Sensex Today Trades Higher | Nifty Above 25,400 | Adani Power Jumps 4%

Mon, 16 Sep 10:30 am

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Asian stocks are set for a cautious open Monday after a slew of worse than expected Chinese economic activity data landed over the weekend.

US stock market ended higher on Friday as investors re-evaluated the possibility of a bigger rate cut from the United States Federal Reserve.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	158.37	2.83	1.82%	159.28	156.11	193.3	121.46
Apple	222.5	-0.27	-0.12%	224.04	221.91	237.23	164.08
Meta	524.62	-0.98	-0.19%	527.58	517.11	544.21	279.4
Tesla	230.29	0.48	0.21%	232.67	226.32	278.97	138.8
Netflix	697.06	10.26	1.49%	699.64	680	711.33	344.73
Amazon	186.49	-0.51	-0.27%	188.5	185.91	201.2	118.35
Microsoft	430.59	3.59	0.84%	431.83	425.46	468.35	309.45
Dow Jones	41393.78	297.01	0.72%	41533.84	41128.7	41585.21	32327.2
Nasdaq	19514.58	91.52	0.47%	19556.8	19384.69	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 164 points lower and NSE Nifty is trading 44 points lower.

Hindalco, NTPC and Axis Bank among the top gainers today.

HUL, Britannia 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 positive. The BSE Midcap index is trading 0.3% higher and the BSE Smallcap index is trading 0.6% higher.

Sectoral indices are trading mixed today with stocks in metal sector and power sector witnessing buying. Meanwhile the stocks in telecom sector and FMCG sector witnessing selling pressure.

The rupee is trading at Rs 83.89 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 73,656 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, Warren Buffett, the legendary investor, once famously advised individuals to invest in low-cost index funds.

But is this advice still relevant today, especially for Indian investors?

With the surge in passive funds, it's time to re-evaluate whether active or passive investing is the better strategy.

Rahul Shah, Co-head of research at Equitymatser talks about the pros and cons of both approaches and decide which one aligns best with your investment goals.

Tune in for more

JSW Energy Commissions Wind Power Plant

JSW Energy Ltd on Sunday announced that its step-down subsidiary, JSW Renew Energy Two Limited, has completed commissioning for the 300 MW ISTS-connected wind power project awarded by Solar Energy Corporation of India (SECI) tranche X located at Tuticorin, Tamil Nadu.

Subsequent to this, the total current installed capacity stands at 7,726 MW while the under-construction capacity stands at 2,114 MW, which is expected to be commissioned by the end of FY 2025.

The company's current installed wind capacity stands at 2,152 MW.

JSW Energy has a total locked-in generation capacity of 18.2 GW comprising wind, solar, hydro and thermal power plants.

The company's current renewable pipeline stands at 8.3 GW with PPAs signed for 2.3 GW. The company also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project.

The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

NCLT Recalls Order On Zee-Sony Merger

The National Company Law Tribunal (NCLT) has allowed the withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard.

The Mumbai bench of the NCLT had last week recalled its order passed on 10 August 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India.

The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation.

Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordingly, the closing date has not occurred and the scheme has not attained any effectiveness.

Earlier on August 27, ZEE Entertainment and Sony Pictures Networks India announced settling their six-month-long dispute related to the failed USD 10-billion merger and agreed to withdraw all claims against each other.

As part of that, both had mutually agreed to withdraw all respective claims against each other in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums.

Both Zee and Sony had claimed a termination fee of USD 90 million (around Rs 748.7 crore) from each other for not complying with the Merger Cooperation Agreement (MCA) signed in December 2021.

In January this year, Sony had pulled out from the proposed USD 10.5-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain closing conditions by the Indian firm.

In 2024, Zee Entertainment stocks has been on a downward spiral.

Zydus Lifesciences Faces USFDA Scrutiny

The US health regulator has pulled up Zydus Lifesciences for manufacturing lapses at its Gujarat-based plant.

In a warning letter to the company's Managing Director Sharvil Patel, the US Food and Drug Administration (USFDA) noted that the drug maker failed to investigate contamination identified in drug products at its Jarod-based plant in Vadodara district.

The USFDA said it inspected the manufacturing facility from 15-23 April 2024.

A warning letter is issued when the US health regulator finds that a manufacturer has significantly violated its regulations.

The US health regulator also pointed out that the company failed to adequately investigate and determine the root cause of glass particulate contamination in multiple batches of Cyanocobalamin Injection.

USFDA sought a detailed remediation plan from the drug firm with timelines to address the findings of the contamination hazards risk assessment.

USFDA may withhold approval of new applications or supplements listing the company as a drug manufacturer until deviations are completely addressed and it confirms compliance with CGMP.

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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