The domestic equity barometers ended with significant gains after a volatile session on Tuesday, extending gains for the seventh trading session. The Nifty settled above the 17,700 level. Metal, banking and financial services shares advanced while IT, consumer durables and realty stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex rose 311.21 points or 0.52% to 60,157.72. The Nifty 50 index added 98.25 points or 0.56% to 17,722.30. In seven consecutive sessions, the Sensex jumped 4.42% while the Nifty climbed nearly 4.55%.
In the broader market, the S&P BSE Mid-Cap index advanced 0.40% while the S&P BSE Small-Cap index gained 0.62%.
The market breadth was strong. On the BSE, 2,257 shares rose and 1,287 shares fell. A total of 115 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.42% to 11.98.
Buzzing Index:
The Nifty Metal index rose 1.76% to 5,668.25, extending gains for the fourth day in a row. The index surged 3.48% in four trading sessions.
JSW Steel (up 3.65%), Tata Steel (up 2.48%), Jindal Steel & Power (up 2.44%), NMDC (up 2.26%) and Ratnamani Metals & Tubes (up 1.57%), Hindalco Industries (up 1.48%), Vedanta (up 1.06%), National Aluminium Company (up 1%), Welspun Corp (up 0.89%) and APL Apollo Tubes (up 0.51%) advanced.
On the other hand, Jindal Stainless (down 2.4%) and Hindustan Zinc (down 0.24%) edged lower.
Vedanta added 1.06%. The mining company said the Supreme Court (SC) has granted permission to Vedanta to carry out upkeep of its Sterlite copper unit at Tuticorin in Tamil Nadu. Separately, Vedanta announced that its board will meet on Thursday, 13 April 2023, to consider the proposal for issuance of non-convertible debentures on a private placement basis.
Stocks in Spotlight:
State Bank of India (SBI) gained 1.06%. The Executive Committee of the Central Board is scheduled to have a meeting on 18 April 2023 to consider long term fund raising in single / multiple tranches of up to US$2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible foreign currency during the Financial Year 2023-24.
Life Insurance Corporation of India (LIC) rose 0.30% after the life insurer announced the appointment of Ratnakar Patnaik as chief investment officer (CIO) and Pratap Chandra Paikray as chief risk officer (CRO) of the corporation with effect from 10 April 2023.
Bank of Baroda rose 2.80% after the state-run lender announced that it will be revising its Marginal Cost of Funds Based Lending Rate (MCLR) from 12th April 2023. Separately, the state-run bank informed that as of 31 March 2023, its total business crossed Rs 21 lakh crore milestone. Total business of the bank grew by 16.8 % YoY to Rs. 21.77 lakh crore.
Radico Khaitan fell 2.66%. According to the latest figures released by the company, Magic Moments Vodka has surpassed the 5 million cases mark in sales in FY2023, an increase from the 3.8 million cases sold in the previous year. This marks a YoY growth of 31.5% for the popular vodka brand. 8PM Premium Black Whisky has also achieved a noteworthy milestone, selling over 3 million cases in the financial year 2023. This is a significant increase from the 2.1 million cases sold in the previous year, representing a growth of 42.8%.
Trident jumped 8% after the firm announced production update for March 2023. In the home textile division, production of bed linen improved to 3.12 million metres (MM) in March 2023, registering a growth of 8.33% from 2.88 MM recorded in the same period last fiscal.
Star Health and Allied Insurance Company jumped 3.95% after the insurer's gross direct premium improved to Rs 12,950.9 crore in March 2023, registering a growth of 13% as against Rs 11,463.5 crore reported in March 2022.
Ugro Capital fell 0.63%. The NBFC announced that its board has approved raising of funds through issuance of equity shares aggregating upto Rs 240 crore to Danish Sustainable Development Goals Investment Fund K/S, on a preferential basis. Meanwhile, The company said that it is simultaneously raising up to Rs 101 crore from long term shareholders like insurance companies, AIF, and other financial institutions through a qualified institutions placement (QIP) of up to Rs 101 crore.
Separately, the board of directors of the company has approved the opening of QIP of equity shares of face value Rs 10 each with the floor price of Rs 149.54 per share. The firm's board has authorised and declared the opening of the issue on Wednesday, 10 April 2023.
Shilpa Medicare zoomed 12.01% after the drug maker said that it has received U.S Food and Drug Administration (US FDA) final approval for its abbreviated new drug application (ANDA), Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis.
Global Markets:
Shares in Europe and Asia advanced on Tuesday.
Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea's central bank held rates for the second consecutive time.
China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).
U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.
Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
