Nifty 50 Movement: Indices started the day at 17,759.55 and maintained a consistent upward trend throughout the session, eventually closing above the 17,800 level.
The Indian equity markets continued their winning streak for the eighth straight day on Wednesday, fueled by positive global signals
The IT sector remained stable in anticipation of its upcoming earnings releases, while healthcare and auto stocks remained popular among investors.
However, capital goods and FMCG shares struggled, experiencing a downturn during the trading session.
Global Markets:
Dow Jones Futures were up 77 points, indicating a positive opening in the US stocks today.
European shares showed progress, while Asian stocks closed with mixed results today, as investors eagerly await the release of crucial US inflation data. The Federal Reserves course of action in its tightening cycle is dependent on the outcome of this data.
On Tuesday, US stocks closed with a mixed performance in anticipation of the impending inflation data. The US consumer price index (CPI) for March is set to be released on Wednesday, followed by wholesale prices on Thursday.
Stocks in Spotlight:
TCS announced a consolidated net profit of Rs 11,392 crore for the quarter ending on March 31, 2023, indicating a YoY growth of 14.8%. This figure is an improvement from the Rs 10,846 crore reported in the previous quarter, ending December 2022. Despite the annual revenue growth exceeding expectations, the profit figures fell short of analysts’ projections. During the quarter, the company added 821 employees taking its total workforce strength to 614,795. IT services attrition on an LTM basis continued to trend down and was at 20.1%.
DivisLab experienced a notable surge of 10% in response to improved market sentiment and optimistic expectations of increased sales due to rising COVID-19 cases. Market analysts have expressed their belief that the worst for the pharmaceutical industry is now over, with trends in the US market indicating that the price erosion may have reached its peak. These positive developments have provided a boost to DivisLab and its peers, leading to renewed confidence in the industry’s outlook.
Adani Enterprises surged more than 2% following an announcement that one of its affiliates will take over the operation of its coal washeries. The company stated in an exchange filing that the affiliate will undertake the development, erection, and operation of the coal washeries, along with the coal handling systems, and all related incidental activities.
News from the IPO world?
Fintech firm BankBazaar.com plans to launch IPO
Nexus REIT plans to float Rs. 4,000 crore IPO in May
SEBI clears Rs. 6000 crore IPO of EbixCash
Day Leader Board
Nifty 50 Top Gainers
Stock
Change (%)
DIVISLAB
▲9.70%
BAJAJ-AUTO
▲2.60%
ADANIENT
▲2.50%
EICHERMOT
▲2.40%
DRREDDY
▲2.20%
Nifty 50 Top Losers
Stock
Change (%)
POWERGRID
▼-1.70%
NTPC
▼-1.40%
NESTLEIND
▼-1.10%
ULTRACEMCO
▼-0.80%
HINDUNILVR
▼-0.80%
Sectoral Performance
Top Sectors
Day change (%)
NIFTY HEALTHCARE
2.55%
NIFTY PHARMA
2.23%
NIFTY IT
1.06%
NIFTY AUTO
0.94%
NIFTY FIN SERVICES
0.61%
Advance Decline Ratio
Advance/Declines
Day change (%)
Advances
2036
Declines
1480
Unchanged
99
Numbers? that matter
Indices Name
Latest
% 1D
% YTD
Dow Jones (US)
33,685
0.3 %
1.7 %
10 Year Gsec India
7.2
-0.20%
-0.10%
WTI Crude (USD/bbl)
82
2.20%
6.00%
Gold (INR/10g)
60,281
0.70%
8.80%
USD/INR
82.05
0.10%
-0.80%
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