Sensex Today Ends 274 Points Higher| Bharat Dynamics Soars 13% | Why Mazagon Dock Share Price is Rising

Tue, 11 Jul Closing

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After opening the day on a firm note, Indian share markets gave up the early gains as session progressed and ended the day higher.

Benchmark indices displayed a firm trend for the major part of the trading day led by gains in auto and IT shares. Index heavyweight Reliance too aided the up move. However, frontline indices pared gains towards the close on account of selling pressure in financial shares ahead of the key inflation numbers tomorrow.

At the closing bell, the BSE Sensex stood higher by 274 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 84 points (up 0.4%).

Sun Pharma, Maruti Suzuki and Apollo Hospital were among the top gainers today.

UPL, JSW Steel and HCL Tech 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 19,515, up by 59 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 1% higher while the BSE SmallCap ended 0.8% higher.

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

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

Shares of MRF and Bajaj Auto 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 marginally higher, while the Hang Seng ended higher by 0.9%. The Shanghai Composite ended higher by 0.%.

The rupee is trading at 82.37 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 58,899 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.2% higher at Rs 71,498 per kg.

Speaking of stock markets, PSU banking stocks have been in the news for a while now due to their impressive gains in the stock market.

Will they keep on rising or will we see a correction in these stocks?

Chartist Brijesh Bhatia answers the question in the below video.

Mazagon Dock shares jump 10%. Here's why.

In news from the defence sector, shares of Mazagon Dock Shipbuilders surged 8% today, hitting an all-time high, as the company is expected to get new orders which will help increase the company's depleting order book.

The Ministry of Defence is said to have cleared the procurement of three additional Scorpene or Kalvari class submarines ahead of the Prime Minister's visit to France.

The submarines will be constructed at the facility of Mazagon Dock Shipbuilders in collaboration with France-based Naval Group.

The deal is expected to be signed with the Naval group during PM Modi's visit on 13-14 July.

The contract value for these three additional submarines is expected to be around Rs 200-220 bn.

Mazagon Dock Shipbuilders is a Mini-Ratna-I status public sector undertaking (PSU) under the Ministry of Defence, Government of India.

The company has delivered multibagger returns in the last year. With an increase of over 400%, the stock stands out as one of the top performers in the BSE 500 index.

In one month, the defence shipbuilding company has logged gains of over 60%. To know what stands next for the company, check out why Mazagon Dock's share price is rising.

Mazagon Dock Shipbuilder's cash and bank balance of Rs 114.8 bn stands at 42.9% of its current market capitalization of Rs 267 bn, making it the top cash-rich midcap stock to add to your watchlist.

Zen Technologies bags big export order

Moving on to news from the IT sector, shares of Zen Technologies surged 14.9% to hit their one-year high price of Rs 488.4 in Tuesday's trade.

The stock rose sharply after the company announced that it has secured a significant order win in the export markets, valued at around Rs 3.5 bn.

On 6 July the company won an order from the Government of India valued at approximately Rs 1.6 bn.

The contract comes under the government's Indigenous Design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content.

Zen, with three decades of IP-based Design & Development (D&D) experience, stands poised to benefit from such initiatives.

The company designs, develops, and manufactures combat training solutions for the training of defence and security forces.

The group is the sole manufacturer in India of simulation training equipment and anti-drone systems.

It stands among the top Indian drone companies to watch out for in 2023.

India aspires to be a global drone hub by 2030. To know how you can participate in the drone revolution, check out our editorial - How you can unlock the profit potential in Indian drone stocks.

DCB Bank Partners Max Life Insurance

Moving on to news from the banking sector, Max Life Insurance has partnered with DCB Bank to provide a variety of life insurance products to the latter's customers.

Term, savings, and retirement plans will be offered under this partnership.

Through this collaboration, Max Life and DCB Bank will provide a variety of life insurance products to the Bank's customers, including term, savings, and retirement plans, allowing them to protect their financial future and expand their investment portfolio.

DCB Bank is a new-generation private sector bank with 427 branches across India with contemporary technology and infrastructure, including state-of-art Internet banking for personal and business banking services.

The business tie-up will offer Bank customers access to Max Life's protection and long-term savings solutions, offering financial stability for themselves and their families.

Check out Equitymaster's stock screener for screening India's top banking companies.

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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