Shoemakers take pole position

Nifty50: 17,200 ▲ 246 (+1.4%)
Sensex: 57,356 ▲ 776 (+1.3%)

Hello folks!

Markets today epitomised Newton’s third law of motion: Every action has an equal and opposite reaction. After yesterday’s fall, markets rebounded today by almost the same margin. Meanwhile, in cyberspace, as Elon Musk stepped into Twitter, #leavingtwitter was trending.

• The markets closed higher, mirroring gains seen on Wall Street on Monday. 
• In all, 42 of the Nifty50 stocks closed higher. 
• The crude oil market remains on a roller-coaster ride with US crude prices again crossing the $100 mark Tuesday.

All the Nifty sectoral indices closed in the green with Realty (+3.5%) and Auto (2.8%) gaining the most.

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What’s trending

⭐Biocon's shot in the arm 💉

Biocon's stock rose over 1% intraday after its subsidiary Biocon Biologics won a $90 million contract in Malaysia. The company will supply human insulin brand Insugen to the Malaysian health ministry.

⭐ Zydus rolls up its sleeves 💪 

Zydus Cadila's vaccine ZycovD has been approved for children over 12 years of age. ‘Needle-less’ to say, Zydus Lifesciences' shares ended 2.3% higher. The DCGI also granted emergency-use authorisation to Bharat Biotech's Covaxin and Biological E's Corbevax for children aged 6-12 years and 5-12 years, respectively. 

⭐Tatva Chintan’s big fall 🧪

Specialty chemicals company Tatva Chintan Pharma's shares dropped as much as 10% intraday after its net profit for the March quarter fell 17%. The profit was down because of a lower revenue and operating income growth.

⭐Veranda ka T.I.M.E. aa gaya! 📚

Edtech company Veranda Learning Solutions, which recently went public, has acquired leading test prep firm T.I.M.E. for ₹287 crore. The acquisition will happen in two phases – 80% in the first phase, and the remaining 20% after two years. Z

⭐ Eros takes the stage 🎥

Shares of Eros International Media rose 4.8% after its parent company Eros STX Global completed the sale of its subsidiary STX. It has also repaid outstanding debt of $152 million to JP Morgan. After the sale, the company has renamed itself as Eros Media World PLC. 

In Focus

Footwear stocks step up 👟

It seemed shoemakers couldn’t put a foot wrong today. Major players like Khadim India shot up over 16% and Liberty Shoes rose 8.6%, followed by Bata (3.3%).

Why the buzz? 

Sometimes, stocks from an IPO candidate's industry get a sentiment boost. The IPO of Campus Activewear, which opened for subscription today, could have rubbed off some of its charm on other footwear makers too.

In addition, the overall footwear market is expected to grow at a CAGR of 13.5% annually over the next three years due to growing consumer demand, brand awareness and high discretionary spending.

IPO corner

Investors are making a dash for the IPO of sports and athleisure brand Campus Activewear. On Day 1, the public issue was fully subscribed, with retail investors putting in bids for 1.6 times the shares allocated to them. Click here to apply for the Campus IPO on Upstox. 

Meanwhile, the IPO of hospital chain Rainbow Children's Medicare will open for subscription tomorrow. The price band for ₹1,581 crore IPO is ₹516-₹542 per share. Click here to pre-apply for this IPO on Upstox. 

Good to know

What is a block deal?

Block deals are large delivery-only share transactions with a minimum value of ₹5 crore, or five lakh shares of a listed company, which generally take place between institutional investors such as mutual funds or insurance companies. Such deals happen through a separate trading window in the first 35 minutes of the market opening and are not visible to the regular market. Investors often track block deals to judge sentiments and the interest of big investors in a stock.

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