Sensex Today Rallies 629 Points, Nifty Above 18,450 | MedPlus Health Surges 16% | 3 Reasons Why Indian Share Market is Rising

Fri, 26 May Closing

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After opening the day higher, Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark indices market capitalised on a steady start and soared by a per cent today tracking strengthening stocks in US markets. The possibility of a deal to settle the US debt ceiling matter and better-than-estimated corporate earnings seemed to have a positive effect on the investors.

At the closing bell, the BSE Sensex stood higher by 629 points (up 1.02%).

Meanwhile, the NSE Nifty closed up by 178 points (up 0.9%).

Reliance and Hindalco were among the top gainers today.

ONGC and Grasim 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 18,564, up by 98 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.8% higher and BSE SmallCap ended 0.5 higher.

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

On the other hand, stocks from the power sector and oil & gas sector witnessed selling pressure.

Shares of DFL and ITC 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 mixed note. The Nikkei ended higher by 0.4%, while the Hang Seng was down 1.9%. The Shanghai Composite ended0.4% higher.

The rupee is trading at 82.58 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 59,552 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.9% at Rs 70,851 per kg.

3 Reasons Why Indian Share Market is Rising

#1 Debt Ceiling deal

Investors are closely monitoring the possibility of a debt-ceiling deal, which is anticipated to occur over the weekend.

US lawmakers are anticipated to announce a deal to tackle debt limit by late Friday or Saturday. This dragged the market higher.

#2 Rupee factor

The rupee has been falling for quite some time now and this falling trend reversed today as it appreciated. The rupee appreciated 5 paise to 81.6 in trade, due to a weak dollar in overseas markets and forex inflows.

The dollar index, which gauges the greenback's strength against six major currencies, meanwhile, closed higher above 104.

The Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors.

#3 Index-heavyweight shares rally

Index heavyweights Reliance Industries gained 2% after reliance retail completed the acquisition of 51% stake in Lotus Chocolate for Rs 740 m.

Speaking of stock markets, is CCI Products a multibagger in making?

The company is evolving from differentiated commodity player to FMCG brand.

Richa Agarwal talks more about the company in the below video.

Why PB Fintech slips 4% today

Moving on to news from the retailing sector, shares of PB Fintech fell over 4% today after a block deal worth Rs 6.2 bn was executed on the stock exchanges.

Around 10 m shares of PB Fintech, translating into 2.3% of equity, changed hands at an average price of Rs 605 apiece.

Recently, the firm reported March quarter earnings, where its losses narrowed from a year ago.

The company reported a loss of Rs 89.5 m from Rs 2.2 bn in the same quarter a year ago. Revenue from operations came in at Rs 8.7 bn, rising 60.8% from Rs 5.3 bn in the corresponding quarter last year.

PB Fintech, the parent company of PolicyBazaar, offers a consumer-centric platform by partnering with financial services companies such as insurance companies to enhance their platforms from a consumer e-commerce perspective.

In 2023 between 1 January 2023 and 6 March 2023, the stock has already rallied 33%. This makes PB Fintech the top gainer within the midcap space in 2023 so far.

M&M Q4 Results

In news from the auto sector, auto major M&M on Friday reported a 31% YoY rise in revenue to Rs 225.2 bn from Rs 172.4 bn in the same quarter last year.

The company reported a 22% YoY rise in net profit to Rs 15.5 bn.

On a consolidated level, M&M's profit rose 56% YoY to an all-time high of Rs 102.8 bn, driven by successful mega launches in automotive, steady growth at farm equipment, strong operating performance at financial services and value unlocking through monetisation/partnerships.

The automotive segment saw its Q4 revenue inching higher by 35% to Rs 164 bn. In the SUV revenue market share, Mahindra increased its hold further by 1.7% to 19.6%.

The segment reported its highest-ever volume at 404,000 units, up 15%.

Operational profits improved significantly, as a result of volume growth, timely pricing actions, easing commodity inflation and stringent control over fixed costs.

Note that M&M has already announced its commitment of over a billion dollars to aggressively participate in the EV race and it expects a significant 30% of its total sales to come from electric SUVs by 2027.

The electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to be seen how the above developments pan out.

Grasim Q4 net profit slumps 88.5%

Grasim Industries, for the March 2023 quarter, reported a revenue of Rs 334.6 bn, reflecting a growth of 16% YoY mainly contributed by the strong performance of key subsidiaries.

Net profit was impacted due to softening of realisation in the chemicals business compared to the elevated levels of Q4 last year and continued global weakness in the VSF business.

The Aditya Birla Group company reported tax expenses at Rs 417.7 m for Q4 against a tax write-back of Rs 4.1 bn.

Consolidated EBITDA for the quarter grew by 5% YoY to Rs 48.7 bn.

For the full year, Grasim recorded standalone profit at Rs 21.2 bn, falling 21.2% compared to the previous financial year. Revenue from operations for the year at Rs 268.4 bn was the highest ever, increasing by 28.7% over the previous fiscal.

In a meeting held on Friday, Grasim declared a dividend of Rs 10 per equity share for the financial year 2023.

With tailwinds of Indian economy gains momentum, Grasim could bet on to ride India's decade.

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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Indian Share Market Update: Top Gainers and Losers