SGX Nifty Up 13 Points | LIC Hikes Stake in Adani Enterprises | Bitcoin Surpasses US$ 30,000 Mark | Top Buzzing Stocks Today

Wed, 12 Apr Pre-Open

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On Tuesday, Indian share markets continued their momentum throughout the session 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 on Tuesday, the BSE Sensex stood higher by 311 points (up 0.5%).

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

Kotak Mahindra and Bajaj Auto were among the top gainers.

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

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 preparing to announce their fourth-quarter earnings for the financial year 2023 later this week.

Shares of L&T and Zydus Lifesciences hit their 52-week high on Tuesday.

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...

Gold prices for the latest contract on MCX were trading higher by 0.8% at Rs 60,549 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the SGX Nifty was trading up by 13 points or 0.1% higher at 17,790 levels.

Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

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.

Top Buzzing Stocks Today

KPI Green Energy will be among the top buzzing stocks today.

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.

IRB Infra will also be in focus today.

IRB Infra on Tuesday projected significant toll collection for March 2023. The toll collection by the company's wholly owned subsidiaries and joint venture under its private InvIT grew by 21% YoY to Rs 3.7 billion (bn).

Bitcoin Climbs Above US$ 30,000

Bitcoin, the largest cryptocurrency by market value, climbed above the key US$ 30,000 level on Tuesday for the first time since June 2022, rallying more than 80% since the start of the year.

This rally was seen as investors raised bets that the US Federal Reserve will soon end its aggressive monetary tightening campaign.

The token rose as much as 2% to US$ 30,262. Bitcoin has gained about 6% since the start of the month after rising 23% in March. Still, Bitcoin is down more than 50% from its all-time high in November 2021.

Bitcoin's surge follows Friday's closely watched US nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.

Since cryptos interest, you, check out the best cryptos to invest.

LIC ups stake in Adani Enterprises

Despite the controversy surrounding the allegations in the Hindenburg report, the state-owned Life Insurance Corporation of India (LIC) increased its stake in Adani Enterprises, the flagship company of the Adani group, during the March 2023 quarter.

Despite a decrease in the Nifty stock's market value by more than half, LIC acquired 0.3 m shares of Adani Enterprises, resulting in its stake in the company rising from 4.2% in December 2022 quarter to 4.3% at the end of the March 2023 quarter.

LIC also increased its stakes in Adani Transmission, Adani Green, and Adani Total Gas but reduced its stakes in Adani Ports, ACC, and Ambuja Cement.

In the meantime, the number of retail investments in Adani Enterprises increased three-fold to 0.7 m, with retailers now owning 3.4% of the company compared to 1.9% in the December 2022 quarter.

However, mutual funds reduced their stake from 1.2% in the previous quarter to 0.9% in December 2022.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Shipping Corporation of India's disinvestment process gains momentum

The Indian government is set to initiate the financial bidding process for the privatisation of the Shipping Corporation of India (SCI) next month, following years of regulatory delays.

The government had announced its plans to privatise several state-owned firms in 2019, including the Shipping Corporation of India.

However, the sale of its 63.75% stake in Shipping Corporation of India was postponed until the company spun off its non-core assets, which was delayed due to disputes over the transfer of funds.

The company received regulatory approval in February 2023 and completed the spinoff in the previous month, creating a demerged entity called SCI Land Assets.

The government is planning to list this entity before April 23 and intends to invite financial bids for SCI, which controls roughly one-third of India's total tonnage, by mid-May.

In the past month, the share price of Shipping Corp has fallen by 25.2%. To know why, check out Why Shipping Corporation Share Price is falling.

Zydus Lifesciences receives USFDA approval

Zydus Lifesciences, on Tuesday, received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Tavaborole Topical Solution, 5%.

The tavaborole topical solution is indicated to treat fungal toenail infections.

The drug will be manufactured at the group's topical manufacturing facility at Changodar, Ahmedabad (India).

According to IQVIA data, Tavaborole Topical Solution, 5% had annual sales of US$ 3.1 m in the United States.

With this approval, Zydus has obtained 361 approvals and has filed over 440* ANDAs since the start of the filing process in FY 2003-04.

Zydus Lifesciences is a discovery-driven, global life sciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

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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