Sensex, Nifty50 edge up in morning trade: Metal, pharma sector stocks rise

• India’s benchmark indices Sensex and Nifty50 edged up in morning trade on Wednesday amid positive global cues.
  
• The largely-positive sentiment was visible in the Nifty50 index, with 40 out of 50 stocks in the green.
  
• Metal, pharma and consumer durable sectors were amongst the top gainers.

India’s benchmark indices Sensex and Nifty50 edged up in morning trade on Wednesday amid positive global cues. The largely-positive sentiment was visible in the Nifty50 index, with 40 out of 50 stocks in the green. Metal, pharma and consumer durable sectors were amongst the top gainers.

SGX Nifty, an early indicator of how the markets may perform, was up 0.6% or 98 points early in the morning today.

Both the benchmark indices were up 0.4% – while Sensex gained 200 points to edge up to 58,100, Nifty50 was up 66 points at 17,110.


Source: NSE, March 15, 2023

Earlier on Tuesday, markets witnessed heightened volatility to end the fourth consecutive day in red. Sensex closed 0.58% lower at 57,900 while Nifty50 lost 0.65% to close at 17,043.

Markets rebound on inflation print in line with expectations

Markets in the US rebounded on the inflation print coming in line with expectations, while concerns of a wider contagion due to the collapse of Silicon Valley Bank and Signature Bank eased.

Dow Jones Industrial Average rose 1.06% while S&P 500 logged in gains of 1.68%. The tech-heavy Nasdaq closed 2.14% in the green.

Mirroring the smart uptick in the US markets, markets in Asia were all positive on Wednesday morning, led by Hang Seng and KOSPI which were up 1.8%. Taiwan Weighted gained 0.84% while Shanghai Composite was up 0.62%. Nikkei 225 gained 0.28%.

Stocks to watch

Bharti Airtel: The Sunil Mittal-led telco has eliminated the base ₹99 plan from its prepaid offerings in all the 22 circles. Airtel’s entry-level plan now costs ₹155 across the country.

Reliance Industries: Its retail arm, Reliance Retail, has received approval from the Competition Commission of India in respect to the acquisition of Metro Cash & Carry. Additionally, its telecom arm Reliance Jio has launched a new postpaid plan starting at ₹399, offering unlimited free 5G data.

RailTel: Bagged an order worth ₹288 crore from Centre for Development of Advanced Computing for supply, installation, integration, testing and commissioning of IT infrastructure in New Delhi and Bengaluru.

Cipla: To sell a 51.8% stake in its Ugandan subsidiary to Africa Capitalworks for $25-30 million.

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