Gift Nifty Up 50 Points | JSW Energy to Acquire Reliance Power's Wind Project | Rupee Hits Record Low | Top Buzzing Stocks Today

Tue, 26 Mar Pre-Open

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Indian share markets reversed the trend as the session progressed and ended the day higher.

Shrugging off early weakness, equity markets rebounded and held their gains through the day on Friday.

At the closing bell on Friday, the BSE Sensex closed higher by 190 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 72 points (up 0.3%).

Hero MotoCorp, Maruti Suzuki and UPL were among the top gainers.

Wipro, Infosys and Tech Mahindra on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day mixed. The BSE Mid Cap ended 0.4% higher and the BSE Small Cap index ended 1% lower.

Sectoral indices are trading mixed, with stocks in telecom sector, auto sector and realty sector witnessing selling pressure. Meanwhile stocks in IT sector and media sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 65,929 grams at the time of Indian market closing hours on Friday.

At 7:35 AM today, the Gift Nifty was trading 50 points higher at 22,120 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, in 1947 a group of researchers at Bell Labs, a subsidiary of AT&T, invented the transistor, a switch that controls electric current.

A thriving industry grew up around California, outsourcing low-value tasks, such as chip assembly, to Asia, where labour was cheaper.

Japanese firms such as Toshibaa a and Fujitsu managed to take a share of some chip markets.

Decades later China's tech titans reduced the country's dependence on foreign chips.

Now it is India's turn.

Co-head of Research at Equitymaster, Tanushree Banerjee talks about how you could cash in, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Wipro share price will be in focus today.

Wipro Enterprises, the privately held non-IT consumer and food business of Wipro founder Azim Premji, has set its sights on the food sector for future acquisitions, banking on the success of its recent ventures in the industry.

Prestige Estates will also be a top buzzing stock.

The share price of Prestige Estates Projects rallied more than 5% in early trade on 22 March after the company acquired 62.5 acres of land in Indirapuram Extension, NCR.

The acquired land will be developed primarily as residential and will be branded under the Prestige City format.

Rupee at Record Low. Here's Why

The rupee depreciated 35 paise to settle at an all-time low of 83.48 against the American currency on Friday, tracking a surging greenback against major crosses in the overseas markets and weak Asian peers.

Forex traders said foreign fund outflows also weighed on the local unit.

At the interbank foreign exchange market, the local unit opened weak at 83.3 against the greenback, and finally settled at a record low of 83.5 (provisional), registering a fall of 35 paise from the previous close of 83.13.

In intraday trade, the rupee touched a low of 83.52 against the American currency. The rupee had earlier recorded its lowest closing level of 83.40 on 13 December 2023.

Euro declined as the Swiss National Bank (SNB) surprised the markets by cutting interest rates by 25 bps to 1.5%, which raised the odds of a rate cut by the European Central Bank (ECB) in June 2024. The pound also fell after the Bank of England kept interest rates unchanged at 5.3%.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.3% higher at 104.32 on Friday. Brent crude futures, the global oil benchmark, declined 0.1% to USD 85.74 per barrel.

Why IT Stocks are Falling

Shares of IT companies plummeted by up to 6% on the NSE in Friday's intraday trade, a day after Accenture slashed its full-year revenue growth guidance from 2-5% to 1-3% and dealt a blow to hopes of a recovery in the sector in 2024-25.

The Nifty IT index, the only sectoral index to suffer a loss on Friday, closed more than 2% down, contrasting with a 0.4% rise in the Nifty50 index. The IT index had slipped nearly 4% in intraday trade.

Accenture reported Q2FY24 revenue of US$ 15.8 billion (bn), a figure that remained flat on-year (Y-o-Y) in constant currency (CC) and down 2.6% sequentially.

The NYSE-listed company follows a September-August financial year.

However, with Accenture's revenue growth guidance cut and soft growth in managed services, it appears that prospective clients are still holding back on spending.

Accenture's revenue guidance now includes an inorganic contribution, expected to be 3%.

It has made a total investment of US$ 2.9 bn in acquiring 23 companies in the first half of its financial year.

Accenture's results also showed that while GenAI deals are being awarded, they are coming at the cost of other deals. The company announced that it booked over US$ 600 million in deals in GenAI, taking the total to US$ 1.1 billion in the first half of its financial year.

Other factors that continue to show softness, which will impact the Indian IT sector, include growth from regions.

JSW Energy to Acquire Reliance Power's Wind Project

JSW Renewable Energy Coated Limited, a wholly-owned subsidiary of JSW Neo Energy will acquire 45 MW of Renewable Energy generation capacity from Reliance Power Limited for Rs 1.3 bn.

The power project is located at Jath, Sangli District, Maharashtra. The transaction values of the project at Rs 1.3 bn are adjusted for net working capital.

JSW Energy has a total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under construction across the wind, thermal, and hydro, and LoA/LoIs for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN, and GUVNL

In addition, the company has 3.4 GWh of locked-in energy storage capacity through a battery energy storage system and a hydro-pumped storage project.

The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

JSW Energy Ltd is part of the US$ 23 bn JSW Group. It is presently constructing various power projects to the tune of 2.6 GW, with a vision to achieve a total power generation capacity of 20 GW by the year 2030.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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