Sensex Today Ends 362 Points Higher | Nifty Above 25,000 | Telecom Stocks Shine

Tue, 10 Sep Closing

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After opening the day higher, Indian benchmark indices continued the momentum as the session progressed and ended the day higher.

Indian equity benchmark indices BSE Sensex and Nifty 50 closed higher on Tuesday, tracking overnight gains in the US markets that closed sharply higher on Monday.

At the closing bell, the BSE Sensex stood higher by 362 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 105 points (up 0.4%).

Wipro, Bharti Airtel and LTIMindtree among the top gainers today.

Bajaj Finance, Bajaj Finserv and HDFC Life on the other hand, were among the top losers today.

The GIFT Nifty was trading at 25,100 up 120 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.5% higher and BSE SmallCap index ended 1.5% higher.

Sectoral indices were trading mixed with socks in power sector, telecom sector and IT sector witnessing buying speer. Meanwhile stocks in oil & gas sector and finance sector witnessed selling pressure.

JK Cement, Britannia and Coforge 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...

The rupee is trading at 83.98 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 71,710 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 83,952 per 1 kg.

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PN Gadgil's IPO Fully Subscribed

In the news, PN Gadgil Jewellers' Rs 11 bn initial public offer (IPO) got fully subscribed in under four hours of opening on Day 1 of subscription on Tuesday. The issue has been subscribed 1.2x so far, driven by continued strong demand from retail investors.

The public issue by Maharashtra-based PN Gadgil Jewellers has received bids for over 20.2 m shares as of 2:10 pm on Tuesday, compared to 16.8 m shares on offer.

The portion meant for non-institutional investors fetched 1.6 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 1.8 times. PN Gadgil Jewellers on Monday said it has collected Rs 330 crore from anchor investors.

The initial share sale will conclude on September 12. The price band has been fixed at Rs 456-480 per share. The shares of the mainboard issue will be listed on 17 September.

The issue has a combination of a fresh issue of equity shares worth up to Rs 8.5 bn and an offer for sale (OFS) of equity shares to the tune of Rs 2.5 bn by a promoter SVG Business Trust.

At present, SVG Business Trust holds a 99.9% stake in PN Gadgil Jewellers.

PN Gadgil Jewellers Ltd offers a wide selection of precious metal and jewellery products, such as gold, silver, platinum, and diamond jewellery, catering to different price ranges and designs.

The company's flagship brand, 'PNG', along with several sub-brands, drives its product sales through multiple channels, including 39 retail stores and various online marketplaces.

Why Tata Power Share Price is Rising

Moving on to news from the power sector, shares of Tata Power gained as much as 6% on 10 September as the company announced that a unit of its subsidiary has commenced commercial production of solar cells at India's largest single-location in Tirunelveli, Tamil Nadu, helping boost domestic manufacturing of cells and modules needed to convert sunlight into electricity.

The solar cell production, currently at 2 GW capacity will enhance Tata Power's ability to meet the growing demand for high-quality, and domestically produced solar components, especially for large-scale capacity-addition projects.

The plant is expected to ramp up production with the remaining 2 GW capacity to be added over the next 4-6 weeks, reaching peak production within the next few months. This follows the successful production of solar modules earlier this year.

Having a total cell & module manufacturing capacity of 4.3 GW, the module production line at the Tirunelveli plant was commissioned in October 2023 and has produced 1,250 MW of solar modules to date.

The facility is equipped with advanced TOPCon and Mono Perc technology, enabling high-efficiency production of solar cells and modules.

Tata Power has committed nearly Rs 43 bn towards the establishment of this facility.

The solar cells and modules produced at the Tamil Nadu facility will initially cater to the company's ongoing projects, further strengthening its supply chain.

ITI Jumps 9%. Here's Why

Moving on to news from the telecom sector, shares of ITI advanced nearly 9% on Tuesday after the PSU firm bagged a Rs 3 bn order from the Bihar government.

The uptrend in the stock was witnessed after six days of consecutive declines on the bourses.

The telecom manufacturing company has received an order worth around Rs 3 bn from the Bihar Renewable Energy Development Authority (BREDA) for the supply and installation of 1,00,000 numbers of Solar Street Light Systems to the Bihar state government. The news led to a sharp uptick in the price movement of the stock.

This is in addition to 80,000 solar street light systems the company is currently executing in Bihar for BREDA.

Recently, the company won its first Electronic Voting Machine (EVM) Order from the State Election Commission (SEC) of West Bengal for the supply of Electronic Voting Machines after a successful demonstration to the SEC at Kolkata.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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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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