Sensex Today Trades Higher | New India Assurance Zooms 13% | SBI & BPCL Top Gainers

Thu, 8 Feb 10:30 am

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Asian stocks mostly inched higher on Thursday as the relief rally in Chinese stocks ahead of Chinese new year continued.

The Nikkei index was surged 1.3% lower, while Hang Seng was trading 0.1% lower. Meanwhile Shanghai index is trading 0.7% higher.

Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to US regional banks and China's markets.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	146.68	1.27	0.87%	147	145.21	155.2	88.86
Apple	189.41	0.11	0.06%	191.05	188.61	199.62	143.9
Meta	469.59	14.87	3.27%	471.52	456.18	485.96	167.66
Tesla	187.58	2.48	1.34%	189.79	182.68	299.29	152.37
Netflix	559.3	3.42	0.62%	567.8	554.98	579.64	285.33
Amazon	170.53	1.38	0.82%	170.88	168.94	172.5	88.12
Microsoft	414.05	8.56	2.11%	414.3	407.4	415.32	245.61
Dow Jones	38677.36	156	0.40%	38748.11	38571.01	38783.62	31429.82
Nasdaq	17755.07	182.34	1.04%	17784.17	17637.73	17784.17	11695.41

Source: Equitymaster

At present, the BSE Sensex is trading 88 points higher and NSE Nifty is trading 27 points higher.

SBI, BPCL and Hindalco are among the top gainers today.

ITC, Nestle and Britannia on the other hand are among the top losers today.

Broader markets are trading on higher. The BSE Mid Cap is trading 1% higher and the BSE Small Cap index is trading 0.3% higher.

Sectoral indices are trading mixed, with socks in power sector, oil & gas sector and IT sector witnessing most buying. Meanwhile, stocks in FMCG sector and realty sector witness selling pressure.

The rupee is trading at Rs 82.92 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 62,403 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 70,124 per 1 kg.

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...

Speaking of stock markets, smallcaps were not the only outperformers of 2023.

Stocks from the defence, railways and electric vehicle sectors also found their place under the sun.

Stocks of the largest public sector entities in defence and railway sectors fetched handsome gains every time the government ordered more spending.

But there were also plenty of private sector entities in defence ecosystem that commanded premium valuations.

The EV sector became a stock market favourite in 2023.

Am sure you wonder, what after these big-ticket gains?

Will the stars of 2023 continue to shine in 2024? Or should you consider a different set of potential wealth creators?

Research Analyst, Tanushree Banerjee answers this in below video.

SJVN's New Order Win

SJVN has received a Letter of Intent from Gujarat Urja Vikas Nigam Ltd. for a 200-megawatt solar power project. The Rs 11 bn ground-mounted solar project will be developed by SJVN Green Energy, a subsidiary of the company.

SJVN Green Energy will develop the project anywhere in India through an EPC contract.

The power purchase project will be executed with Gujarat Urja Vikas Nigam after the adoption of a tariff by the Gujarat Electricity Regulatory Commission.

The project will be commissioned within 18 months from the date of signing of the PPA between GUVNL and SGEL for 25 years.

It will help create 508.4 million (m) units in the first year after commissioning and over 25 years, it will generate 11,836.28 m units.

The power project will help reduce 5,79,976 tonnes of carbon emissions. The company has a shared vision along with the government of India to generate 50% of energy from non-fossil fuel-based energy resources by 2030.

After zooming 190% in 2023, shares of the company hit an all-time high last month. To know what's driving the rally, check out Why SJVN Share Price is Rising.

Tata Consumer Q3 Profit Drops

Tata Consumer Products Ltd reported a consolidated net profit of Rs 3 bn in the quarter ended December 2023, which is 17% lower compared to Rs 3.6 bn clocked in the year-ago period.

The net profit clocked by the company is also lower as compared to the preceding September 2023 quarter, when it stood at Rs 3.6 bn.

The company's revenue from operations during the quarter under review came in at Rs 38 bn, which is 9% higher compared to Rs 34.8 bn reported in the year-ago period.

The revenue is also marginally higher as against Rs 37.3 bn recorded in the quarter ended September 2023.

The consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) during Q3 FY24 came in at Rs 5.8 bn, marking a growth of 26%.

For more, check out the Tata Consumer Rights Issue: Will Two Big Acquisitions by the Tata Group Company Pay-Off?

Power Grid Q3 Results

Power Grid Corporation of India Ltd (PowerGrid or PGCIL) on 7 February reported a consolidated net profit of Rs 40.3 bn, up 10.5%, for the quarter ended 31 December 2023, from Rs 36.5 bn a year ago.

The Central Public Sector Undertaking (CPSU) also declared a second interim dividend of Rs 4.5 per equity share of Rs 10 each (at 45% of the paid-up equity share capital) for the financial year 2023-24.

The interim dividend will be paid to the members on 5 March.

Its revenue from operations came in at Rs 115.5 bn, up 2.6% against Rs 112.6 bn in the corresponding quarter last year. Consolidated revenue increased marginally to Rs 118.2 bn in the three months ending December from Rs 115.3 bn in the year-ago quarter, registering a rise of 2.5%.

The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose 3.2% to Rs 104.8 bn in the third quarter of this fiscal over Rs 101.6 bn in the year-ago period. The EBITDA margin stood at 89% in the reporting quarter compared to 88% in the corresponding period in the previous fiscal.

The company's transmission business saw an increase to Rs 113.1 bn in the third quarter of FY24 from Rs 110.6 bn during the same period last year. Earnings from its telecom business rose to Rs 1.9 bn from Rs 2.1 bn.

The power grid stands among largecaps that have delivered the highest returns to investors in 2023. To know what's next, check out the Top 5 Biggest Gainers of 2023. Will Their Dream Run Continue?

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!

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