Sensex, Nifty Open Flat; Bharti Airtel & Power Grid Top Losers

Thu, 26 Aug 09:30 am

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Asian share markets are trading on a mixed note today after South Korea became the first country to raise interest rates in the pandemic era.

The Bank of Korea raised its policy rate for the first time in almost three years, by 25 basis points to 0.75%, to curb surging household debt.

Reacting to the above, Japan's Nikkei was trading on a flat note.

The Hang Seng fell 1.5%, while the Shanghai Composite is trading down by 0.5%.

In US stock markets, Wall Street indices gained overnight as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve's timeline for policy tightening remains intact.

The Dow Jones Industrial Average ended up by 0.1% while the Nasdaq climbed 0.2%.

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

The BSE Sensex is trading down by 57 points. Meanwhile, the NSE Nifty is trading lower by 6 points.

Asian Paints and Reliance are among the top gainers today. Bharti Airtel, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.5% and 0.4%, respectively.

Sectoral indices are trading mixed with stocks in the power sector and FMCG sector witnessing buying interest.

Telecom stocks and finance stocks, on the other hand, are trading in red.

Shares of Oil India and HUL hit their 52-week highs today.

The rupee is trading at 74.20 against the US$.

Gold prices are trading up by 0.1% at Rs 47,196 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 63,180 per kg.

Speaking of stock markets, Richa Agarwal talks about why there is more juice left to the smallcap rally, in her latest video.

Smallcaps have witnessed a great run in the post Covid market rally. But what next? When is the next peak due?

Richa answers these questions in the video below. Tune in to find out more...

In news from the agriculture space, Kaveri Seed Company is among the top buzzing stocks today.

Kaveri Seed yesterday informed exchanges that its board has approved a buyback plan for an aggregate amount of Rs 1.2 bn.

The buyback price has been set at Rs 850 per share. This is much higher than its current price of Rs 579.

The company's buyback will be from open market through stock exchange mechanism.

Kaveri Seeds is a leading largest agriculture company in India, specializing in hybrid seeds in key Indian crops.

For the latest quarter ending June 2021, the company reported a decline in revenue and net profit of 12.5% and 30.9%, respectively.

Last week when the company made the buyback announcement, shares of the company had soared 6%.

As of June 2021, promoters of the company held 55.5% stake while FIIs held 14.9%.

Kaveri Seed share price has opened the day up by 1.2%.

Moving on to news from the electric vehicles (EV) space, Maruti Suzuki said it will not enter electric vehicles in the short term and will enter only when it is feasible to sell reasonable numbers.

Chairman of the country's largest carmaker R C Bhargava told this to shareholders at the company's 40th annual general meeting.

Bhargava said the government's focus is on the electrification of two-wheelers at present, where companies like Hero Electric and Ola have been focusing on product interventions.

In other news, the Indian government is set to rapidly promote the adoption of electric vehicles, according to Union Heavy Industries Minister Mahendra Nath Pandey.

Speaking at a SIAM event on Wednesday, Pandey said the Centre is working on establishing charging infrastructure across the country in a bid to promote faster adoption of EVs.

Reportedly, the government is looking to promote environment-friendly vehicles. After coming up with FAME-I and receiving good response, the government announced FAME-II scheme with an enhanced outlay of Rs 100 bn.

Pandey talked about the country's auto market, which is now the fourth largest in the world and its role in India becoming a US$5 tn economy.

• We understand the importance of this industry. The automotive sector contributes 6.4% to the country's GDP and close to 50% of GST collection.

In order to encourage the industry, the government has Rs 1.5 lakh crore production-linked incentive (PLI) scheme.

Note that India EV makers (including start-ups and conventional automakers) have committed over Rs 90 bn in the past one year as they seek to ride on the opportunity thrown open by electric mobility.

This doesn't include investments made by component suppliers and battery manufacturers.

A recent study estimated the EV market in India to be a US$206-bn opportunity by 2030, provided India maintains steady progress to meet its ambitious 2030 target.

For this, India will need huge investments and how this pans out remains to be seen.

Speaking of electric vehicles, after the government announced the extension of the FAME II scheme, several states like Maharashtra, Gujarat, Rajasthan, and Delhi have announced their own policies for the faster adoption of EVs.

Under the FAME II scheme, 350 new EV charging stations have been installed across the country.

Here's a summary of stations that have been installed in each city.

The government is actively formulating guidelines such as setting EV charging infrastructure by the Ministry of Power, amendment in model building bye-laws (MBBL-2016) for EV charging infrastructure by Ministry of Housing and Urban Affairs, etc.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers