SGX Nifty Up 89 Points | Jaguar Land Rover Partners Tata Technologies | Nifty Pharma Index at 2-Year Low | Top Buzzing Stocks Today

Wed, 15 Mar Pre-Open

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On Tuesday, Indian share markets continued their downtrend throughout the session and ended lower.

Benchmark indices fell tracking weak global cues while domestic inflation data added to pressure.

Retail inflation in India remained above RBI's 6% upper tolerance band for the second straight month in February 2023.

At the closing bell on Tuesday, the BSE Sensex stood lower by 338 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 111 points (down 0.7%).

Titan, BPCL and L&T were among the top gainers.

Adani Enterprises, Adani Ports and M&M, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index fell 0.5% and the BSE SmallCap index ended 0.9% lower.

Barring capital goods, all sectoral indices ended on a negative note with stocks in the IT sector, auto sector, realty sector, and power sector witnessed heavy selling.

Shares of Sonata Software hit their 52-week high.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.01 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.3% at Rs 57,485 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the SGX Nifty was trading up by 89 points or 0.5% higher at 17,200 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, in recent weeks, attempts have been made to question India's outlook. Is there an attempt at a global level to curb India's rise? Or are the risks for real?

Are the superpowers happy to watch India transform from being merely an influential entity into one whose weight and preferences define international politics?

Is there a sinister plot from outside the country to tarnish and taint India's governance, democratic polity, and institutions? Or are the risks for real?

Yazad Pavri answers all these questions in the below video:

Top Buzzing Stocks Today

Cipla will be among the top buzzing stocks today.

Cipla has come under the lens of the income-tax department over potential tax violations and tax avoidance.

The tax department is investigating alleged wrong claims made by the drug major worth Rs 4 billion (bn) under Section 80-IA and alleged wrongful deductions worth Rs 13 bn claimed for Research and Development.

Glenmark Pharma will also be in focus today.

Glenmark Pharmaceuticals, on Tuesday, received approval from the US health regulator to market a generic antibiotic drug.

The company has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules, a generic version of Pfizer's Cleocin capsules.

Jaguar Land Rover Partners Tata Technologies

Tata Motors-owned luxury and sport utility vehicle (SUV) manufacturer Jaguar Land Rover, on Tuesday, partnered with Tata Technologies to accelerate the digital transformation of its industrial strategy.

The British automaker, in the first phase of this partnership, will include its core production facilities, with solutions subsequently deployed to other global locations.

While Tata Technologies, as part of the collaboration, will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform JLR's manufacturing, logistics, supply chain, finance and purchasing modules by bringing data and knowledge from multiple departments into one single source.

Tata Technologies software will offer an intuitive and new user interface to drive stability in operations, improving visibility both between teams and suppliers.

The agreement also further helps Jaguar Land Rover's alignment with the Tata Group companies as part of its Reimagine strategy.

Tata Technologies, in addition to establishing a standard operating model, will help integrate with the existing software to upgrade JLR's architecture.

Tata Technologies is a Tata group company that provides services in engineering and design, IT service and their suppliers. It is a subsidiary of Tata Motors.

With the evolution in the electric vehicle sector, it is likely to witness strong tailwinds in the years ahead, making Tata Technologies a potential investment opportunity for long-term investors.

The company, on 9 March 2023, filed a draft red herring prospectus with the market regulator. For more details, check out Everything you need to know about Tata Tech IPO

Also check out - Tata Technologies - the next TCS?

Nifty Pharma index hits 2-year low

Shares of pharmaceutical companies came under selling pressure on Tuesday, with the Nifty Pharma index hitting two-year lows.

The pharma index traded at its lowest level since 19 March 2021.

Cipla, Divis Laboratories, Biocon, Laurus Labs, Pfizer, and many others hit their 52-week lows on the bourses.

USFDA regulatory uncertainty is the biggest concern for the Pharma sector besides the price erosion in US generics.

Indian Pharma companies have not been able to address these issues for a long time. Also, the USFDA inspection rate is expected to increase because the number of inspections is still way below the pre-Covid level.

The expected increase in USFDA inspections is due to both enhanced scrutiny as well as higher speciality drug filings amid stiff competition in conventional products.

Also, pricing pressure in the US generics business added to the pressure. This was mainly seen in the case of companies focused on US generics.

For more, please visit the Nifty pharma index live chart and also check out our pharma sector report.

HPCL to manufacture Chevron's Lubricants

The state-owned Hindustan Petroleum Corporation, on Tuesday, entered into a long-term trademark licensing agreement with Chevron subsidiary Chevron Brands International LLC to manufacture, distribute and market lubricants in India.

Under the agreement, lubricants of the Caltex brand will be manufactured, distributed, and marketed in India by HPCL, including Chevron's proprietary Havoline and Delo branded lubricant products.

This is in addition to HPCL's own brand of lubricants. HPCL already has its brand of lubricants, and this would be in addition to the existing ones.

For more details, see the HPCL company fact sheet.

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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