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Sensex, Nifty Hit Fresh Record High | Metal Stocks Shine in Special Trading Session | Tata Steel, SAIL, JSW Steel Up 3%
Sat, 2 Mar Closing

Sensex, Nifty Hit Fresh Record High | Metal Stocks Shine in Special Trading Session | Tata Steel, SAIL, JSW Steel Up 3%

Indian share markets traded marginally higher throughout the special trading sessions today and ended on a positive note.

Both the benchmark indices Sensex and Nifty hit fresh record highs.

At the closing bell, the BSE Sensex stood higher by 71 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 40 points (up 0.2%).

Tata Steel, Tata Motors and JSW Steel were among the top gainers today.

NTPC, M&M and Sun Pharma, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,511, up by 61 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index rallied 0.7%.

Barring banking stocks, all sectoral indices ended in green with stocks in the metal sector, realty sector and pharma sector witnessing most of the buying.

Shares of Tata Investment, Siemens and Anand Rathi Wealth hit their respective 52-week highs today.

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The rupee is trading at 82.84 against the US$.

Gold prices for the latest contract on MCX are trading up by 1.6% at Rs 63,596 per 10 grams.

Speaking of stock markets, co-head of Research at Equitymaster Tanushree Banerjee talks about HUL and Dixon Technologies, in her latest video.

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Why Suven Pharma Share Price is Rising

Shares of Suven Pharma extended the rally today, jumping 5% on top of the 12% surge seen in the previous session following merger news with Cohance Lifesciences.

The transaction is expected to conclude over next the 12-15 months, subject to shareholder and regulatory approvals, the company said in a release.

Cohance is a contract development and manufacturing organisation (CDMO) and merchant Active Pharmaceutical Ingredient (API) platform with global leadership in select low-mid volume molecules as well as unique capabilities in the form of its antibody-drug conjugates (ADC) platform.

The merger is expected to establish Suven as a diversified CDMO and API leader in India, expanding its revenue base.

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Aurobindo Pharma Soars 4%. Here's Why...

In news from the pharma sector, Aurobindo Pharma stock soared 4% after the pharma company received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Fingolimod capsules, 0.5 mg, which are bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Gilenya Capsules, of Novartis Pharmaceuticals Corporation.

The product will be launched in March 2024.

Fingolimod capsules are indicated for the treatment of patients with relapsing forms of multiple sclerosis. The approved product has an estimated market size of $447.3 million for the twelve months ending January 2024, according to IQVIA.

Meanwhile, Aurobindo Pharma shares were trading lower a day before, on March 1, after the company received seven observations from the United States Food and Drug Administration (USFDA).

The USFDA inspected the injectable facility of Eugia SEZ Pvt Ltd, a 100% step-down subsidiary of Aurobindo Pharma Ltd, at Polepally Village in Mahaboobnagar district of Telangana, from 19 to 29 February.

The inspection closed with seven observations, which are procedural and need to be clarified within the stipulated time.

The stock has skyrocketed 130.5% in the last year and over 30% in the past month.

For more details, check out  5 Midcap Stocks that Could Turn into Largecaps in 2024.

Torrent Power Wins New Order

Moving on to news from the power sector, shares of Torrent Power soared 5% on BSE to Rs 1,172 in Saturday's special trading session after the company won power supply projects worth Rs 31.4 bn. All securities will trade with revised circuit limits of 5% today.

To meet the high power demand in the coming months, NTPCV Vidyut Vyapar Nigam (NVVN), a subsidiary of NTPC, has awarded a Rs 440 crore contract to Torrent Power, under which it will supply power from its gas-based power plant.

Under the agreement, 770 MW capacity has been contracted with a minimum of 388 MUs of guaranteed power to be supplied from March 16 to 30 June 2024, which may be further extended up to 15 July 2024.

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This contract has been given under the government's crunch period scheme to overcome high power demand during summer.

Separately, Torrent Power also won a Rs 27 bn award from Railway Energy Management Company (REMCL) to supply 100 MW renewable energy-based round-the-clock power, with or without storage, for 25 years.

Under the project, which will be commissioned within 24 months from the signing of the power purchase agreement, Torrent Power will install about 325 MW of renewable capacity.

NSE Crosses 90 Million Unique Investors Mark

Moving on, the National Stock Exchange (NSE), on Friday, said its unique registered investors have surpassed 90 million (m), with the latest 10 m additions taking place in just five months.

The investor base has seen a more than three-fold jump in the last five years, facilitated by rapid growth in digitisation, rising investor awareness, financial inclusion, and strong market performance.

Besides, the total number of client codes registered with the exchange reached 16.9 crore. This includes all client registrations done to date. Notably, clients can register with more than one trading member.

Unique investor registrations at NSE have seen an accelerating trend over the last few years. While the increase from 60-70 m unique investors took about nine months, the next crore investors came in eight months, and the jump from 80-90 m took only five months.

Daily new unique registrations have averaged between nearly 47,000 in October 2023 to 78,000 in January this year.

From the beginning of FY24 till 29 February this year, the Nifty 50 has given a return of 27%, while the Nifty 500 delivered a 38% return over the same period.

Top Equitymaster Stories You May Have Missed...

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To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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