Sensex Today Trades Higher | Nifty Above 25,000 | FDC Jumps 7%, JBM Auto 5%

Thu, 12 Sep 10:30 am

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Asian stocks rose Thursday after a tech-fuelled rally lifted Wall Street as traders looked beyond elevated core US inflation to imminent rate cuts next week.

Equities in Japan and South Korea advanced, with the Topix up the most in almost a month.

US stocks rose on Wednesday in a bout of volatile trading, as investors weighed what the latest US inflation data means for Federal Reserve policy. Tech shares led a rebound from steep session lows.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	152.15	2.14	1.43%	152.48	148.7	193.3	121.46
Apple	222.57	2.46	1.12%	223.09	217.89	237.23	164.08
Meta	511.83	7.04	1.39%	513.12	495.6	544.21	279.4
Tesla	228.21	2.04	0.90%	228.47	216.8	278.97	138.8
Netflix	681.47	7.85	1.17%	682.97	660.8	711.33	344.73
Amazon	184.45	4.9	2.73%	184.99	175.73	201.2	118.35
Microsoft	423.33	9.13	2.20%	423.99	409.58	468.35	309.45
Dow Jones	40861.71	124.75	0.31%	40903.68	39993.07	41585.21	32327.2
Nasdaq	19237.31	408.17	2.17%	19266.39	18531.58	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 378 points lower and NSE Nifty is trading 126 points higher.

Tata Steel, Bharti Airtel and Adani Ports among the top gainers today.

Tata Motors, Asian Paints and Nestle the other hand are among the top losers today.

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.

Broader markets are trading on negative. The BSE Midcap index is trading 0.8% higher and the BSE Smallcap index is trading 0.7% higher.

Sectoral indices are trading positive with stocks in metal sector, telecom sector and power sector witnessing most buying.

The rupee is trading at Rs 83.97 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 71,945 per 10 grams 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...

Speaking of the stock market, Rahul Shah, Co-head of research at Equitymatser talks about the surprising downfall of a legendary investor.

Learn why even the greatest can falter when faced with market volatility. And find out how you can avoid making the same mistakes.

Watch now

Tata Steel £500M UK Boost

Tata Steel said on 11 September that the company has reached a deal with the UK government over the previously agreed £500-million grant funding for the steel maker's green steel project in Port Talbot.

The project worth £1.25 billion is expected to be operational within three years, the steelmaker said adding that it is expected to preserve 5,000 jobs.

The deal follows months of negotiations with the newly-formed Labour administration. While the initial agreement was drafted by the previous Conservative government, it has undergone further revisions under the new administration, which has insisted on improved support for workers facing redundancy.

As per the restructuring plan agreed last year,  Tata Steel will replace the blast furnaces at its Port Talbot unit with electric furnaces to use recycled steel, aiming to reduce carbon emissions.

However, this shift to a low-emission system will result in the loss of 2,800 jobs, as electric furnaces require less manpower.

Earlier this year, Tata Steel announced its plan to close its remaining two blast furnaces ahead of switching production to a new electric furnace. One of the furnaces has already closed, while the other is due to cease production later this month.

Tata Steel is Asia's first integrated private steel company.

The company is primarily engaged in the business of manufacturing and selling finished steel goods.

Vedanta's US$ 900 Million Funding

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday, raised US$ 900 million (m) in its first dollar bond issue in more than two years to prepay existing bonds.

The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto.

This is the first US dollar bond issued by Vedanta since February 2021.

The bond received final orders of US$ 1.5 bn from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story.

The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41% from Asia, 24% from EMEA and 35% from the United States and a subscription by over 102 investors.

The coupon rate of 10.8% will lead to interest reduction compared to the dollar bond liabilities it would be refinancing, representing an interest saving of 3% per annum.

The Bonds are being offered and sold in a private offering to qualified institutional buyers. The offering is expected to close on 13 September 2024, subject to customary closing conditions.

Barclays, Citigroup, Deutsche Bank, JP Morgan and Standard Chartered Bank are acting as joint global coordinators and managers.

NBCC Partners MTNL

NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have signed a memorandum of understanding (MoU) to jointly develop a 13.9-acre land parcel on Pankha Road, New Delhi.

The project, valued at around Rs 16 bn, will convert the site into residential and commercial space.

The development aims to leverage NBCC's construction and development experience along with MTNL's strategic asset base to create a modern and dynamic property.

This partnership highlights the growing trend of public-private collaborations in India's real estate sector, aimed at revitalizing key urban areas and maximizing the potential of underutilized assets.

The project is expected to offer a mix of high-quality residential units and commercial facilities, contributing to the growth and modernization of New Delhi's real estate landscape.

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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