Sensex Today Ends 123 Points Higher | HAL Gains 3% | ITC and HCL Tech Among Top Gainers

Tue, 30 May Closing

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After opening the day higher, Indian share markets continued their momentum as session progressed and ended higher for the fourth straight session.

Benchmark indices ended with gains after trading flat for most of the session. Investors remained cautiously optimistic which was aided by broad-based gains across sectors, on improved global cues after US lawmakers reached a tentative debt ceiling deal over the weekend.

At the closing bell, the BSE Sensex stood higher by 123 points (up 0.2%).

Meanwhile, the NSE Nifty closed up by 35 points (up 0.2%).

HCL Tech and Kotak Mahindra were among the top gainers today.

Hindalco and Tata Steel 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 18,731, up by 42 points, at the time of writing.

Broader markets ended higher. The BSE Midcap index and BSE SmallCap ended 0.2% higher.

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

On the other hand, stocks from the metal sector and energy sector witnessed selling pressure.

Shares of JK Cement and Cummins India 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 0.3%, while the Hang Seng was up 0.2%. The Shanghai Composite ended flat.

The rupee is trading at 82.7 against the US$.

Gold prices for the latest contract on MCX are trading 0.6% higher at Rs 59,839 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.2% at Rs 71,283 per kg.

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.

RVNL shares fall 4% today. Here's why...

In news from the engineering sector, shares of railway PSU firm Rail Vikas Nigam (RVNL) fell 4.6% to Rs 116 today.

The decline was seen after the firm reported a weak result for March 2023 quarter. The company reported a 5% YoY drop in consolidated net profit at Rs 3.6 billion (bn), compared to Rs 3.8 bn in the corresponding period last year.

For the March 2023 quarter, the company reported a revenue of Rs 57.2 bn, registering a decline of 11% YoY compared to Rs 64.4 bn in the year-ago period.

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the Q4 stood at Rs 3.7 bn, down 8.3% YoY compared to Rs 4.1 bn in the same period last year.

RVNL's board recommended a final dividend of Rs 0.36 per share for the financial year 2022-23 upon the approval of shareholders.

The dividend will be paid within 30 days of the date of its declaration at the company's meeting.

RVNL stands among the best railway stocks in India.

From April 2022 to April 2023, RVNL delivered a multibagger return of 204.2%.

The shares of RVNL saw a massive spike of 40% in 4 days in April 2023. To know what is driving the rally, check out our editorial- Railway stocks Zoom 40% in 4 Days! More details inside.

Rail Vikas Nigam is one of the 5 penny stocks with a high dividend yield.

Why Venus Remedies hit 20% upper circuit today?

Moving on to news from the pharma sector, shares of Venus Remedies hit the 20% upper circuit today after the company reported an over 4000% jump in its March 2023 quarter net profit.

The net profit for the March 2023 quarter stood at Rs 110 million (m), up 4700% YoY from Rs 2.3 m a year ago. Revenue climbed 9.3% to Rs 1.6 bn.

On the operating front, the company's EBITDA climbed 259.7% YoY to Rs 280.2 m from Rs 77.9 m in March 2022.

Venus Remedies, a well-known global supplier of anti-cancer drugs, recently received approval for two other anti-cancer drugs in the Philippines and Iraq. In the Philippines, the second-largest market in the Association of Southeast Asian Nations (ASEAN) region, Venus Remedies has received marketing approval for its drug bleomycin.

After obtaining product registration for gemcitabine, Venus made its debut in the Iraqi market. This expansion allows the company to expand its reach and bring valuable cancer medicines to patients in the region. The approval of Gemcitabine marks a breakthrough for Venus Remedies in building its presence in the Iraqi drug market.

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

Why DB Realty's share price is rising

Moving on to news from the realty sector, DB Realty's share price gained 4% as the company plans to divest its stake in subsidiaries.

The company executed a securities purchase agreement and deed of transfer of partnership interest on 29 May 2023 for the proposed disinvestment.

The company plans to divest its stake in Prestige (BKC) Realtors, in which its wholly owned subsidiary holding securities will represent 50% holding on a fully diluted basis.

DB Realty will also divest in Turf Estate Joint Venture, holding a 50% share of profit.

DB Realty will also divest in Turf Estate Joint Venture in Prestige (BKC) Realtors is approximately Rs 9.8 bn, which will be used for reducing the debt of the company and its related entities and making further investments.

In the divestment of Turf Estate, DB Realty will receive consideration of Rs 1.9 bn from the stake sale.

With the real estate industry reviving, the company expects its sales to increase, making it among the 5 smallcap stocks that could go bust in 2023.

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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