Sensex Today Zooms 491 Points | Nifty Ends Above 17,300 | SBI, ICICI Bank Top Gainers

Mon, 17 Oct Closing

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After opening the day on a negative note tracking SGX Nifty's trend, Indian share markets recovered as the session progressed and ended near day's high.

The benchmarks BSE Sensex and NSE Nifty gained for the second consecutive session despite mixed global cues.

However, globally the concerns persisted among investors about the impact of steep interest rates hikes on economic growth.

Shares of Electronics Mart India made a strong debut and listed at a 53% premium.

At the closing bell on Monday, the BSE Sensex stood higher by 491 points (up 0.9%).

Meanwhile, the NSE Nifty closed up by 126 points (up 0.7%).

SBI, NTPC, and ICICI Bank were among the top gainers today.

Hindalco, HCL Tech, and JSW Steel on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,309 up by 96 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended up by 0.4% and the BSE SmallCap index gained 0.1%.

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

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

Among the best bank stocks in India, ICICI Bank and Kotak Bank gained more than 1%. Banking stocks rallied today after HDFC Bank set the stage last week by reporting good quarterly results.

Shares of Federal Bank, Sun Pharma, and IDFC, hit their 52-week highs today.

Reliance, HDFC Bank, and HDFC Bank were among the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian stock markets ended on a mixed note. The Nikkei ended lower by 1.2%, while the Hang Seng was up 0.2%. The Shanghai Composite ended 0.4% higher.

The rupee is trading at 82.3 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 50,260 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 1.6% at Rs 56,131 per kg.

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According to Manish, China's decision to pivot has increased interest in India on a global scale. The fact that there is no scalable alternative makes the India tale even more alluring.

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In the news from the pharmaceutical sector, Biocon share price was among the top buzzing stocks today.

The share price of Biocon jumped 2% after it inked an out-licensing agreement with Yoshindo Inc.

Biocon Biologics, a subsidiary of Biocon, today announced a strategic out-licensing agreement with Yoshindo, a Japanese pharmaceutical company. It is to commercialize two of its pipeline biosimilar assets in the Japanese market.

Under the terms of the agreement, Yoshindo will have exclusive marketing rights in Japan for the two biosimilars developed and produced by Biocon Biologics.

This Ustekinumab and Denosumab will be commercialized for an addressable market opportunity of US$700 m.

Commenting on it, Deputy Chief Executive Officer of Biocon Biologics, Shreehas Tambe said,

• We are excited to partner with Yoshindo to commercialize two of our pipeline biosimilar products, bUstekinumab and bDenosumab, in Japan.
  
  Once approved, these products will expand our offering of affordable, high-quality biosimilars in the Japanese market and help address unmet patient needs in bone health and immunology therapy areas.

For this, Biocon will also receive an upfront license fee and some additional payment for achieving the milestone.

This partnership would further build upon the company's successful progress in its global development programs for these two biosimilar assets.

The clinical trials for these two products were started in the financial year 2022 and included in both phase-one and phase-three clinical trials, backed by pre-clinical CMC packages.

Biocon is India's largest and fully integrated innovation-led biopharmaceutical company. The company is engaged in the manufacture of biotechnology products and research services.

Due to the given market volatility and supply chain concerns, the share price of Biocon has been falling since the beginning of 2022. The share of the company is down over 26% so far this year.

Moving on to news from the media sector, PVR share price was also in focus today.

The share price of PVR falls 2% intraday on a wider-than-expected Q2 loss.

PVR, a leading multiplex chain operator today, reported a net loss of Rs 712.3 m, down 53% YoY from a loss of Rs 1.5 bn in the same quarter last year.

This was on the back of fewer crowds at movies and hitting ticket prices.

The revenue of the company grew to Rs 6.9 bn, up 470% YoY from Rs 1.2 bn a year ago.

EBITDA for the September quarter saw growth to Rs 1.7 bn from Rs 868 m, corresponding to the same quarter last year.

The multiplex chain is set to merge with rival INOX in an all-stock deal to become India's largest exhibition firm across 109 cities.

For the September quarter 2022, the company added fourteen screens across three properties and now operates 175 cinemas across 76 cities.

Moving on to news from the steel sector, JSW Steel share price was also in focus today.

JSW Steel today signed a memorandum of understanding with Smartex to explore low-emission ways of producing the alloy.

Smartex has launched the Financing Steel Decarbonization (FSD) initiative during the 2022 Climate Week in New York.

It will host a technical assistance facility for identified decarbonization projects' preparation and a blended technology debt fund for low-cost long-term financing solutions.

With this pact, the company has assigned many organizational goals to align our existing production facility with climate change mitigation and reduce CO2 emissions intensity by 42% by 2030.

The company is currently committed to remaining within the scenario of sustainable development proposed by the IEA (International Energy Agency).

To know what is moving the Indian stock markets, 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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