Gift Nifty Down 20 Points | Jio Financial Services to Enter Nifty Next 50 | Sony Withdraws Sony-Zee Merger Application | Top Buzzing Stocks Today

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On Thursday, Indian share markets turned positive as the session progressed and ended the day higher.

After staying listless for first half of the session, equity benchmark indices picked momentum and ended up to 0.4% higher on Tuesday.

At the closing bell on Thursday, the BSE Sensex closed higher by 195 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 31 points (up 0.1%).

Adani Enterprises, M&M and Adani Ports were among the top gainers.

Apollo Hospital, Bajaj Auto and UPL on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day higher. The BSE Mid Cap ended 0.8% higher and the BSE Small Cap index ended 0.4% higher.

Barring healthcare sector all other sectoral indices are trading higher, with socks capital goods sector, power sector and metal sector witnessing most buying.

Gold prices for the latest contract on MCX were marginally higher at Rs 62,295 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:35 AM today, the Gift Nifty was trading 20 points lower at 22,172 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

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These are the smallcaps with decent financial performance and where the current price is almost at par or at a discount from the average price at which insiders have purchased.

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Top buzzing stocks today

Zee Entertainment share price will be in focus today.

Sony Pictures Networks India, on Thursday, withdrew the merger application it had filed with the National Company Law Tribunal (NCLT) for the merger of its business with Zee Entertainment Enterprises.

Paytm will also be a top buzzing stock.

SoftBank sold more than 13.7 million shares, or about 2.2% in Paytm, in the open market over the past month, even as the fintech major's stock price took a beating due to a regulatory crisis.

With the latest sale, the Japanese investor's stake in Paytm's parent, One97 Communications, has been pared down to 2.8%.

BEML's Order Win

Shares of BEML recovered from the day's low of Rs 3,172 on NSE after the company bagged an order worth Rs 727.1 m from Eastern Coalfields Limited for BH100 Rear dumper.

So far in the day, a total of three lakh BEML shares changed hands on the BSE and NSE combined. This is lower compared to the 1-week and 1-month average trading volume of eight lakh equity shares.

Earlier this week, on 27 February, the stock had jumped nearly 10%.

The BEML stock has delivered multibagger returns in the last year as it gained over 160%. In comparison, the Nifty has risen nearly 26% during this period. The counter has gained 12% so far in 2024.

The state-owned heavy equipment maker is confident of achieving its target 20% revenue growth in FY24 despite supply chain challenges.

Out of the Rs 66 bn worth of orders received this year, about 58% are for rail metros, 25% for defence, and 17% for mining. The total order book currently stands at around Rs 123 bn.

JG Chemicals' IPO

Zinc oxide manufacturer JG Chemicals, on Thursday, fixed a price band of Rs 210-221 apiece for its Rs 251-crore Initial Public Offering (IPO).

The initial share sale will open for public subscription from 5-7 March, and the bidding for anchor investors will open for a day on 4 March.

The Rs 2.5 bn IPO comprises a fresh issue of equity shares worth up to Rs 1.7 bn and an Offer For Sale (OFS) of 3.9 m equity shares aggregating to Rs 862 m at the upper end of the price band by the promoter group.

As part of the OFS, Vision Projects & Finvest Pvt Ltd, Suresh Kumar Jhunjhunwala (HUF), Anirudh Jhunjhunwala (HUF) and Jayanti Commercial Ltd will offload equity shares.

Proceeds from the fresh issue to the tune of Rs 910 m will be utilised for investing in JG Chemicals' material subsidiary BDJ Oxides, and Rs 350 m will be used for funding the long-term working capital requirements of the company, besides, a portion will be used for general corporate purposes.

The Kolkata-based firm is India's largest zinc oxide manufacturer in terms of production and revenue. It sells over 80 grades of zinc oxide and is among the top ten manufacturers of zinc oxides globally.

The tyre industry in India is the largest consumer of its product.

The firm also supplies leading paint manufacturers, footwear players, and cosmetics players in the country.

Half of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail investors.

Jio Financial Services to Enter Nifty Next 50

Shares of Jio Financial Services (JFS) will see inclusion in the Nifty Next 50 index. The NSE announced the change in its semi-annual review of broad market indices. The stock will enter the index on 28 March 2024.

In addition to Jio Financial Services, Adani Power, Indian Railway Finance Corporation, Power Finance Corporation and REC will make it into the Nifty Next 50.

NSE in its press release also said that Adani Wilmar, Muthoot Finance, PI Industries, Procter and Gamble Health and Hygiene Care will exit from Nifty Next 50.

the inclusion of Jio Financial Services would lead to inflows of around $89 million. The other inclusions will lead to inflows of around US$ 161 million, while the exclusions will lead to outflows of US$ 142 million.

On 23 February, Jio Financial Services saw its market capitalisation exceed Rs 2 trillion (tn) for the first time, driven by a 35% surge in its share price this year.

In January 2024, Jio Financial Services and Blackrock Financial Management filed documents with the Securities and Exchange Board of India (Sebi) to launch a mutual fund business in India.

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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