Sensex Closes up 172 Points; Axis Bank Soars 3.3%

Tue, 28 Mar Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

Indian share markets continued to witness buying momentum in the afternoon session. At the closing bell, the BSE Sensex stood higher by 172 points, while the NSE Nifty finished up by 56 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.6% respectively. Gains were largely seen in bank stocks, consumer durables stocks and auto stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.14% and the Hang Seng rose 0.63%. The Shanghai Composite lost 0.43%. European markets are mixed today. The DAX is up 0.64% while the FTSE 100 gains 0.12%. The CAC 40 is off 0.05%.

The rupee was trading at Rs 65.09 against the US$ in the afternoon session. Oil prices were trading at US$ 48.15 at the time of writing.

Axis Bank share price surged 3.3% in today's trade after its board of directors passed a resolution approving the allotment of 3 year senior floating rate notes aggregating to US$10 million under the medium term note (MTN) program through its Dubai International Financial Centre (DIFC) branch. The capital will be raised through its Dubai International Financial Centre branch.

Meanwhile, Bank of Baroda share price too finished strong (up 1.2%) after it was reported that the company has entered into memorandum of understanding with Jain Irrigation Systems, with an objective to finance the Micro Irrigation systems i.e. drip and sprinkler irrigation sold by the company through the network of Bank of Baroda branches across the country.

This scheme is aimed to provide financial assistance to purchase of micro irrigation systems to increase the area under irrigation thus helps to improve yield of crop and helps in saving water.

In another development, according to an article in The Economic Times, falling loan deposit ratios, weak loan growth and compressing spreads is making banks look at the possibility of lowering the savings interest rates. According to the report, a 50 basis point cut in savings rate would result in around 8% improvement in the sector's core pre-provision operating profits. Most banks currently offer 4%, while some of the private sector banks offer a much higher rate.

Moving on to news from pharma stocks. Aurobindo Pharma share price recovered from yesterday's slump and finished up by 1.4% after the company received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Meropenem Injection 500 mg/vial and 1 g/vial. The approved product has an estimated market size of US$118 million for the twelve months ending January 2017.

Meanwhile, the European Medical Agency last week had recommended suspending sales of some approved generic drugs which had been tested at two laboratories managed by Micro Therapeutic Research Labs in India. Aurobindo Pharma Ltd. said the impact of drug regulator's order recommending suspension of around three hundred drugs will be up to US$5 million per annum.

Meanwhile, Dishman Pharma share price soared as much as 20% to an all-time high after company's partner Tesaro Inc got the US Food and Drug Administration's nod for an ovarian cancer drug.

Pharma stocks finished the trading day on a firm note with Aarti Drugs share price and Torrent pharma share price leading among the gainers.

In news from e-commerce sector, Japan's SoftBank is pushing for a possible merger between ecommerce majors Flipkart and Snapdeal next month, potentially laying the foundation for the biggest consolidation in the bleeding domestic e-retail market.

A report in The Times of India stated that Softbank was likely to invest US$1.5 billion in the merged firm - a stake of around 15%.

Loss-Making Unicorns

As per Economic Survey 2015-16, India has more than 19,000 technology-enabled startups, led by consumer internet and financial services companies. Indian startups raised US$3.5 billion in funding in the first half of 2015. As of December 2015, eight Indian startups belonged to the 'unicorn club' (ventures valued at US$1 billion and upwards).

The Indian ecommerce sector has seen explosive growth in recent years, riding on growing internet usage and more customers willing to transact online. But deep discounts and all-season offers to lure more people online has left companies crushed under huge losses. No wonder Vivek Kaul calls these ecommerce companies Ponzi schemes.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers