Sensex Today Gains 234 Points, Nifty Ends Above 18,300 | Adani Enterprises Zooms 20% | Tech Mahindra, Wipro, TCS Up 3%

Mon, 22 May Closing

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

Benchmark indices advanced for second straight day led by the gains in IT and pharma stocks, as investors saw buying opportunities at key levels ahead of the resumption of debt ceiling talks in the US.

At the closing bell, the BSE Sensex stood higher by 234 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 101 points (up 0.6%).

Adani Enterprises, Adani Ports and Tech Mahindra were among the top gainers today.

Nestle, Axis Bank and ICICI Bank on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,311, up by 93 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.7% higher while the BSE SmallCap rose 0.4%.

Sectoral indices ended on a mixed note with stocks in the IT sector and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the telecom sector and banking sector witnessed selling pressure.

Shares of Cyient and DLF hit their 52-week highs today.

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...

Asian stock markets ended on a positive note. The Nikkei ended higher by 0.9%, while the Hang Seng was up 1.2%. The Shanghai Composite ended 0.4% higher.

The rupee is trading at 82.84 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 60,355 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.2% at Rs 73,150 per kg.

Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?

Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.

L&T's order win

In news from the engineering sector, engineering and construction conglomerate Larsen and Toubro, on Monday, announced that the power transmission and distribution business of L&T Construction has recently secured large EPC (engineering, procurement and construction) orders in India and overseas.

The PT&D business has secured two orders in the Kingdom of Saudi Arabia (KSA) to establish 380kV overhead power transmission lines connecting prominent cities on the Red Sea coast.

One of the other orders is to design, supply and construct a 380kV substation in the central region of KSA. The substation will be crucial to evacuate renewable capacity as part of the Kingdom's diversification to non-fossil fuel sources in their electricity mix.

In the Indian market, L&T bagged another contract in the Revamped Reforms-Based and Results-Linked Distribution Sector Scheme (RDSS) projects with fresh orders from a Gujarat-based power distribution company.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

Why Siemens share price is falling

Moving on, shares of Siemens fell over 10% today after the firm approved the sale of low voltage motors and geared motors businesses to a Siemens AG subsidiary, Siemens Large Drives India.

It was sold for Rs 22 billion (bn), effective 1 October 2023.

The stock hit a low of Rs 3,338, down 11% from its previous close.

The valuation was for the same was done by an external, independent valuer. In addition, the company also obtained a fair opinion from a Category-I merchant banker.

The consideration for the proposed transaction, recommended by the audit committee, is based on the valuation undertaken by the independent valuer.

The board has also decided to consider distributing 100% of the sale consideration less applicable capital gains tax and any other applicable taxes, if any, as a special dividend at the first Board meeting following the closing of the proposed transaction.

Siemens is a pioneer in infrastructure facilities and electrification in India. It is one of the world's largest producers of energy efficient resource-saving technologies.

Siemens share price hit a 52-week high of Rs 3,400 on 10 April 2023. In 2023 up to 12 April, its share price has rallied 17.9%, making it the top performing largecap stocks of 2023 so far.

Cochin Shipyard sinks 10% today. Here's why...

Moving on to news from the defence sector, shares of Cochin Shipyard fell 10% after the ship-building and repairs company reported a poor set of numbers for the March quarter of the financial year 2022-23.

The company's consolidated revenue declined 50% YoY to Rs 6 bn, as it declared losses of Rs 640 m on an operating level. Net profitability was down 86% to Rs 390 m during the quarter.

The ship building segment revenue was down 55% to Rs 4.4 bn and reported a loss of Rs 88 crore at the operating level. The ship repair segment revenue fell 42% to Rs 1.5 bn.

Cochin Shipyard's board has recommended a final dividend of Rs 3 a share for the financial year 2022-23.

The quarter witnessed execution challenges and changes in its order composition. It will now be crucial to watch for development around Indigenous Aircraft Carrier-2 (IAC-2).

Since the start of the calendar year 2023, the stock has lost 8% of its value. To know why, check out our editorial- why Cochin Shipyard share price is falling.

It is among the top defense stocks in India with big growth stories.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

That is why we believe that the defence sector could produce the next set of multibagger stocks over the long run.

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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