SGX Nifty Trades Flat | Axis Bank Joins Rs 3 Trillion Club | LIC Hikes Stake In Tech Mahindra | Top Buzzing Stocks Today

Thu, 8 Jun Pre-Open

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On Wednesday, Indian share markets continued their momentum as session progressed and ended the day 0.6% higher.

Benchmark indices ended higher led by FMCG stocks ahead of the Reserve Bank of India's monetary policy decision and on hopes of an interest rate pause by other major central banks.

At the closing bell on Wednesday, the BSE Sensex higher by 350 points (up 0.6%).

Meanwhile, the NSE Nifty closed up by 127 points (up 0.7%).

Britannia, BPCL and Nestle were among the top gainers.

Cipla, M&M and Maruti Suzuki, on the other hand, were among the top losers.

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

Broader markets ended on a positive note. The BSE Midcap index and BSE SmallCap ended 1.1% higher.

All sectoral indices ended higher with stocks in the metal sector, capital goods sector and realty sector witnessing most of the buying.

Shares of Nestle and Bajaj Auto hit their 52-week highs on Wednesday.

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...

The rupee was trading at 82.53 against the US$.

Gold prices for the latest contract on MCX were trading marginally flat at Rs 59,985 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the SGX Nifty was trading up by 15 points or 0.1% higher at 18,827 levels.

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

Speaking of stock markets, PFC share price was on a roll over the last three quarters. In fact, it has almost doubled in that period.

So, will the bull run continue? Or will the rally come to an end?

Chartist Brijesh Bhatia explains what the charts say about the stock in the below video.

Top Buzzing Stocks Today

Venus Remedies will be among the top buzzing stocks today.

Venus Remedies, on Wednesday, received good manufacturing practices (GMP) certification from Ukraine for its Carbapenem and oncology production facilities in Baddi, Himachal Pradesh.

Tata Consumer will also be in focus today.

Tata Consumer Products' share price gained over 2.5% on Wednesday, a after the company announced its plan of expanding into new categories in the annual general meeting.

Axis Bank crosses Rs 3 Trillion milestone

Axis Bank became the fifth Indian lender to cross Rs 3 trillion (tn) market capitalisation after its shares hit a fresh record high. The stock gained for ten out of eleven sessions and rose nearly 7% during this period.

Earlier, HDFC Bank, ICICI Bank, State Bank of India and Kotak Mahindra Bank have touched this milestone.

Axis Bank is the third largest private sector bank in India, with a balance sheet size of Rs 13.2 tn on March 2023. The bank acquired Citi consumer banking portfolio effective March 2023 for Rs 116 bn wherein around Rs 270 bn of retail assets and Rs 400 bn of liabilities have come on Axis Bank's books.

Axis Bank expects the cost of funds to catch up from Q1FY24, which should lead to some margin pressures.

Axis Bank's share price took a beating on the bourses in January 2023, falling 3% in a week. To know why, check out why Axis Bank share price is falling.

LIC hikes stake in Tech Mahindra

Life Insurance Corporation of India (LIC), on Wednesday, increased its stake in Tech Mahindra to 8.88%.

It previously held an 8.07% stake in the company, as per the quarterly shareholding data.

The insurance giant acquired additional shares in the IT major through open market purchases between 11 November 2022 and 6 June 2023.

LIC bought Tech Mahindra shares at an average cost of Rs 1,050.77 apiece.

Earlier on 25 May 2023, the life insurer increased its holding in two stocks, namely, Tata Power and Bata India.

Since listing, shares of LIC have been following one trend - going down. To know why, check out Why LIC share price is falling.

Zydus Lifesciences to market tadalafil tablets

Zydus Lifesciences on Wednesday received final approval from the United States Food and Drug Administration (USFDA) for Tadalafil Tablets USP (20 mg).

The product will be manufactured at the group's formulation manufacturing facility in Moraiya, Ahmedabad. Tadalafil relaxes the muscles of the blood vessels and increases blood flow to particular areas of the body. It is used to treat pulmonary arterial hypertension and improve exercise capacity in men and women.

According to IQVIA data, Tadalafil Tablets USP, 20 mg, had annual sales of US$ 61 m in the United States.

In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing Largecap stock of 2023 so far.

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

Allcargo Logistics' stake sell

Allcargo Logistics, the largest integrated player in the private sector, on Wednesday, through its subsidiary Transindia Real Estate will sell the Jhajjar logistics park and 10% in other parks to global private equity giant Blackstone.

The logistics park in Jhajjar will be sold at an enterprise value of approximately Rs 6.3 bn.

The company is a real estate firm demerged from Allcargo Logistics. It is engaged in the development and leasing of industrial and logistics parks and commercial space and holds other real estate assets.

Also, the company will divest its 10% stake held in Malur Logistics & Industrial Parks for an equity consideration of Rs 600 m.

After the divestments, Transindia Real Estate will receive over Rs 4 bn. This infusion of capital will support Transindia's growth plans, enhance its financial capabilities, and enable strategic investments in new opportunities.

The proposed divestment is subject to the finalisation of commercial terms between the parties involved and will also require shareholders' approval and other statutory approvals/compliance, as applicable.

Earlier, the company had announced the divestment of its equipment business, thereby bringing focus entirely on the real estate business in line with its long-term strategy.

With operating India's widest and strongest network of Container Freight Stations (CFS) and Inland Container Depots (ICD), it stands among the top logistics stocks in India.

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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