Sensex Today Zooms 600 Points | Adani Enterprises, ITC & UPL Gain 3% | 5 Reasons Why Indian Share Markets are Rising

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

Benchmark indices bounced back in style, on the back of supportive global cues, ease in wholesale price index (WPI) inflation, and healthy buying in heavyweight stocks lifted sentiment. Benchmark indices snapped their two-day losing run to end nearly 1% higher today.

Meanwhile, the ongoing rout in Adani group stock capped gains.

At the closing bell on Friday, the BSE Sensex stood higher by 600 points (up 0.9%).

Meanwhile, the NSE Nifty closed up by 159 points (up 0.9%).

UPL, ITC, and Reliance were among the top gainers today.

Eicher Motors, Apollo Hospital, and SBI Life Insurancenift, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,927 up by 139 points, at the time of writing.

Broader markets ended on a negative note with the BSE Midcap index ending 0.4% lower and the BSE SmallCap index ending 0.6% lower.

Sectoral indices ended on a mixed note with stocks in the finance sector, IT sector and FMCG sector witnessing buying.

While stocks in power sector, and realty sector witnessed selling.

Shares of Cummins India, and Finolex Cables hit their 52-week highs today.

Asian stock markets ended on a mixed note. The Nikkei gained 0.6%, while the Hang Seng was down 0.2%. The Shanghai Composite ended 0.3% lower.

The rupee is trading at 82.82 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.6% at Rs 56,839 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 66,116 per kg.

5 reasons why Indian share markets rallied today

#1 US inflation data

US inflation data is due later in the day, that could show whether inflation is cooling in the right way or setting the market up for volatility.

#2 Upbeat global cues

After overnight rally on Wall Street, Asian markets too were buoyant. South Korean shares gained 0.5%, while Tokyo's shares climbed 0.6%.

Upbeat global cues added to sentiment and sent Indian shares higher.

#3 Dollar takes a back seat

The rupee has been falling for quite some time now and this falling trend reversed today as it appreciated. The rupee appreciated by 13 paise to 82.57 against the dollar, tracking the positive trend in equity markets, easing crude oil prices and a positive trend in domestic equities.

Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors.

#4 Buying in index heavyweight stocks

High weightage information technology stocks rose nearly 1.5%, mirroring the overnight gains in tech-heavy Nasdaq Composite index. Infosys, TCS and HCL Tech all rose today.

#5 Adani group stocks bounce back

After witnessing a fall of around 5% in early trade, Adani Enterprises recovered losses as the session progressed and ended 1.8% higher.

Other stocks too recovered with Adani Ports, and ACC ending on a positive note.

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Why Adani Enterprises' share price is rising

Shares of Adani Enterprises rose 2% in intraday trade today.

Adani Enterprises consolidated revenue zoomed 42% to Rs 266.1 bn from Rs 187.5 bn a year back.

It reported a consolidated net profit of Rs 8.2 bn for the December 2022 quarter against a loss of Rs 112 million (m) a year ago.

EBITDA (earnings before interest, taxes, depreciation and amortization) doubled YoY to Rs 19.7 bn. Margin improved to 6.1% from 4.1%.

During the quarter, Adani Airports handled 20.3 m passengers (an increase of 40% YoY), 142,000 air traffic movements (an increase of 21% YoY) and 1.8 lakh metric tons of cargo.

For the quarter, Adani New Industries Supply Chain Ecosystem's solar modules volume went up by 63% YoY to 430 MW.

Also, the Integrated Resources Management volume increased by 8% to 15.8 million metric tons, and the mining services production volume came in at 6.2 million metric tons.

According to value investor Aswath Damodaran, Adani Enterprises has around 40% more downside. To know why, check out our editorial What should you think about Aswath Damodaran's views on Adani enterprises?

Bharat Forge Q3 results

In news from the auto ancillary sector, shares of Bharat Forge fell 1.9% today.

Shares of Bharat Forge slipped into the red on 14 February 2023 after the company posted a decline in net profit for the December 2022 quarter.

The company posted a net profit of Rs 2.9 bn, down 14.3% from Rs 3.4 bn recorded a year back. The decline in net profit was due to an overseas operational loss of Rs 620 m due to issues related to a ramp-up of Al forgings capacities in Germany and the US.

Despite the decline in net profit, it managed to record its best-ever performance on the revenue front.

The top line surged 22% YoY to Rs 19.5 bn for the quarter.

The Indian operations secured new business worth around Rs 2.6 bn across automotive and industrial applications during the period under review. The operational performance also improved as the EBITDA margin expanded 190 basis points to 27.4% from 25.5% in the year-ago period.

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

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.

Eicher Motors Q3 profit jumps 62%

Moving on to news from the automobile sector, shares of Eicher Motors fell 2.2% today.

Eicher Motors, the parent company of Royal Enfield, on Tuesday, reported a 29% YoY rise in revenue to Rs 37.2 bn during the quarter under review, as against Rs 28.8 bn in the year-ago period.

It reported a 62.4% YoY surge in consolidated net profit at Rs 7.4 bn from Rs 4.6 bn a year back.

Its EBITDA margin rose to 23.9% from 19.6% in the nine months.

Cash at hand also improved to Rs 9120 crore from Rs 72.2 bn.

It has a leading position with more than 90% market share in premium motorcycle segment.

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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