Sensex Today Trades Higher, Nifty Above 18,250 | Adani Enterprises & NTPC Top Gainers | Cochin Shipyard, Siemens Crash 10%

Mon, 22 May 10:30 am

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Asian share markets are mixed today as optimism over a potential improvement in US-China relations was largely offset by uncertainty over raising the US debt ceiling as negotiations to avoid a default continued.

The Nikkei is trading flat while the Hang Seng index is up 1.3%. The Shanghai Composite is trading up by 0.2%.

US stocks ended lower on Friday, as US debt ceiling negotiations approached crunch time after stalling last week. Lingering worries around the banking industry and fresh geopolitical worries capped sentiment.

The Dow Jones Industrial Average ended lower by 0.3% , and the tech heavy Nasdaq Composite ended 0.2% lower.

Here's a table showing how US stocks performed on Friday last week:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	123.25	-0.27	-0.22%	126.48	122.72	126.48	83.45
Apple	175.16	0.11	0.06%	176.39	174.94	176.39	124.17
Meta	245.64	-1.21	-0.49%	248.69	243.41	248.69	88.09
Tesla	180.14	3.25	1.84%	181.95	176.31	314.67	101.81
Netflix	365.36	-5.93	-1.60%	369.99	363.81	379.43	164.28
Amazon	116.25	-1.90	-1.61%	118.31	115.70	146.57	81.43
Microsoft	318.34	-0.18	-0.06%	318.75	316.37	319.04	213.43
Dow Jones	33,426.60	-109.30	-0.33%	33,652.90	33,336.66	34,712.28	28,660.94
Nasdaq	12,657.90	-30.90	-0.24%	12,731.73	12,624.06	13,181.09	10,088.83

Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 162 points. Meanwhile, the NSE Nifty is trading up by 62 points.

Adani Ports and NTPC are among the top gainers today.

Hindalco and Coal India on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.3%.

Sectoral indices are trading on a mixed note with stocks in the power sector and IT sector witnessing most buying. While stocks in the metal sector and telecom sector are witnessing selling pressure.

Shares of AU Small Finance Bank and Cyient hit their 52-week high today.

The rupee is trading at Rs 81.7 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 60,307 per 10 grams today.

Meanwhile, silver prices are trading 0.5% lower at Rs 72,926 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, 'sell in May and go away', is an old saying in the stock market.

But does it have merit? Does it work in the Indian market? What do the charts say?

In the below video chartist Brijesh Bhatia answers all these questions.

Eicher Motors electric vehicle (EV) launch

Eicher Motors, India's leading motorcycle manufacturer in the middleweight segment, plans to invest Rs 2.5 to 3 billion (bn) in executing its electric vehicle (EV) strategy.

It plans to allocate 25% of its Rs 10 bn capital expenditure budget for the financial year 2024 towards electric vehicles (EVs).

The company is already working on electric vehicle platforms and plans to launch its first premium electric motorcycle by 2025.

The company recently acquired 60 acres of land outside Chennai at Cheyyar and is building a third plant at this new facility, which is 20 km away from the existing plants of the company.

The company is currently setting up an electric vehicle production line at Vallam and eventually plans to consolidate EV production at the Cheyyar plant.

While the capital allocation towards electric vehicles is likely to grow year-on-year, Royal Enfield plans to continue investing in its internal combustion portfolio to grow domestically and in international markets.

The company aims to expand its EV portfolio and strengthen its presence in the electric mobility segment.

Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

It remains to see how all this pans out.

JSW Steel's 2024 export plan

India's JSW Steel expects only marginal improvement in its exports in the financial year that began in April due to uncertain global conditions.

The country's largest steelmaker by capacity had reported a contraction in core profit margins during the fourth quarter as expenses and weak steel prices weighed.

The company expects to export 3-3.5 million tonnes during the current financial year against 2.8 million tonnes a year earlier.

Overall sales are expected to reach around 24.2 million tonnes this year, while production is estimated at 25.5 million tonnes.

While steel prices are expected to move in a range this year, the supplies of coking coal have improved.

The company mostly sources coking coal from Australia, Canada and the United States.

Domestically, the company expects steel demand to rise by 7-8% this year. JSW Steel is also aiming to ramp up its production capacity to 50 million tonnes by the decade.

With its aim to increase its capacity to 37 MTPA by 2025, it is among the high-growth stocks in India.

NTPC Q4 results

Power generation major NTPC, on Friday, reported a revenue rise 19% YoY to Rs 442.5 bn during the quarter. The same stood at Rs 370.8 bn in the corresponding quarter of the previous year.

Its net profit fell 6% YoY to Rs 48.7 bn for the March 2023 quarter. It was Rs 51.9 bn in the same quarter last year.

The company has reported an EBITDA of Rs 119.4 bn for the reporting quarter, with margins coming at 26.9%.

The company's expenses rose 22% YoY to Rs 390.2 in the March 2023 quarter, compared with Rs 318.9 bn in the year-ago quarter.

Segment-wise, revenue from power generation increased 18% YoY to Rs 430.3 bn for the March 2023 quarter against Rs 362.1 bn in the same quarter of last year. Revenue from others too, rose 27% YoY to Rs 36.1 bn.

The Board has recommended a final dividend of Rs 3 per equity share for the financial year 2023.

The final dividend is in addition to the interim dividend of Rs 4.25 per equity share paid in February 2023.

With NTPC's growing share in the renewable energy sector, it is among the top 5 renewable energy stocks to watch out for multibagger returns.

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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Indian Share Market Update: Top Gainers and Losers