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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
- Home
- Todays Market
- Indian Stock Market News January 9, 2024
Sensex Today Ends 31 Points Higher | Nifty Above 21,500 | JSW Energy Rallies 8%, NBCC 7% Tue, 9 Jan Closing
After opening the day on positive note, Indian share markets trimmed gains in late deals as the session progressed and ended the day higher.
Indian benchmark indices rebounded sharply after a sharp fall on Monday, led by buying action in IT stocks and auto major Bajaj Auto. India VIX, volatility indicator, eased 4%.
At the closing bell, the BSE Sensex stood higher by 31 points.
Meanwhile, the NSE Nifty closed higher by 39 points (up 0.2%).
Adani Enterprises, Apollo Hospital and Adani Ports were among the top gainers today.
Britannia, Nestle and Asian Paints on the other hand, were among the top losers today.
The GIFT Nifty was trading at 21,629 up by 52 points, at the time of writing.
The BSE MidCap index ended flat and BSE SmallCap index ended 0.3% higher.
Sectoral indices ended mixed with stocks in the power sector and realty sector witnessing most of the buying. Meanwhile, stocks in finance sector, banking sector and metal sector witness selling pressure.
Shares of Bosch, Bajaj Auto and ABB India 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 0.2% higher, while the Nikkei index ended 1.16% higher. Meanwhile Hang Seng ended 0.2% lower.
The rupee is trading at 83.11 against the US$.
Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 62,381 per 10 grams.
Meanwhile, silver prices are trading 0.3% higher at Rs 72,626 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 Polycab Share Price is Falling
In news from the cable sector, shares of Polycab tanked over 7% today after it reported Rs 2 billion (bn) tax evasion.
The income tax department detected Rs 2.5-3 bn of transactions booked in the company's promoter accounts. The company had denied the allegations.
The income tax department had conducted raids across 50 locations of Polycab on 22 December. The company, however, denied such claims that there was no communication from the I-T department on the outcome of the search done in December. They added that the company responded to the clarifications and details asked by the income tax department after the search.
Polycab India has 23 manufacturing facilities, 15 offices and more than 25 warehouses across the country. The company manufactures cables and wires along with FMEG.
It is among the Top 5 Midcap Stocks that Reported Massive Growth in Q2 Results.
L&T Hits 52-week High. Here's why.
Moving on to news from the engineering sector, the L&T stock touched a fresh 52-week high of Rs 3,575.9 on 9 January, up around 2% from the previous close, after it bagged the order to build an AIIMS in Haryana.
Larsen & Toubro's buildings and factories business secured a significant order from HITES, a mini-Ratna PSE under the health and family welfare ministry. The new All India Institute of Medical Sciences will be built in Rewari.
The company didn't disclose the value but described it as a significant order, a classification meant for works in the Rs 10 crore-Rs 25 bn bracket.
The company has bagged the order on a Design, Engineering, Procurement and Construction (EPC) basis.
The new institute will include a 720-bed teaching hospital, a 30-bed AYUSH hospital, a 100-student annual intake college, a nursing college, a 500-seat auditorium and hostel facilities. The total built-up area will be 1.5 million square feet.
The work would include civil structure, finishes and allied services, including built-in furniture and installation, testing and commissioning of various systems.
Over the past six months, L&T has surged 46.2%, outperforming the benchmark Nifty 50, which has given investors returns of around 11% during the period.
It stands among the five large-caps that have delivered the highest returns to investors in 2023.
For more, check out the Top 5 Biggest Gainers of 2023. Will Their Dream Run Continue?
L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.
In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out L&T's next big leap in the green hydrogen space.
Why Adani Stocks are rising
Moving on, most Adani group company stocks inched higher in the afternoon trade on 9 January, with Adani Ports hitting a 52-week high, after the conglomerate announced plans to invest Rs 427.7 bn in Tamil Nadu.
The port-to-power group, which plans to invest in renewable energy, cement, data centres, and city gas distribution, also signed memorandums of understanding (MoUs) with the Tamil Nadu government during a global investor meeting on 8 January.
Adani Green will invest Rs 245 bn, Adani Connex Rs 132 bn, Ambuja Cements Rs 35 bn and Adani Total Gas & CNG Rs 15.6 bn in the state. The investments will also open up 10,300 employment opportunities.
Adani Ports, Adani Enterprises, Adani Power, Adani Energy Solutions, Adani Total Gas and Adani Green Energy gained 1-3%.
India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.
For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.
Dig deeper into Adani group stocks.
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
Indian Share Market Update: Top Gainers and Losers
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