The domestic equity benchmarks ended a volatile session near the day's high on Wednesday, rising for the eighth trading session. The Nifty settled above the 17,800 level after hitting the day's low of 17,717.25 in early trade. Healthcare, pharma and IT shares saw buying demand while PSU bank, media and FMCG stocks saw a bit of selling pressure.
As per closing data, the barometer index, the S&P BSE Sensex rose 235.05 points or 0.39% to 60,392.77. The Nifty 50 index added 90.10 points or 0.51% to 17,812.40. In eight consecutive sessions, the Sensex jumped 4.82% while the Nifty climbed nearly 5.08%.
In the broader market, the S&P BSE Mid-Cap index gained 0.57% while the S&P BSE Small-Cap index advanced 0.41%.
The market breadth was strong. On the BSE, 2,085 shares rose and 1,414 shares fell. A total of 116 shares were unchanged.
IT major, Tata Consultancy Services (TCS) advanced 0.87% ahead of Q4 results today.
Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.
The Indian stock market, which has been performing well in recent months, could face a significant setback if the number of covid cases continues to rise. Traders were also keeping an eye on the government's response to the situation, as any measures taken to control the spread of the virus could have a direct impact on the stock market.
COVID-19 update:
India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, the highest number of COVID-19 cases in seven months according to the Union Health Ministry data updated on Tuesday.
Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.
Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.
Economy:
The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.
Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy's gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.
The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.
Stocks in Spotlight:
HDFC Bank gained 1.22% announced that its board will meet on 15 April 2023 to consider raising funds worth Rs 50,000 crore via perpetual debt instruments through private placement mode.
Delta Corp rose 0.71%. The gaming and casino firm's consolidated net profit grew by 6.36% to Rs 51.17 crore on 4.05% increase in revenue to Rs 227.16 crore in Q4 FY23 over Q4 FY22.
The company's income from casino gaming division was at Rs 214.46 crore (up 1.8% YoY), online skill gaming division was at Rs 47.41 crore (up 11.47% YoY) and hospitality division stood at Rs 16.07 crore (up 29.81%), during the period under review.
Sula Vineyards surged 9.81% after the company said that its own brands sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time. The company's own brands sales stood at Rs 104.3 crore in Q4 FY23, recording a growth of 15% from Rs 90.7 crore posted in the same quarter a year ago. Wine tourism business jumped 18% to Rs 12.4 crore in quarter ended 31 March 2023 as against Rs 10.5 crore reported in Q4 FY22.
Bharat Heavy Electricals lost 0.26% while Titagarh Wagons rose 0.80%.The consortium of BHEL and Titagarh Wagons has received an order for supply of 80 nos. sleeper class Vande Bharat trains. The consortium also has undertake comprehensive maintenance of the same for 35 years in accordance with the terms and conditions of the agreement. The trains have to be supplied within a period of 72 months and the contract has been awarded at the rate of Rs 120 crore per train.
Adani Enterprises advanced 2.37% after the company announced that it has incorporated a wholly-owned subsidiary, Pelma Collieries (PCL) for carrying out coal washery related business. The company incorporated Pelma Collieries on 7 April 2023, with an initial authorised share capital of Rs 10 lakh and paid-up share capital of Rs 5 lakh.
Nestle India declined 1.28%. The company announced that its board of directors today (12 April 2023) has declared an interim dividend of Rs 27 per share for the year 2023. The total dividend payout for the company would be Rs 260.32 crore.
Paras Defence and Space Technologies added 1.66% after the company's subsidiary, Paras Anti-drone Technologies has entered into Memorandum of Understanding (MoU) with Spacekawa Explorations (Kawa Space) for indigenous development.
Adani Transmission declined 1.17%. The company said that its subsidiary Adani Electricity Mumbai (AEML), in the last two years, has increased the share of renewable energy (RE) procurement from 3% to 30% at end of 31 March 2023. The regulatory asset base (RAB) of the company increased to Rs 7,479 crore in FY22 from Rs 5,607 crore, at a CAGR of 10.10%.
Container Corporation of India (CONCOR) rose 1.45% to Rs 600.55 after the company said that total throughput increased by 4.71% to 11,19,034 twenty-foot equivalent units (TEUs) in Q4 FY23 from 10,68,721 TEUs recorded in Q4 FY22.
Global Markets:
Shares in Europe and Asia advanced on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.
US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.
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