Sensex Opens Flat; Tata Steel, JSW Steel & Hindalco Among Top Gainers

Wed, 11 Aug 09:30 am

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Asian share markets are trading on a mixed note today ahead of key report on US inflation.

The Hang Seng is down 0.1% while the Nikkei is up 0.5%. The Shanghai Composite is trading higher by 0.3%.

In US stock markets, Wall Street indices rose with both the blue-chip Dow and benchmark S&P 500 closing at record highs.

The Dow Jones Industrial Average rose 0.5% while the Nasdaq Composite dropped 0.5%.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

Bata India, Cadila Healthcare, HEG, IDFC, India Cement, VIP Industries and Pidilite are among 300 companies slated to post their quarterly earnings today.

The BSE Sensex is trading up by 31 points. Meanwhile, the NSE Nifty is trading higher by 16 points.

Tata Steel is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened on a flat note.

Smallcap and midcap stocks were under pressure yesterday. Market participants attributed the sudden selling to profit-booking, given the recent concerns over-exuberance in the broader market.

Barring healthcare and realty stocks, all sectoral indices are trading in green with stocks in the energy sector and automobile sector witnessing most of the buying interest.

Shares of Alkem Laboratories and HCL Tech hit their 52-week highs today.

The rupee is trading at 74.43 against the US$.

Gold prices are trading up by 0.2% at Rs 45,955 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 62,651 per kg.

Speaking of gold, India's #1 trader, Vijay Bhambwani explains why the yellow metal has been in a down trend, in his latest video for Fast Profits Daily.

Tune in here to find out more:

In news from the power sector, Power Grid Corporation is among the top buzzing stocks today.

Power Grid, a 'Maharatna' company under Ministry of Power, GoI, has delivered robust quarterly performance for the quarter ended June 2021.

During the June quarter, Power Grid reported net profit of Rs 60 bn and total income of Rs 103.9 bn on consolidated basis registering a YoY growth of 193% and 6%, respectively.

During the quarter, the company completed the first asset monetisation by a CPSE through the Infrastructure Investment Trust (InvIT) route.

Power Grid InvIT, sponsored by Power Grid, came out with an IPO of its units comprising fresh issue of Rs 49.9 bn and an offer for sale (OFS) by Power Grid amounting to Rs 27.4 bn and got listed on BSE & NSE on 14 May 2021.

The company transferred 74% shares in the 5 SPVs to the InvIT and the profit on sale of its stake in the five SPVs amounting to Rs 30.1 bn was recognized as an exceptional income.

The company incurred a capital expenditure of Rs 11.1 bn and capitalized assets worth Rs 56.4 bn on a consolidated basis.

Power Grid's gross fixed assets stood at Rs 2,474.2 bn as on 30 June 2021.

Power Grid share price has opened the day up by 0.7%.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Moving on to news from the IT sector, Tech Mahindra expects to start trials for a Covid drug in the next three to four months after receiving the patent for a particular molecule.

Markers Lab, the research and development arm of the IT company, is working on developing the drug.

The company along with Reagene Biosciences has filed for the patent for a molecule that can be used to develop a drug against coronavirus.

"We expect the trial to start in about three to four months. The patent is still under process," Tech Mahindra Global Head (Makers Lab) Nikhil Malhotra told.

Makers Lab started the computational modelling analysis of the coronavirus. Based on computational docking and modelling studies, Makers Lab and its partner decided to develop a single molecule from a list of 8,000 USFDA-approved molecules.

Note that many Covid drugs are under different stages of development in various parts of the world, including India.

Besides biotechnology, Tech Mahindra is engaging with startups to help them innovate and create patents.

Tech Mahindra share price has opened the day down by 1.6%.

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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