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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News September 15, 2023
Sensex Today Ends at Record High, Gains 320 Points | Mazagon Dock Surges 8% | Bajaj Auto & Bharti Airtel Among Top Gainers Fri, 15 Sep Closing
After opening the day on a positive note, Indian share continued the momentum as the session progressed and ended higher.
Benchmark indices extended their record breaking run into third straight day on Friday as the Sensex and Nifty indices surpassed the crucial levels of 67,900 and 20,200, respectively, in intraday trade.
At the closing bell, the BSE Sensex stood higher by 320 points (up 0.5%).
Meanwhile, the NSE Nifty closed 90 points higher (up 0.4%).
Grasim Industries, Bajaj Auto and M&M were among the top gainers today.
Asian Paints, BPCL and HUL on the other hand, were among the top losers today.
The GIFT Nifty was trading at 20,243, up by 25 points, at the time of writing.
Broader markets are trading on a positive note. The BSE Mid Cap index is trading marginally higher and the BSE Small Cap index is trading higher by 0.3%.
Sectoral indices ended mixed, with stocks in auto sector and telecom sector witnessed buying. Meanwhile stock in oil & gas sector and energy sector witnessed selling.
Shares of Bajaj Auto and TCS hit their 52-week high today.
The rupee is trading at Rs 83.16 against the US dollar.
Asia-Pacific markets ended mixed.
The Nikkei index ended 1.1% higher, Hang Seng index ended 0.8% higher, while the Shanghai Composite ended 0.3% lower.
In commodity markets, gold prices are trading 0.4% higher at Rs 58,823 per 10 grams today.
Meanwhile, silver prices are trading 1.7% higher at Rs 72,190 per 1 kg.
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 stock markets, smallcap stocks have been on fire for the last few months.
Some smallcaps have even doubled in price since March.
Investors and traders alike are looking for the next hot smallcap to buy.
In the below video, Chartist Brijesh Bhatia talks about 5 smallcap stocks that you can keep on your watchlist.
Oil India Share Jumps 6%. Here's Why
In news from the energy sector, the stock price of Oil India (OIL) surged 6% on Friday to rebound to near its 52-week high after 3 weeks. The stock hit an intra-day high of Rs 294.4.
The gains came after the company's CMD Ranjit Rath made a slew of announcements on OIL's growth outlook and told media that the company is exploring all channels to repatriate its dividends worth US$ 150 m from Russia.
OIL is expecting a series of new wells and gas fields to go into production in Assam and Rajasthan soon. This development will enable the company to achieve a crude oil production of 3.8 million tonnes (mt) in the current year, up 20% over the 3.18 mt of oil produced in 2022-23 (FY23).
As per reports, the company is exploring legal as well as diplomatic channels to repatriate its $150 million worth of dividends that have remained stuck since financial sanctions were placed on Russia.
Indian Oil Corporation, BPCL, and ONGC also have dividends stuck in Russia due to banking restrictions and Western sanctions.
Oil India is the perfect combination of dividend and growth. For more, Top 5 High Dividend Yield PSU Stocks Growing at Amazing Speed.
The transition from grey to green hydrogen is happening at a faster pace than expected. Oil India is one of the companies that are contributing to this transition. For more, check out Full Update on India's Top Green Hydrogen Stocks and How They're Faring in 2023.
Infosys AI Solutions Deal
India's second-largest software services exporter Infosys said it signed a US$ 1.5 bn contract for 15 years with a global company.
Under the deal, Infosys will provide enhanced digital experiences and business operation services, leveraging the company's platforms and artificial intelligence (AI) solutions.
Infosys did not name the company nor mention whether it is an existing client.
Earlier in the month, US chip maker Nvidia announced AI partnerships with Indian conglomerate Reliance Industries and the Tata group's Tata Consultancy Services to develop generative applications.
In July, Infosys signed a US$ 2 bn deal with an existing client to provide AI and automation services for five years.
Infosys is among the beaten down IT stocks could potentially stage a comeback. For more, check out Top 5 IT Stocks that are still Undervalued. Worth a Look?
Ashok Leyland's Greenfield Plant
Moving on to news from the auto sector, Ashok Leyland on Friday signed a memorandum of understanding (MoU) with the government of Uttar Pradesh to set up an integrated commercial vehicle bus plant focused on green mobility in Uttar Pradesh.
Under this partnership, Ashok Leyland, the Indian flagship of the Hinduja Group, will focus on producing electric buses, assembling other vehicles powered by available fuels, and emerging alternative fuels.
This will further enhance the strength of the automotive industry in our state. The Department of Industries will continue cultivating a supportive supplier network, thereby creating additional employment opportunities for our youth.
The electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.
The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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