Sensex Today Ends 100 Points Higher | Nifty Below 19,600 | Vodafone Idea Rallies 7%

Wed, 6 Sep Closing

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After opening the day on a positive note, Indian share market pared gains as the session progressed and ended mixed.

Equity markets ended mixed in trade on Wednesday in tandem with weak global cues and foreign fund outflows.

At the closing bell, the BSE Sensex stood higher by 100 points (up 0.2%).

Meanwhile, the NSE Nifty closed lower by 31 points (down 0.2%).

Bharti Airtel and Cipla were among the top gainers today.

Axis Bank and Hindalco were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,669, up marginally, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended marginally up and the BSE SmallCap index ended flat.

Sectoral indices ended on a mixed note with stocks in the FMCG sector and the oil & gas sector witnessed most of the buying.

On the other hand, stocks from the metal sector and realty sector witnessed selling pressure.

Shares of L&T Technology and Coforge hit their 52-week highs today.

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...

Asian share markets ended on a positive note. The Nikkei ended 0.6% higher and Hang Seng ended marginally high while the Shanghai Composite ended 0.2% higher.

The rupee is trading at 83.12 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 59,260 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 1% at Rs 73,498 per kg.

Speaking of stock markets, Speaking of stock markets, Hidden Treasure, Richa Agarwal, talks about a market leader that seems to be doing well with regards to its relevance in a world marked by electric mobility.

In fact, it is the an exclusive supplier to Ola's 2-wheeler factory in its product category.

Here's an interesting fact about it.

More than 90% of the vehicles running on Indian roads use this company's products.

Now India is the world's 5th largest vehicle market and is expected to become the 3rd largest in terms of volume by 2026. So needless to say, this company is well positioned to benefit as that opportunity unfolds.

The reasons she has have chosen to talk of it are not just its decent fundamentals, but also the fact that the insiders have been on a buying spree for this stock for quite some time now.

Tata Steel, ABB partner to reduce carbon

Tata Steel and ABB India have agreed to explore technology that could help reduce carbon footprint in steel production.

The two companies will focus on system-level assessments of Tata Steel's manufacturing plants and production facilities to evaluate and co-develop short-term and long-term options for energy efficiency, decarbonisation, and circularity.

Tata Steel and ABB will explore energy optimisation through hydrogen as an alternative fuel for upstream processes and energy reduction as well as substitution through fully integrated electrification and digital systems such as ABB Ability eMine and e-Mobility solutions and energy-efficient motors.

Tata Steel has an annual crude steel capacity of 35 million tonnes and this collaboration could see that increase to 40 million tonnes by 2030.

The steel giant said that it is committed to major sustainability targets, including the achievement of carbon neutrality by 2045. It has a medium-term target to reduce carbon emissions to less than 2 tonnes of CO2 per tonne of crude steel in its Indian operations by 2025.

Shares of ABB India started 2023 with a bang and rallied up to 40%. To find out whether the rally will last or fizzle, check out our editorial top-performing midcap stocks of 2023 so far.

Why Power Grid share price is rising

Moving on to news from the power sector, shares of Power Grid Corporation of India rose over a per cent to Rs 257 in early trade today after the company emerged as the successful bidder to establish an Inter-State transmission system project.

This project involves building a new electrical station in Dausa, Rajasthan, with the capacity to handle high voltage of about 765/400kV. It also includes constructing a transmission line at this station and connecting it to existing electrical lines. Additionally, there will be some work to expand the bays (sections) at this station to accommodate the new equipment and connections.

In August, the public sector undertaking or PSU was declared a successful bidder for a host of inter-state transmission system projects.

The projects include a transmission system for the evacuation of power from renewable energy zones in Rajasthan (20GW) under Phase III Part B1. The job comprises setting up a 765/400/220 kV pooling station at Bhadla-3 and a 765 kV D/C transmission line traversing in Rajasthan and associated bay extension works.

Power Grid is among the top 5 power companies in India by growth.

Why Syrma SGS zooms 8% today.

Moving on to news from the engineering sector, shares of Syrma SGS Technologies Limited climbed over 8% to Rs 585 on 6 September after the company acquired a 51% stake in Johari Digital Healthcare Limited (JDHL).

More than 10 lakh shares changed hands in today's session as against the 9 lakh monthly average.

The total acquisition is worth Rs 2.3 bn. JDHL is a global electronic medical device manufacturer.

In late August, broking firm Nuvama Institutional Equities said that Syrma's acquisition of Johari Digital should help.

India is home to many prominent engineering companies that cater to a wide range of sectors. From infrastructure to automobiles, these companies are known for their innovative solutions and quality services.

To know who's driving the country's growth and development, check out top engineering companies in India.

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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