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The benchmark indices continued their downward momentum, ended the session in red.
Indian equity markets indices Senex and Nifty stayed under selling pressure for a fourth consecutive day ending Wednesday’s session on a negative note.
At the closing bell on Wednesday, the BSE Sensex closed lower by 386 points (down 0.4%).
Meanwhile, the NSE Nifty closed 113 points lower (down 0.4%).
Power Grid Corp, HUL, NTPC among the top gainers today.
Tata Motors, Bharat Elec, UltraTech Cement on the hand, were among the top losers today.
For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster’s Bank Nifty Companies list.
The BSE MidCap index ended 0.8% lower and BSE SmallCap index ended 0.5% lower.
Sectoral indices were trading negative on Wednesday with stocks in realty sector and auto sector witnessed selling pressure.
Speaking of stock markets, Research Analyst at Equitymaster, Raul Shah highlights the volatility in Motilal Oswal Financial Services’ profit numbers, which have swung dramatically in recent years.
Despite these swings, he stresses that the company’s core business has grown impressively at 32% annually.
He recommends separating the operating business and investment book to get a clearer valuation of the company’s true worth. He believes the financialization trend in India offers long-term growth potential, making the company a strong player despite market risks.
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Top buzzing stocks today
HCL Tech shares price will be in focus today.
Shares of HCL Tech came into focus after the company announced that it had extended its long-standing digital transformation contract with one of the top producers of trucks, buses, construction equipment, industrial and marine engines, and complete transport solutions worldwide, with its headquarters located in Gothenburg, Sweden.
Swan Defence shares will also be a top buzzing stock.
Shares of Swan Defence surges 5% after the company signed a memorandum of understanding (MoU) with Royal IHC, the European offshore oil & gas vessel leader. Under the MoU, the partners will combine their expertise, infrastructure, and geographical advantages to design, build, and retrofit offshore oil and gas and other types of vessels.
L&T Inks Deal for Fighter Jets
Shares of Larsen & Toubro (L&T) came into focus after the company signed a strategic agreement with Bharat Electronics Limited (BEL) to jointly support the Indian Air Force’s Advanced Medium Combat Aircraft (AMCA) programme.
L&T Chairman stated that the partnership with Bharat Electronics Limited (BEL) is a significant step towards modernizing India’s defence capabilities. He expressed pride in working with BEL to deliver advanced technologies for the Indian Air Force, highlighting that their combined efforts will enhance national security and promote self-reliance in defence technologies.
In accordance with the agreement, the consortium will reply to the Expression of Interest (EoI) from the Aeronautical Development Agency within the next few weeks.
To support India’s fifth-generation fighter aircraft initiative, the partnership combines BEL’s strength in defence electronics with L&T’s capabilities in aerospace and defence platforms.
Under the government’s Atmanirbhar Bharat vision, the action is viewed as a crucial step towards developing India’s domestic defence manufacturing.
Both companies previously worked together on the Light Combat Aircraft project, providing mission-critical avionics and aero-structure modules. They are now expanding on that collaboration to provide the Air Force with cutting-edge platforms.
IdeaForge Partners with First Breach Overseas
Shares of IdeaForge Technology (IF) came into focus after it has entered a joint venture (JV) agreement with First Breach Inc. (FB) to set up JV for manufacturing drones in U.S.
IF and FB will each own 50% of the proposed joint venture, which will be incorporated under the name First Forge Technology Inc.
Each of both companies will be able to propose two directors to the JV’s board.
As per the agreement, IF will obtain its 50% share by licensing specific technology, know-how, and intellectual property. FB will pay cash for its 50% share.
Using IF’s technology and FB’s infrastructure and market access, the new company will concentrate on licensing, designing, producing, assembling, marketing, and selling IdeaForge Technology Inc. unnamed aerial vehicles (UAVs).
In the Indian unmanned aircraft systems (UAS) market, Ideaforge Technology (ideaForge) is the industry pioneer and leading player. Across India, it had the biggest operational deployment of domestic UAVs.
Mazagon Dock to Develop New Shipyard
Shares of Mazagon Dock Shipbuilders came into focus after the company have signed a memorandum of understanding (MoU) with Guidance Tamil Nadu to investigate the establishment of a top-tier greenfield shipyard on the eastern coast of India.
The Tamil Nadu nodal organisation for facilitating and promoting investment is Guidance Tamil Nadu.
The Indian Ministry of Ports, Shipping, and Waterways has developed a 25-year strategic plan called Maritime Amrit Kaal Vision 2047. By 2047, it hopes to make India a major maritime force on a worldwide scale.
Over the next 25 years, the plan calls for investments of roughly Rs 80,000 bn in infrastructure, inland waterways, ports, shipping, and maritime logistics.
Mazagon Dock Shipbuilders is engaged in building and repairing ships, submarines, various types of vessels, and related engineering products.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns,
Indian Share Market Update: Top Gainers and Losers