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Sensex Today Zooms 700 Points, Nifty Above 17,200 | ICICI Bank & HCL Tech Top Gainers | Nestle Shares Surge 3%
Fri, 31 Mar 10:30 am

Sensex Today Zooms 700 Points, Nifty Above 17,200 | ICICI Bank & HCL Tech Top Gainers | Nestle Shares Surge 3%

Asian share markets are trading higher today as global share markets are headed for a second-straight quarterly gain, underscoring investor optimism in the face of banking turmoil and elevated interest rate.

The Nikkei is up 1.1% while the Hang Seng is trading higher by 0.8%. The Shanghai Composite is trading higher by 0.2%.

Wall Street indices rose on Thursday as technology-related shares extended their recent strong run, while regional US bank shares fell as the Biden administration proposed stronger measures to help reduce risk.

The Dow Jones Industrial Average ended 0.4% higher while the tech heavy Nasdaq Composite was up 0.9%.

Here's a table showing how US stocks performed on Thursday:

Stock/IndexLTPChange ($)Change (%)Day HighDay Low52-Week High52-Week Low
Dow Jones32,589.03141.430.43%32,905.8032,682.8735,492.2228,660.94
Source: Equitymaster

Back home, Indian share markets are trading on a positive note tracking the trend of SGX Nifty and global markets.

At present, the BSE Sensex is trading higher by 666 points. Meanwhile, the NSE Nifty is trading up by 183 points.

Nestle and ICICI Bank are among the top gainers today.

Sun Pharma and ITC on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up 1% and the BSE Small Cap index is trading higher by 1.5%.

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Sectoral indices are trading on a positive note. Stocks in the telecom sector and energy sector witness most of the buying.

Shares of Bosch and Ultratech Cement hit their 52-week high today.

The rupee is trading at Rs 82.21 against the US dollar.

In the commodity markets, gold prices are trading higher by Rs 164 at Rs 59,480 per 10 grams.

Meanwhile, silver prices are trading higher by 0.4% at Rs 72,085 per 1 kg.

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...

Speaking of stock markets, in 2022, the Indian Space Research Organisation (ISRO) turned 50. The institution's R&D activities over last 5 decades were reasonably secretive, if not obscure.

They were certainly not in the realm of commoners like us to track. So, space related commercial activities were almost unthinkable. But in the last few years, things changed. And dramatically so.

Most of the changes germinated in the space startups. But how many private Spacetech companies have you heard of apart from SpaceX? Well, if you haven't heard of many, be prepared for it now.

In the below video, Co-head of research at Equitymaster, Tanushree Banerjee talks about India's spacetech stocks in the making.

Wipro expands Managing Director's role

Badri Srinivasan, Wipro's managing director of Southeast Asia, will also lead its India business, the company announced on Thursday.

Srinivasan will replace previous country head Satya Easwaran, who had assumed the role last April at one of the best IT companies in India.

Satya Easwaran, country head for India, has decided to pursue opportunities outside the organisation.

Srinivasan joined Wipro in January 2022 and led the consolidation of transformational engagements with clients as managing director of Southeast Asia.

He is a member of the board of Wipro's strategic subsidiaries and acquired entities in Asia (Capco, Rizing and Designit), and a member of its global leadership team.

Speaking of Wipro, Under the current circumstances, Wipro is one of the worst-hit Indian IT stocks.

In the past one month, Wipro share price has fallen around 6.4%. This week, on 29 March 2023, shares of Wipro hit a new 52-week low of Rs 355.


Sectoral headwinds for the IT sector continue to hurt Wipro share price. To know more, read our editorial on why Wipro share price is falling.

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Bharat Electronics signs new contract

The Ministry of Defence has signed 10 contracts totalling Rs 54.9 billion (bn) with state-owned aerospace and defence company Bharat Electronics for Indian armed forces, the PSU said in a regulatory filing to the stock exchanges on Thursday.

For Indian Air Force, a contract was signed to supply 90 units of electronic warfare (EW) suite equipment for medium lift helicopter.

Another contract for Akash Missile System was signed for the maintenance of two quadrons. It is a medium-range surface-to-air missile (SAM) system, developed by DRDO and manufactured by Bharat Electronics.

The Akash Missile system can target aircraft up to 30 km away and has the capabilities to neutralise aerial threats like fighter jets, cruise missiles and Air-to-Surface Missiles.

For the Indian Army, contracts for Automated Air Defence Control and Reporting System (Project Akashteer) and Instant Fire Detection and Supressing System IFDSS for T 72 were signed.

Further, for Indian Navy, contracts for Software Defined Radio (1,265 units), HD VLF HF Receiver (1,178 units), and Sarang (12 units), were also signed.

Three more projects were signed with Indian Navy -- INS-SA, CMS for P17 and P28, Varuna EW.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

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Promoters increase stake in Quess Corp

Promoter Fairbridge Capital (Mauritius) has raised its stake in Quess Corp by acquiring 4.5% stake through the reverse book building process.

The global investment firm acquired 66,00,000 shares of the company at Rs 384.99 apiece, aggregating to Rs 2,540 m.

Another promoter Ajit Isaac acquired 65,000 shares of the company through the open market.

As of December 202, Fairbridge Capital held 29.61% stake in Quess Corp, while Ajit Isaac held 11.4% stake. The total promoter holding in the company stood at 51.9%.

Promoters increased their stake in the company, whereas mutual funds are selling their stake. Aditya Birla Sun Life Mutual Fund sold 0.8% stake at Rs 383.79 a share. The fund house held 3.2% stake in the staffing services provider as of December 2022.

ICICI Prudential Life Insurance Company sold 0.9% stake at Rs 385 a share. The life insurance major held 3.4% stake in the company at the end of December quarter.

Foreign portfolio investor Smallcap World Fund Inc sold 1.9% stake at Rs 385 a share. The FPI held 4.3% stake in Quess Corp as of December 2022.

To know what's moving the Indian stock markets, 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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