Sensex Soars 1,047 Points, Nifty Ends Near 17,300; HDFC, JSW Steel & Titan Rally 4%

Thu, 17 Mar Closing

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On Thursday, Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark indices rose in-line with global markets as they cheered progress on ceasefire negotiations between Russia and Ukraine.

That apart, investors also welcomed a 25-bps rate hike by the US Federal Reserve, which was on expected lines.

After hitting a seven-month low on 7 March 2022 and losing up to 16% from their record high, Indian markets have consistently remained in control of bulls, thanks to positive global cues, easing commodity prices and declining volatility.

The Sensex added more than 5,000 points and the Nifty gained over 1,400 points in the last eight sessions.

At the closing bell on Friday, the BSE Sensex stood higher by 1,047 points (up 1.8%).

Meanwhile, the NSE Nifty surged 312 points (up 1.8%).

HDFC and JSW Steel were among the top gainers today.

Infosys and Cipla, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,344, up by 337 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.1% and 1.2%, respectively.

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

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

Shares of Trent and Bharat Dynamics hit their respective 52-week highs today.

Asian stock markets surged for a second day after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries.

The Hang Seng and the Shanghai Composite ended up by 7% and 1.4%, respectively. The Nikkei ended up by 3.5% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 70 points.

The rupee is trading at 75.82 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.8% at Rs 51,562 per 10 grams.

Speaking of stock markets, ace chartist at Equitymaster Brijesh Bhatia talks about paper stocks, in his latest video for Fast Profits Daily.

Paper stocks are looking bullish on the charts. So, should you trade them? Watch the below video to know more...

In news from the textiles sector, Jindal Poly Films was among the top buzzing stocks today.

Jindal Poly Films (JPFL) has signed an agreement for the sale of a minority stake in its packaging films business to Brookfield Asset Management.

Brookfield has agreed to make an Rs 20 bn investment in the company.

The transaction will result in JPFL carving out its packaging films business, which generates approximately 85% of its total revenue, into a wholly owned subsidiary in which Special Investment Program (BSI) will hold a minority stake, said a company statement.

JPFL will continue to own its non-woven business unit and other corporate assets.

JPFL is one of the world's leading companies in manufacturing flexible plastic films and non-woven fabrics products.

The structured equity investment in JPFL consists of compulsory convertible preference shares and equity shares of the new subsidiary, giving BSI a 25% stake and downside protection.

Brookfield's presence on the board of this new subsidiary will facilitate benchmarking to international governance standards and best practices, said Vinod Kumar Gupta, Chief Executive Officer of JPFL.

Packaging solutions provider Jindal Poly Films (JPFL) is exploring the sale of a significant minority stake and hired Rothschild to run a sale process.

Jindal Poly Films share price ended the day down by 6.7% on the BSE.

Moving on, shares of real estate companies were among the top buzzing stocks today. HCC, Brigade Enterprises and Mahindra Lifespace rallied up to 12% following the market trend.

Brijesh Bhatia shared an important update on the realty index, on his telegram channel today.

Here's what he wrote:

• I highlighted the reversal pattern at 390-410 zone, it hit the low of 389 and up by ~15% from the lows.

 

• The fresh breakout from the falling channel at 440 with bullish range shift in RSI indicates the higher levels are under construction.
  
  The previous low of 442 (red line) which is hurdle is swiftly taken out by bulls.
  
  The highest profit margin is when you buy the house during the launch and this is the time to add up your stakes in real estate stocks.

Brijesh had even recorded a video earlier this month, discussing why it's time to buy real estate stocks.

If you're interested in being a part of Brijesh's charting journey as he shares how to create wealth from the profitable trade setup, we highly recommend you join his telegram channel Fast Profits Daily.

You'll get access to the best trading ideas in the stock market.

Moving on to news from the IT sector...

Happiest Minds Technologies Announces Strategic Partnership with OutSystems

Happiest Minds Technologies announced a strategic partnership with OutSystems, a pioneer and leader in the low-code application development market.

Happiest Minds and OutSystems share the vision to transform how enterprise software is delivered to their customers.

This partnership will add a world-class, low-code platform to Happiest Minds' portfolio, enabling companies to develop, deploy, and manage omnichannel enterprise applications that run in the cloud, on-premise, or hybrid environments.

On 9 February 2022, Happiest Minds Technologies said that it has been recognized as a leader in the Enterprise Software Segment as part of the annual Zinnov Zones for ER&D Services - 2021 ratings.

Happiest Minds was also placed as a leader in engineering, research & development amongst small and medium-sized service providers.

Happiest Minds Technologies share price ended the day up by 2% on the BSE.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception.

This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

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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