Markets open higher: Cipla, Adani Power, CDSL to remain in focus in today's trade

Indian markets opened positive with 0.4% gains on NIFTY 50 and 0.3% on Sensex. The early gains on the NIFTY50 is led by Reliance (+0.9%), LT(+0.3%), Bajaj Finance (+0.77%), Axis Bank (+0.5%) and Adani Ports (+1.3%).

The Asian markets are trading mixed with the Japanese benchmark index, trading nearly 1% higher, while the Chinese and Hong Kong markets are trading at 0.3% lower. The US markets pared some early gains to close 0.4% lower ahead of key macroeconomic numbers to be released on Friday.

On the commodities front, Brent crude oil prices have cooled off from the recent highs of $87 per barrel mark and are currently trading at $84.9 per barrel, lower by 0.7%. Gold prices are trading stable on the MCX at ₹66,101 levels.

The momentum continues in broader indices as NIFTY midcap 100 and NIFTY smallcap 100 opened 0.5% higher on Wednesday Morning. The midcap index has gained 6.5% from its recent lows, while the smallcap 100 index has gained nearly 8% from the recent lows, showing a strong recovery in broader indices.

Stocks in Focus

CDSL: According to the media reports, Standard Chartered Bank plans to sell its entire 7.1% stake in one of the largest depository companies in India. Following this, CDSL shares are trading at 5.7% lower on the NSE.

Cipla and Sanofi India: The two companies have announced a partnership for the distribution of Sanofi India’s six central nervous system (CNS) products in India. Following this, shares of Sanofi India are trading 2.5% higher at ₹7,905 apiece on the NSE.

In a separate exchange filing, Cipla announced receiving merger approval in the US of its wholly owned step-down subsidiary Cipla Technologies LLC into Cipla USA Inc. Shares of Cipla are trading flat at ₹1,473 apiece on the NSE.

Angel One: The brokerage firm has opened its QIP to raise ₹2000 crore through qualified institutional investors. The floor price for the QIP is set at ₹2,555 apiece. Shares of Angel Broking are trading 0.3% lower on the NSE.

Adani Power: The company has received approval from the Competition Commission of India (CCI) for a 100% acquisition of Amarkantak Power. Following this, shares of Adani Power are trading 2.7% higher at ₹536 apiece.

Indian hotels: The hospitality firm has infused $6.5 million in its Netherland-based subsidiary IHOCO BV. The shares of Indian Hotels are trading 1.7% higher at ₹577 apiece on the NSE.