Nifty50: 17,670 ▲205 (+1.1%)
Sensex: 59,276 ▲ 708 (+1.2%)
- Led by gains in banking and power companies, the market closed on a higher note.
- In all, 40 of the NIfty50 stocks closed in the green.
- This week, the foreign investors have turned net buyers. This not only has provided fresh liquidity to the markets but has also acted as a sentiment booster.
Among the Nifty sectoral indices, PSU Bank (+3.9%) and Realty (+2.3%) were the top gainers, while Pharma (-0.03%) and IT (-0.07%) were the top losers.
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| Top gainers | Today's change |
| NTPC | ▲ 5.7% |
| BPCL | ▲ 4.2% |
| Power Grid | ▲ 3.9% |
| Top losers | Today's change |
| Hero Motocorp | ▼ 2.1% |
| Tech M | ▼ 0.7% |
| Divi's Lab | ▼ 0.6% |
For more updates on F&O, click here.
Here are the top stories of the day.
Auto makers see subdued tractor sales in FY22
Top Indian tractor makers witnessed flat-to-negative growth in sales in FY22. Escorts said its tractor sales in FY22 fell by 11.7% year-on-year to 94,228 units, while auto major Mahindra and Mahindra's farm equipment sales remained flat at 3,54,698 units.
Escorts witnessed a sharp 18% decline in March sales, which it attributed to a continued slowdown in commercial demand and a high base. Meanwhile, both the companies remain optimistic about FY23, owing to increased budget allocations to rural and agri sectors, substantial increase in agri exports, and positive initial monsoon forecasts.
ATF prices surge again
As per reports, jet fuel prices were increased by 2% on Friday. The latest hike in ATF price comes on back of the steepest ever hike of 18.3% on March 16. Jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.
ATF, which almost makes up for around 40% of the airlines' running costs, has been touching new highs. In seven hikes from 1 January 2022, ATF prices have been increased by almost 50%. Meanwhile, the price of crude oil has dipped below $100 per barrel and is on track for the biggest weekly loss in two years. Shares of airline operators had a mixed response today, with Spicejet closing higher, while Indigo ended slightly lower.
NCC rise sharply on sale of subsidiary
Shares of infrastructure firm NCC rose 11% after it announced the sale of its urban infra arm—NCC Vizag Urban Infrastructure—to real estate group GRPL Housing for ₹200 crore. NCC Vizag Urban will cease to be NCC's subsidiary after the sale process.
The payments to NCC will be made in four instalments. The first instalment was paid on 31st March 2022, while the last payment will be made on 31 March 2023. Not withstanding today’s jump, shares of NCC have fallen about 16% in the last three months.
IPO corner
On the third day, the IPO of steel products maker Hariom Pipe Industries was subscribed more than 1.8 times, led by the retail portion which was subscribed over 4 times. Meanwhile, the institutional and HNI portions of the issue remained undersubscribed.
Good to know
What is a financial year?
A financial year is a one-year period in which companies and governments calculate how money is being earned, spent, etc. In India, this year period starts from 1 April and ends on 31 March. Financial reports, external audits and tax filings are based on the company's financial year.
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