Sensex Crosses 60,000 for the First Time, Nifty Tops 17,900; IT Stocks Lead Rally

Fri, 24 Sep 09:30 am

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Asian share markets are trading mixed today as investors nervously await developments on the fate of troubled Chinese property giant Evergrande.

The Hang Seng is trading on a flat note, while the Shanghai Composite is down 0.2%. The Nikkei is trading higher by 2%.

In US stock markets, Wall Street indices jumped for a second day as fears around a crisis in China's property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer.

Investors are optimistic that a looming reduction in Federal Reserve's stimulus shows confidence in the recovery from the pandemic.

The Dow Jones Industrial Average rose 506 points, or 1.5% and the Nasdaq Composite added 155 points, or 1%.

Back home, Indian share markets have opened on a positive note. The Sensex crossed the 60,000-mark for the first time in history while the Nifty also topped 17,900.

The BSE Sensex is trading up by 298 points. Meanwhile, the NSE Nifty is trading higher by 77 points.

Infosys and HCL Tech are among the top gainers today. NTPC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4% while the BSE Small Cap is trading higher by 0.7%.

Sectoral indices are trading mixed with stocks in the IT sector and capital goods sector witnessing buying interest.

Metal stocks, on the other hand, are trading in red.

Shares of L&T Infotech and Coforge have hit their respective 52-week highs.

The rupee is trading at 73.80 against the US$.

Gold prices are trading down by 0.1% at Rs 46,016 per 10 grams.

Meanwhile, silver prices are down 0.2% to Rs 60,699 per kg.

Speaking of stock markets, in his latest video, Aditya Vora talks about the top 4 sectors for 2022.

The relentless rally in the stock market over the past 15 months has lifted the tide on all the boats. So, which sectors should you bet on in 2022?

Aditya answers this question in the video below. Tune in to find out more:

In news from the power sector, Union power minister RK Singh said on Thursday all state governments have agreed to adopt the Rs 3-lakh-crore revival scheme for power distribution entities.

Though the states were given a deadline of 31 December to apply for assistance under the scheme, Singh said that most states would submit applications by October-end itself.

Loss-making discoms will have access to government's funds only after preparing a convincing programme for loss reduction, which has to be approved by the respective state governments.

Under the scheme to be implemented in the years through fiscal 2026, the centre will provide Rs 976.3 bn. The scheme will help the states for strengthening distribution systems.

Singh also exhorted the state officials to avail benefits of PM-KUSUM scheme for solarisation of agricultural feeders, which is touted to save money through lower subsidy disbursal to the agriculture sector.

Note that distribution companies' (discom) losses were down 38% YoY at Rs 380 bn in fiscal 2020. This was due to corrective actions like timely tariff revisions and improvement in billing and collection efficiency.

The discoms' losses had declined in fiscals 2017 and 2018 thanks to the UDAY scheme launched in November 2015, as governments of 16 states have taken over around Rs 2.32 lakh crore debt of their discoms, resulting in lowering of the interest rates on these loans to 7-8.5% from around 11-12% earlier.

In fiscal 2019, losses had surged 83% annually to Rs 613.6 bn, mainly due to delayed subsidy disbursal by state governments and inadequate tariff hikes.

The government is also implementing Rs 1.35-lakh-crore loan package through PFC-REC to help clear the dues to power generators.

All positives are coming together for the power sector and it is set to ride a wave of momentum.

Recently, ace chartist at Equitymaster, Brijesh Bhatia recorded a video explaining why he is bullish on power stocks. You can check it out here: Why I'm Bullish on Power Stocks.

Also speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Moving on to news from the media sector, Dish TV is among the top buzzing stocks today.

Yes Bank has called an extraordinary general meeting (EGM) of shareholders to remove the entire board of Dish TV directors led by Jawahar Goel and replace it with its own nominees.

In a communication to the company's board of directors on Thursday, Yes Bank said instead of placing its resolutions in the annual general meeting (AGM) to be held on 27 September, the company has postponed the AGM thus delaying the entire process.

Hence, the bank asked Dish TV to call an EGM to induct its seven nominees on the board and remove Goel and four directors.

Currently, Yes Bank owns a 25% stake in Dish TV while its promoters led by Goel own only 6%.

Goel is the younger brother of Subhash Chandra whose flagship firm, Zee Entertainment announced a merger with its rival, Sony to create a US$2 bn entertainment major.

Yes Bank had lent Rs 30 bn to Essel group promoters but as they defaulted on loans, the Bank invoked pledged shares of the promoters in May last year.

Giving reasons for replacing the board, the private lender said the present board of directors has approved a rights issue process, pending objections raised with the board several times.

It went ahead with the rights issue solely to dilute its shareholding and prejudice the interests of the bank which is the single largest shareholder of the company as of date.

Here's what it said in a notice:

• The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45% shareholding in the company. The Dish TV board is purportedly acting at the behest of certain minority shareholders holding merely 6% of the shares in the company.

Further, the bank said in its letter dated 18 September, it has submitted details of the proposed directors to enable the company to apply to the Ministry and seek their approval.

How this pans out remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

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

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