Nifty Closes at 17,200, Sensex Gains 776 Points; Adani Ports and Bajaj Auto Rally 6%

Tue, 26 Apr Closing

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   10:30 am   

Indian share markets snapped their two-day losing streak and ended on a strong note today.

Benchmark indices retained solid gains backing the strength of favourable signs from Asian share markets.

At the closing bell, the BSE Sensex climbed 776 points, ending up 1.4%.

Meanwhile, the NSE Nifty jumped 247 points, ending at 17,200.

Power Grid, Titan and M&M were among the top gainers today.

Axis Bank, Asian Paints and Maruti Suzuki were among the top losers today.

Market participants were tracking shares of Adani Wilmar as the company joined the elite group of companies with market capitalisation of Rs 1 tn.

Adani Wilmar is the seventh Adani Group company to cross the coveted Rs 1 tn market capitalisation.

In broader markets, the BSE Mid Cap index ended 1.6% higher while the BSE Small Cap index ended up by 0.8%.

All sectoral indices ended on a positive note with banking, realty, and auto stocks witnessing most of the buying.

Shares of Adani Enterprises and Page Industries hit their 52-week high today.

Outside the home ground, Asian share markets posted mixed signals after witnessing heavy sell-off yesterday.

At the close in Tokyo, the Nikkei 225 was up 0.4% while the Hang Seng rose marginally by 0.3%. The Shanghai Composite tanked by 1.4%.

The SGX Nifty was trading up by 0.6% at the time of writing.

Gold prices are currently trading up by 0.3% at Rs 51,570 per 10 grams while silver is up 0.5% at Rs 65,409 per kg.

The rupee is trading at 76.54 against the US$.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster Rahul Shah tries to understand the probability of Tata Power undergoing a significant crash in the near future.

Is Tata Power's rise justified by fundamentals or too much of expectations have built up into the stock price?

Is the stock in risk of a big crash if the broader markets start turning southwards?

Rahul answers all these questions in the below video. Tune in to know more...

Coming to latest developments from the IPO space, Campus Activewear's initial public offering (IPO) opened for subscription today.

The IPO is a complete offer for sale (OFS) of 47.9 m shares by promoters and shareholders of the company.

The company is looking to raise Rs 14 bn through its maiden issue. The price band of the IPO is Rs 278 - Rs 292 per share.

The shares were trading in the grey market at a premium of Rs 72 today, which means grey market is expecting this IPO to list at around Rs 364.

On the first day of subscription, the IPO was subscribed 0.87 times led by retail investors who bought 1.5 times of their portion.

While the non-institutional investors segment was subscribed 0.52 times.

Another buzzing news from the IPO space, market regulator approved the fresh draft red herring prospectus (DRHP) filed by the government for the much awaited IPO of Life Insurance Corp (LIC).

LIC's board is reportedly meeting today to finalise issue details such as price band, issue size, and more for the mega IPO.

Rumors are the price band will be set around Rs 950 to Rs 960, after taking into consideration the issue size and number of shares on offer.

The government of India has proposed to offer 3.5% shareholding through offer for sale (OFS), down from 5% decided earlier. It will offer 221.4 m shares and mop up around Rs 210 bn.

Even after the reduced size, the IPO is going to be the biggest in India.

We will keep you updated from this space. Stay tuned.

Moving on to stock specific news, Airtel Payments Bank announced a partnership with IndusInd Bank to offer a fixed deposit facility.

With the fixed deposit (FD) facility, the payments bank has further strengthened its digital banking portfolio.

Airtel payments bank customers can open FDs starting from Rs 500 up to Rs 0.19 m in minutes through a digital process on the Airtel Thanks mobile application.

Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all fixed deposits.

Multiple FDs for durations of one, two, or three years can be booked. Customers can dissolve the FD before the maturity date without having to pay any penalty or processing fee on premature withdrawals.

The chief operating officer, Ganesh Ananthanarayanan, Airtel Payments Bank said:

• A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition.
  
  Fixed deposits are a great option for users who look for secure and risk-free investment options and an important addition to our growing bouquet of simple, secure and rewarding digital solutions.

Reacting to the news, the shares of Bharti Airtel closed 2.3% higher on BSE.

Another stock that created buzz today was Adani Enterprises.

Gautam Adani's conglomerate is in advanced talks to acquire Holcim's businesses in India.

Adani Group in coming days could sign an agreement to acquire a controlling stake in Ambuja Cements from Holcim which has a 63.1% controlling stake in the company.

Ambuja has a cement capacity of 31 m metric tons, and has six integrated manufacturing plants and eight cement grinding units in India. ACC Ltd. is among the subsidiaries of Ambuja Cements.

On the other hand, Adani Enterprises has two cement subsidiaries. In June 2021, the group established Adani Cement.

Whereas according to a report from November, Adani Cementation is planning to build an integrated facility in Gujarat.

Holcim has recently been selling off non-core assets. Its Brazilian unit has been divested for US$ 1 bn and is planning the sale of its business in Zimbabwe.

While other bidders including JSW group remain interested in the assets, no final decision have been made yet.

Shares of Adani Enterprises ended up by 4.8% on the BSE.

In the last two years, shares have risen by over 1,500%.

To know more about the company, check out Adani Enterprises's financial factsheet and its latest quarterly results

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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