FIRST TRADE: Sensex rises nearly 190 pts, Nifty above 22,150; Dr Reddy's Labs up over 1%

Stock market today: Domestic blue-chip indices Sensex and Nifty edged higher on Thursday (March 28) on the final trading day of the financial year 2024, tracking Asian peers, while high volatility is expected ahead of monthly derivatives expiry. 

Last seen, the 30-scrip barometer rose 0.31 per cent or 225.83 points, to 73,222.14, and the NSE Nifty was up 76.55 points, or 0.35 per cent, to 22,200.2. 

"The upward directional move expected from early April has been confirmed by the strong 119 rally in the Nifty yesterday. The primary catalyst for the ongoing rally is the huge liquidity flows into the market. DIIs have pumped a massive Rs 24,373 crore into the market during the last seven trading days, imparting resilience to the market. Since flows into the market continue and are showing no signs of slowdown, a scramble for high-quality stocks with good growth prospects is likely. This was evident in the spurt in Reliance stock yesterday," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Dr. Vijayakumar added that a significant trend in the market is the steady performance of industrials like L&T, Siemens, Cummins, and ABB. This trend is likely to continue.

Further, Dr. Vijayakumar believes pharma is another sector that is on sound footing. It is important to note that the PSU Bank Index, which has given a stellar return of 90 per cent in FY24, has further potential to go up since there is valuation comfort in the segment.

Meanwhile, in the broader market, Nifty Mid Cap 100 and Small Cap 100 traded in positive territory for the fifth straight session. Nifty Bank was up 0.29 per cent at 46,923.85.'

BUZZING STOCKS

GOCL Corporation shares were up over 10 per cent after the company entered into a Memorandum of Understanding (MoU) with Squarespace Builders Private Limited for the monetisation of approx. 264.50 acres of land situated in Kukatpally, Hyderabad.

Dr Reddy's Laboratories shares were up over 1 per cent after the company entered into a distribution partnership with Sanofi Healthcare.

ICICI Securities shares were down over 3 per cent whereas ICICI Bank shares were up over 1 per cent after 72 per cent of public shareholders approved delisting, 68 per cent of individual investors were against delisting, and 84 per cent of institutional investors were in favour of delisting.

BHEL shares were up over 2 per cent after the company received an order from Adani Power worth Rs 4,000 crore.

PCBL shares were up over 2 per cent after the company's board approved the issuance of up to 1,60,00,000 warrants.

Conversely, IDFC First Bank shares were down over 2 per cent after 2.6 per cent equity changed hands via multiple block deals.

Alkem Laboratories shares were down over 2 per cent after the USFDA issued ten objections along with Form 483 after an investigation at the Baddi Plant.

GLOBAL MARKETS 

The yen languished near its weakest in decades on Thursday, though the threat of intervention from Japanese authorities kept investors leery of pushing the currency to a new low, while Asian stocks fell ahead of a key U.S. inflation reading.

Markets were largely rangebound ahead of Friday's much-anticipated U.S. core personal consumption expenditures (PCE) price index data, the Federal Reserve's preferred measure of inflation. Few markets will be open to digesting the new reading, however, given the long Easter weekend in many countries.

(With inputs from agencies.)

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.