Sensex Today Gains 300 Points | IT Stocks Rally | HCL Tech, Infosys, L&T Among Top Gainers

Fri, 17 Mar 10:30 am

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Asian share markets advanced today after a rescue package for First Republic Bank fuelled a rebound in US shares.

The Nikkei is up 1.1% while the Hang Seng is trading higher by 1.9%. The Shanghai Composite is trading higher by 1.6%.

A strong rebound by financials helped Wall Street's main indices close firmly positive on Thursday, after some of the country's largest lenders came to the rescue of embattled First Republic Bank.

The Dow Jones Industrial Average ended 1.2% higher while the tech heavy Nasdaq Composite rose 2.7%.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	101.07	4.52	4.68%	101.97	95.87	144.16	83.45
Apple	155.85	2.86	1.87%	156.46	151.64	179.61	124.17
Meta	204.93	7.18	3.63%	205.76	196.09	236.86	88.09
Tesla	184.13	3.68	2.04%	185.81	178.84	384.29	101.81
Netflix	310.06	6.27	2.06%	316.60	301.71	396.50	162.71
Amazon	100.04	3.84	3.99%	100.99	95.61	170.83	81.43
Microsoft	276.20	10.76	4.05%	276.56	263.28	315.95	213.43
Dow Jones	32,246.45	371.98	1.17%	32,281.61	31,571.46	35,492.22	28,660.94
Nasdaq	12,581.39	330.07	2.69%	12,595.69	12,190.65	15,265.42	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a positive note tracking the trend of global markets and SGX Nifty.

At present, the BSE Sensex is trading higher by 322 points. Meanwhile, the NSE Nifty is trading up by 98 points.

HCL Technologies and Infosys are among the top gainers today.

ITC and IndusInd Bank on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up 0.7% and the BSE Small Cap index trading higher by 0.8%.

Sectoral indices are trading on a positive note. Stocks in the realty sector and power sector witness most of the buying.

Shares of Gujarat Pipavav Port and NCC hit their 52 week high today.

The rupee is trading at Rs 82.51 against the US dollar.

In the commodity markets, gold prices are trading higher by Rs 184 at Rs 58,190 per 10 grams.

Meanwhile, silver prices are trading higher by 1.2% at Rs 67,313 per 1 kg.

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...

Speaking of stock markets, we all know how the unique cost focused business model has allowed D-Mart or Avenue Supermart, to stand out amongst its loss making retail peers as a profitable and sustainable growth oriented business.

Similarly, Co-head of Research at Equitymaster Tanushree believes this company has a business model to be the D-Mart of medical procedures. Like D-Mart, even with affordability as its core objective, the business is scalable, sustainable and shareholder friendly.

Tune into the video below to know more:

Lemon Tree Hotels acquires a new property

Lemon Tree Hotels, on Thursday, signed a license agreement for a 60-room property in Sri Ganganagar, Rajasthan. The hotel is expected to be operational by July 2026.

The hotel will be managed and operated by the company's wholly-owned subsidiary and hotel management arm, Carnation Hotels.

To provide insights into the new signing, the company said that the new hotel in Rajasthan will house well-appointed rooms and suites, a restaurant, a bar, a fitness centre and other public areas.

On 3 March the hospitality company had signed a License Agreement for two new properties in Maharashtra's Dapoli. In a previous update, Lemon Tree Hotels had entered into a licence agreement for a 110-room property in Kasauli, Himachal Pradesh, under the company's brand 'Aurika' which is expected to be operational in November 2024.

Since you are interested in hotel stocks, here is a list of best hotel stocks in India.

First of a kind deal for NTPC

Reportedly, Malaysia's Petronas has offered Rs 38 billion (bn) to buy a 20% stake in the green energy arm of India's largest power producer, NTPC, in the first deal of its kind by a state-run firm.

The offer price was higher than the Rs 30 bn NTPC had been expecting when it asked for expressions of interest in NTPC Green Energy (NGEL) last year and was 78% above the second-highest bidder. It values the NGEL at US $ 2.3 bn (about Rs 189.7 bn).

The deal was the first time an Indian state-run company has offered a stake in a renewable energy arm and comes as the country's renewables sector is attracting increasing foreign investment.

Renewables are among the country's top five industries for overseas funds this financial year, taking a 5% share of all inflows from April to September 2022 against 3.3% in the same period a year earlier, data from India's commerce ministry showed.

Petronas outbid other local firms for the stake with an offer of Rs 27.5 per share, according to the reported.

NTPC plans to use the proceeds from the sale to expand its non-fossil businesses. The company has earmarked investments of more than US $ 30 bn (about Rs 2,474.9 bn) in the next 10 years to raise the share of non-fossil energy in its portfolio to 45% from the present 9.4%.

Glenmark receives USFDA approval

Glenmark Pharmaceuticals on Thursday said its arm has received acceptance from the US health regulator to proceed with a phase 1/2, first-in-human trial for its investigational new drug aimed for treatment of patients with advanced cancers.

In a regulatory filing, the pharma company said Glenmark Specialty SA received the acceptance from the US Food and Drug Administration (USFDA) for the investigational new drug (IND) application 'GRC 54276' for the treatment of patients with advanced solid tumours and lymphomas.

By inhibiting HPK1, GRC 54276 is designed to potentially enhance the patient's own immune system to fight cancers.

So far 16 patients with various types of advanced cancers have been enrolled in this ongoing study in India, and the company plans to expand the study at ex-India research sites in the subsequent months.

Speaking of USFDA, Cipla share price is under pressure after USFDA inspection at it Pithampur facility.

To know more read our editorial on why Cipla share price is falling.

And 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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Indian Share Market Update: Top Gainers and Losers