Sensex Today Ends 390 Points Lower | Bajaj Finance Slips 4% | Adani Enterprises & Tata Steel Top Losers

Fri, 24 Mar Closing

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After making a flat start, Indian share markets fell sharply during closing hours and ended lower for the second straight session.

Benchmark indices witnessed selling in the fag-end of the session as investors digested amendments to Finance Bill, 2023.

Besides, selling in US index futures and European markets also weighed on the sentiment.

At the closing bell, the BSE Sensex stood lower by 398 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 132 points (down 0.8%).

Cipla, Kotak Mahindra and Infosys were among the top gainers today.

Bajaj Finance, Adani Enterprises and Tata Steel on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,915 down by 169 points, at the time writing.

Broader markets ended the day on a negative note. The BSE Midcap index fell 1.3% while the BSE SmallCap index ended 1.4% lower.

Sectoral indices ended the day on a negative note, with stocks in the metal sector, realty sector, telecom sector and energy sector witnessing selling pressure.

Shares of Siemens and Cyient hit their 52-week high today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Outside the home ground, Asian share markets ended on a lower note.

At the close in Tokyo, the Nikkei ended 0.1% lower, while the Hang Seng declined 0.7%. The Shanghai Composite ended lower by 0.6%.

The rupee is trading at 82.45 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 59,858 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.9% at Rs 70,830 per kg.

Speaking of Indian share markets, Harsha Upadhyaya is a big believer in the India story. He believes the way to go about making the most of it as an investor is to pick stocks using the Growth at Reasonable Price (GARP) approach.

In the latest episode of the investor hour podcast, Rahul Goel discusses Harsha Upadhyay's framework for picking stocks, position sizing and asset allocation. Further talking about how to detect and avoid fraudulent companies.

Tune into the video to know more:

Zen Technologies win big order

Defense training solutions firm Zen Technologies, on Friday, bagged a Rs 1.3 billion (bn) order from armed forces.

After setbacks faced in 2012 due to the cancellation of large tenders, they stopped participating in large tenders and have now made a complete turnaround over the last ten years.

However, the company believes that the next few years will be extremely positive, and it anticipates the signing of several more significant contracts soon.

Zen Tech believes that it will play a significant supporting role in the government's prestigious Agnipath initiative and efforts to modernize training. The induction of simulators into the armed forces is an example of this.

With the government's support, Zen is confident that it will continue to thrive and contribute to the country's progress.

The group is the sole manufacturer of simulation training equipment and anti-drone systems in India. Basically it's one of the top companies in the exploding drone market.

In 2023 so far (between 1 January 2023 and 2 March 2023), the stock has rallied 57%.

With 57% rally so far in 2023 it is among the top performing smallcap stocks of 2023 so far.

Lupin bags USFDA nod for generic medicine

Moving on to news from the pharma sector, share price of lupin rose 0.4% after the company received tentative approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA), obeticholic acid tablets.

It is used to decrease the production of bile in the liver and increase the removal of bile from the liver.

The approved ANDA is a generic equivalent of Ocaliva Tablets of Intercept Pharmaceuticals.

According to IQVIA MAT December 2022 data, Obeticholic Acid Tablets had estimated annual sales of US$ 255 million (m) in the US.

Lupin is a leading pharmaceutical company from India and is among the top 10 generic companies in the world.

Lupin, one of the top pharma companies in India, is losing its shine and has fallen it fell sharply in 2022. To know what triggered the fall, check out why Lupin share price is falling.

Emami's share buyback approval

Moving on to news from the FMCG sector, The board of directors of Emami on 24 March 2023 approved a buyback plan worth up to Rs 1.9 bn through the open market route.

The board gave the nod to buy back 4.1 m equity shares of the face value of Re 1 each at a maximum price of Rs 450 apiece.

The maximum buyback size represents 9.94% and 9.99% of the aggregate of the total paid-up equity share capital and free reserves of the company.

The company will utilise at least 75% or Rs 1.4 bn of the amount earmarked as the maximum buyback size. Further, the company will utilise a minimum of 40% or Rs 744 m of the amount earmarked for within the initial half of the six months of the opening of the Buyback.

Emami is one of India's leading FMCG companies engaged in manufacturing & marketing personal care & healthcare products. Emami is the flagship company of the diversified Emami Group.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers