Gift Nifty Up 17 Points | Why Adani Group Shares are Falling | Aurobindo Pharma Resumes Aspectic Product Distribution | Top Buzzing Stocks Today

Thu, 14 Mar Pre-Open

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On Wednesday, Indian share markets continued the downtrend as the session progressed and ended the day weak.

Bears prowled on Dalal Street on Wednesday, March 13, with the benchmark S&P BSE Sensex and Nifty50 indices falling over 1% in intraday trade today.

At the closing bell on Wednesday, the BSE Sensex closed lower by 906 points (down 1.2%).

Meanwhile, the NSE Nifty closed lower by 338 points (down 1.5%).

ITC, ICICI Bank and HCL Tech were among the top gainers.

Coal India, NTPC and Adani Ports 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 lower. The BSE Mid Cap ended 4% lower and the BSE Small Cap index ended 5% lower.

Sectoral indices are trading negative with socks realty sector, power sector and telecom sector witnessing most selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 65,980 per 10 grams at the time of Indian market closing hours on Wednesday.

At 8:00 AM today, the Gift Nifty was trading 17 points higher at 22,074 levels.

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

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Top buzzing stocks today

ITC share price will be in focus today.

London's British American Tobacco (BAT) on Wednesday likely sold a 3.5% stake in FMCG major ITC at an average selling price of Rs 404.4 per share in block deals to institutional investors. The stake sale is worth about Rs 175 bn but details of the buyer would be known later in the evening.

Following the stake sale, ITC shares jumped 8.6% to the day's high at Rs 439 on BSE.

Macrotech Developers will also be a top buzzing stock.

Shares of Lodha, listed as Macrotech Developers, fell over 3% in early deals of 13 March, a day after promoter Sambhavnath Infrabuild and Farms sold 4.9 m shares, or a 0.5% stake, in the real estate developer at an average price of Rs 1,180.02 a share. The transaction was valued at Rs 5.9 bn.

Avenue Supermart Store Addition

Shares of D-mart operator Avenue Supermarts saw an Uptick on 13 March 2024, following the announcement of the company opening of two new stores in Proddatur, YSR Kadapa in Andhra Pradesh, and Shirdi, Maharashtra.

This comes a few days after the supermarket chain opened a new store in Bengaluru, Karnataka. With these additions, the company's total store count across India has reached 350.

While comparable to grocery e-commerce players, Avenue Supermart's delivery service does not directly compete with quick commerce.

The total addressable market for the supermarket chain is sufficient for online, offline, and quick delivery to co-exist.

The company has taken measures to fix its apparel business. If the segment does not return to previous levels, DMart is planning to horizontally scale in non-FMCG categories to drive growth.

Adani Group Stocks Plunge 13%

Adani Group stocks plunged up to 13% on Wednesday, erasing nearly Rs 900 bn from the combined market capitalisation of the 10 listed stocks. The top loser in the day's trade was Adani Green Energy, which lost 13% to hit the day's low of Rs 1,650 on the NSE.

It was followed by Adani Total Gas and Adani Energy Solutions, which cracked nearly 8% each.

Nifty constituents Adani Enterprises and Adani Ports & Special Economic Zone dropped around 7%. Others, including Adani Power, Adani Wilmar, ACC, Ambuja Cements and NDTV fell up to 5%.

The fall in Adani-owned stocks was amid weakness in the overall market. While the S&P Sensex tanked 755 points to the day's low of 72,912, the broader Nifty slipped nearly 300 points to 22,041.

Barring FMCG stocks, all other sectors were under heavy selling pressure. Nifty Auto, Nifty Metal, and Nifty Oil & Gas were the worst-performing sectors. Reliance Industries and Larsen & Toubro were the major laggards in terms of contribution to the headline indices.

Huge selling pressure was witnessed in the broader markets, with Nifty Midcap 100 and Nifty Smallcall 100 falling by up to 4%. The weakness in the broader market is also on account of a Sebi warning, raising concerns about potential price manipulation in the SME segment.

For more details, check out Why Adani Group Shares are Falling in March 2024.

Aurobindo Pharma Resumes Aspectic Product Distribution

Aurobindo Pharma's subsidiary restarted the distribution of aseptic products.

Eugia Pharma Specialities Ltd., a wholly-owned subsidiary, has started distribution of aseptic products manufactured at Unit III, which was temporarily suspended.

The company also expects to start commercial production from the aseptic lines of the said facility in a phased manner beginning next week and restart all the lines by 15 April 2024.

On 11 March, the company's arm, APL Healthcare, received WHO GMP approval after the prequalification Unit Inspection Team (PQT-INS) of the World Health Organization (WHO) inspected Unit IV, situated at Menakuru Village, Naidupeta Mandal, Tirupati District, Andhra Pradesh, between 11-15 September 2023.

Based on the inspection findings and response to the same, the PQT-INS has decided to recommend to the Prequalification Assessment Team that the above facility be named as a manufacturing site in the dossier for Dolutegravir, Lamivudine, Tenofovir Disoproxil Fumarate Tablets (50/300/300 mg).

On 1 March, the company received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fingolimod Capsules, 0.5 mg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Gilenya Capsules, 0.5 mg of Novartis Pharmaceuticals Corporation.

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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