Sensex Zooms 1,223 Points, Nifty Settles Above 16,300; Asian Paints, M&M and Bajaj Finance Surge 5%

Wed, 9 Mar Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices added to yesterday's gains following a clawback in European markets and US futures as smart investors saw value in the current market valuations.

The Sensex reclaimed 54,600 levels while the Nifty clawed back to 16,300 levels led by media, realty, and auto stocks.

The sharp rally comes on hopes of de-escalation of the Russia-Ukraine conflict after the Ukrainian President Zelenskyy indicated that the country was no longer interest in NATO membership, the main reason behind the war.

At the closing bell, the BSE Sensex stood higher by 1,223 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 332 points (up 2.1%).

Asian Paints and Reliance Industries were among the top gainers today.

Shree Cement and ONGC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,350, up by 408 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 2.4% and 2.2%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, energy sector and auto sector witnessing most of the buying interest.

Metal stocks, on the other hand, witnessed selling pressure.

Shares of Gujarat Narmada and Lemon Tree Hotels hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended down by 0.7% and 1.1%, respectively. The Nikkei ended down by 0.3% in today's session.

US stock futures are trading on a strong note today with the Dow Futures trading up by 511 points.

The rupee is trading at 76.56 against the US$.

Gold prices for the latest contract on MCX are trading down by 1.1% at Rs 53,606 per 10 grams.

Speaking of stock markets, Brijesh Bhatia explains why IT stocks are rallying even in this volatile market, in his latest video for Fast Profits Daily.

As per Brijesh, IT stocks have the potential to take the Nifty higher.

Tune in to find out more:

In news from the realty sector, J Kumar Infraprojects was among the top buzzing stocks today.

J Kumar Infraprojects share price rose 5% today after the company received orders worth Rs 20.3 bn.

The company received the letter of acceptance for the execution the contract DC-08: design and construction of Twin Tunnel by Shield TBM, cut and cover tunnel box and four underground stations namely Aerocity, Mahipalpur, Vasant Kunj and Kishangarh with entry/exits & connecting subways from chainage.

J Kumar Infraprojects is engaged in the business of execution of contracts of various infrastructure projects including transportation engineering, irrigation projects, civil construction and piling work etc.

J Kumar Infraprojects share price ended the day up by 5% on the BSE.

Moving on to news from the pharma sector...

Sun Pharma's American Unit Acquires Galderma Companies in US, Japan, Canada

Sun Pharma share price jumped over 3% in the morning session today after the firm said a step-down US subsidiary has acquired companies of Galderma in the US, Japan and Canada.

Taro Pharmaceuticals USA, one of the wholly owned subsidiaries of our Taro Pharmaceutical Industries, has agreed to acquire all of the outstanding capital stock of Galderma Holdings Inc (incorporated in Delaware), Proactiv YK (incorporated in Japan), The Proactiv Company Corporation (incorporated in Canada), and other assets of The Proactiv Company Sari.

This stock is used in the business of developing, manufacturing, marketing, selling and distributing products sold under the Proactiv, Restorative Elements and in Defense of Skin brands (the Alchemee Business).

The subsidiary has completed the acquisition by making a payment of US$99.3 m after taking into account working capital adjustments.

Sun Pharma has acquired an anti-acne brand that at one time had a billion dollars in sales in the US and was endorsed by celebrities such as Justin Bieber and Katy Perry.

Sun Pharma's US arm Taro has acquired a skin care company Alchemee for US$ 90 m from derma focused pharma company Galderma. Alchemee which was till last year known as 'The Proactiv Company' has the Proactiv line of products used to treat acne.

Sun Pharma share price ended the day up by 1.7% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

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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