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Gift Nifty Down 153 Points | Capital Goods Index Breaks Records | Tata Tech & BMW Group's JV | Top Buzzing Stocks Today
Wed, 3 Apr Pre-Open

Capital Goods Index Breaks Records | Tata Tech & BMW Group's JV | Top Buzzing Stocks Today

Indian share markets turned negative on Tuesday as the session progressed and ended the day lower.

Benchmark indices took a breather on Tuesday weighed by profit booking in heavyweights like ICICI Bank, L&T, Infosys, Kotak Bank, Bharti Airtel, TCS and HCL tech.

At the closing bell on Tuesday, the BSE Sensex closed lower by 110 points.

Meanwhile, the NSE Nifty closed higher by 2 points.

Bajaj Auto, M&M and BPCL were among the top gainers.

Hero MotoCorp, Kotak Mahindra and ICICI Bank on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day on positive note. The BSE Mid Cap ended 1.1% higher and the BSE Small Cap index ended 1.2% higher.

Sector indices are trading on mixed, with stocks in realty sector, metal sector and oil & gas sector witnessing buying. Meanwhile, stocks in It sector, telecom sector and media sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.7% higher at Rs 68,805 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the Gift Nifty was trading 153 points lower at 22,453 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

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Speaking of stock markets, initiatives like sea links, multi-modal connectivity, dedicated freight corridor, logistics parks, drone deliveries and e-commerce policies are expected to offer massive long-term tailwinds to key logistics players in the country.

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Top buzzing stocks today

CAMS share price will be in focus today.

Shares of CAMS rallied over 5% around mid-day after it was reported that the company will manage the issuance of all digital insurance policies.

In an exchange filing on 2 April, CAMS said that the IRDAI (Insurance Regulatory and Development Authority of India) has mandated the issuance of insurance policies by insurance companies in electronic form with effect from 1 April.

Choice International will also be a top buzzing stock.

Share price of Choice International zoomed more than 5% intraday on 2 April after the company subsidiary secured a Rs 5.2 bn project.

Choice Consultancy Service, a subsidiary of Choice International, announced the winning of a project for the development of a solar plant for Jodhpur Vidyut Vitran Nigam in a joint venture partnership with Solar91 Cleantech.

Capital Goods Index Achieves Historic Outperformance

The BSE Capital Goods index climbed unprecedented heights, outstripping the Sensex by a significant margin in FY24.

With an impressive 80% surge over the past year, the index has eclipsed the benchmark's 25% gain, marking the highest level of outperformance in 18 years.

Keeping up a trend, the capital goods index recorded the longest streak of outperformance in FY24, when it raced ahead of the Sensex for the fourth consecutive year.

Yet, in terms of actual rate of outperformance, last fiscal ranks second only to FY06, when the BSE Capital Goods index delivered an outperformance of 82%, clocking an annual return of 156%, higher than 74% for the BSE bellwether.

On April 2, the Capital Goods index hit a new all-time high of 62,370, with a gain of 0.7%. Heavyweight stocks like L&T played a pivotal role in driving this surge.

Other prominent players in the league included BEL, Laxmi Machine Works, Carborundum Universal, Hindustan Aeronautics, Thermax, ABB India, and Siemens India. All of these scaled their fresh life highs on the day.

Tata Tech & BMW Group's JV

Tata Technologies jumped 7.12% after the company announced the signing of an agreement to form a Joint Venture (JV) with the BMW Group for developing automotive software and business IT solutions.

The JV would establish automotive software and IT development hubs in Pune, Bengaluru and Chennai in India.

The main development and operations activities shall be established in Bengaluru and Pune. In Chennai, the focus shall be on business IT solutions.

The JV will leverage Tata Technologies' digital engineering expertise and talent pool in India to contribute to the BMW Group's strategic expansion of software coding capabilities across global IT hubs and 24/7 operations.

The JV will focus on strategic software development, including solutions for software-defined vehicles (SDV).

In automotive software, the focus will be on automated driving, infotainment, and digital services. In business IT, the emphasis will be on digitalization and automation of product development, production and sales.

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From the inception of this JV, 100 trained and experienced Tata Technologies professionals will ensure robust and immediate contributions to software projects. The JV is likely to grow quickly to a four-digit number in the following years.

The execution of the JV agreement is subject to review and approval by the relevant authorities.

Oil Breaks Above US$ 88

Global oil benchmark Brent rose above US$ 88 a barrel for the first time since October on Tuesday as oil supplies faced fresh threats with more Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.

Brent futures for June delivery were up US$ 1.29, or nearly 1.5%, at $88.71 a barrel by 0912 GMT. US West Texas Intermediate (WTI) crude futures for May rose US$ 1.3, or about 1.6%, to US$ 85.01.

Ukraine struck one of Russia's biggest refineries on Tuesday with a drone 1,300 km from the front lines in Ukraine, which Russia initially said it had repelled.

Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with a spate of Ukrainian attacks on its oil refineries and has mounted attacks on Ukrainian energy infrastructure.

In the Middle East, meanwhile, Iranian President Ebrahim Raisi said Iran will retaliate for a suspected Israeli air strike against its consulate in the Syrian capital Damascus.

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

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