Sensex trades marginally higher; Sun Pharma, Dr Reddy’s top gainers


The Nikkei is up 1.8% while the Shanghai Composite added 0.4%. The Hang Seng is up 1.6%.

In US stock markets, Wall Street indices ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the US economy’s contraction in the first quarter.

The Dow Jones rallied 1.9% while the Nasdaq zoomed 3.1%.

Back home, Indian share markets are trading on a positive note. Benchmark indices are off their day’s high but still trading in green.

Market participants are tracking shares of Wipro, Maruti Suzuki, Ultratech Cement, SBI Cards, and IndusInd Bank as these companies will announce their March quarter results today.

The BSE Sensex is trading up by 103 points. Meanwhile, the NSE Nifty is trading higher by 24 points.

Sun Pharma and Dr Reddy’s Lab are among thetop gainers today. Axis Bank, on the other hand, is among thetop losers today.

The BSE Mid Cap index is up 0.3% while the BSE Small Cap is trading on a flat note.

Sectoral indices are trading mixed with stocks in the auto sector and healthcare sector witnessing most of the buying.

Power stocks, on the other hand, are trading in red.

Shares of Reliance, CRISIL and Sun Pharma hit their 52-week highs today.

The rupee is trading at 76.56 against theUS$.

Gold prices are trading up by 0.6% at 51,570 per 10 grams.

Meanwhile, silver prices are trading up by 0.5% at 64,275 per kg.

Gold inched up as lower US Treasury yields outweighed pressure from an elevated dollar.

It’s headed for the biggest monthly drop since September on fears of aggressive interest rate hikes by the Federal Reserve.

Crude oil edged fell today as China’s Covid-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices.

In news from the semiconductor space, according to sources, the government will finalise the companies for semiconductor manufacturing under an incentive scheme soon.

So far, five firms have applied under the 760-bn semiconductor promotion scheme and the government is expecting more global firms to participate.

So it won’t be long when India will become a hub and Indian made semiconductors will be a reality.

By mid-May, the CEO of India Semiconductor Mission (ISM), will be appointed, after which the applications will be analysed and selected. Based on the recommendations of ISM, the Cabinet will decide the final firms for availing capital benefit.

As per sources, once there is a complete ecosystem of semiconductors in India, electronics firms will be required to source their chipsets locally. In case the chipsets are not made in India, firms can import but if the same type of chipset is manufactured in India, firms have to buy it locally only.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of semiconductors, note that TSMC is the largest contract manufacturer of semiconductor chips in the world. The company manufactures chips for major tech firms such as Apple, Nvidia, Intel, Qualcomm, etc.

It is also one of the most successful companies whose stock has been a big wealth creator.


View Full Image


Moving on to stock specific news…

PVR is among the top buzzing stocks today.

PVR Cinemas has entered into an exclusive tie up with Oma Cinemas, the premium auditorium concept created by noted French architect Pierre Chican, to roll out opera houses-inspired cinemas in India.

India’s leading cinema exhibition player made this announcement at CinemaCon 2022 in Las Vegas, the largest convention of the movie theatre owners from around the world.

PVR has been in touch with Oma Cinemas since close to two years and will start working on the pilot, which is expected to be ready within 18-24 months.

While financial details of the deal are yet to be disclosed, PVR will pay a one-time fee for each Oma Cinema they open.

Note that PVR recently launched Mumbai’s first rooftop drive-in theatre at Jio World Drive in Mumbai

PVR share price is currently trading up by 0.3%.

To know more, check out PVR’s financial factsheet and its latest quarterly results.

(This article is syndicated from

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments