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5 Factors Why Stock Markets Surged, Nazara Technologies Listing, and Buzzing Stocks Today

Wed, 31 Mar Pre-Open

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Indian share markets witnessed positive trading activity throughout the day yesterday and ended on a strong note.

Benchmark indices witnessed sharp gains with Sensex touching an intraday high of 50,172 and Nifty rising above 14,850-levels.

At the closing bell yesterday, the BSE Sensex stood higher by 1,128 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 337 points (up 2.3%).

UPL and JSW Steel were among the top gainers.

Hindalco and Axis Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 1.3%, respectively.

On the sectoral front, gains were largely seen in the metal sector, IT sector and healthcare sector.

Gold prices for the latest contract on MCX were trading up by 1.4% at Rs 44,178 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about how the Nifty could move this year, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

Top 5 Factors Why the Stock Markets Were Up Yesterday

US Fed Maintains Dovish Stance: The Federal Reserve is "a long way from raising interest rates at this point", Governor Christopher Waller said on Monday, reinforcing hopes that the central bank is ready to remain dovish as long as coronavirus woes linger.

Mutual Fund Buying Hopes: Market participants are of the belief that in the remaining couple of days of the current fiscal year, mutual fund managers will step up their stock buying to make sure the net asset value (NAVs) of their respective funds end on a higher note and this is fueling optimism in the stock markets.

Positive Global Cues: Major global markets rose yesterday and the positive sentiment spilled to the Indian bourses too.

Asian share markets ended higher yesterday with the Shanghai Composite closing up by 0.6%, while the Nikkei ended up by 0.16%. The Hang Seng ended higher by 0.8%.

Positive Macro Data in the US: Better than expected US GDP data and a decline in the unemployment claims reported last week have boosted stock market sentiments.

The number of Americans filing new claims for unemployment benefits dropped to a one-year low last week as economic activity rebounds after weather-related disruptions in February.

Gross domestic product increased at a 4.3% annualized rate, the Commerce Department said in its third estimate of fourth-quarter GDP growth.

Sectoral Gains: Market participants bought shares across the board with metal, healthcare and IT - all indices witnessing strong gains yesterday.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Top Stocks in Focus Today

Among the buzzing stocks today will be Adani Transmission.

Shares of Adani Transmission (ATL) hit a new high of Rs 924.4 yesterday as they rallied 6% on the BSE in intra-day trade on the acquisition of Warora-Kurnool Transmission (WKTL) from Essel Infraprojects.

The company said the acquisition was done at an enterprise valuation of Rs 337 billion.

As per the agreement, WKTL will develop, operate, and maintain transmission lines aggregating to around 1,750 circuit kilometres (ckt km). The two significant 765 kV inter-state transmission lines link Warora to Warangal and Chilakaluripeta to Kurnool via Hyderabad, with a new 765/400 kV sub-station at Warangal, and will be built and operated as a part of the agreement.

Dr Reddy's Laboratories will also be among the top buzzing stocks today.

As per an article in The Economic Times, pharma major Dr Reddy's Laboratories expects the Russian coronavirus vaccine Sputnik V to get approval from the Indian regulator in the next few week.

"We expect to get the approval in the next few weeks. It is a two dose vaccine. You take the first dose on day zero and the second one on day 21. The peak immunity develops somewhere between day 28 to day 42," Deepak Sapra, the company's CEO, APIs and Services, said.

Nazara Technologies Shares List at Over 80% Premium Over Issue Price

Nazara Technologies made a bumper market debut yesterday, as the shares listed at Rs 1,990 on the NSE, an 80.7% premium over the issue price of Rs 1,101. On BSE, the scrip got listed at Rs 1,971, a 79% premium.

The stock made a high of Rs 2,024.90 apiece, gaining almost 84% intraday over the issue price. However, the stock soon succumbed to selling pressure on account of profit booking and hit 20% lower circuit to Rs 1,592.00 on the NSE.

Nazara has become the first gaming company to list in India. The 10.8% stake ace investor Rakesh Jhunjhunwala holds in the company was worth Rs 6.6 billion at listing. In valuation terms, it has become his sixth largest stock bet.

Jhunhunwala did not participate in the offer for sale. He is believed to be sitting on huge gains on his mobile gaming investment. He had invested Rs 1.8 billion in the gaming firm in 2008.

The much-followed Rs 5.8 billion initial public offer (IPO), shares under which were sold between March 17, 2021, and March 19, 2021, was a big hit among investors.

The IPO received a whopping subscription of 176 times, which was the third biggest for an IPO with an issue size of over Rs 2 billion.

High Networth Individuals (HNIs) lapped up the issue, bidding for 390 times their quota limit. The portion reserved for qualified institutional bidders (QIB) was subscribed 104 times, and that for retail investors 75 times.

How the stock of Nazara performs in the coming time remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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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