Sensex Today Ends 15 Points Lower | Nifty below 25,940 | JM Financial Jumps 10%

Tue, 24 Sep Closing

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After opening the day on lower, Indian benchmark indices hit records high intraday and ended the day on marginally lower.

Indian equity benchmark indices, after surging to fresh all-time highs late on Tuesday afternoon, pared their gains to close in the red.

At the closing bell, the BSE Sensex stood lower by 15 points.

Meanwhile, the NSE Nifty closed higher by 1 point

Tata Steel, Hindalco and Tech Mahindra among the top gainers today.

HUL, Grasim Industries and Shriram Finance on the other hand, were among the top losers today.

The GIFT Nifty was trading at 25,962 up by 4 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 is trading 0.2% higher and BSE SmallCap index ended flat.

Sectoral indices were trading mixed with socks in power sector and metal sector witnessing buying. Meanwhile stocks in realty sector and telecom sector witnessing selling pressure.

Bosch, Bajaj Auto and Trent 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 83.67 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 74,519 per 10 grams.

Meanwhile, silver prices were trading 0.5% higher at Rs 89,656 per 1 kg.

Speaking of the stock market, even though the China+1 megatrend was relatively short lived in terms of stock market gains, India's logistics boom is here to stay.

Such a boom could play out for several decades as India's manufacturing, exports and domestic consumption continue to grow.

Tanushree Banerjee, Research Analyst talks about some niche players are the hidden and indirect beneficiaries of India's logistics boom.

Tune in for more

Why IEX Share Price is Falling

In news from the power sector, shares of electricity trading platform IEX sharply retreated from their 52-week highs after a news report suggested that the Centre is planning on implementing market coupling for power exchanges.

Market coupling is a model where buy bids and sell bids from all power exchanges in India will be aggregated and matched, to discover a uniform market clearing price (MCP).

The Grid Controller of India (Grid-India) has been requested by the Power Ministry to ensure the pilot study has been completed as per the timeline.

This is being seen as a major negative for the Indian Energy Exchange (IEX) - a bourse for electricity trading.

Market Coupling will mean there will be only one price for the electricity that is to be traded at any point in time through these exchanges. If implemented, power exchanges will be rendered as a platform where only buy and sell bids will be received and power dispatched to the buyer.

Grid-India is reportedly conducting a study, following which the Central Electricity Regulatory Commission will make a final decision in this regard. The Power Ministry is also planning to implement the new mechanism either by the end of FY25 or at the beginning of the next financial year.

Sapphire Foods Rallies 12%. Here's Why

Moving on to news from the food & tobacco sector, Shares of Sapphire Foods surged over 12% on 24 September to hit a fresh record high of Rs 401 on NSE, driven by heavy volumes.

A large trade occurred in the counter with 8.5 lakh shares or 1.3% equity changing hands for Rs 305 m for Rs 355 per share.

So far in the day, a total of 6.1 m shares of the company traded on BSE and NSE combined, compared to the one-month average trading volume of 8 lakh shares.

Sapphire Foods shares were trading over 9% higher at Rs 384.85 on NSE. The stock has rallied 36% so far this year, outperforming Nifty's returns of 19%.

The Yum Brands franchisee's revenue from operations, however, rose 10% YoY to Rs 7.2 bn. The disappointing earnings were triggered by headwinds faced by the QSR industry which continues to struggle with weakness in unit economics across dine-in and delivery formats.

Why Power Grid Share Price is Rising

Moving on to news from the power sector, Power Grid shares rose 2.3%.

The stock saw northward movement after Power Grid was declared as the successful bidder to establish an inter-state transmission system.

Under the project, Power Grid will install STATCOMs, which are electronic devices that regulate voltage and improve the stability of power grids, at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) along with associated bay extension work in Gujarat.

On 19 September, the company was also declared as the successful bidder to establish an inter-state transmission system for the establishment of a new 765/400/220kV (GIS) sub-station at a suitable location near South of Olpad, 765kV & 400kV D/C Transmission Lines and associated bays extension works at other existing substation in Gujarat.

In the quarter gone by, Power Grid had posted a 3.5% rise in its consolidated net profit to Rs 37.2 bn, mainly on account of higher income. It had logged Rs 35.9 bn profit for the year-ago period.

As the backbone of the country's power grid, PGCIL plays a crucial role in ensuring the reliable and efficient delivery of electricity.

The company is responsible for integrating energy storage systems with the national grid. This involves developing the necessary infrastructure, such as transmission lines and substations, to connect energy storage facilities to the grid.

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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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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