Sensex Today Snaps 5-Day Losing Streak, Ends 79 Points Higher | BPCL Gains 6% | Nestle & Asian Paints Top Gainers

Thu, 16 Mar Closing

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After opening the day on a negative note, Indian share markets staged a smart recovery in the afternoon session and ended marginally higher.

Benchmark indices snapped their five-day losing streak amid high volatility on expiry day, with gains largely driven by FMCG, realty, and pharma stocks.

At the closing bell, the BSE Sensex stood higher by 79 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 13 points (up 0.1%).

BPCL, Nestle and Asian Paints were among the top gainers today.

Hindalco, Tata Steel and IndusInd Bank on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,042 up by 68 points, at the time writing.

The BSE Midcap index fell 0.1% while the BSE SmallCap index ended 0.7% lower.

Sectoral indices ended on a mixed note with stocks in the power sector, FMCG sector and realty sector witnessing most of the buying.

On the other hand, stocks from the metal sector, capital goods sector, and telecom sector witnessed selling pressure.

Shares of Zydus Lifesciences, NCC, and Petronet LNG hit their 52-week high today.

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...

Outside the home ground, Asian share markets ended on a negative note.

At the close in Tokyo, the Nikkei ended 0.8% lower, while the Hang Seng fell 1.7%. The Shanghai Composite ended lower by 1.1%.

The rupee is trading at 82.75 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 58,213 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.1% at Rs 67,362 per kg.

Speaking of stock markets, with interest rates rising up, both in India and globally, a good number of stocks have seen their PE multiples compress.

In some cases, such as in case of loss-making new age companies, this was long due.

When PE multiples correct, it is a good time for investors to lap up wonderful businesses at a fair, if not wonderful price. So that's exactly what Richa Agarwal talks about in the below video...how to assess growth quality and how much you should be willing to pay up for growth to not compromise margin of safety.

She talks about 3 stocks where growth potential seems good. Tune in to the below video to know more:

Why Titan share price is rising

In news from the retail sector, Titan shares rose 3% today amid rising optimism around the eyewear industry after Lenksart's latest US$ 500 (bn) million fundraising.

The eyewear unicorn raised US$ 500 million (m) for a 10% stake from Abu Dhabi's sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), valuing the company at US$ 4.5 bn.

Reports state that Titan is well-positioned to achieve its targeted 20% jewellery revenue compound annual growth rate (CAGR) over FY22-27.

To know more, check out Titan's latest news and analysis.

Speaking of Titan, here's some interesting data, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouthwatering returns.

Take a look at how the power of compounding has gone wild here...

Believe it or not, Titan was a Tata group penny stock two decades ago.

DLF clocks Rs 80 billion in pre-sale 

Moving on to news from the real estate sector, share price of DLF zoomed 4% today after the company clocked a recording-breaking pre-sales of over Rs 80 bn for its luxury project, The Arbour in Gurgaon.

The aforementioned residence is located at DLF Sixtythree on Golf Course Extension in Gurugram. The Arbour, which marks DLF's entry into the micro market at Golf Course Extension, was sold out within three days even before its launch.

DLF is primarily engaged in the business of the development and sale of residential properties and the development and leasing of commercial and retail properties.

At present, the real estate sector cycle looks strong.

DLF is India's largest real estate company in terms of market capitalisation. It is also one of the best real estate stocks in India.

Due to volatile markets and rising interest rates, shares of DLF fell 11% last month. While over the past year, the share price is down by 6%.

Why Patanjali Foods shares are under pressure

Moving on to news from the FMCG sector, shares of edible oil manufacturer Patanjali Foods hit a 5% lower circuit on Thursday after the Indian stock exchanges BSE and NSE froze the shares held by the company's promoters and promoter group.

The leading edible oil company, on Wednesday, received intimation from the BSE and NSE regarding a freezing action initiated against its Promoters and Promoter Group on failure to meet the minimum public shareholding (MPS) norm.

According to markets regulator SEBI's norm, a public shareholding of at least 25% is required in a business. However, Patanjali Foods' promoters held a stake of nearly 80% in the company.

The company informed that the move of freezing its promoter and promoter group shares will affect a total of 29,25,76,299 equity shares of the company.

However, it is not the first time that the stocks have seen such a steep decline, a similar downtrend was seen in January 2023.

Back than we covered an editorial explaining the reasons, why Patanjali Foods share are falling.

To know what's moving the Indian stock markets, 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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