Sensex Today Trades 250 Points Higher | Paytm Receives Extension From RBI | L&T, Tata Steel Top Gainers

Mon, 27 Mar 10:30 am

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Asian share markets followed US stock futures today and are trading higher on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels.

The Nikkei is up 0.4% while the Hang Seng is trading lower by 0.5%. The Shanghai Composite is trading 1.1% lower.

US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.

The Dow Jones Industrial Average ended 0.4% higher while the tech heavy Nasdaq Composite was up 0.3%.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	106.06	-0.20	-0.19%	106.16	104.74	144.16	83.45
Apple	160.25	1.32	0.83%	160.34	157.85	179.61	124.17
Meta	206.01	1.73	0.85%	207.58	203.55	236.86	88.09
Tesla	190.41	-1.81	-0.94%	192.36	187.15	384.29	101.81
Netflix	328.39	8.02	2.50%	331.83	320.63	396.50	162.71
Amazon	98.13	-0.58	-0.59%	98.30	96.40	170.83	81.43
Microsoft	280.57	2.91	1.05%	280.63	275.28	315.95	213.43
Dow Jones	32,237.53	132.28	0.41%	32,257.24	31,805.18	35,492.22	28,660.94
Nasdaq	12,767.05	37.82	0.30%	12,770.28	12,608.15	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 283 points. Meanwhile, the NSE Nifty is trading up by 90 points.

L&T and Sun Pharma are among the top gainers today.

M&M and Axis Bank on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down 0.1% and the BSE Small Cap index is trading lower by 0.8%.

Sectoral indices are trading on a mixed note. Stocks in the energy sector and metal sector witness buying.

Meanwhile stocks in the telecom sector and realty sector witness selling.

Shares of Cyient hit their 52 week high today.

The rupee is trading at Rs 82.3 against the US dollar.

In the commodity markets, gold prices are trading lower by Rs 183 at Rs 59,090 per 10 grams.

Meanwhile, silver prices are trading lower by 0.2% at Rs 70,259 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, if we take a look at the performance of Indian share markets in 2023, upward trend has only caught up in a few stocks rather than the entire sector specific movements

From the capital goods space, L&T and Siemens are topping the charts while the rest have languished.

The banking sector is showing negative trend, and majority of banking stocks have seen a decent correction. However, ICICI Bank and HDFC Bank are putting on a show and standing tall.

But chartist Brijesh Bhatia believes that there is one sector in which there's a huge risk-reward favourable equation.

The sector is none other than the specialty chemical sector.

Is it the right time to invest in specialty chemical stocks? Or should you wait? Brijesh Bhatia answers all these questions in the below video:

Tata Steel invests in subsidiary

On Friday, last week, Tata Steel acquired 4.7 lakh equity shares of Rs 10/- each at a premium of Rs 205/- per share of Tata Steel Utilities and Infrastructure Services, a wholly owned subsidiary of the company.

The shares were acquired on rights basis, for an amount aggregating to approximately Rs 100 million (m). Consequent to the completion of the transaction, Tata Steel Utilities and Infrastructure Services continues to be a wholly owned subsidiary of the Company.

2023 has turned out to be a difficult year for Tata Steel. As of late Tata Steel share price is falling, on a YTD basis its share price tumbled 13.4%. The company's Europe business is under intense pressure at the moment as raw material prices continue to remain volatile.

Tata Steel's quarterly net loss came in at Rs 25.6 bn! In absolute terms, net profit fell by Rs 37.5 bn sequentially, and Rs 119.8 bn on a YoY basis.

Similarly, all top metal companies like Hindalco, Nalco, Hindustan Zinc, SAIL, Vedanta, etc reported poor quarterly results.

All metal stocks are falling as of late. On a YTD basis BSE Metal Index is down 10%.

USFDA issues three observations for Zydus Lifesciences' Ahmedabad facilities

A US Food and Drug Administration (USFDA) inspection was conducted at Zydus Lifesciences' Pharmez, Ahmedabad manufacturing facility SEZ-1 between 20-24 March 2023, the company announced through an exchange filing.

Three observations were made during the pre-approval inspection (PAI) and good manufacturing practices (GMP) audit.

According to the Indian pharma company, no observations regarding data integrity were made, and the company is working to resolve them.

Reportedly, the company is also recalling over 55,000 bottles of generic medication in the US market due to failed impurities specifications.

According to the latest enforcement report from the USFDA, Zydus Pharmaceuticals (US) Inc is recalling 21,936 (30 count) and 33,096 (100 count) bottles of Colchicine tablets used to treat gout.

It is manufactured by Ahmedabad-based Zydus Lifesciences and marketed in the US by New Jersey-based Zydus Pharmaceuticals.

Paytm receives extension from RBI

One 97 Communications, on Sunday said that its Paytm Payment Services (PPSL) has received an extension of time from RBI for resubmitting the payments aggregator license application. RBI has allowed the platform to continue its online payment aggregation business while awaiting government approval for past investment from the parent into PPSL.

PPSL was required to resubmit the PA license application within 120 calendar days, however, this timeframe has surpassed.

As per the latest letter from RBI, once it receives the government's approval, PPSL will have fifteen days to submit the application seeking authorisation for PPSL to operate as an online PA.

Did you know that Paytm is one of the top performing largecap stocks of 2023?

Shoppers Stop invests more in subsidiary

Shoppers Stop had approved additional investment of upto Rs 250 m in Global SS Beauty Brands (GSBBL), a wholly owned subsidiary, by way of subscription to preference shares of GSBBL., in one or more tranches.

Earlier, the company made investments aggregating to Rs 200 m in the preference share capital of GSBBL, by way of subscription to 2,000 preference shares at a face value of Rs 1,00,000 each issued by GSBBL.

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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