experienced a fall of 22.3%

It is amongst the top 4 pharma stocks in India.

Why Bank of India share price is falling

In news from the banking sector, shares of Bank of India plunged 5% today.

The shares of the company saw this steepest fall in five-week after it reported divergence in its asset classification for the December quarter, resulting in lower net profit.

The state lender reported just a 12% rise in net profit for the December quarter to Rs 11.5 bn from a year ago.

Net interest income, or the income a bank earns by giving loans, jumped 64% YoY to Rs 55.9 bn. Other income dropped nearly 22% YoY to Rs 14.3 bn from Rs 18.3 bn.

Provisions and contingencies rose 461% YoY to Rs 18.7 bn versus Rs 3.3 bn a year back.

Gross non-performing assets (NPAs) fell 15% to Rs 388.8 bn at the end of the December 2022 quarter from Rs 457.6 bn in the same quarter of the previous year.

Net NPAs were at 1.6% in the December quarter compared to 1.9% in the previous quarter and 2.6% last year.

In December 2022, shares of the lender declined 12% in a week, and we covered the reasons explaining Why Bank of India share price is falling.

Blue Jet Healthcare IPO gets Sebi's nod

Moving on to news from IPO space, Blue Jet Healthcare has received market regulator Sebi's approval to raise funds from an initial public offering (IPO).

Blue Jet's issue is entirely offer for sale (OFS). The selling shareholders will offload up to 2.1 m equity shares.

Of the total, promoter Akshay Bansarilal Arora will sell 1.8 m equity shares, and Shiven Akshay Arora to sell 0.3 m equity shares.

Since the IPO is entirely OFS, the company will not receive any proceeds from the offer and will go to the promoter-selling shareholder.

The company filed for an IPO in September last year. Blue Jet offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical firms.

Kotak Mahindra Capital Company, ICICI Securities, and JP Morgan India are the book-running lead managers for IPO.

The firm offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories.

For more details, check out the current IPOs and upcoming IPOs on our website.

And 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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