Market at day`s high, Nifty near 17,800 level

The benchmark indices extended gains and hit the day`s high in afternoon trade. The Nifty traded near the 17,800 level. Pharma, healthcare and auto stocks were in demand while PSU bank, media and FMCG shares corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 188.81 points or 0.31% to 60,346.53. The Nifty 50 index added 76.30 points or 0.43% to 17,798.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.37% while the S&P BSE Small-Cap index advanced 0.60%.

The market breadth was strong. On the BSE, 2,120 shares rose and 1,281 shares fell. A total of 115 shares were unchanged.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

Economy:

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy`s gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

COVID-19 Update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.

Gainers & Losers:

Divi`s Laboratories (up 9.02%), Bajaj Auto (up 2.91%), Dr. Reddy`s Laboratories (up 2.82%), Adani Enterprises (up 2.56%) and Asian Paints (up 1.79%) were the top Nifty gainers.

Nestle India (down 1.18%), Power Groid Corporation of India (down 0.93%), IndusInd Bank (down 0.85%), NTPC (down 0.79%) and BPCL (down 0.77%) were the top Nifty losers.

Adani Enterprises advanced 2.56% after the company announced that it has incorporated a wholly-owned subsidiary, Pelma Collieries (PCL) for carrying out coal washery related business. The company incorporated Pelma Collieries on 7 April 2023, with an initial authorised share capital of Rs 10 lakh and paid-up share capital of Rs 5 lakh.

Nestle India declined 1.18%. The company announced that its board of directors today (12 April 2023) has declared an interim dividend of Rs 27 per share for the year 2023. The total dividend payout for the company would be Rs 260.32 crore.

Stocks in Spotlight:

HDFC Bank gained 1.19% after the bank announced that its board will meet on 15 April 2023 to consider raising funds worth Rs 50,000 crore via perpetual debt instruments through private placement mode.

Delta Corp rose 1.22%. The gaming and casino firm`s consolidated net profit grew by 6.36% to Rs 51.17 crore on 4.05% increase in revenue to Rs 227.16 crore in Q4 FY23 over Q4 FY22.

The company`s income from casino gaming division was at Rs 214.46 crore (up 1.8% YoY), online skill gaming division was at Rs 47.41 crore (up 11.47% YoY) and hospitality division stood at Rs 16.07 crore (up 29.81%), during the period under review.

Sula Vineyards surged 10.78% after the company said that its own brands sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time. The company`s own brands sales stood at Rs 104.3 crore in Q4 FY23, recording a growth of 15% from Rs 90.7 crore posted in the same quarter a year ago. Wine tourism business jumped 18% to Rs 12.4 crore in quarter ended 31 March 2023 as against Rs 10.5 crore reported in Q4 FY22.

Bharat Heavy Electricals added 0.42% and Titagarh Wagons gained 1.42%.The consortium of BHEL and Titagarh Wagons has received an order for supply of 80 nos. sleeper class Vande Bharat trains. The consortium also has undertake comprehensive maintenance of the same for 35 years in accordance with the terms and conditions of the agreement. The trains have to be supplied within a period of 72 months and the contract has been awarded at the rate of Rs 120 crore per train.

Global Markets:

Shares in Europe and Asia advanced on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve`s path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

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