Lupin gets USFDA approval, G R Infraprojects bags new order & more

Nifty50: 18,856 ▲ 40 (+0.2%)
Sensex: 63,523 ▲ 195 (+0.3%)

Namaste, friends!

You may have seen the countless photographs pouring in today from people practising yoga asanas in unexpected places. From bustling city squares to scenic countrysides, people around the globe celebrated World Yoga Day. With this energising reminder to stay connected with our inner yogis, let’s now turn our minds to the markets for today.     

• Benchmark indices closed at record highs, with the Sensex hitting its all-time high
• In all, 26 of the Nifty50 stocks closed in the green
• Rupee appreciated by 7 paise to close at 82.02 against the dollar, supported by easing crude oil prices

Among the Nifty sectoral indices, Financial Service (+0.6%) and Media (+0.5%) were the top gainers, while Metal (-0.9%) and FMCG (-0.4%) were the top losers.

What’s trending

⭐ Lupin gets USFDA approval

Pharmaceutical company Lupin’s share jumped over 6% today after the company received USFDA approval for its Tiotropium Bromide Inhalation Powder, which is used to treat respiratory diseases. As per IQVIA, this drug has annual sales of over $1.2 billion in the US market. 

⭐ Residential real estate sales to grow

Despite a rise in interest rates in the last fiscal year, residential real estate developers are expected to see an 8-10% growth in sales for this fiscal, as per CRISIL. The agency also noted that sales by large listed real estate developers rose by almost 50% YoY last fiscal in value terms, while the area sold increased around 20%. The Nifty Realty index is up 19% so far this year.

⭐ G R Infraprojects bags new order 

Shares of G R Infraprojects rose over 4% intraday. This comes after the company secured a new order worth ₹1,085 crore from National Highways Authority of India (NHAI). The project involves construction of a four-lane highway in Uttar Pradesh to be executed in two years.  

⭐ HMA Agro IPO sees slow response  

The public issue of HMA Agro Industries was subscribed 55% on the second day of the issue. The IPO of frozen food exporter is receiving slow and steady response from investors, with the retail portion being subscribed 38%. Click here to know more and apply for this IPO. 

In Focus

Markets hit all-time high

After nearly seven months, Indian markets have hit a fresh all-time high. Both Sensex and Nifty ended at record closing highs today, led by gains in heavyweight stocks like the HDFC twins, TCS and Reliance Industries. What were the reasons behind this rise? Let’s find out. 

Strong domestic factors 

Indian markets started this year on a slow note amid weakness in the US and EU economies. However, strong domestic macroeconomic indicators, including easing inflation (4.25% in May 2023 vs 4.7% in April 2023) and a sharp rise in India's GDP in the March quarter (6.1% YoY growth in Q1 2023) have boosted market sentiments. 

Furthermore, a sustained rise in manufacturing activities and better-than-expected corporate results  for the March quarter have improved the outlook for the Indian markets. 

Return of FIIs

Besides this, foreign investors (FIIs) turned net buyers in the past few months, which also added to investors’ confidence. So far in 2023, FIIs have pumped in ₹53,469 crore in the Indian markets compared to last year’s net outflow of over ₹2.1 lakh crore.

As a result, the Nifty 50 has gained 4.1% so far this year. Meanwhile, the Sensex is up 4.4%. Experts believe that if the monsoon doesn’t play spoilsport, then the rest of the year is likely to be robust for Indian equities.       

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