Sensex Today Ends 311 Points Higher, Nifty Ends Above 17,700 | Kotak Mahindra Bank Jumps 5% | IT Stocks Tank Ahead of Q4 Earnings

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After opening the day on a positive note, Indian share markets continued their momentum as the session progressed and ended 0.5% higher.

Benchmark indices ended higher for the seventh consecutive session led by smart buying in select FMCG and banking shares. However, IT stocks struggled and kept the overall gains in check.

At the closing bell, the BSE Sensex stood higher by 311 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 94 points (up 0.5%).

Kotak Mahindra and Bajaj Auto were among the top gainers today.

TCS and Infosys on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,793 up by 108 points, at the time of writing.

Broader markets ended on a positive note with the BSE Midcap index ending 0.4% higher and the BSE Smallcap index ending 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector and banking sector witnessing most of the buying.

On the other hand, stocks from the IT sector and realty sector witnessed selling pressure. IT stocks came under pressure as heavyweights are prepping to announce their fourth-quarter earnings for financial year 2023 later this week.

Shares of L&T and Zydus Lifesciences hit their 52-week highs today.

Asian stock markets ended on a mixed note. The Nikkei rose 1%, while the Hang Seng ended 0.7% higher. The Shanghai Composite ended marginally lower.

The rupee is trading at 81.9 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.8% at Rs 60,549 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.9% at Rs 74,982 per 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 an article in ET is to be believed, nearly 80% of the analysts who track Tata Elxsi and LTTS (LT Technology Services), have a negative view on both these stocks.

Interestingly, only 1 analyst has a 'Strong Buy' rating on each of these stocks.

Rahul Shah, co-head of research at Equitymaster finds these ratings a little perplexing. A 'SELL' rating when both these stocks are down massively from their all-time highs does not make sense.

Have these analysts erred and have fallen prey to the herd mentality or is there more pain in the offing for both Tata Elxsi as well as LTTS?

Rahul Shah answers these questions in the below video.

Why Kotak Mahindra Bank share price is rising

In news from the private banking sector, shares of Kotak Mahindra Bank surged more than 5% today after the reduction of FII stake in the private lender raised expectations of a US$ 690 m inflows.

Latest shareholding data shows that FIIs reduced their stake in Kotak Bank by 1.5% to 41.2% in the March 2023 quarter, which analysts believe could result in foreign headroom moving to 25.05% vs 22.38% currently.

The shareholding data has been released by the company before the MSCI price cutoff date for May 23 review.

Analysts believe that if its shareholding calculations hold true and MSCI considers 41.2% as current foreign holding, then Kotak Mahindra Bank (KMB) could see weight-up led inflow to the tune of US$ 690 m, which is almost 32 m shares buying.

The stock has been languishing for quite some time and the MSCI weight-up trigger could lead to strong momentum.

With the bank's net profit of a CAGR of 15.2% in the last five years and its aim to accelerate its deposit engine in the retail sector, it is among 5 banking stocks to watch out for potential multibagger returns.

KPI Green Energy gets CEIG approval

Moving on to news from the engineering sector, KPI Green Energy on Tuesday received approval from the Chief Electrical Inspector to the Government (CEIG) for charging its 61.97 megawatts solar and wind-solar hybrid capacity in Bhavnagar, Gujarat.

The company has accomplished the charging of a 26-megawatt wind-solar hybrid comprising 16-megawatt wind and 10-megawatt solar capacity for the Bhungar site in Mahuva, Bhavnagar, under its power-generating asset portfolio.

Additionally, it also charged 1-megawatt solar capacity in the independent power producer (IPP) segment and 34.9-megawatt capacity in the company's captive power producer (CPP) segment.

Furthermore, these projects are in the advanced stage of commissioning and the approval of the CEIG for the same has also been received.

Following the commissioning of the new orders aggregating to a 24.9-megawatt peak, the company's total cumulative capacity of the solar power projects under both the CPP and IPP segments reached a 63.7-megawatt peak.

KPI Green Energy carried out a bonus issue in January 2023. The bonus shares are approved in the ratio of 1:1, that is, one equity share of Rs 10 for every one existing share of Rs 10.

KPI Green Energy, also known as KPI Global Infrastructure is a solar power generating company focused on providing solar power as an Independent Power Producer (IPP) under the brand name Solarism.

Why JSW Steel share price is rising

Moving on to news from the steel sector, share price of JSW Steel rose over 3% today, as the steelmaker logged its highest-ever quarterly consolidated crude steel production for March 2023 quarter.

JSW Steel recorded a 13% YoY growth in consolidated crude steel production at 6.6 million (m) tons for March 2023 quarter, driven by improved capacity utilization at the Indian operations.

Also, the consolidated crude steel production for the financial year 2023 was the highest ever at 24.15 m tons, up 24% YoY. This was against the management guidance of 25 m tons.

While the company achieved 100% of its guidance for consolidated Indian operations, production volumes at JSW Ispat Special Products Ltd and JSW Steel USA were impacted due to shutdowns and subdued market conditions for part of the year.

With its aim to increase its capacity to 37 MTPA by 2025, it is among the high-growth stocks in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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