Sensex Today Ends 385 Points Higher | Cochin Shipyard Zooms 20%, Mazagon Dock 9%| Coal India & Tech Mahindra Top Gainers

Thu, 7 Sep Closing

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After opening the day on negative note, Indian share markets reversed course as the session progressed and ended 0.6% higher.

Frontline indices the Sensex and the Nifty  overcame the initial volatile phase in backdrop of weak global cues and finished on a strong note on Thursday led by gains in index heavyweight L&T, banks and power stocks.

At the closing bell, the BSE Sensex stood higher by 385 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 116 points (up 0.6%).

Coal India and Tech Mahindra were among the top gainers today.

Sun Pharma and M&M, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,766, up by 140 points, at the time of writing.

The BSE MidCap index ended 0.8% higher, while the BSE SmallCap index advanced 0.4%.

Barring the FMCG sector all other sectoral indices ended on a positive note with stocks in the capital goods sector, banking sector and realty sector witnessing most of the buying.

Shares of KSB and L&T hit their respective 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 mixed note. The Hang Seng gained 1.3% while the Nikkei fell 0.8%. The Shanghai Composite fell 1.1%.

The rupee is trading at 83.22 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 59,8055 per 10 grams.

Meanwhile, silver prices are trading 0.2% lower at Rs 72,330 per 1 kg.

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 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 chosen to talk about 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.

GAIL's LNG strategy

In news from the energy sector, GAIL (India), the state-run natural gas distributor, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis.

The rest of the LNG will be via long-term contracts, GAIL's marketing director, Sanjay Kumar said at the Gastech industry conference in Singapore on Thursday.

During the April-June 2023 quarter, the natural gas transmission volume grew 7% to 116.33 million metric standard cubic meters per day (MMSCMD) from 108.23 MMSCMD in the March quarter.

GAIL's gas marketing volume increased 2% to 98.84 MMSCMD from 96.46 MMSCMD, QoQ.

GAIL India's share price has risen more than 30% this year so far. The stock is up over 9% in one week and nearly 19% in the last three months.

On Thursday, GAIL India shares rose 2.28% to hit a 52-week high of Rs 127.40 apiece on the BSE.

The transition from grey to green hydrogen is happening at a faster pace than expected. GAIL is contributing to this transition, making it among India's Top Green Hydrogen Stocks.

Crompton Greaves's new order win

Moving on to news from the auto sector, Crompton Greaves Consumer Electricals on Thursday secured a Rs 254.4 m order under PM Kusum Scheme from the Haryana government for solar pumps. The order will be executed within 120 days.

The electrical equipment company has been granted the inaugural work order of supplying, installing, and commissioning of 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

This milestone is part of a broader initiative led by SECI (Solar Energy Corporation of India) and MNRE (Ministry of New & Renewable Energy), aiming to replace and establish new connections for 6.6 lakh pumps across India.

To create significant footprints in the renewable energy segment, the company is aiming to deploy a significant number of solar pumps under the PM Kusum Scheme in the next two years, supported by a widespread after-sales service network and technically qualified channel partners across India.

This is achieved through state-of-the-art R&D and manufacturing facilities and a rigorous 5-stage product development process, resulting in a wide range of highly energy-efficient and innovative solar water pumps.

To know whether the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical, check out Is it Time to Bottom Fish This Beaten Down Consumer Stock?

Jupiter Life Line IPO subscribed

Moving on, Jupiter Life Line Hospitals IPO continued to attract investors' attention on its second day of bidding. Investors have bought 18.3 m equity shares against the offer size of 8.5 m shares, resulting in the IPO getting subscribed 2.16 times, backed majorly by HNIs and retail.

The portion reserved for high net worth individuals, which is 15% of the total issue size, has been booked 4.19 times, and that of retail investors, which is 35% in the offer, 2.48 times.

Qualified institutional investors have also been gradually increasing their support, buying 1% shares of their part, which is 50%.

On its first day of bidding, i.e. 6 September the initial public offering was subscribed 87%.

From grey market premium to price band, here's everything you need to know about Jupiter Life Line Hospitals IPO.

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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