Adani Ports and SEZ stock price up on strong growth in numbers

Indian Markets:

• Nifty 50 Movement: After opening at 17,422.30, the Nifty 50 index marched higher as the session progressed to settle above the 17,550 mark
• Key equity benchmarks extended their rising streak for a fourth straight session on Wednesday. The market breadth was strong.
• The rally was led by firmness in IT, FMCG and financial shares.
• The Reserve Bank of India (RBI) kicked off its monetary policy meeting on 3 April 2023. The outcome of the meeting will be announced on Thursday, 6 April 2023. The RBIs monetary policy committee (MPC) is widely expected to hike the repo rate by 25 basis points (bps) in order to combat rising inflation.
• India’s gross domestic product (GDP) growth will likely soften to 6.3% in FY2024, as against earlier estimate of 6.6%, the World Bank stated in its India Development Update.

Global Markets:

• Shares in Europe and Asia were mixed on Wednesday. Investors digested a key U.S. labor report that showed job openings dropped to their lowest level in nearly two years in February, increasing the likelihood of a pause in rate hikes by the Federal Reserve.
• Meanwhile, data released today showed that German industrial orders soared 4.8% in February.
• Additionally, French industrial production rose 1.2% on the month in February, ahead of the 0.5% growth expected, and a significant improvement from the revised drop of 1.4% the prior month.
• Risk sentiments, however, continued to remain fragile with investors wary about the possibility of recessions on both sides of the Atlantic.
• US stocks snapped four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

Stocks in Spotlight:

• Larsen & Toubro (L&T) jumped 3.96% after the company announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured mega orders from a prestigious client in the Middle East. As per L&T classification the value of the orders is more than Rs 7,000 crore
• TATA Motors announced its partnership with Inchcape plc, a leading global automotive distributor, as their distributor for their commercial vehicles in Thailand. Through this partnership, Tata Motors will commence the sales and service of its commercial vehicles (CVs) across Thailand.
• Adani Ports and Special Economic Zone (APSEZ) rose 1.39% after the company said it handled about 32 MMT of total cargo in March 2023, implying a year-on-year growth of about 9.5%. For the first time since July 2022, the companys volumes crossed the 30-MMT mark.

News from the IPO world?

• Rashi Peripherals received SEBI’s approval to float IPO
• SEBI approves Cyient DLM IPO
• Healthvista India gets SEBI nod to float IPO

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter