Nifty50: 17,618 ▼ 41 (-0.2%)
Sensex: 59,567 ▼ 159 (-0.2%)
Dear reader,
Running a marathon is a feat in itself, but doing it in a saree? That's a whole new level of impressive! Madhusmita Jena Das, a UK-based Odia woman, set out to do just that at the recently held Manchester Marathon 2023.
With her red Sambalpuri handloom saree billowing behind her and bright orange sneakers to match it, she finished the race in 4 hours and 50 minutes. And she left onlookers in awe of her unique approach to showcasing her Indian heritage.
Twitter users were quick to notice and were soon abuzz with praise for her. Now, let’s move on to the markets, where bears are on the prowl.
- The markets declined for the third straight day.
- Out of the Nifty50 stocks, 31 stocks closed in the red.
- Subdued Q4 results weighing on market sentiments.
Among the Nifty sectoral indices, Metal (+0.5%) and Oil & Gas (+0.2%) were the top gainers, while IT (-1.7%) and Media (-1.7%) were the top losers.
| Top gainers | Today's change |
| BPCL | 342 ▲ 8 (+2.3%) |
| Divi’s Labs | 3,334 ▲ 64 (+1.9%) |
| Bajaj Auto | 4,265 ▲ 55 (+1.3%) |
| Top losers | Today's change |
| HCL Tech | 1,037 ▼ 26 (-2.4%) |
| IndusInd Bank | 1,118 ▼ 28 (-2.4%) |
| Infosys | 1,230 ▼ 28 (-2.2%) |
What’s trending
⭐ ICICI Lombard’s shares tank
Shares of the general insurer declined over 4% today. This was despite a 40% YoY rise in the net profit to ₹437 crore in the March quarter. The insurer's net premium earned also rose to ₹3,726 crore, a 12% YoY rise. Meanwhile, its combined ratio rose to 104.2% in Q4FY23 from 103.2% in the same quarter last year. This means that the company’s expenses and claims are higher than the premium earned.
⭐ Marksans Pharma expands capacity
The pharmaceutical company (+2.0%) acquired a manufacturing site from Tevapharm India. This will double the company’s capacity in India. It currently has a manufacturing capacity of 8 billion units per annum. The expansion will enable it to manufacture a wide range of oral solid dosage forms.
⭐ Zomato clarifies Blinkit status
Zomato (+1.1%) issued a clarification after reports claimed that its quick commerce service Blinkit was ‘temporarily unavailable’. This was in the wake of protests by delivery partners over the reported lowering of the payout. The company explained that it has made changes to the pay structure in the Blinkit business to address the delivery partners’ needs and reduce fraud. Some stores also had to be temporarily shut down.
⭐ Gold’s shine dims
Gold prices dipped in both domestic and international markets over fears of another rate hike by the US Fed Reserve in May. The street is expecting a 0.25% rate hike as the Fed continues its battle against inflation.
In Focus
Bucking the trend
The Indian markets are sailing through rough waters in 2023. The benchmark Nifty50 index is down over 2.5% this year. But, some stocks have managed to buck the trend and are trading at their fresh 52-week highs. Here’s a complete breakdown:
Nifty heavyweights
Out of the Nifty50 basket, shares of cigarette-to-FMCG major ITC and infra behemoth L&T have risen 20% and 6.3%, respectively. These stocks are at their respective new 52-week highs. Meanwhile, Axis Bank and Mahindra & Mahindra (M&M) are also on an upward trajectory.
Amid turbulent market conditions, investors seem to be gravitating towards defensive stocks like ITC. Recently, its shares reached a lifetime high, continuing the previous year's rally. Similarly, L&T shares have also witnessed strong traction, supported by a robust orderbook.
Shares of M&M also recently reached a 52-week high on the back of a strong demand for passenger vehicles. However, after moving upwards, they witnessed corrections.
Stocks that buck the trend
In terms of the broader markets, around 163 stocks have scaled to their respective 52-week highs so far in 2023. Capital goods sector tops the list with as many as 26 stocks hitting record highs, followed by automobile, metal, financial and chemical.
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Phrase of the day
Going Long
When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’. When should you go long, find out from this chapter What does going Long mean?
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