Sensex Today Ends 491 Points Higher | Reliance Power Rallies 19%, Sobha 15% | NTPC & ONGC Top Gainers

Thu, 4 Jan Closing

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After opening the day higher, Indian share markets continued the momentum as the session progressed and ended the day on firm footing

Indian benchmark Torrent Power is an integrated power utility and is one of the largest private sector players in India.

It has interests in power generation, transmission, distribution, and the manufacturing and supply of power cables.

Broader market indices outperformed the benchmarks Sensex and Nifty. Meanwhile, sectorally barring pharma and media all indices traded higher for now.

At the closing bell, the BSE Sensex stood up by 491 points (up 0.7%).

Meanwhile, the NSE Nifty closed up by 141 points (up 0.7%).

NTPC, ONGC and Bajaj Finance were among the top gainers today.

BPCL, HCL Tech and Hero MotoCorp on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,798 up by 218 points, at the time of writing.

Broader markets ended on positive note. The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended 0.2% higher.

Barring auto sector, all other sectoral indices ended mixed with stocks in the power sector, finance sector and realty sector witnessing most of the buying.

Shares of MRF, Angel Broking and Hitachi Energy hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite ended 0.4% lower, while the Nikkei index ended 0.5% lower. Meanwhile Hang Seng ended flat.

The rupee is trading at 83.23 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 62,720 per 10 grams.

Meanwhile, silver prices are trading flat at Rs 72,361 per 1 kg.

Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall prey to them.

So, what exactly are these errors and how are they associated with a stock like Titagarh Rail Systems.

Tune into below video for more

Why Vedanta Share Price is Rising

In news from the mining sector, shares of Vedanta Limited gained 1.2% at the open on 4 January 2024 after Vedanta Resources received the bondholders' consent to restructure four series of bonds.

Vedanta Resources, on 3 January 2024, announced that more than 97% of bondholders approved the restructuring of US$ 3.2 billion (bn) worth of bonds due to mature in the next three years. According to the statement, the meetings over each of the four series of bonds will be held on 4 January 2024, following which the company will announce the passing of the extraordinary resolution in respect of each series.

Vedanta also reported that the alumina production at Lanjigarh (Odisha) refinery grew by 6% on-year and 1% on-quarter to 4,70,000 tonnes in Q3FY24. Saleable ore production from Karnataka increased by 13% QoQ, driven by improved operational efficiency. Production declined 3% YoY. Pig iron production grew 1% YoY and declined 7% QoQ, on account of capital shutdown of one smaller furnace.

From January 2023 to November 2023, the Nifty 50 edged higher from 18,409.7 to 19,675.5, recording a 7% growth. Vedanta witnessed a de-growth of around 23% in the same period. Take a look.

For more details, check out This High Dividend Yield Stock is Down 25% in 2023. Should You Buy the Dip or Stay Away?

Torrent Power Hits 52-week High. Here's Why.

Moving on to news from the power sector, Torrent Power shares hit a fresh 52-week high, jumping 13.5% in trade, on 4 January as the power utility firm signed four contracts with the Gujarat government for a total of Rs 473.5 bn.

As part of the four non-binding memoranda of understanding (MoUs), the power utility arm of the diversified Torrent Group will invest Rs 473.5 bn in renewable energy, green hydrogen, and power distribution projects.

The contract was signed with the Department of Energy and Petrochemicals, Government of Gujarat, as a part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.

This will help set up 3,450 MW of solar power projects, 1,045 of hybrid power projects, associated infrastructure for 7,000-MW solar projects, green hydrogen / green ammonia production facility and capex for distribution network.

Torrent Power is an integrated power utility and is one of the largest private sector players in India.

It has interests in power generation, transmission, distribution, and the manufacturing and supply of power cables.

LTIMindtree Receives GST Demand

In news from the IT sector, LTIMindtree slipped over 1% after the IT services company said it received a tax demand of Rs 2.1 bn.

The violations outlined in the order include the denial of zero-rated supply, resulting in the demand for output IGST, and the rejection of previously granted refunds.

The order, which came from the Department of Goods and Service Tax, Mumbai, disallowed input tax credit, which a business pays on a purchase and can use it to reduce tax liability when it makes a sale.

LTIMindtree is a global technology consulting and digital solutions company.

It's in the business of analysing, designing, converting and coding IT-enabled services. Its services include cloud and infrastructure training, cyber security, consulting, and many more.

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, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers