Sensex Zooms 600 Points, Nifty Above 15,850; Tech Mahindra, Infosys & HCL Tech Top Gainers

Mon, 27 Jun 10:30 am

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Stocks gained in Asia today amid improved risk sentiment after Wall Street rebounded strongly at the end of last week following easing oil prices, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

The Nikkei is up 1.1% while the Hang Seng rallied 2.7%. The Shanghai Composite is up 0.9%.

Wall Street's main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans.

The Dow Jones rallied 2.7% while the tech heavy Nasdaq added 3.3%.

Back home, Indian share markets are trading on a firm note.

Benchmark indices opened in green following the trend on SGX Nifty and extended gains as the session progressed.

At present, the BSE Sensex is trading up by 582 points. Meanwhile, the NSE Nifty is trading higher by 188 points.

IT sector stocks are finally on the rise. Tech Mahindra, Infosys, and HCL Technologies are among the top gainers today.

Kotak Mahindra Bank is among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.8%. The BSE Small Cap index is trading higher by 1.5%.

Sectoral indices are trading in the green. Stocks in the IT sector and teck sector witnessing most of the buying.

In the commodity markets, gold prices are up by Rs 52, trading at Rs 50,675 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 59,214 per kg.

The rupee closed at an all-time low of 78.3 against the US dollar last week. It is still trading at 78.3 today.

Crude oil prices slipped as global economic concerns depressed the oil demand outlook while investors eyed the G7 meeting this week for possible moves on Russian oil exports and a revival of the Iran nuclear deal.

Crypto investors finally breathing a sigh of relief as the markets trade on a positive note.

The rise was much needed for Investors in crypto markets, because they were not having a good night's sleep these days as coins continued to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Speaking of stock markets, the rise in oil prices was one of the major reasons why the share markets had crashed. The rising oil prices had made all other commodities costlier and had shaken up the world economic scenario.

But now when the crude oil prices are falling, why are equity markets not going up?

India's #1 trader Vijay Bhambwani answers this question in the below video.

In the news from solar energy sector, Tata Power adds one more star to its coat.

Tata Power Solar has launched India's largest floating solar power project in Kayamkulam, Kerala on a 350-acre water body, backwaters area, having an installed capacity of 101.6 Megawatt Peak.

Tata Power Solar is a wholly owned subsidiary of Tata Power.

Despite various problems of fluctuating water depths, strong sea tides and serious water salinity concerns faced throughout the project's construction phase, the wholly-owned subsidiary of Tata Power completed the installation within the allotted time.

This project is the first in the Floating Solar Photovoltaic (FSPV) through power purchase agreement category, the company said.

A power purchase agreement has been signed with a PSU client, wherein the entire power generated from this plant will be used by Kerela State Electricity Board (KSEB).

Interestingly, all the solar modules used in this plant were safely transported, unloaded, and stored on a limited parcel of land for about 35 days by Tata Power Solar, it said.

Ashish Khanna, President - Renewables, Tata Power, said the project reinforces Tata Power Solar's commitment to leading India's transition towards a greener future and achieving the collective vision of realizing 500 GW of energy through solar power by 2030.

Speaking about this remarkable feat, Dr. Praveer Sinha, CEO, and MD, Tata Power, said

• "The commissioning of India's first and largest floating solar project is an innovative and incremental step toward meeting India's sustainable energy goals. We are incredibly proud of our team's unrelenting efforts in delivering this unique solar project that floats atop a large waterbody."

Following the news, Tata Power share price has opened in the green today.

Adding deliciousness to your morning breakfast, Zomato delivered big news over the weekend.

Looks like Zomato is finally gearing up to meet its competitor. Swiggy launched "Swiggy Instamart" in 2020 and now Zomato looks like it will also climb up the ladder of grocery delivering.

Food delivery platform Zomato has agreed to acquire instant grocery start-up Blinkit (formerly known as Grofers) for Rs 44.5 bn in an all-stock deal, as it seeks to exploit a fast-growing market for quick grocery delivery.

As part of the deal, Zomato will issue up to 629 million shares, amounting to an equity stake of 6.88% on a fully-diluted basis, at an allotment price of ?70.76 per share, Zomato said in a regulatory filing.

Shares of Zomato closed at Rs 70.4 on BSE on Friday, up 1.2%, before the acquisition was announced. However, currently the share is trading in the red.

Zomato also acquired Blinkit's warehousing and ancillary services business HOTPL for US$8 m. It would, however, not acquire the B2B trading business as that no longer fits strategically into its plans.

Zomato share price had finally been on a rise after the long awaited wait after it announced its financial statements.

Stay tuned to find out if the food delivery continues to deliver profits after the big news.

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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