Sensex, Nifty End Flat; Nestle, Wipro & Maruti Suzuki Among Top Losers

Wed, 8 Sep Closing

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Indian share markets traded rangebound throughout the day today and ended flat.

At the closing bell, the BSE Sensex stood lower by 29 points. Meanwhile, the NSE Nifty closed down by 9 points.

Kotak Mahindra Bank and Titan were among the top gainers today.

Nestle and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,389, up by 13 points, at the time of writing.

Broader markets outperformed benchmarks today. The BSE Mid Cap index and the BSE Small Cap index ended higher by 0.8% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the power sector and banking sector witnessing most of the buying interest.

Automobile stocks and telecom stocks, on the other hand, ended in red.

Shares of Info Edge and Trent hit their 52-week highs today.

Asian stock markets ended mixed following a lacklustre performance on Wall Street in the overnight session.

Both, the Hang Seng and the Shanghai Composite ended down by 0.1%. Meanwhile, the Nikkei ended up by 0.9%.

US stock futures are trading on a negative note with Dow Futures trading down by 51 points.

The rupee is trading at 73.57 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 47,059 per 10 grams.

Gold edged up a little in the domestic market, after slipping in the previous session. The yellow metal held steady in global markets as gains in the dollar and a rise in US Treasury yields hurt the bullion's appeal.

In news from the textile sector, textile stocks were among the top buzzing stocks today.

The cabinet today approved the proposal for production-linked incentive (PLI) scheme for specific segments in the textiles sector.

This decision was taken in a meeting which was chaired by Prime Minister Narendra Modi.

The cabinet, however, did not take up the relief package for the telecom sector. There were reports stating that the cabinet was widely expected to take a decision on a so-called relief package for the telecom industry.

Due to this, shares of Bharti Airtel and Vodafone Idea were in focus since the past couple of days.

Coming to the PLI scheme for textiles, this scheme is for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles with a budgetary outlay of Rs 106.8 bn that will be provided over 5 years.

Piyush Goyal, the minister of textiles said,

• So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile.
  
  This PLI scheme has been approved so that India can also contribute to the production of man-made fibers.

Factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority, which will especially benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana.

This scheme is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs 1.97 lakh crore.

The scheme will boost manufacturing activities, add jobs as well as scale up the exports.

Shares of Alok Industries, Pioneer Embroidery and Arvind ended higher in the range of 5-7% today on the back of above news.

Moving on to news from the defence sector, shares of Zen Technologies were locked in the upper circuit for the sixth straight session today, rising over 100% during the same period.

In the last five trading sessions, the stock had hit the 10% upper circuit limit. Today onwards, stock exchanges have revised the circuit filter to 5%.

The sharp rally in its stock was triggered after the company secured a new order from the Indian Air Force (IAF).

On 3 September, Zen Technologies announced that it has secured an order worth Rs 1.6 bn from the IAF for supply of Counter Unmanned Aircraft Systems (CUAS).

This order will be carried out in a 12-month time frame.

Note that this is Zen Tech's first significant order in the anti-drone space, and the company said it remains confident of securing additional orders in the future.

Earlier this month, the company had stated it secured orders worth Rs 2.1 bn during the June 2021 quarter.

The company is engaged in manufacturing land-based military training simulators, driving simulators, live range equipment and anti-drone systems.

Zen Technologies share price ended the day higher by 5%.

Speaking of the defence sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019:

According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third largest military spending country in the world in 2019.

Here's what we wrote about it in one of the editions of Profit Hunter:

• If you look at the chart closely, you will realise it is likely to remain among the top spenders in the coming years.
  
  It's because of the second largest spender shown in the chart, China.
  
  With rising tensions between the two countries, the incentive is strong for India to keep up with China.
  
  It all makes sense for the government to focus on this sector in a big way in the near future.
  
  The government's 'Atmanirbhar' push will get a massive boost through local defence manufacturing. This will create profitable opportunities in defence stocks for astute investors.

Co-head of Research at Equitymaster, Tanushree Banerjee keeps a close watch on stocks in the defence space. As per Tanushree, defence will be a big wealth-creating opportunity.

Back in July 2021, she recorded a video about India's best drone stocks.

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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