Nifty50: 14,736 ▼ -7 (-0.0%)
Sensex: 49,771 ▼ -86 (-0.1%)
The markets opened on a weak note today and largely remained weak. However, the buying interest seen in the last hour of trade helped the benchmark indices recover nearly all their losses, with gains witnessed in 30 of the Nifty50 stocks.
Among the sectoral indices, the Nifty Realty (+2.7%) and Nifty IT (+1.8%) posted the strongest gains, while the Nifty Bank (-1.6%) and Financial Services (-1.1%) were the top losers.
| Top gainers | Today's change |
| Adani Ports | ▲ 5.2% |
| Tech Mahindra | ▲ 2.5% |
| Britannia | ▲ 2.5% |
| Top losers | Today's change |
| IndusInd | ▼ 4.2% |
| Power Grid | ▼ 3.3% |
| ICICI bank | ▼ 2.2% |
Here are the top stories of the day.
Adani Green soars on project win
- The shares of Adani Green were locked in their 5% upper circuit and hit their lifetime high after its subsidiary won a 300 MW wind power project from the Solar Energy Corporation of India.
- With the new order, Adani Green’s total renewable capacity stands at 15,165 MW, of which 3,395 MW is operational.
NMDC raises iron ore prices
- The country’s largest iron ore miner has raised prices of lump and fine ore by 5% and 2.4%, respectively.
- The price cut undertaken by the company in February was quite steep, and the markets were expecting a partial rollback in prices. The stock gained 2.1% today.
RailTel surges after securing order
- The PSU information and communications technology (ICT) infrastructure provider has received an order worth ₹153 crore from Central Coalfields. The order involves setting up an MPLS-VPN network of higher bandwidth on a rental basis for five years.
- The stock zoomed over 7% today, after having slipped for the last six trading sessions. It made its market debut in February and delivered nearly 50% returns to date.
KNR Construction bags large road project
- The Hyderabad-based construction company has bagged a ₹1,101 crore road construction project in Karnataka. The project involves four-laning of a part of the Bengaluru-Mangaluru highway and is scheduled to be completed in 24 months.
- The stock rose marginally intraday but closed 0.3% lower. However, it has risen 26% so far this year.
Closing bell
In line with the major Asian indices, the Indian markets traded in the negative territory for most of the day. However, defensive sectors such as FMCG, pharmaceuticals and IT helped to bring some relief. One way to interpret the rise in the defensive sectors is that there could be a perceived weakness in the broader markets. This was evident from the decline in the stocks of banks and financial services companies. Sector rotation could be the order of this week.
Good to know
What is K-shaped recovery?
Following a recession, different sectors of the economy may recover at different rates, times, or magnitudes. Such a recovery is called a K-shaped recovery. It is called so because the path of different parts of the economy when charted together, may diverge, resembling the two arms of the letter "K."
Yay ? or ? Nay?
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!
Disclosures and Disclaimer
Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.