Markets move upwards

Nifty50: 18,314 ▲ 111 (+0.61%)
Sensex: 61,963 ▲ 234 (+0.38%)

Howdy, friends!

We’ve covered some bizarre stories in the past, but boy, do we have a tale for you! In order to avoid arrest, a speeding driver in Colorado tried to switch places with his dog after being pulled over.

The police officer making the stop had a front-row seat to the entire spectacle, witnessing the suspect's desperate attempt to place his furry friend behind the wheel while clumsily attempting to climb over to the passenger side. According to the police department, the driver showed clear signs of intoxication, which explains a lot.

Now let's switch gears and talk about another kind of switcheroo – it seems like the bulls have taken the driver's seat in the market. Let's buckle up and dive in.

• Markets continued their upward trajectory to close above 18,300
• In all, 34 of the Nifty50 stocks closed in the green
• US debt ceiling talks to resume after impasse

Among the Nifty sectoral indices, Metal (+3.1%) and IT (+2.49%) were the top gainers, while Bank (-0.1%) and Media (-0.09%) were the top losers.

What’s trending

⭐ TCS bags ₹15,000 crore order

IT services and consultancy giant TCS (+2.2%) has secured an advance purchase order from telecom operator BSNL for the deployment of a 4G network across India. The order valued at ₹15,000 crore, will be executed by a consortium of companies led by TCS.

⭐ Glenmark Pharma reports losses

Shares of the pharmaceutical company dropped 3.0% today after it reported a consolidated net loss of 428.3 crore for Q4FY23. In its filing, the company declared an exceptional loss ₹799.7 crore on account of a legal settlement related to generic Zetia in the U.S. Its consolidated revenue for the quarter grew 11.7% YoY to ₹3,373 crore, up from ₹3,019 crore. The board has recommended a dividend of ₹2.50 per share. 

⭐ Narayana Hrudayalaya’s profit zooms

Shares of the healthcare service provider showed a sharp rise of 6.9% today after the company reported a 151% YoY growth in profit for Q4FY23 at ₹173.2 crore. The exceptional growth is attributed to an increase in patient footfalls along with improvements in speciality and payor mix, said the company. Its consolidated operating income also grew by 29.9% YoY to ₹1,221.6 crore.

⭐ Oil inches up

Oil prices witnessed a modest uptick this morning, based on a combination of factors such as a weakened dollar and supply reductions implemented by Canada and OPEC+ producers. Brent crude futures saw a 0.2% increase, reaching $75.72 per barrel, while U.S. West Texas Intermediate crude also rose by 0.2% to $71.84 per barrel.

In Focus

Why are Adani Group shares surging?

Shares of Adani Group’s flagship company—Adani Enterprises—were up over 19% today. Similarly, shares of Adani Wilmar soared around 10%. Adani Ports (+6.4%), Ambuja Cement (+5.7%), ACC (+4.9%), Adani Power (5.0%), Adani Transmission (+5.0%), Adani Green (4.9%), Adani Total Gas (5.0%) and NDTV (+5.0%) also witnessed strong traction. 

So, what’s the reason behind this rally? Let’s find out. 

Report boost 

A Supreme Court-appointed panel said on Friday that it is not possible to conclude whether there has been regulatory failure regarding stock price manipulation. This is seen as a big relief for Adani Group companies. Experts believe that it will reduce concerns of further inquiries against the group. 

Remember, shares of the Adani Group companies had witnessed a massive sell-off after a US-based short seller Hindenburg Research had levelled serious allegations including stock price manipulation in January this year.

Cutting debt 

In the wake of the falling share price, there were concerns raised over the Adani Group’s debt. So, in a bid to quell these concerns, Adani Group has been repaying debt in advance to free up the pledged shares. ICYDK, promoters of companies borrow money from lenders by keeping shares as collateral. This is called pledging of shares.

Big investment

Besides this, the Adani Group was able to raise money by selling its stake in four companies. It sold stakes in Adani Enterprises, Adani Ports, Adani Transmission and Adani Green Energy to the  US-based investment firm GQG Partners for ₹15,446 crore. And according to reports, GQG could further increase its stake in Adani Group companies. 

So, the SC-appointed panel report has provided much-needed relief to Adani Group companies. However, it remains to be seen whether this rally sustains.

Powerful buying made simple!

Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.

Benefits of MTF:

🔹 Get 2X leverage on equity delivery orders

🔹 Borrow up to ₹25,00,000 at a time

🔹 Hold stocks bought via MTF for up to 365 days.

Why consider option trading?

📉Because they’re always in style - bullish, bearish, neutral or volatile
💰They’re cost-effective
💸And you can know the profit or loss beforehand

Get detailed dope on all this here Why Consider Options

Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.