On Wednesday, Indian share markets pared early gains as the session progressed and ended lower.
Benchmark indices witnessed a sharp selloff in the afternoon session owing to weakness in FMCG stocks and index heavyweights Reliance and Bharti Airtel.
At the closing bell on Wednesday, the BSE Sensex stood lower by 344 points (down 0.6%).
Meanwhile, the NSE Nifty closed lower by 69 points (down 0.4%).
Adani Enterprises, Adani Ports, and Asian Paints were among the top gainers.
Nestle, Bharti Airtel, and Reliance Industries on the other hand, were among the top losers.
The BSE Midcap index fell 0.2% while the BSE SmallCap index ended flat.
Sectoral indices ended on a mixed note with stocks in the power sector, and metal sector witnessing most of the buying.
On the other hand, stocks from the realty sector, and telecom sector witnessed selling pressure.
Shares of Cummins India, and Petronet LNG 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 82.6 against the US$.
Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 57,320 per 10 grams at the time of Indian market closing hours on Wednesday.
At 7:30 AM today, the SGX Nifty was trading up by 47 points or 0.3% higher at 17,020 levels.
Indian share markets are headed for a positive opening today following the trend on SGX Nifty.
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Paras Defence share price will be in focus today.
The company entered into a Memorandum of Understanding on 14 March 2023 with CONTROP Precision Technologies, to create new opportunities and expand business in the Indian and global defence sectors.
As per the pact, the companies will form a Joint Venture Company in India for manufacturing Electro-Optic Systems for various applications, aligning with the Government of India's Make in India initiative.
Tata Consultancy Service (TCS) share price will also be a top buzzing stock.
TCS on Wednesday partnered with Envestnet Data and Analytics as the latter to expand its technology ecosystem and to continue bringing comprehensive financial wellness solutions more efficiently to its clients.
This partnership will deliver a holistic data platform that aims to transform client experiences across banking, payments, lending, and wealth products.
This will enable users to augment current data sets with new data from alternate sources and create insights for potential new portfolio strategies.
KEC International share price gained more than 3% intraday on 15 March after the company secured orders worth Rs 10.3 billion (bn) (about Rs 1,028 crore) across its various businesses.
The transmission and distribution (T&D) business has secured orders for T&D projects in East Asia Pacific, Middle East and Americas, including 500/230 kV GIS substation order in Thailand, 110 kV transmission line order in Saudi Arabia, supply of towers in Middle East, secured by its subsidiary in the UAE and supply of towers, hardware and poles in Americas, secured by subsidiary, SAE Towers, the company said in its release.
The civil business has secured an order for executing a project in the logistics segment in India.
And cables business has secured orders for various types of cables in India and overseas.
Dreamfolks Services said it has entered into an agreement with Visa Worldwide. The agreement is for launching global duty-free services programme.
Dreamfolks Services is a dominant player and India's largest airport service aggregator platform facilitating an enhanced airport experience to passengers leveraging a technology driven platform. It facilitates customers access to services such as lounges, food and beverage, spa, meet and assist, airport transfer, transit hotels or nap room access, among other services.
KPIT Technologies on Wednesday announced partnership with Honda to accelerate Honda's software-defined mobility journey.
KPIT Technologies provides software solutions to the automotive and mobility industry. According to the company the partnership in the mid to long term will expand to over 2,000 software and vehicle system professionals from KPIT across the globe to power Honda's SDM roadmap until the year 2030 and beyond.
This partnership will utilize Honda's next-generation software architecture and control-safety technology, along with KPIT's deep domain and software expertise in areas such as autonomous driving, vehicle electrification, in-vehicle infotainment systems, and platform software.
Honda has been a partner with KPIT for the last eight years.
Investors in Voltas have been upbeat, which is evident from the nearly 11% rise in the stock in 2023 so far. This comes against the backdrop of soaring temperatures, which is likely to boost demand for room air conditioners (RAC).
The India Meteorological Department (IMD) expects March to May to be hotter than usual in some parts of India.
The primary RAC sales to channel partners have been good from February 2023. While this augurs well, the performance of secondary sales in the initial months of summer holds the key as pricing actions depend on this criterion.
The secondary sales in January were lower compared to December. If the demand holds up well, Voltas - a Nifty 200 stock looks forward to taking price hikes in April. This would support the margin as well, the performance of which has failed to cheer investors.
Another pain point for Voltas has been its market share loss. The company's efforts such as introducing various financing schemes to boost demand in tier-2 cities, where the demand is muted, would hold it in good stead.
The secondary market share in RACs in January 2023 was stable at about 19%. In financial year 2022, this measure stood at 23.4%. To be sure, rising competitive intensity is a key headwind here. Voltas notes that companies such as Daikin India and Hitachi have been more aggressive in gaining market share relative to Havells India Lloyd and Samsung India in the recent months.
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