Latest Stock Market News

The Nifty Pharma index was trading 0.48 per cent down at 12427.35.

Adani Enterprises Ltd. and Adani Transmission Ltd., two companies of Gautam Adani’s group, have received approval to raise up to $2.6bn in a Qualified Institutional Placement. The board of the flagship company, Adani Enterprises, approved up to $1.5bn, while Adani Transmission can seek up to $1.1bn via similar means. The shares of Adani Group were hit by allegations of accounting fraud and stock manipulation by US short-seller Hindenburg Research earlier this year. The move to raise funds comes as the group looks to win back investors and continue its comeback strategy.

As of 31-Mar-2023, promoters held 58.42 per cent stake in the company, while FIIs held 27.09 per cent and domestic institutional investors had 2.72 per cent.

The stock quoted a 52-week high price of Rs 1028.75 and low of Rs 656.1.

Bharti Airtel is expected to benefit from a migration of subscribers from Vodafone India and Bharat Sanchar Nigam Limited in India, according to analysts. Bharti Airtel, along with Reliance Jio Infocomm, are likely to gain as the sector consolidates. The sector is moving away from three to four fights to a duopoly, the analysts from Prabhudas Lilladher said. The telecoms industry lost 1.1 million net wireless subscribers in February, according to regulator TRAI, but Jio and Bharti each gained a million.

The Nifty50 started the week with a bullish candle and up move, with muted pace for most of the week was witnessed. It eventually closed higher by 1.34% or 166 points at 18,311 levels.

Six Indian stocks, including Bharat Heavy Electricals, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Manappuram Finance, Canara Bank and Punjab National Bank, have been placed under a futures and options (F&O) trade ban. The F&O contracts of a stock are placed in this ban period when the open interest on it is higher than 95% of the market-wide position limits or MWPL. The ban continues until the open interest falls below 80%.

The S&P BSE Sensex rose over 100 points and Nifty50 closed above 18300 on Monday, as the Indian market tracks mixed global cues. The India VIX dropped by 2.78%, which is reassuring for buyers in the marketplace. The weekly maximum call OI is placed at 18300 and then towards 18500 strikes, while the maximum put OI is placed at 18200 and towards 18300 strikes.

From the Sensex pack, Tata Motors was the top gainer, rising 5% after the firm reported a net profit of Rs 5,407 crore for the March quarter against a loss of Rs 1,032 crore in Q4FY22. Asian Paints, Power Grid, L&T, Nestle, Infosys, HUL and Tech Mahindra also opened higher.

“I am a believer that loyalty does not give you the royalty. I may be loyal to the firm, but I have to do my hard work and contribute to the success of the response we have,” says Bala, as he is fondly addressed, in a conversation with ETMarkets.