Sensex Today Gains 346 Points, Nifty Ends Near 17,100 | Cochin Shipyard, UCO Bank Surge 10% | Adani Ports & Adani Enterprises Top Gainers

Wed, 29 Mar Closing

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After opening the day on a positive note, Indian share markets continued their momentum and extended gains as the session progressed to end higher.

Benchmark indices remained volatile but witnessed buying activity in closing hours tracking positive global cues.

At the closing bell, the BSE Sensex stood higher by 346 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 166 points (up 0.9%).

Adani Enterprises, Adani Ports and Eicher Motors were among the top gainers today.

UPL, Bharti Airtel and Asian Paints on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,209 up by 118 points, at the time writing.

Both, the BSE Midcap index and the BSE SmallCap index ended 1.7% higher.

All sectoral indices ended in green, with stocks in the realty sector, metal stocks and auto sector witnessing heavy buying. Banking stocks also gained traction.

Shares of NCC and Zydus Lifesciences 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 mixed note. At the close in Tokyo, the Nikkei ended 1.3% higher, while the Hang Seng rose 2%. The Shanghai Composite ended lower by 0.2%.

The rupee is trading at 82.3 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 59,641 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 70,658 per kg.

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:

Maruti Suzuki achieves 2.5 million exports milestone

In news from the auto sector, automaker Maruti Suzuki India, on Wednesday, crossed the 2.5 million (m) units milestone of cumulative exports since starting overseas shipments in 1986-87.

The first big consignment of 500 cars was shipped to Hungary in September 1987. At present, Maruti Suzuki exports to nearly 100 countries.

Exports to advanced markets helped the company benchmark its performance against international standards and to continuously improve the quality of products and services offered in the Indian market.

With support from the parent company Suzuki Motor Corporation, the company gradually expanded its presence across other countries.

The export of 2.5 m vehicles stands as a testimony to India's manufacturing prowess.

This feat demonstrates Maruti Suzuki's resolute commitment to the Government of India's flagship Make In-India initiative and furthering the Government's efforts to enhance vehicle exports.

Apart from this, driving the EV revolution, it is developing hybrid electric vehicles (HEV) with Toyota.

Note that the?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.?

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.

HFCL bags big order

Moving on to news from the telecom sector, HFCL on Wednesday bagged an order worth Rs 2.8 billion (bn) from Gujarat Metro Rail Corporation (GMRC). Under the contract, the company will be setting up telecommunication systems for the Surat Metro Rail Project Phase-I of GMRC.

The order is for the design, manufacture, supply, installation, testing and commissioning of telecommunication systems for the Surat Metro Rail Project Phase-I.

The company will have to execute the work within ninety weeks from the date of the contract. Thereafter, it will have to provide warranty support for one hundred ten weeks.

HFCL is an India-based company that is primarily engaged in the manufacturing of telecommunication equipment, optical fiber cables and intelligent power systems.

Since 5G stocks interests you, check out Equitymaster's Indian stock screener which has a separate screen for top 5G companies in India.

Why HCC share price is rising today

Moving on to news from the construction sector, shares of Hindustan Construction Company (HCC) jumped more than 9% on 29 March 2023 after the company completed the sale of its wholly-owned subsidiary Baharampore-Farakka Highways to Cube Highways and Infrastructure V Pte.

The sale of the Baharampore-Farakka Highways to Cube has completed for Rs 13.2 bn. The HCC Group will receive a total of Rs 9.4 bn.

This includes an upfront amount of Rs 6.8 bn and Rs 2.6 bn payable by October-December this year and April-May 2024 in two tranches.

Additionally, as part of the agreement with Cube, HCC will be entitled to a revenue share from Baharampore-Farakka Highways Ltd (BFHL) over the entire concession period, which is material in nature

HCC is one of India's pioneering infrastructure companies. Founded in 1926, this company has executed several landmark projects.

Tata Power's subsidiary wins solar project

Moving on to news from power sector, Tata Power's subsidiary, Tata Power Solar Systems bagged a 300 MW project worth Rs 17.5 bn from state-owned NLC.

The company will also do the operation and maintenance of the project for 3 years after the commercial operation declaration.

The 300 MW Domestic Content Requirement (DCR) based project located at Barsingar in Bikaner, Rajasthan, is expected to generate more than 750 m units renewable energy and reduce 0.6 m ton of CO2 annually.

The Letter of Award (LoA) for the project was given through competitive bidding. The project will get commissioned within 18 months from the date of receiving of LoA.

This allotment might finally bring in some peace for Tata Power investors as Tata Power share price was falling since months.

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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