Gift Nifty Down 53 Points | Prestige Estates Secures Landmark Funding | Why PSU Bank Stocks are Rising | Top Buzzing Stocks Today

Tue, 2 Apr Pre-Open

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Indian share markets continued the momentum as the session progressed and ended the day higher.

Domestic benchmark indices rose on Monday, led by high weightage financials and information technology stocks, and firm global markets.

At the closing bell on Thursday, the BSE Sensex closed higher by 363 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 135 points (up 0.6%).

Tata Steel, JSW Steel and Adani Ports were among the top gainers.

Titan, Bajaj Auto and Eicher Motors on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day on a positive note. The BSE Mid Cap ended 1.6% higher and the BSE Small Cap index ended 2.9% higher.

Barring auto sector all other sectoral indices are trading on positive note, with stocks in realty sector, metal sector and power sector witnessing buying.

Gold prices for the latest contract on MCX were trading 1.4% higher at Rs 68,622 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 53 points lower at 22,555 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of stock markets, initiatives like sea links, multi-modal connectivity, dedicated freight corridor, logistics parks, drone deliveries and e-commerce policies are expected to offer massive long-term tailwinds to key logistics players in the country.

Co-head of Research at Equitymaster, Tanushree Banerjee talks about one such company that stands out, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Globus Spirits share price will be in focus today.

Shares of global spirits jumped around 11% on 1 April 2024 after the company informed that it has commenced commercial production of additional capacity at two of its existing units at Singhbhum in Jharkhand, and at Burdwan in West Bengal.

Torrent Power will also be a top buzzing stock.

Torrent Power's share price gained more than 6% in the early trade on 1 April after the company bagged a 150-MW wind-solar hybrid project from its distribution unit.

The project cost is Rs 18.3 bn and shall be commissioned within 24 months from the Power Purchase Agreement (PPA). The contract period shall be 25 years from the commissioning of the project.

Why PSU Bank Stocks are Rising

PSU Bank stocks rallied on 1 April 2024, pushing the Nifty PSU index up by over 1%. The current benign credit environment has supported the asset quality of these banks, helping the stocks to rise.

Bank of America (BofA) Securities is bullish on smaller PSU banks, citing better risk-reward on higher earnings growth and valuation upside.

According to BofA Securities, consensus estimates for FY25 remain conservative for PSU banks, suggesting potential for EPS upgrades ranging from 10 to 20%, driven by increased confidence in the consistency of earnings per share and Return on Assets (ROA) delivery, coupled with a rise in foreign ownership.

Other state-run lenders are still one to two years behind in their earnings recovery cycle, positioning them to drive positive surprises in the financial year 2025 and 2026.

Foreign ownership in other state-run lenders is still half of the State Bank of India (SBI) and Bank of Baroda (BoB) and the brokerage expects the gap to narrow.

The PSU Bank index has risen 96% in the past year and stocks such as Canara Bank and Union Bank of India soared over 100% during the period. Bank of India shares have risen 80%.

Prestige Estates Inks Investment Deal

Prestige Estates through its subsidiaries, signed a deal worth Rs 20 bn with Abu Dhabi Investment Authority and Kotak AIF for growth opportunities in the residential sector with a gross development value of Rs 180 bn.

Prestige Estates said that the Rs 20 bn deal is dedicated to the development of residential projects in prominent locations across four cities in India.

The collaboration with ADIA and Kotak AIF represents a considered move towards adopting strong and organic growth for Prestige Group.

The deal, with its substantial size, upholds the company's vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring the company's commitment to prudent expansion and diversified growth.

On Sunday, in an exchange filing, Prestige Estates Projects said it acquired a 50% partnership interest in Prestige Realty Ventures for cash consideration of Rs 1.7 bn.

With this acquisition, the company now holds a 99.9% partnership interest in Prestige Realty Ventures. The latter has developed the commercial building "Prestige Techcloud' and Hotel "Moxy - Prestige Tech Cloud" in Bengaluru.

Recently, the company announced the launch of its new luxury residential project Prestige Somerville in Whitefield, Bangalore.

Why Metal Stocks are Rising

Metal stocks surged in the trade on 1 April after economic data from China indicated that the manufacturing sector is seeing a rebound, which may lead to a rise in demand for metals.

China's manufacturing activity expanded for the first time in six months, rising at the fastest pace in 13 months. The manufacturing purchasing managers index rose to 50.8 in March from 49.1 in February, which experts see as a sign of stabilising the world's second-largest economy.

Indian metal stocks were seeing a strong upswing. The Nifty metal index jumped 3.4% to new a high.

Of its constituents, Hindustan Copper, Welspun Corp and Vedanta were the top gainers, rising to 8%.

The last commodity supercycle was in the mid-2000s, spearheaded by reforms in China, leading to prices of iron ore, steel, coal and natural gas rising sharply.

Another reason for the rise in metal prices is the global infrastructure thrust and increasing defence spending, which has spurred the demand for metals.

As the demand for copper, zinc and lead rises, the supply dries up, causing prices to shoot 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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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

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