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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News March 8, 2023
Sensex Today Gains 124 Points | IndusInd Bank Rallies 5% | Adani Enterprises & Bajaj Auto Top Gainers Wed, 8 Mar Closing
After opening the day lower, Indian share markets trimmed losses within the first hour of trade and recovered smartly as the session progressed.
Benchmark indices ended marginally higher on Wednesday as investors were back to bottom fishing in select heavyweights which lifted benchmark indices off lows, leading to a positive close for a third consecutive day.
Positive sentiment around Adani group stocks added to sentiment.
At the closing bell, the BSE Sensex stood higher by 123 points (up 0.2%).
Meanwhile, the NSE Nifty closed up by 43 points (up 0.2%).
Adani Ports, Adani Enterprises, and Bajaj Auto were among the top gainers today.
Bajaj Finance, Hindalco, and Tech Mahindra were among the top losers today.
The SGX Nifty was trading at 17,785, down by 68 points, at the time of writing.
Broader markets ended on a positive note. The BSE Midcap index gained 0.6% and BSE SmallCap index gained 0.3%.
Sectoral indices ended on a mixed note with stocks in the power sector, capital goods sector, and auto sector witnessing buying.
While stocks in the healthcare sector, metal sector and realty sector witnessed selling.
Shares of Hindustan Aeronautics and Blue Star hit their 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should keep you updated with the latest developments...
Asian share markets ended on a mixed note. The Hang Seng ended lower by 2.4% while the Shanghai Composite index fell 1.9%. The Nikkei ended 0.5% higher.
US stock futures are trading on a positive note. Dow futures are trading higher by 0.1% while Nasdaq futures are trading flat.
The rupee is trading at 82.04 against the US$.
Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 54,940 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading down by 0.6% at Rs 61,846 per kg.
Speaking of the stock markets, believed to be the next big step in the evolution of computers, ChatGPT has the potential to upend many industries and put the fear of job security amongst many people working there.
Will it start offering investment advice too? In order to test this, Rahul Shah, Co-Head of Research at Equitymaster asked ChatGPT to choose a better investment between Laurus Labs and Divis Labs.
Please check out the below video to know more.
Why HAL share price is rising
In news from the defence sector, shares of Hindustan Aeronautics Limited (HAL) surged 5% today after the company signed an agreement with India's defence ministry (MoD) to provide 70 HTT-40 Basic Trainer Aircraft for Rs 68 billion (bn).
It has also signed a contract with Larsen & Toubro (L&T) for the procurement of three Cadet Training Ships.
The contracts, inked in the presence of defence minister Rajnath Singh mark yet another milestone in the ministry's mission for self-reliance in the defence manufacturing sector.
The Indian Air Force (IAF) will receive a much-needed boost with the introduction of the new trainer aircraft, the Hindustan Turbo Trainer-40 (HTT-40).
This aircraft, which has been on the list of weapons and systems that India has imposed an import ban on for the past 30 months, will be supplied to IAF by HAL over six years.
HAL is among the top defense stocks in India having monopoly in certain segments.
Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.
Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.
We believe the defence sector could produce the next set of multibagger stocks over the long run.
Why Adani stocks are rallying and what lies ahead
Amid a spate of positive news flow in favour of the conglomerate, Adani group stocks on Wednesday rallied for the sixth consecutive day, with most group stocks ending in the green zone.
In early trade, Adani Green, Adani Total Gas and Adani Transmission were locked in 5% upper circuit limit.
Adani Power was up 4%, while the group's flagship entity, Adani Enterprises was trading 2% higher.
The combined market value of all Adani group stocks rose over Rs 170 bn to cross the Rs 9 trillion (tn) market capitalisation.
The bounce back in Adani stocks comes after the announcement of prepayment of share-backed financing of Rs 73.7 bn ahead of its latest maturity in April 2025.
The group is also trying to soothe investor nerves by holding investor roadshows as well.
The biggest boost came from a Rs 150 bn investment by US-based GQG Partners, which bought stakes in 4 Adani firms from the promoters.
For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.
Dig deeper into Adani group stocks.
Aurobindo Pharma gets USFDA nod for cancer drug
Moving on to news from the pharma sector, Aurobindo Pharma, on Wednesday, received final approval from the US Food & Drug Administration (USFDA) for its wholly owned subsidiary, Eugia Pharma, to manufacture and market Lenalidomide Capsules.
The approved product is indicated for the treatment of adult patients with Multiple myeloma, in combination with Dexamethasone.
The product is expected to be launched in October 2023.
It is the 155th ANDA out of Eugia Pharma Speciality Group (EPSG) facilities, manufacturing oral and sterile speciality products.
Recently, we wrote about why Aurobindo Pharma share price is falling.
The stock was on a downtrend throughout 2022.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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