Indices Rally, Nifty Ends Above 22,300; Auto, Pharma, Metals Shine

The Indian stock market ended on a positive note on March 28, 2024 but off day’s high. At close, Sensex added 655 points at 73,651.35 while Nifty was up 203 points at 22,326.90.

All the sectoral indices ended in the green with auto, healthcare, metal, power, capital goods up 1 percent each. Oil & gas, Information Technology, Bank, Realty and FMCG added 0.5 percent each.

Around 1,809 stocks advanced and 2,014 declined while 115 stocks remained unchanged.

Top Nifty50 Gainers

Top Nifty50 Losers

Stock Movers

GOCL Corp

Squarespace Builders and the Hinduja Group-led company have entered into an agreement for the sale of a piece of land worth Rs 3,402 crore. GOCL Corp will monetize approximately 264.50 acres of land at Kukatpally, Hyderabad, where 32 acres are under a joint development agreement (JDA). The monetization will occur over a period of 18 months in tranches, subject to fulfilling any covenants.

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Bajaj Finance

Following reports that subsidiary Bajaj Housing Finance was planning to go public with a valuation of $9-10 billion, the share price of Bajaj Finance gained over 4 percent. The move aims to meet the RBI’s mandatory requirement for “upper layer” NBFCs to list within three years of being notified. According to the current regulatory timeline laid out by the RBI, Bajaj Housing Finance has to list by September 2025.

VIP Industries

The stock price of VIP Industries surged over 13 percent after the luggage maker shared its growth strategy. In an investor presentation on March 27, VIP Industries highlighted its key goal of achieving double-digit revenue growth from Q4FY24. It also set an EBDITA ambition of 15 percent growth from H2FY25 onwards. The company aims to enhance its market share in the luggage space from H1FY25 onwards. Additionally, VIP Industries announced plans to expand its portfolio to include premium options, targeting new customers at various price points. Moreover, the company is optimizing its inventory to reduce debt and interest costs.

Asian Markets

Japan stocks fell the most among Asian markets Thursday, while Australian stocks hit a record high, helped by a boost from mining shares. The Japanese yen remained near 34-year lows. Japan’s Nikkei 225 fell 1.46% to 40,168.07, while the broader Topix shed 1.73% to close at 2,750.81, according to a CNBC.com report.

European Markets

European markets were higher Thursday morning, bouncing back from lackluster momentum earlier this week. The Stoxx 600 index was up 0.23 percent. FTSE was up 0.34 percent at 7958.09 while CAC was up 0.56 percent at 8251.08. German DAX rose 0.14 percent at 18503.91.

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