Sensex Today Jumps 400 Points, Crosses 60,000 Mark | Nifty PSU Bank Index Soars 2% on Healthy Business Outlook | Kotak Mahindra Bank, Sun Pharma Top Gainers

Tue, 11 Apr 10:30 am

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Asian share markets are trading higher today building on a late recovery that saw US stocks catch bids into the close amid holiday-thinned trading.

The Nikkei is up 1.5% while the Hang Seng is trading 0.1% higher. The Shanghai Composite is trading lower by 0.4%.

Wall Street indices clawed back from steep losses to a mixed close on Monday as investors digested Friday's employment report and prepared for an eventful week of inflation data and bank earnings.

The Dow Jones Industrial Average ended 0.3% higher while the tech heavy Nasdaq Composite lost 0.1%.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	106.95	-1.95	-1.79%	107.97	105.6	132.94	83.45
Apple	162.03	-2.63	-1.60%	162.03	160.08	176.15	124.17
Meta	214.75	-1.35	-0.62%	215.66	210.66	224.3	88.09
Tesla	184.51	-0.55	-0.30%	185.10	176.11	364.07	101.81
Netflix	338.99	-0.34	-0.10%	339.88	333.36	379.43	162.71
Amazon	102.17	0.11	0.11%	102.20	99.57	158.65	81.43
Microsoft	289.39	-2.21	-0.76%	289.60	284.71	294.18	213.43
Dow Jones	33,586.52	101.23	0.30%	33,590.20	33,343.00	35,492.00	28,661.00
Nasdaq	13,051.23	-11.36	-0.09%	13,051.90	12,862.00	14,624.00	10,441.00

Source: Equitymaster

Back home, Indian share markets are trading on a firm note.

At present, the BSE Sensex is trading higher by 394 points. Meanwhile, the NSE Nifty is trading up by 117 points.

Kotak Mahindra Bank and SBI are among the top gainers today.

Asian Paints and TCS on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up 0.6% and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a positive note. Stocks in the realty sector and power sector are witnessing most of the buying.

Shares of Dr Reddy's Laboratories and UltraTech Cement hit their 52-week high today.

The rupee is trading at Rs 82 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 249 at Rs 60,312 per 10 grams.

Meanwhile, silver prices are trading higher by 0.5% Rs 74,719 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 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.

SBI to consider raising funds

India's largest lender, State Bank of India (SBI) will consider a fund raising proposal of up to US$ 2 billion (bn) (about Rs 164.1 bn) through public or private placement of senior unsecured notes in US during the current financial year.

The fund raising for long term requirements will be in single or multiple tranches.

Last month, the bank had raised Rs 37.2 bn by issuing a Tier 1 bond at a coupon rate of 8.3%. The proceeds of bonds were to be used in augmenting the overall capital base of the bank and will strengthen its capital adequacy ratio.

Earlier in February, the state-run lender had raised US $ 1 bn (about Rs 82.1 bn) in syndicated social loan, making it the largest ESG loan raised by a commercial bank in the Asia Pacific market.

The loan was of US $ 500 m (about Rs 41 bn) of primary issue and an equal amount in green shoe option. It is also the maiden such issuance from the nation's largest lender.

SBI has emerged as a strong performing banking stocks in the last five years. In the last five years SBI share price has surged 98%.

SBI is well stacked up for future too. It is one of the 5 banking stocks to watch out for potential multibagger returns.

Shilpa Medicare receives USFDA approval

Shilpa Medicare received the final approval for its Apremilast tablets from the US Food and Drug Administration (USFDA).

The pharma company has received the USFDA final approval for its ANDA for Apremilast Tablets of 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis.

The product is executed from a contract manufacturing site.

Apremilast is a generic equivalent of reference listed drug (RLD) OTEZLA of Celgene. According to IQVIA data, the US market for Apremilast Tabletsis approximately US $ 3.6 bn (about Rs 295.3 bn).

Shilpa Medicare is one of the leading API and formulations manufacturers with strong capabilities in the therapeutic area of oncology. Its product range includes over 44 oncology and non-oncology APIs.

The company's formulation product range consists of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML's wholly owned subsidiary Shilpa Therapeutics.

Kalptaru Power Transmission multiple orders

Kalpataru Power Transmission along with its international subsidiaries, have secured new orders worth Rs 32.8 bn in the month of March 2023, and till date in April 2023.

The orders secured by the company include civil works for a data centre and buildings in India worth Rs 12.3 bn, EPC order in Railway business of Rs 7.5 bn in India, water supply projects in India of Rs 7.1 bn, residential and institutional building project in Africa worth Rs 2.3 bn, and orders in the T&D business of Rs 1.5 crore in overseas markets.

Last month the power company bagged new orders worth Rs 24.8 bn for its T&D and water businesses.

During the same period, the company has been selected among preferred proponents for key Australia project.

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

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